Weekly Global News Wrap: British financial watchdog might visit bankers working from home; UBS creates AI team
And Barclays opens Glasgow campus.
Britain’s financial watchdog warned banks and investment first that they might visit staff working from home to check that they are not harming customers or markets.
The Financial Conduct Authority (FCA) said firms that want to introduce 'hybrid', or a mix of home and office, working on a permanent basis must have their plans vetted by regulators first.
Whilst some financial firms have told staff that hybrid working is here to stay, the FCA made it clear this could only be the case if firms could show it won't harm customers, damage the market, increase the risk of financial crime, or cut competition.
UBS Group AG Chief Executive Officer Ralph Hamers is creating a new bank-wide team to use more artificial intelligence and data analytics to drive the bank’s digitization.
The new team called AI, Data and Analytics, will be led by the head of the investment bank Rob Karofsky and chief digital and information officer Mike Dargan, according to a memo Hamers sent to employees.
The AI and analytics team will reportedly be responsible for managing data, establishing best practice, and avoiding duplication of data analysis efforts across the bank’s four divisions, and will operate in a hub-and-spoke model with central staff at the group level.
Barclays has opened a new 'campus' site in Glasgow, comprising workspace, amenities and a street food market, as it aims to lure top software engineering talent to the hub in the new world of hybrid working.
The British lender has expanded its workforce in the Scottish city by 90% in the last four years and is on track to have around 5,000 staff at the new site by 2023, it said.
The Glasgow campus will house Barclays' technology, operations and functions teams.