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Pick five of this week’s top news stories from the world of finance and technology.
FIS reportedly plans to cut thousands of jobs
U.S. banking and payments technology giant FIS plans to cut thousands of jobs after its stock price plunges in 2022, with incoming CEO Stephanie Ferris under a strategy to justify the company. It is reported.
bloomberg Job cuts are expected to be staggered, but thousands of staff and contractors are reportedly at the chopping block as part of Ferris’ $500 million cost-cutting plan.
Ferris was appointed president in February of this year and is expected to succeed Gary Norcross as CEO on January 1, 2023.
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Payments giant Visa has appointed current president Ryan McInerney as its new CEO.
McInerney will succeed Alfred Kelly, who has been CEO since 2016, on February 1, 2023. Once the transition is complete, Kelly will become Chairman of the Board of Directors.
Visa CEO Kelly said that as president, McInerney is “deeply familiar” with how Visa operates and the company is poised for further success under McInerney’s leadership.
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GloriFi is shutting down
Texas-based fintech GloriFi, which describes itself as “the impeccable pro-American, pro-liberty, pro-capitalist tech company,” shut down just months after launching a digital banking app. increase.
The company, which announced the closure on its website, said it had “experienced a series of financial challenges related to startup mistakes, an attack on its reputation, a declining economy and multiple negative media stories.”
wall street journal The company reportedly failed to secure the funding it needed to continue operations after a potential funding arrangement failed last Friday.
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The UK-based Nationwide Building Society, the world’s largest building association with 16 million members and 18,000 employees, has appointed a new Chief Operating Officer (COO), Suresh Viswanathan.
Nationwide said Viswanathan “has extensive experience in delivering data-driven technology and digital transformation with a focus on improving the customer experience.”
For the past decade, he has been COO at major UK bank Barclays and most recently at TSB (read our exclusive interview from his time at TSB here).
Nationwide CEO Debbie Crosbie said:
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FCA warns stock trading app of gamification
The UK’s Financial Conduct Authority (FCA) has warned stock trading apps not to add gamification elements to their platforms, saying it could lead users to risky investments and gambling-like behavior. says.
Regulators say gamification can “positively engage consumers,” but it’s used in ways that can mislead consumers or cause bad outcomes. I discovered that
The warning to review design features such as gamification came after the FCA surveyed more than 3,000 users across four trading apps. FCA found that points, badges, push notifications, and congratulatory messages make users more likely to invest in products beyond their risk tolerance.
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