Bitcoin reached an all-time high after Tuesday's launch of the ProShares Bitcoin Strategy exchange-traded fund, but JPMorgan Chase strategists say the rise has been caused by investors' inflation concerns. The strategists contend the cryptocurrency is increasingly regarded as a better inflation hedge than gold.
Plaid has announced a new venture into the payments sector by deploying its software to facilitate digital payments from consumers and business bank accounts, in a joint initiative with tech firms and payment processors such as Square and Stripe. The venture represents a renewed attempt to enter the sector after last year's planned sale to Visa was blocked by the Justice Department.
Citigroup has enlisted a law firm to carry out an independent racial equity audit of the bank to further the Action for Racial Equity initiative it launched last year. Vice President Edward Skyler said the audit aims to "help us assess the impact our work is having and will help inform how to adapt and grow our work to address the racial wealth gap."
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Morgan Stanley says it has saved around 50,000 human work hours and $10 million in legal fees by using so-called robot lawyers to handle the heavy administrative burden of switching contracts away from Libor. Several other banks report successful use of AI in the transition process.
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The Department of Justice will collaborate with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency in a nationwide effort to curb redlining in banks' lending practices. Attorney General Merrick Garland said the initiative will look at lending practices "on a broader geographic scale than the Justice Department has ever done before."
Former Interesting Development founder Paul Caiozzo and former Deloitte and Heat executives Mike Barrett and John Elder have founded a new agency named Supernatural, which they're calling the first "human-machine hybrid creative agency." Caiozzo explains that the agency's platform "helps make smarter decisions prior to the ad being created, during its creation and also while it's running in order to optimize," adding, "We can get to strategies very, very fast -- at the fraction of the time as another agency."
The pandemic has shown the value of regularly reviewing buyer experiences, as buyers needs' have dramatically changed. "By constantly asking your buyers what their preferences are, you'll keep a finger on the pulse of their tendencies and be in a position to adjust your strategy accordingly," writes Mark Thacker, president of Sales Xceleration.
