Jane Street’s $15 Billion Loss Triggers New Scrutiny of Wall Street’s Hidden Trading Risks
The U.S. Federal Reserve and the Bank of England are reportedly intensifying scrutiny of global banks’ exposure to major trading firms after extraordinary market turmoil left Jane Street with losses of roughly $15 billion in July. The regulatory attention follows the near-collapse of Situational Awareness, an artificial-intelligence-focused hedge fund managed by former OpenAI researcher Leopold […]
US banks blame ‘abusive trading practices’ for crisis of confidence
The main lobby group for US banks has appealed for regulators’ help to close the door on the crisis of confidence ripping through shares in a growing number of the country’s lenders. The American Bankers Association (ABA) used a letter to the Securities and Exchange Commission (SEC) to accuse so-called short sellers of bringing otherwise […]
Swimming against the current: Young Americans reject the banks they’re born into
There was a time when customers relied on one bank for all their needs, and each generation remained loyal to the institution their parents used. Those days are rapidly coming to an end. A recent report from the Bank Administration Institute (BAI) found that less than half of Gen Z and millennials used the same financial institution […]
