IBM plans to acquire cloud services provider HashiCorp for $6.4 billion in cash.  HashiCorp has expertise in deploying multi- and hybrid-cloud infrastructures for enterprise clients, and the combination of the companies will “bolster our leading IT automation platform to address the sprawling complexity of AI-driven application and infrastructure growth,” Chief Executive Arvind Krishna said during ..read more

Barclays is looking to cut costs through structural changes as it seeks efficiencies in the face of falling profits.  “We achieved around 200 million pounds of gross cost efficiency savings in Q1 out of our targeted 1 billion pounds for the full-year 2024,” Chief Executive C.S. Venkatakrishnan said today during the bank’s first-quarter earnings call.  ..read more

Lloyds Bank reported an increase in operating costs in the first quarter driven by higher inflation and increased investment in technology.  “Cost management remains a core discipline for us as a group,” Chief Financial Officer William Chalmers said during the bank’s earnings call today. Operating costs “include expected elevated severance charges taken early in the ..read more

Bank of America’s innovation is never complete since its team constantly updates offerings to meet ever-changing client needs.   “At Bank of America, innovation is everybody’s job,” Jorge Camargo, managing director of mobile app, online banking and Erica AI at Bank of America, told Bank Automation News. “We’re constantly listening to clients and building solutions ..read more

Uplinq, a credit decisioning support platform for small business lenders, named former Wells Fargo leader Derek Ellington as its strategic adviser.   “Most recently, [in] my role running small business at Wells Fargo, which is one of the largest small-business operations in the industry, I gained a lot of insight into gaps that continue to exist ..read more

Financial services technology provider Fiserv is deploying AI to drive productivity and sees growth opportunities in the point-of-sale and real-time payments segments.  “Our investment in technology is really around new product development, improved service and the ability to deliver the next dollar of revenue at a better incremental cost by investing in productivity … and ..read more

Goldman Sachs Group Inc. is closing down its automated-investing business for the masses after clinching a deal with Betterment. The bank has struck an agreement to transfer clients and their assets from the unit known as Marcus Invest to Betterment, a $45 billion digital investment-advisory firm. The transfer is expected to be completed by the ..read more

Truist Bank expects to continue investing in technology to save money as it restructures.  “We continue to see improvements in productivity due to investments in technology,” Chief Executive William Rogers said today during Truist’s first-quarter earnings call.   In the short and medium term, the bank expects higher productivity through tech investments and, in the longer ..read more

Fifth Third Bank saved $15 million in the first quarter, partly driven by deploying automation throughout its operations.  “Expenses are well controlled … driven by savings realized through process automation and our focus on value streams,” Chief Executive Tim Spence said during the bank’s first-quarter earnings today. The bank reported noninterest expense, which includes tech ..read more

Huntington Bancshares joined mega-banks in growing digital adoption during the first quarter, citing increases in digital and mobile usership and in digital logins.  During the quarter, Bank of America, Citizens Financial Group, JPMorgan Chase and Wells Fargo all reported digital usership growth.   The $189 billion bank’s investment in technology and data in the quarter contributed ..read more