November 19, 2019 Weekly Report

Abelian2

Highlight of the Week

Google to offer checking accounts

  • The project, nicknamed Cache, will launch in 2020 in partnership with Citigroup and a credit union at Stanford University
  • Big tech companies are increasingly using financial services to gain access to consumer data

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Federal Reserve Chairman meets with Trump, Mnuchin

  • Jerome Powell met with his loudest critic Monday to discuss an economy slowing amid negative global growth prospects
  • Trump has called Powell a “terrible communicator” and “enemy of the state” expressing envy of other countries with low and negative interest rates
  • Powell insists the Federal Reserve will “continue to work on a nonpartisan, nonpolitical basis”

Deutsche Bank using robots to replace axed employees

  • Deutsche Bank is reportedly using robots to replace some of the 18,000 staff cut earlier this year – pushing to automate large parts of its back-office
  • So far, “680,000 hours of manual work” have been saved and the bank has used bots to “process 5 million transactions in its corporate bank and perform 3.4 million checks within its investment bank”

Georgia football claims third consecutive SEC East Championship

21-14 victory at Auburn Saturday keeps College Football Playoff hopes alive

Category: Market Updates
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