Citi, a firm plagued by 'fat finger' mistakes, invests in tech to lower human trading errors, CEO Jane Fraser says
CEO Jane Fraser discussed the tech on Friday at the 2023 Bernstein Strategic Decisions Conference. Citi's days of high-profile"The New York-based bank has invested in new technology to reduce human trading errors, CEO Jane Fraser revealed on Friday. It's already lowered"fat-finger errors" by 86% in the bank's trading division, she added.
"In trading, we have a smart system called SMART," Fraser said at the 2023 Bernstein Strategic Decisions Conference."Today, on the back of the investments we've made, all of our trades that aren't completely straight through processing, go into the smart system to check for any fat-finger errors," she said, according to a transcript of the remarks provided by financial information services firm Sentieo.
"That's 95 million trades a month go through this system. The error rate unsurprising has fallen by 86%," Fraser announced."That's the type of thing that we're putting in to make sure that we don't have issues in terms of fat-finger errors going forward." Last May, several European stock markets suffered a so-called flash crash that was later traced back to
who entered a wrong figure while placing an order for a client while working from home on a bank holiday. Losses for the bank were estimated at the time to be around $50 million.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Mets finally getting Citi Field mojo backThey Mets have now won seven games in a row at Citi.
Leer más »
Teenager shares version of Citi Bike feud with pregnant NYC hospital workerThe teenager at the center of the Manhattan Citi Bike feud offered his side of the story about the rental that sparked a confrontation with a pregnant hospital worker.
Leer más »
Tribeca Festival 2023 Jury Includes Brendan Fraser, Stephanie Hsu, Chance the Rapper, Jeremy O. Harris (EXCLUSIVE)The Tribeca Festival has unveiled the jury members who will select winning projects in the film, immersive, games and audio storytelling sections for its 2023 edition. It’s a collection of di…
Leer más »
Citigroup CEO says Mexico IPO is best for shareholders, other sales going wellCitigroup Inc CEO Jane Fraser said scrapping the sale of its Mexican retail business, known as Banamex, and pursuing an initial public offering (IPO) was in the best interest of shareholders.
Leer más »
San Francisco Pride month kicks off with Jane Fonda event and pop up drag showsOn the first day of Pride, there were no signs of San Francisco's typical 'June gloom' weather. The colors of the giant rainbow flag on Market Street were bright against the blue sky, flying high in San Francisco's Castro District.
Leer más »
Dash host Pride eyeing back-to-back winsThe Dash and Jane Campbell, who recently reached the milestone of 10,000 minutes played,...
Leer más »