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Rise of the robots

Morgan Stanley
is leveraging artificial intelligence to generate customized
emails
for its 16,000 financial advisers to send to clients
when the markets go berserk, the bank’s co-head of wealth
management Andy Saperstein said on Tuesday at a financials
conference. 

The technology is intended to take over rote tasks for financial
advisers and free them up to focus on more sophisticated client
needs — not to replace flesh and blood advisers, bank executives
have said.

What’s striking, however, is that the robots will add their own
personal touch to the financial advisers’ emails. Gleaning
information from a client’s social media and other public
sources, emails would also be tailored to include personal
details to make them appear more human-like.

Citi spending billions on technology 

Citigroup is
spending around $8 billion to bolster its technology capabilities
in 2018.

About 20% of the bank’s expense budget is now dedicated to
technology spend, CEO Michael Corbat said Wednesday at the
Bernstein Strategic Decisions Conference.

The bank hasn’t previously announced the percentage of expenses
put toward technology,

Hedge fund managers bringing home billions 

Institutional Investor is out with its
list of top-earning hedge fund managers
 for
2017 and the numbers are eyepopping.

The top 25 hedge fund managers earned a

Read more at: http://www.businessinsider.com/stock-market-news-today-may-30-2018