The anticipated Huawei Mate 40 smartphone will be the last model to feature the maker’s own high-end Kirin processor, the company has confirmed, something that has resulted from the Trump administration’s ban on trade with the Chinese phone maker. As a result of that ban, Taiwan Semiconductor Manufacturing Company (TSMC) ended its business with Huawei and, as a result, the … Continue reading
Business Insider compiled a list of the people leading the most innovative and ambitious tech projects at Wall Street's biggest firms.
We asked Wall Street players and industry insiders who's spearheading the most cutting-edge tech initiatives.
The list includes eight people who are heading up teams or projects at a range of the largest banks, hedge funds, asset managers, and exchanges.
Click here for more BI Prime stories.
This story was originally published in September 2019.
Take a quick scan of the headlines on any given day, and it might seem as if startups are driving the most interesting tech developments on Wall Street.
It's a fair assumption, as venture capital money continues to pour into fintechs and even the biggest banks are getting in on the funding action.
However, for all the talk of large financial firms being slow to innovate and adapt to changing times, the top players have still managed to create their own cutting-edge projects in-house.
Read more: 60 fintechs that are set to take off in 2020, according to top VCs and investors
Business Insider canvassed the most powerful firms on Wall Street — including banks, hedge funds, asset managers and exchanges — as well as other insiders to discover who exactly is leading the most innovative projects and teams at the biggest players.
Here are the eight names that emerged and the ambitious projects they're working on, including massive tech integrations and building out entirely new banks. Ali Villagra, global head of Citi Velocity
As Wall Street pushes for more simplification and returns to a world of bundled offerings, Villagra and Citi's Velocity institutional trading platform are in prime position for continued success.
A combination of web-based analytics that cover everything from stocks to municipal bonds make Citi Velocity an ideal product for an increasing amount of investors looking for a one-stop shop.
Villagra, who joined Citi after graduating Dartmouth in 2001 as an analyst looking at debt capital markets, has spent the past nine years building out Citi Velocity. In August, she took over as its global head.
A big part of Villagra's job is staying ahead of the curve to meet client's evolving needs. Citi Velocity's push into API offerings is a prime example of that, and further indication of Wall Street's obsession with data. APIs allow investors to more easily connect data streams to applications.
Villagra also has other ways of staying up-to-date on the latest innovations, as she serves as the chairman of the board of FINOS, an industry group which supports the use of open source in financial services.
David Woodhead, technical strategy lead for BlackRock's Aladdin Studio
What's one of the best ways to keep customers happy with your product? Give them the power to tweak it as they see fit.
That's what Woodhead is helping investors do with one of BlackRock's crown jewels — its Aladdin investment management platform. Woodhead leads the technical strategy for Aladdin Studio, a suite of tools allowing engineers to open up the end-to-end operating system that has long been one of the most-prized technology assets of the nearly $7 trillion asset manager.
Currently, more than 3,000 developers are using Aladdin Studio, working on investment research, analytics, and the automation of day-to-day processes within Aladdin. With an increased focus on data on Wall Street and a workforce that has the technical ability to take matters into their own hands, Aladdin Studio has proven to be a valuable tool for many.
Recently, Woodhead's team has worked to grow Aladdin Studio even bigger thanks to a wider adoption of open-source technology. The result has allowed users to automate repetitive tasks with the Python programming language and create more AI-based tools.
Read more: BlackRock execs lay out how its $1.3 billion eFront deal is setting up Aladdin to crack into a massive alternative-investment opportunity
Hari Moorthy, partner at Goldman Sachs
Moorthy is tasked with building out a business from scratch for Goldman Sachs, but it's likely not the one you've heard of.
Marcus, Goldman's consumer-finance offering, has garnered plenty of media attention since launching in 2016, but Moorthy' work building out a commercial bank could end up being a bigger business for Goldman.
Moorthy, who returned to the bank in 2018 as a partner after serving as a managing director at JPMorgan for four years, has been tasked with building out a payments business to help corporates manage money. As with Marcus, Moorthy's work represents a departure from what has long been the bank's bread and butter — mergers and acquisitions and helping company's raise money.
Moorthy has his work cut out for him, as commercial banking is dominated by sprawling existing businesses at two of Goldman's biggest rivals: JPMorgan and Citigroup. However, Goldman certainly hasn't been afraid to put resources behind the effort. In February, the Financial Times reported Goldman had hired 100 employees to work on the project.
Read more: Goldman Sachs just announced its first partnership for transaction banking as it looks to build a new $1 billion business moving money around the world
Matthew Granade, chief market intelligence officer at Point72 Asset Management
As Point72 Asset Management's chief market intelligence officer, Granade has the difficult task of leading the team responsible for combing through huge amounts of data to find information that the hedge fund's portfolio managers and analysts can turn into trades.
That's no small undertaking in any case, but it's especially difficult considering the fact that Point72, which manages $14 billion in assets, prides itself on being one of the most sophisticated firms when it comes to its digestion and analysis of data.
Granade, who has been at Point72 since 2015 and also spent more than five years at rival Bridgewater Associates, isn't just focused on the quantitative side. He also leads Point72's "person + machine" strategy, which includes a mixture of both humans and algorithms. The idea behind the hybrid approach is to combine the strengths of both sides to create the best investment opportunities.
Read more: Point72, Renaissance Technologies, and Millennium are trying to make quant strategies work in bond markets. Here's why their nascent credit-trading teams face an uphill battle.
Debra Herschmann, head user experience at JPMorgan's corporate and investment bank
For all the focus around technology making trading faster and smarter, there is still something to be said for how good a product looks and how easy it is to use.
Herschmann's purview is exactly that, as she leads the digital experience design team for JPMorgan's corporate and investment bank. Herschmann came to JPMorgan in 2016 after spending nine years at Goldman Sachs, most recently serving as the head of corporate and investment bank user experience.
At JPMorgan, Herschmann has grown her team from 20 to 125 in the past two years and is involved in more than 60 projects across the corporate and investment bank.
Recent accomplishments include making Algo Central, JPMorgan's algorithmic execution tool, easier to follow and use via data visualization techniques. Same goes for Activism Insights, a tool meant to help investment bankers predict the influence of activist investors. Designers created a framework to reduce the time required by users to gather insights and analysis from the tool.
Read more: JPMorgan is hiring to grow a team that designs tech used by its bankers and clients — and it shows the huge impact fintech is having on Wall Street
Chris Woolley, director of trading at Man Group
As financial markets become ever-more complex — with investors trading in new ways and on a growing number of venues — the importance of being able to execute trades efficiently is critical. Enter Woolley, who serves as the director of trading at Man Group, a role that includes leading the Adaptive Intelligent Routing (AIR) project.
AIR uses machine learning to understand the best route for a trade, tapping into historic trade and market data to help improve the firm's ability to execute at the lowest possible cost. Doing so also allows traders to focus on more complex trades, such as those done in the over-the-counter space, which are typically harder to execute.
AIR was initially implemented in financial futures in 2017, and Woolley has been tasked with expanding it across different financial products. Last year, AIR was deployed in cash equities and foreign exchange. Next up for the group is credit.
Read more: The world's biggest hedge funds like Bridgewater are blending quantitative and fundamental trading. Here's why it's gaining hype on Wall Street.
Ari Studnitzer, managing director for technology and product management at CME Group
Tech integrations are tricky under any circumstance, but Studnitzer's task at CME Group is particularly impressive.
Following CME Group's $5 billion acquisition of NEX back in November 2018, Studnitzer is leading a team focused on integrating BrokerTech and EBS, venues for trading US treasuries and foreign exchange, respectively, onto the larger CME Globex system.
That will create a single place to transact in futures, options, cash and OTC products. Even more importantly, by creating a one-stop shop, the project has the opportunity to create cross-asset savings, whether it be in data, clearing, or other areas.
Studnitzer, who has been with CME since 2002, also has a hand in the newest potential technology out of the exchange, as he manages CME Group's tech labs.
One specific area of interest for Studnitzer has been his work creating CME's corporate strategy around cloud usage, both for data and applications.
Read more: From Deutsche Bank to CME, Google Cloud has nabbed a string of big financial clients. Here are 3 ways it's making its pitch to win over Wall Street.
Jonathan York, Bridgewater's chief architect and head of product for client service technology
York has spent the better half of a decade working on Bridgewater's client-facing platforms and technology. The goal is to offer up the best data, analytics and visualization tools to the clients of the firm, which manages $150 billion in assets.
Analytics, in particular, has been an area of focus for York and his team. Investors are eager to make sense of the swaths of data available to them, and Bridgewater is able to do that thanks to a personalized and secure web channel they can access content through.
York's team will also look to continue to improve the digital experience of its clients, as it aims to make the experience as customizable as possible.
No stranger to creating tools and systems geared to a customer, York spent time at vendor SunGard and ratings agency S&P before joining Bridgewater in 2013.
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Lena Dunham has detailed her excruciating experience with coronavirus.The Girls star and creator revealed she fell ill with Covid-19 in mid-March, telling of how her body “simply revolted” after contracting the virus. The US actor explained how she suffers from a chronic disease that affects the joints and skin, and said she was initially unable to distinguish the pain from her existing illness.However, Lena said the pain was soon joined by an “impossible, crushing fatigue”, as well as a fever.“Suddenly my body simply… revolted,” she wrote in a lengthy post on Instagram. “The nerves in my feet burned and muscles wouldn’t seem to do their job. My hands were numb. I couldn’t tolerate loud noises.“I couldn’t sleep but I couldn’t wake up. I lost my sense of taste and smell. A hacking cough, like a metronome keeping time. Inability to breathe after simple tasks like getting a glass of water. Random red rashes.“A pounding headache right between my eyes. It felt like I was a complex machine that had been unplugged and then had my wires rerouted into the wrong inputs. This went on for 21 days … that blended together like a rave gone wrong.” View this post on InstagramA post shared by Lena Dunham (@lenadunham) on Jul 31, 2020 at 12:04pm PDTLena said she was fortunate to have a doctor on hand to offer regular advice, meaning she never had to go to hospital. She was forced to isolate, describing the experience as intensely lonely.After a month, Lena said she tested negative for Covid-19 but the symptoms did not fade.Her hands and feet were swollen, she suffered from severe fatigue and a constant migraine. Her arthritis flared and she had “weirder symptoms that I’ll keep to myself”.Lena said she had been reluctant to speak out and did not want to “unnecessarily add my voice to a noisy landscape on such a challenging topic”, but felt compelled to do so after “seeing the carelessness with which so many in the United States are treating social distancing, jogging without masks and parties on Instagram”. She also urged people to “take the appropriate measures to protect yourself and your neighbours”.Lena is the latest famous name to speak out about her experience with the virus, with the likes of Tom Hanks, Rita Wilson and Idris Elba having previously contracted Covid-19. READ MORE:
Mel Gibson ‘Doing Great’ After Being Hospitalised With Coronavirus
Idris Elba Describes Traumatic Impact Coronavirus Diagnosis Had On His Mental Health
Tom Hanks Felt Like ‘Canary In The Coal Mine’ After High-Profile Covid-19 Diagnosis
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When you are being interviewed for a job, you are also interviewing your prospective employer.So when they ask, “What questions do you have for me?” that is your time as a job seeker to evaluate the company’s values ― including those on racial diversity and inclusion ― and see if they align with yours.Asking these questions can help you learn what you’re getting into before you agree to join an organisation.Here’s how to do it strategically:1. ‘How do you define diversity?’Simply asking your interviewer how they define diversity can be revealing, said Lauren Ruffin, chief external relations officer for Fractured Atlas, an organisation that supports artists.“If the person is just rattling off a whole bunch of identity markers, rather than them demonstrating a real understanding of systemic racism and inequity, that ends up being a pretty easy way” to know if the person has thought deeply on this topic, Ruffin said.Pay attention to how they answer the question as much as what they tell you. “People who get it are eager to talk about it,” Ruffin said. Ruffin asks this question in her own interviews with candidates, and she pays attention to their body language. For example, when she asked one candidate to share his definition of diversity, he deeply sighed and “legit looked up at the sky like he was asking a prayer,” Ruffin said.You can also make it a dialogue with the hiring manager and ask them what they personally have done to make their workplace more equitable, Ruffin said.The brief interactions that we have that signal that we might be devalued because of our identity, those tiny moments accumulate over time in a significant way to undermine health, well-being and performance.Social psychologist Evelyn Carter2. ‘What are the racial demographics of the team?’You can be more direct when asking about the structure of the team, with questions like, “What is the racial diversity at the team level?” or, “What’s the manager’s understanding of what it’s like to be the only person of colour or of a specific race on a team or in a meeting?” said Erin Thomas, the head of diversity, inclusion and belonging at Upwork.In these answers, “look out for thoughtfulness, rigour, honesty and authenticity,” Thomas said. “They should be approaching their diversity, inclusion and belonging efforts as strategically as top-line business needs. And, at the end of the day, you need to believe what you hear. Even if you can’t codify why you don’t believe what you hear, trust that feeling.”Research has found that when it comes to evaluating psychological safety in workplace environments, people from underrepresented groups are attuned to subtle signals beyond what a person is saying. In one study published in the Journal of Personality and Social Psychology, Black professionals were presented with a consulting firm brochure that contained group photos of team members and featured either “colourblind” language that asked employees to “embrace their similarities” or language that asked staff to embrace what made them diverse.When few minorities were depicted in the brochure photos, the Black participants presented with the similarity-based language felt less trust and comfort than did participants presented with the language valuing diversity.Such feelings of mistrust and discomfort are relevant information to consider, because they may not go away once you have the job, said social psychologist Evelyn Carter.“The brief interactions that we have that signal that we might be devalued because of our identity, those tiny moments accumulate over time in a significant way to undermine health, well-being and performance,” Carter said. “I do think candidates should take it seriously.”3. ‘How has the company responded to Black Lives Matter protests?’Carter said you can also ask an interviewer about the company’s stance on protests and the Black Lives Matter movement with questions like, “What kind of conversations are happening? What kind of resources are being provided for managers and teams to have these conversations? How have you been supporting your Black employees or other employees of colour right now?”This line of inquiry also applies to questions you can ask around political actions targeting certain groups, like anti-immigration legislation, for example. When asking how the company is addressing the present moment, the goal is to listen for what it has done to live its values on diversity and inclusion.4. ‘What are you doing to retain racially diverse talent?’If you want to learn about turnover for people of colour at a company, ask about its programs that ensure that diverse talent stays and grows, Carter said.You could phrase it like, “What are some of the processes that you have to make sure that it’s not just bringing in folks ― because I know we talked about how diversity is so important for you ― what are the processes that you have to keep an eye on retention and growth for the talent you are working so hard to hire?” Carter said.In these answers, you want to hear about the formal and informal ways managers are investing in their team members’ growth to ensure equity, so that employees from marginalised groups have the same opportunities to advance as people from the dominant group at the company.The biggest red flag is if there is no answer that these interviewers can give you, Carter said. “Not knowing the answer is worse,” she said. “If the company does not know the answer, that means they have not started to look at the data to understand how they can improve.”Beyond the job interview, get multiple perspectives from people who actually work there. If you want the honest truth about how people of colour are treated in a company, it’s helpful to talk with people beyond the hiring manager. The best thing you can do is get the inside scoop from someone who knows both you and the organisation, Thomas said.“Comb your LinkedIn network or post to your social channels to connect with people who can serve as your eyes or ears,” Thomas said. “Even with that, you shouldn’t be shy about requesting to talk to a member of an employee resource group or the diversity, inclusion and belonging team if they have one. The more trust you have in your information sources, the more confident you’ll be in the decision you make.” Also, do your own research on demographics by looking at the company website and social media bios of staff and leadership, and seeing who is represented and in what capacity.These probing questions would not need to be asked if companies were more transparent about where they stand with regard to racial demographics and pay equity, though. When companies are upfront with every applicant, Carter said, that can remove the burden of asking from candidates of colour.“Having the company take the responsibility for providing that information proactively, rather than waiting for the candidate to ask it, you are making sure that you are reducing that power imbalance and you are proactively giving that signal of safety,” she said.Related...
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Coronavirus has changed everything. Make sense of it all with the Waugh Zone, our evening politics briefing. Sign up now.Leicester’s local coronavirus lockdown is to be partially relaxed, the government has confirmed. Matt Hancock told reporters on Thursday evening that “some, but not all” restrictions in the city would be relaxed, as virus rates “still remain well above the national average and the average for surrounding areas”.From July 24, restrictions on schools and early years education will lift, and some non-essential retail will be able to reopen. However, authorities in Leicester will be given localised powers to close shops where necessary. Restrictions on travel and social gatherings of more than six people will remain in place, while the hospitality sector – which began to reopen in England on July 4 – will remain closed in Leicester. Leicester became the first place in the country to have tight restrictions reimposed on June 30 following a rise in coronavirus infections.Hancock said: “The latest data shows that the seven-day infection rate in Leicester is now 119 cases per 100,000 people and the percentage of people testing positive is now at 4.8%.“These are positive indicators, especially in light of the huge increase in testing.”He compared the figures to when the lockdown was imposed and the seven-day infection rate was 135 and 10% of tests were positive.He added: “I committed to reviewing the measures in Leicester every two weeks. This morning I chaired a gold meeting of the local action committee to discuss the latest situation and this afternoon I held a further meeting with local leaders, Public Health England, the JBC, the local resilience forum and my clinical advisers.”The seven-day infection rate was 143.6 in the week leading up to June 28, just before the local lockdown was imposed.Speaking on Thursday morning, Leicester mayor Sir Peter Soulsby claimed the local coronavirus outbreak was being dramatically driven down.Soulsby claimed data provided to city officials highlighted that only 10% of Leicester had seen higher transmission rates.He told BBC Radio Leicester the government had got local people into a “messy situation” by its handling of the restrictions.Asked what his reaction would be if the government announced a further two-week lockdown, Soulsby said: “I think if we are told that, there are going to be an awful lot of Leicester people who are very angry indeed.“It was quite clear that it was a political decision taken without the advice of Public Health England to take us into this lockdown in the first place.“It’ll be a political decision to let us out and the sooner that political decision is taken, the better.”Related...
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Oppo has long been a leader in engineering fast-charging solutions — it developed the tech behind the Dash Charge system used in OnePlus phones, for example, and has achieved even faster results in many of its own devices. Today, the company is taking a further step forward with the announcement of a 125W system that it claims is the most advanced in the industry.
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(Flinders University) In the pandemic age of telehealth and new technologies, remote site lab or point-of-care (POC) testing of biofluids is a potentially rapid and non-invasive way to test for most diseases - including COVID-19.Now scientists at Flinders University have run tests on the bioprobe industry, recommending the potential of a novel group of bioprobes with aggregation-induced emission (AIE) properties, so-called AIEgens, as being the best way forward to deliver accurate clinical biomarkers.
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Here are eight standout rumors about the upcoming iPhone 12, 12 Pro and 12 Pro Max.
Just as expected, Apple revealed the new 16-inch MacBook Pro today.But amidst that big piece of news was a smaller one: Apple confirmed the new, cheese-grater-looking Mac Pro is still coming out this year.That desktop – as well as the fancy new XDR Display – will be available in December.No actual release date or other updates, we just know you’ll be able to buy one next month.The company had previously promised the computer would arrive in the ‘fall,’ so presumably, you’ll be able to buy one before December 21st if Apple wants to keep true to its word.That’s one expensive Christmas gift.
Apple has a new laptop out today, the 16-inch MacBook Pro, and so Apple’s marketing chief Phil Schiller is out and about, talking trash about the competition.In an interview with CNET, Schiller is asked about the growing popularity of Chromebooks for education, an important battleground for Apple where it’s been losing ground to Google’s machines.Schiller gives a particularly spicy answer, saying that while iPads are the “ultimate tool for a child to learn on,” Chromebooks are just “not going to succeed.”“Kids who are really into learning and want to learn will have better success.You need to have these cutting-edge learning tools to help kids really achieve their best results.Yet Chromebooks don’t do that.
Sure, smartphone cameras are great, but there’s nothing like watching a freshly snapped photo print and develop in front of your eyes.Instant photography, like the Polaroid pictures of old, is back.There’s a wealth of printing cameras on the market from manufacturers like Fujifilm, Polaroid Originals, Lomography, and even Leica.We've snapped pics with most of them, and these are our favorites.And if you're hunting around, we have guides to the best compact cams and some of the best mirrorless cameras.Updated for November 2019: We've added the Fujifilm Instax Mini Link as an alternative option.
Kinas stora shoppingdag, singeldagen, den 11 november slog rekord på e-handelsjätten Alibabas plattformar med en sammanlagd försäljning på 268 miljarder yuan, motsvarande omkring 370 miljarder kronor, skriver bolaget i ett pressmeddelande.Bedömare siade om en nedgång på grund av den något svalare kinesiska ekonomin, men så blev alltså inte fallet.Siffran innebär i stället en ökning med 26 procent jämfört med 2018.Singeldagen – på kinesiska guanggun jie och internationellt känd som singles day – är Kinas stora readag och kan jämföras med sin amerikanska motsvarighet black friday.Den infaller den 11 november – 11/11 – eftersom de uppradade ettorna påminner om ensamma personer.Men numera är det inte bara singlar som shoppar loss under evenemanget.