Is it surprising to know that 55 percent of legacy financial institutions (FIs) report lacking maturity in core systems? Or that, on average, 15 percent of an FI’s annual operating costs go toward maintaining core banking systems that are outmoded? It’s true, but not for long. “Migrating to cloud- and AI-based solutions could help FIs … Continue reading Cloud Banking Gives Legacy Systems A Lift Continue Reading
As department stores suffer amid the COVID-19 health crisis, John Lewis is set to shutter many locations, and Harrods is eliminating 700 positions. John Lewis Chairman Sharon White said the retailer will likely eliminate the yearly bonus that all employees usually receive and will close an office in London, The Guardian reported. White informed employees that the retailer was in discussions … Continue reading Iconic British Retailer John Lewis To Shutter Stores Amid Pandemic Continue Reading
It’s not exactly “Happy Days Are Here Again,” but private sector employment increased by nearly 2.4 million jobs from May to June, according to the June ADP National Employment Report released Wednesday (July 1). That’s in sharp contrast to an early May report from the same source, Automatic Data Processing (ADP) and Moody’s Analytics, showing massive job losses … Continue reading ADP Report Shows US Added Nearly 2.4M Private-Sector Jobs in June Continue Reading
A team of investigators raided Wirecard AG’s offices in two countries as part of the probe into the 1.9 billion euros ($2.1 billion) that went missing from the payments company’s accounts, Bloomberg News reported. According to the report, a dozen Munich prosecutors and 33 police officers searched the company’s headquarters in Aschheim, Germany and two offices in Austria. Wirecard’s former … Continue reading Police Raid Wirecard’s Offices In Two Countries Continue Reading
Macy’s Inc. recognized a $3.1 billion non-cash goodwill charge before tax, as the retailer’s long-haul forecast and market capitalization shifted, mainly due to the coronavirus health crisis. The department store retailer also recognized an $80 million long-lived asset impairment charge, according to a first-quarter financial results announcement. Macy’s said it had net sales of just over $3 … Continue reading Macy’s Recognizes $3.1B Charge As Pandemic Reshapes Outlook Continue Reading
The digital shift at retail continued its momentum this week as Walgreens and Lululemon both made significant moves to embrace the online consumer experience. While Lululemon bought an entire company to get closer to consumers at home, Walgreens expanded a partnership with Microsoft and Adobe to launch a new customer insights platform the company says … Continue reading Walgreens Adds To Digital 3.0 Momentum Continue Reading
Fitness and wellness platforms are expanding their offerings as Americans continue working from their residences and gym facilities have limited operations because of the pandemic. Gympass’ services, in one case, will now expand to include live-streamed classes, one-on-one personal training, virtual therapy and overall wellness plans instead of just gym memberships. All this, Today in Data. Data: … Continue reading Fitness Platforms Expand Offerings As Consumers Work From Home Continue Reading
The tourism sector in the United States will take the biggest hit of any country in the world from COVID-19, with China a distant second, a new United Nations study finds. A four-month lockdown on international and much domestic tourism as well could cost the U.S. more than $187 billion under the “moderate” scenario calculated … Continue reading Global Tourism Faced With Multi-Trillion Dollar Hit From COVID-19 Continue Reading
COVID-19 continues to take the shine off luxury goods. Despite some signs of improvement this month, LVMH, the world’s biggest luxury goods group, admitted that its brick-and-mortar sales were erased by lockdowns across Europe and the United States in recent months, and that an immediate turnaround was unlikely. “We can only hope at this point for … Continue reading Pandemic Continues To Dull Allure Of Luxury Goods Continue Reading
The pandemic has heightened risks for pretty much everyone, including U.S. banks. The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). The virus has spurred a flurry of bank activity across relief programs like the Paycheck Protection Program (PPP), forcing firms … Continue reading OCC: Banks Face Higher Compliance Risks Due To Pandemic Continue Reading