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Citi boss Jane Fraser says 2 AI races will decide banking’s future

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Citigroup chief executive Jane Fraser says the financial sector is running two AI races at once, she told the South China Morning Post. The first is applying AI to business models to drive revenue growth, shortening product development cycles and improving customer service. The second race is defensive. Fraser said Citi’s job is to keep the […]

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Starling Bank cuts 130 jobs as it bets on AI and looks beyond the UK

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Starling Bank is cutting around 130 jobs, roughly 3% of its 4,000-strong workforce, as the London-based neobank restructures its banking and technology operations. Staff were told this week that the changes were intended to simplify how the company operates, reduce duplication, and accelerate product delivery. The cuts come as Starling pushes AI deeper into its […]

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Nearly a million investors lost $3.8 billion on the Trump memecoin. Trump made $636 million.

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Nearly a million people who bought President Donald Trump’s $TRUMP memecoin have collectively lost $3.81 billion, according to an analysis by blockchain analytics firm Nansen. The data, which covers all transactions through the end of June, found that 988,905 of the token’s buyers are underwater. Trump earned $636 million from the same coin. His 927-page financial disclosure, […]

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Germany’s most conservative banks are about to let millions of customers buy Bitcoin

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Germany’s cooperative banks and savings banks, the local institutions that handle mortgages, current accounts, and small business loans for tens of millions of customers, are rolling out their own cryptocurrency trading services. The move will bring digital asset trading to a population that could barely be persuaded to use credit cards a decade ago. Some of […]

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The AI chip trade cracked this week, and the hunt for what replaces it has begun

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The trade that defined the first half of 2026, buying anything with proximity to a GPU, broke apart in the holiday-shortened week before Independence Day. The PHLX Semiconductor Index, which had surged more than 80% in the first half, sank 6.3% on Wednesday and 5.4% on Thursday, a two-session decline of roughly 12%. While chip stocks […]

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Investors sue Oracle, say it hid how shaky the OpenAI deal was

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The strain inside the AI boom’s biggest infrastructure bet has reached a courtroom. Oracle’s own investors are suing, saying the company hid how shaky its $300bn deal with OpenAI really was. A Michigan public pension fund, the City of Sterling Heights Police & Fire Retirement System, filed the class action on Wednesday in a Tennessee […]

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Visa, Mastercard and 140 firms launch Open USD, a stablecoin built to undercut Circle

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Aconsortium of more than 140 financial and technology companies, among them Visa, Mastercard, Stripe and Coinbase, launched a new dollar-pegged stablecoin on Tuesday called Open USD. The venture, run by an independent company named Open Standard, is a direct swipe at the economics that have made Circle and Tether the dominant issuers in the sector. […]

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Visa says AI investment and digital commerce are carrying the global economy

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The payments giant’s midyear outlook forecasts 2.4% global growth in 2026, crediting an investment boom and online price competition for absorbing the strain of higher energy costs. The company that sees a slice of nearly every card swipe on the planet has a view on where the economy is heading, and the view is cautiously […]

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California will tax downloaded software for the first time as part of a $351.7 billion budget deal

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California Governor Gavin Newsom and top Democratic legislators agreed on a $351.7 billion state budget that will extend sales tax to prewritten software downloaded from the web. The tax is expected to raise $900 million for the state and another $1.1 billion for local governments starting in fiscal year 2028 and annually thereafter, according to […]

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The BIS warns an AI bust could hit credit markets as hard as the 2008 financial crisis

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The Bank for International Settlements warned on Sunday that an AI investment bust could hit credit markets with disruption comparable to the 2008 financial crisis. In its annual report, the Basel-based institution listed AI-led risks alongside inflation and fiscal stress as “pressure points” that “demand attention.” “Disappointment in returns could trigger a sudden pullback in […]

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