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Stories of Interest
- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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NEWSLETTERS & ALERTS
JPMorgan Quits R3 Blockchain Consortium
On Friday, JPMorgan announced that it left the large bank blockchain consortium led by R3 CEV. R3, which began operating in September 2015, seeks to help the financial sector develop shared blockchain technology to run some of their most cumbersome and expensive processes.
Meanwhile, JPMorgan is still involved in other blockchain consortiums – newly-formed Enterprise Ethereum Alliance, Axoni, Digital Asset Holdings and Hyperledger Project, which is led by the Linux Foundation.
In addition to its involvement in financial industry and cross-industry consortiums, JPMorgan Chase has its own proprietary technology projects. The bank has a New York technology hub which it’s planning to triple in size in the coming years. The firm is in discussions with Brookfield Property Partners to lease an additional 300,000 square feet on the upper levels of 5 Manhattan West near Hudson Yards. And has recently set up hubs across the U.S. for teams specializing in big data, robotics and cloud infrastructure to find new sources of revenue and reduce expenses and risks. All told, JPMorgan Chase is spending nearly $10 billion a year on technology [See Bloomberg, 4/19]