RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: Here's why more people hate their banks; Morgan Stanley shuffles wealth unit

And HSBC partners with AI startup.

From CNBC: More consumers than ever are frustrated with their banks. As a new report from reveals, complaints filed against the six most popular banking services — bank accounts, consumer loans, credit cards, credit reporting, mortgages and student loans — have been steadily climbing over the past five years. Last year was particularly tough for the bank-client relationship: Nearly all six services saw more complaints in 2016 than in any other year since 2012.

From Reuters: Morgan Stanley has shuffled its wealth unit, eliminating a layer of management and promoting two key executives, according to a memo reviewed by Reuters on Friday. The biggest U.S. brokerage by head count named Vince Lumia, head of private wealth management, its new head of the field. Lumia will report to wealth co-heads Andy Saperstein and Shelley O'Connor. Mandell Crawley, the bank's chief marketing officer, will replace Lumia as head of private wealth management.

From Reuters: HSBC Holdings Plc has partnered with Silicon Valley-based artificial intelligence startup Ayasdi Inc to automate some of its compliance processes in a bid to become more efficient. The banking group is implementing the company's AI technology to automate anti money-laundering investigations that have traditionally been conducted by thousands of humans, the bank's Chief Operating Officer Andy Maguire said in an interview. The vast majority of anti money-laundering investigations at banks do not find suspicious activity, resulting in a waste of resources, according to the startup.

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