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Articles about Financial Services

Apple Contact Hero shot

Financial wizardess joins Apple board, air of coolness noticeably diminishes

The founder of investment fund BlackRock has joined the Apple board of directors, perhaps giving a tantalising clue to the fruity firm's interest in entering the financial services arena. Susan L Wagner, founding partner and director of BlackRock, has replaced Bill Campbell, who was the longest-serving member of the board and …
Jasper Hamill, 18 Jul 2014
Two mobiles man

BT fattens flabby Global Services biz to puff and huff way to £32bn

Falling sales at BT's global services division has forced the company to make a bold shift in its strategy in that part of the business by expanding its investments abroad. The telecoms giant said today that it planned to "accelerate growth" in Asia Pacific, the Middle East and Africa. It's one of Gavin Patterson's first big …
Kelly Fiveash, 28 Nov 2013
The Register breaking news

Bloomberg blocks its hacks from snooping on financial terminals

Bloomberg has blocked its journalists from eavesdropping on users of its financial data terminals after it emerged that reporters were obtaining stories through their snooping. Financial services firms, including merchant banks, pay about $20,000 a year to rent each Bloomberg terminal. Thousands of traders in stock exchanges …
John Leyden, 13 May 2013
channel

Capita coughs up £29m for financial services house

Capita has splurged £29m on AIB International Financial Services, (AIBFS) as it continues to broaden its commercial base outside of the UK. The deal – subject to regulatory approval in Ireland, Luxembourg and the Netherlands – will give the company entry into Switzerland and Hungary as well as adding a chunk of revenues to its …
Paul Kunert, 02 Aug 2011
man_inks_deal_channel signs contract services

Oz regulator says crowdfunding must obey financial rules

Kickstarter kicked Australia's financial services regulator, the Australian Securities and Investment Commission (ASIC), has run its eye over crowdfunding services and decided some effectively issue securities under Australian law. “Depending on the particular crowd funding arrangement, ASIC's view is that some types of crowd …
Simon Sharwood, 14 Aug 2012
The Register breaking news

Is Financial services IT in a mess?

Whether it’s insurance or banking, those working in financial services keep coming in for a lot of stick. Over the years, many organisations have spent shed loads of money on IT, yet customers still complain about bad service, broken processes and the fact that nothing seems to be joined up. This brings the state of IT into …
Martha Bennett, 11 Nov 2011
2001: A Space Odyssey

Boffins look down back of Amazon Web Services, find a SUPERCOMPUTER

What runs faster than the majority of the world's supercomputers, costs less, and was used to research organic solar-power cells? The answer is Megarun, a 1.21-petaflop super that was spun up by Cycle Computing in the AMAZON CLOUD. Cycle Computing revealed its Megarun beast on Tuesday before the kickoff of Amazon Web Services's …
Jack Clark, 12 Nov 2013
Trade in Services Agreement parties

Bankers bid to use offshore temp techies

Financial services organisations could parachute IT staff in wherever they please instead of employing locals, under provisions of an annex to the Trade in Services Agreement (TISA) revealed today by WikiLeaks. TISA is a trade agreement aimed at making it easier for service providers to access foreign markets. But the Financial …
Simon Sharwood, 20 Jun 2014
channel_partners_deal_handshake

Destination Korea: an emerging market for IT services

South Korea is being touted as the latest outsourcing market for global IT services firms to target, and could even emerge as an offshoring destination in its own right in the future, according to analyst outfit Ovum. The IT analyst’s latest Emerging Outsourcing Opportunities reportclaims the South Korean IT services market is …
Phil Muncaster, 03 Jun 2013
The Roadrunner two-socket, Open Compute motherboard designed by AMD and friends

Financial firms start lining up for AMD Roadrunner systems

For more than a few large-scale data center operators and supercomputer centers in the world, AMD's Opteron processors are still an important part of their infrastructure. But over the past few years, as Intel has got its Xeon act together and AMD has had some issues (to put it politely) the tier-one server makers have not …
CapitaITServices

Capita IT Services healing Hands make mark on biz

Chairs on good ship Capita IT Services (CITS) are being re-arranged under the say so of chief executive Peter Hands. Staff were told via email - seen by El Chan - that Gordon Ellen, director of IT Services at Capita is set to leave the business at the end of May to take on a new "challenge". And in typical Capita fashion it …
Paul Kunert, 18 Mar 2013

Bill Gates asks telcoms standards boffins to define future of money

Two-and-a-half billion adults in the world don't have bank accounts, and the the Bill and Melinda Gates Foundation thinks it's got the answer: deliver financial services to mobile phones. And the International Telecommunications Union (ITU) agrees: late in June, it established a focus group to look at Digital Financial Services …
The US Cyber Command official seal

What is ex-NSA spyboss selling for $1m a month, asks US congressman

Representative Alan Grayson (D-FL) is pushing for a formal investigation into the activities of General Keith Alexander now that the former head of the NSA has started his own very expensive security consultancy. There is no evidence of any wrongdoing by Gen Alexander. Last week it was reported that Alexander, who retired from …
Iain Thomson, 26 Jun 2014
Uncov chronicles the failure of Web 2.0

BAE retracts hedge fund hack allegation

BAE Systems Applied Intelligence has retracted allegations of a nasty attack on a hedge fund it floated on Canadian television a couple of weeks ago. The firm today told Bloomberg was just a scenario that it used for “illustrative” purposes. BAE has promised not to scare us all with hypotheticals any more. That promise is all …
Simon Sharwood, 03 Jul 2014
Lehman Brothers London HQ

Enormo reseller Insight seeks experienced sales hands for City pad

Headhunters will be on red alert after Insight confirmed plans to establish a sales outpost in the City in a bid to snuggle up to existing and potential corporate customers. The firm has rented some space from an unspecified service delivery partner in Aldgate to rub shoulders with Kelway, Misco, Softcat, Computacenter and many …
Paul Kunert, 20 Mar 2014
management management4

Security: Sweet brief for rare man Roche, new boss of Fujitsu TS

Fujitsu company veteran Tom Roche has grabbed the chieftain's chair at the Technology Solutions unit with a specific brief to boost security sales. The post became vacant last month when former boss Michael Keegan was made overlord of UK ops for Fujitsu, replacing Duncan Tait who was lifted to the head of the EMEIA organisation …
Paul Kunert, 18 Jun 2014
IBM logo

IBM services chief and CEO contender Daniels retires

Mike Daniels, a career IBMer who has been running all or most of Big Blue's Global Services behemoth for the past several years, has said uncle and will be leaving the company. IBM's current CEO, Ginni Rometty, beat Daniels and other graybeards for the top job in October 2011 and rearranged management appointments last year …

Korean credit card companies hit with 90-day, $100m sales ban

Three South Korean credit card firms which are thought to have exposed the personal data of 20 million customers have been forced to suspend all new business for three months in a blow which could cost them nearly $100 million. Korean regulator the Financial Services Commission (FSC) said the firms were not allowed to sign up …
Phil Muncaster, 20 Feb 2014
channel

Onyx Group scoops up financial services IT provider

Onyx Group has bought London-based IT firm Moffat Communications for an undisclosed sum. The managed networks and hosting outfit said the acquisition was its fourth in 18 months as the company attempts to expand its operations to become a "leading national IT provider." Moffat, which was formerly part of Grant Thornton UK LLP, …
Kelly Fiveash, 18 Aug 2009
The Register breaking news

Financial fraud hits 23-year high

High-end financial fraud hit a record 23-year high during the course of 2010, management accountancy and consultancy firm KPMG reports. KPMG's latest annual Fraud Barometer report records 314 incidents of fraud with a combined total of £1.4bn, up 16 per cent on 2009. This is the highest level recorded in the 23-year history of …
John Leyden, 12 Jan 2011
The Register breaking news

Meerkats face financial regulation

Price comparison sites may be in breach of financial advice regulations when they lead customers to insurance policies, regulator the Financial Services Authority (FSA) has said. Companies must have FSA permission to provide financial advice, but some price comparison website activity could amount to a regulated activity, it has …
OUT-LAW.COM, 17 Jun 2011

Fed chairwoman casts doubt on Bitcoin regulation in the US

The head of the US Federal Reserve has said that her office will not imposing any regulatory controls or restrictions on the Bitcoin cryptocurrency. Chairwoman Janet Yellen told a congressional committee that the Reserve lacks the authority to impose regulations on Bitcoin and she cast doubts on the ability for other government …
Shaun Nichols, 28 Feb 2014

Korean credit card bosses offer to RESIGN over huge data breach

An IT contractor has been arrested over the theft of credit card and personal details of 20 million South Koreans. Investigators allege an IT worker at the Korea Credit Bureau copied names, social security numbers and credit card details of millions onto a USB stick before flogging them to a marketing firm. He has been charged …
John Leyden, 22 Jan 2014

HP says 'turnaround remains on track', cuts thousands of workers

HP has handed in a tepid set of financial results with a surprise note saying it expects to lay off even more employees, as the company trudges down an unknown path into a new IT world. The company reported revenue of $27.3bn and earnings per share of $0.88 on Thursday, meeting analyst earnings expectations but narrowly missing …
Jack Clark, 22 May 2014
Houses of Parliament at night-time

HM Treasury: Look at our SME-friendly contracts ... that we just gave to a multinational

Her Majesty's Treasury appears to be using smoke and mirror tactics to promote the government's wider SME agenda, after splitting up a major contract into multiple towers but handing the beefiest deal to a huge corporate. The coalition has made great strides to break the oligopoly of tech suppliers that hoovered up business …
Paul Kunert, 08 May 2014
Money image

Hackers steal trade secrets from major US hedge firm

Criminals have successfully attacked a hedge fund, delaying trades and stealing profitable secrets in a rare direct raid on the financial services sector, according to BAE Systems Applied Intelligence. The clever hack cost the unnamed US-based hedge fund millions of dollars over two months, the firm alleges. Attackers apparently …
Darren Pauli, 23 Jun 2014
Canary Wharf at night

FCA drafts new rules to protect crowdfunders' lenders

Loan-based crowdfunding platforms will be required to hold a certain amount of capital in reserve to mitigate against the risk of their business failing and leaving lenders out of pocket, the UK's Financial Conduct Authority (FCA) has said. The regulator has announced a finalised regulatory regime for crowdfunding platforms (95- …
OUT-LAW.COM, 07 Mar 2014
Fawlty Towers

TripAdvisor for the disabled: Euan's Guide quietly launches

A social network with a difference launched last week. The website, Euan's Guide, is a kind of TripAdvisor for the disabled and was created by a motor neurone disease sufferer. It fills a gap in the market because information on disabled access is either poorly presented or not available at all, which means family and carers …
Andrew Orlowski, 09 Apr 2014
HP cloud

HP bypasses Microsoft in device-as-a-service assault

HP is trying to prise open SME wallets by rolling out a device-as-a-service pilot Stateside – with wider deployment in Europe set for the summer. The Office in a Box initiative created with Google – not Microsoft – and telco AT&T was launched with US distie Synnex, which created an online configuration tool. The model is pretty …
Paul Kunert, 26 Mar 2014
Larry Ellison, photo by Oracle Corporate Communications

Oracle has swallowed BigMachines, but does Salesforce look queasy?

Oracle has scooped up a hosted CRM specialist and one-time Salesforce.com investment. Larry Ellison's database giant has bought BigMachines, a 13-year-old provider of hosted sales-to-order software that allows sales staff to create quotes, promotions and proposals using automated workflows. Financial terms of the deal were not …
Gavin Clarke, 24 Oct 2013

Heartbleed vuln under ACTIVE ATTACK as hackers map soft spots

Hackers are posting massive lists of domains vulnerable to the infamous Heartbleed bug, security researchers warn. The warning comes amidst other evidence that the vulnerability is under active attack from hackers possibly based in China and elsewhere, targeting financial services firms among others. Fraud protection firm Easy …
John Leyden, 11 Apr 2014

Mobile money biz Fundamo founder moves on

Hannes van Rensburg, the founder of mobile money company Fundamo, is to leave the business at the end of the month. Fundamo was sold to Visa for $110m in June 2011 and is a major part of Visa's strategy for mobile money - which also includes the British company Monitise. Bridging the gap between the kind of un-banked and …
Simon Rockman, 21 Jan 2014

Co-op Bank to splash £500m on system revamp

The Co-operative Bank has put tech suppliers operating in Blighty's financial services sector on red alert after confirming plans to spend £500m on overhauling its creaking IT infrastructure after years of "under-investment". A wider rescue plan is being initiated by the bank after it discovered a £1.5bn black hole in the …
Paul Kunert, 05 Nov 2013

Bank of Thailand bans Bitcoin

Bitcoin suffered a major blow to its international reputation on Monday after Thailand became the first country to outlaw the virtual currency outright. The online-only currency biz had been trying to operate lawfully in the Southeast Asian country, requesting guidance from the Bank of Thailand about which licenses it needed to …
Phil Muncaster, 30 Jul 2013
The Register breaking news

NYSE Euronext fluffs financial cloud

NYSE Technologies – the research, development, and IT operations arm of the NYSE Euronext exchanges in New York and London – has fluffed up a cloud specifically for trading firms. Saying so won't generate much sympathy among the proles, but trading volumes on Wall Street and in the City are down, and profits for brokerage houses …
james_rigby_md_sch2

Rigby dynasty to retain control at SCC - 'no IPO for us'

SCC CEO James Rigby plans to pass the privately owned biz to the next generation of the clan rather than co-crafting a retirement plan with his brother based on a flotation or trade sale. The Rigby dynasty's Midlands empire, which includes service-based reseller SCC at its heart, sold distie wing SDG to Tech Data in 2012 for $ …
Paul Kunert, 18 Feb 2014

Start packing your bags for a Windows Server 2003 migration

Windows Server 2003 is due to reach the end of its life in July next year. Microsoft will no longer support the software, which means no further patches or security updates and a security risk and compliance headache for businesses. A surprising number of companies will be affected unless they get their act together and prepare …
Eira Hayward, 04 Jul 2014

VMware's desktop push heads for casualty ward, in a good way

VMware's march towards your palm, your lap and your desk has advanced again. Virtzilla recently released Horizon 6 , its much-ballyhooed end-user computing suite. Announced in April, the code is now generally available. VMware thinks it has something entirely new in Horizon 6. While the company knows it will be compared to …
Simon Sharwood, 30 Jun 2014
Roughly 150kg of gold

Dutch banks get nod to inhale Amazon cloud

Dutch regulators have cleared Amazon's cloud for consumption by financial institutions within the country, validating the Amazon Web Services infrastructure for use even in tightly regulated industries. Though many technologists are skeptical of the use of cloud computing within industries such as the finance sector, especially …
Jack Clark, 30 Jul 2013
management strategy4

VMware channel guru steps out of channel for first time in career

VMware's UK and Ireland channel boss Ed Dolman is taking on a new role to run one of the virtualisation kingpin's enterprise end-user sales teams. The man confirmed his departure to the world, well Twitter followers, this morning after spending some two and a half years in the position "An exciting change of role for me today. …
Paul Kunert, 02 Apr 2014
Isilon 3-node S200

EMC's new Isilon models are great little performers – but why no capacity increase?

EMC's Isilon has introduced two new go-faster products and a refresh release of its OneFS operating system, increasing performance and extending access protocol support – but not increasing capacity. The new models from the scale-out filer business offer a twofold performance increase, and there are two of them. In the high- …
Chris Mellor, 09 Jul 2014
cloud

Platform embiggens Symphony financial grids

Grid computing software maker Platform Computing has goosed its low-latency Symphony financial grid as well as some add-ons to its Load Sharing Facility (LSF) gridding wares for more traditional HPC parallel cluster grids. Platform Symphony 5.1 may not have been giving a new release number, but it includes some important …

Never been a better time NOT to be selling servers

Anyone banking on those Q3 server sales bonuses to pay for that Chrimbo trip to sunnier climes better wrap up warm after a cool wind blew through the EMEA market. Shipments declined for the eighth consecutive quarter in the silly summer season, down 7 per cent on a year ago to 549,000 systems, preliminary data from Gartner shows …
Paul Kunert, 15 Nov 2013
Growth of internet advertising revenue to 2013

US biz spaffed more dosh on internet ads than TV spots in 2013

Advertisers in the United States have splashed more of their ad budgets all over the web than on the telly for the first time ever, the Interactive Advertising Bureau reported. Growth of internet advertising revenue to 2013 Read 'em and weep TELEVISION - growth of internet advertising revenue to 2013. Credit: IAB/PwC Online …

AIM-listed Coms hoovers up Actimax for £3.4m

Acquisitive cloud-based telephony player Coms Plc has hoovered loss-making comms dealer Actimax in a cash splurge that could rise to £3.4m depending on results. AIM-listed Coms, which dug deep and found £9.5 to buy Redstone back in November, also revealed it is planning to place more shares on the market to raise £7.9m after …
Paul Kunert, 12 Feb 2014
ULLtradIMM Latency

Sandisk's future is far from ULLtraDIMM: Diablo tie-up holds promise

SanDisk has an excellent chance of making it as an enterprise flash storage supply because it’s pursuing a SMART strategy that is (wait for it, wait for it) ULL-tra bright. What it’s managed to do is corner an area of the server application acceleration market that looks to be brand new and full of potential. And it’s done it …
Chris Mellor, 20 Jan 2014
Lloyds Banking Group logo

Lloyds Group probes server crash behind ATM, cash card outage

Lloyds Banking Group is investigating the cause of a Hewlett-Packard server failure it blames for taking down thousands of its ATMs and crippling cash cards at the weekend. The crash saw thousands of customers unable to withdraw money from their accounts or make payments using debit cards on Sunday afternoon. The outage left …
Gavin Clarke, 27 Jan 2014

Chinese Bitcoin exchange DISAPPEARS, along with £2.5 MEEELLION

Chinese Bitcoin exchange GBL has shut down, taking with it over 25 million yuan (£2.5m, $US4.1m) of investors’ money, in another warning to those who don’t look before they leap with the digital currency. Users first suspected something was up on October 26th when they could no longer access the site of Global Bond Limited (GBL …
Phil Muncaster, 12 Nov 2013
balaclava_thief_burglar

Blighty's banks prep for repeated kicks to cyber-'nads in Operation Waking Shark II

Financial firms and banks across London will be hit with a cyber war game scenario tomorrow to test how well they could hold up under a major IT attack. Sources whispered to Reuters that the cyber stress test already known to be taking place sometime this month would actually hit the finance sector on 12 November. "Waking Shark …
HP cloud

HP rides data center growth out of sludgy IT market

HP has reported better than expected financial results on the back of strong server sales and – unexpectedly – good performance in the struggling PC market. The IT company reported an earnings-per-share of $0.90 and a net revenue of $28.2 billion on Thursday for its first fiscal quarter results, beating analyst expectations of $ …
Jack Clark, 20 Feb 2014