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Messaging app Kik closes down as it battles SEC lawsuit over its cryptocurrency plans

Popular Canadian messaging app Kik is shutting down.In a blog post on Tuesday, Kik's CEO Ted Livingston confirmed that the company would be closing Kik to focus on Kin, its cryptocurrency business.It launched Kin in 2017 with an Initial Coin Offering (ICO), and it is currently the focus of an SEC lawsuit.Livingston said in the…

Wells Fargo names BNY Mellon’s Charles Scharf CEO – Business Insider

Reuters / Lucy Nicholson Wells Fargo announced Friday that Charles Scharf will be its new CEO starting in October. Scharf is currently the CEO of Bank of New York Mellon, and will take over at Wells Fargo on Oct. 21.  Wells Fargo shares rallied in early trading on the news. The announcement comes after six…

More WeWork drama, Wall Street’s technology power players, here are the top cannabis bankers...

Hi readers,How the mighty have fallen! WeWork, whose CEO Adam Neumann claimed he was going to be the first-ever trillionaire (and live forever), is now private jetless and walking shoeless around NYC's Gramercy neighborhood. In just a whirlwind couple of weeks, $47 billion WeWork — once one of the world's most valuable startups — pulled its IPO…

We talked to the CEO of a $1.5 billion startup making ‘smart’ pills about...

The $1.5 billion startup Proteus Digital Health makes "smart" pills, which use sensors embedded in the medication to track when patients take them. The sensor technology powers the $1,650-a-month drug Abilify MyCite, which was the first digital pill approved by the FDA.But Proteus has also faced criticism about whether patients using the tech take their pills…

‘If you do not have a chief data officer, hire her now’: Two SAP...

Chief data officers are often required to oversee the collection, protection, and use of information, and must also serve as leaders internally to guide digital transformations.It's unlikely candidates are experts in each of these areas.Companies should look to hire teams around the data chief, according to SAP's Markus Noga.Noga and his colleague Gerrit Kazmaier spoke…

Finastra and FICO introduced two AI and machine learning fraud prevention solutions (FICO)

This is an excerpt from a story delivered exclusively to Business Insider Intelligence Banking subscribers. To receive the full story plus other insights each morning, click here.Banks are increasingly turning to AI- and machine learning (ML)-based solutions to prevent fraud more cost-effectively and efficiently. Business Insider Intelligence Factors like the growing adoption of real-time payments and rise of…

Square to begin payment processing program for CBD sellers

Square Inc. announced Thursday that it was officially opening up payment-processing capabilities to sellers of CBD products, after initially offering the service as part of a beta program. Speaking at an event in Manhattan, Square’s SQ, -0.79%  General Counsel Sivan Whiteley highlighted an opportunity to offer modern processing capabilities to CBD merchants, which have been…

Merrill Lynch hiked starting salaries for trainee advisers by $10,000 and is taking on...

Bank of America's massive wealth arm has hiked trainee financial advisers' starting salaries by $10,000. "We're trying to do a better job communicating what a career as an adviser looks like, and what it's like getting started," Merrill Lynch Wealth Management head Andy Sieg told Business Insider.Merrill has hired 1,700 financial adviser trainees so far this…

Target’s backrooms are becoming unsafe, overcrowded ‘nightmares’ as the company cuts shifts and hours,...

Target quietly cut overnight and backroom shifts in stores across the US in an effort to increase the availability of workers to help guests on the floor.The result, in many cases, has been extra work for daytime team members as well as overcrowded and messy stores.Business Insider spoke with 28 current and former Target employees…

Ken Griffin’s Citadel cuts energy team after personal trading violations – Business Insider

The analyst Josh Lingsch and the data scientist Derek Allums were fired by Citadel after they broke one of the firm's rules for trading in personal accounts, sources told Business Insider.They were a part of a nine-person team in Texas that was focused on energy investments.Jarrad Bourger, the portfolio manager of the team, was fired…
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