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
Rate Curves
Rapid Report:
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