Catching you up on overnight happenings, and what to know today.• The rain returns this weekend. Friday should be relatively dry, with highs reaching the mid to low 80s. But on Saturday morning, waves of showers coming in from the north reaching the bay area should be at about 30 percent, according to the National Weather Service. Temperatures will drop down to the upper 70s, but forecasters don’t expect thunder. By Sunday morning the temperatures will drop to the 60s, but intermittent showers will remain as the highs reach into the 70s.• It costs money to produce quality journalism. Please support the Tampa Bay Times by buying a digital subscription to Florida’s best newspaper and its redesigned website tampabay.com.• Here are the top things to do today in Tampa Bay.• Wallet a little light? Here’s 5 things to do under $5 this week including free concerts, a Mermaid Festival and a free Comic Con at the Clearwater Public Library. • As the … [Read more...] about Daystarter: Steven Stamkos finally ties Vinny Lecavalier’s scoring record; everything you need to know about the John Jonchuck murder trial; and meet the warriors taking part in the Warrior Games.
Cathy Bessant has been called the most powerful woman in banking. The chief operations and technology officer for Bank of America oversees 95,000 employees and contractors in 35 countries and a budget of $15 billion. She joined the bank in 1982, a time when the industry had few women in its upper echelon. She remembers a few double takes when the men in the board rooms discovered she wasn’t someone’s assistant.She’s been promoted and demoted, sometimes “super publicly,” she told the crowd in Tampa earlier this month at the Girl Scouts of West Central Florida Women of Distinction event. The setbacks, she said, helped her succeed.That helps explain why Bessant decided to climb Tanzania’s Mount Kilimanjaro, even though she thought of hiking as “climbing the stairs at the Ritz Carlton.” It took a year of training, which included walking home along the streets of Charlotte with a backpack and hiking boots. She reached the summit — and … [Read more...] about ‘The most powerful woman in banking’ sees lots of upside in the Tampa Bay area
By Tom Loftus Tom Loftus The Wall Street Journal BiographyTom Loftus [email protected] Dec 6, 2018 8:48 am ET 0 COMMENTS Good day, CIOs. Cathy Bessant, chief operations and technology officer at Bank of America Corp., said Wednesday that decisions concerning the use of digital technologies such as artificial intelligence need to be made by people who understand both business and technology. Technologists in charge of creating AI systems must never lose sight of how algorithms can impact people. “The stakes are really high here,” she said. In a conversation with CIO Journal's Sara Castellanos during an AI event in New York City, Ms. Bessant proposed several best practices. Understand the technology. The development of those AI initiatives, especially at the corporate executive level, should start first with outlining a problem and understanding the technology’s opportunities and limitations. “The … [Read more...] about The Morning Download: BofA Tech Chief Lays Out Framework for Managing AI
By Sara Castellanos Sara Castellanos The Wall Street Journal BiographySara Castellanos @SCastellWSJ [email protected] Dec 5, 2018 6:25 pm ET 0 COMMENTS NEW YORK CITY — The key to responsible use of artificial intelligence begins with understanding the specific problem that companies are trying to solve, said Cathy Bessant, chief operations and technology officer for Bank of America Corp. At Bank of America, artificial intelligence models are used in tools such as the bank’s virtual assistant, Erica, which helps customers perform basic banking tasks. The bank also has been studying how AI could improve fraud detection rates. The development of those AI initiatives, especially at the corporate executive level, should start first with outlining a problem and understanding the technology’s opportunities and limitations. “The C-suite obligation really is to focus on what we’re trying to learn, then understanding … [Read more...] about Bank of America Tech Chief Defines Responsible AI Projects
As concerns from bank investors go, “peak profitability” seems an unusual one. But as the biggest U.S. banks report results that analysts estimate will set a new high for profitability this decade, shareholders are wondering: Is this as good as gets, or is Jamie Dimon right that banks are entering a golden age. “The quarter will be fine,” Susan Katzke, a bank analyst at Credit Suisse Group AG, said in a note to clients. “It’s more about the forward look.” JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. kick off earnings season for U.S. banks on Friday. Lenders are benefiting from interest rate hikes and a healthy economy, while they’ve tamped down expectations for loan growth and their trading businesses. Banks will try to reverse the recent trend of underperforming the broader stock market and assuage fears that they’re near “peak profitability” in the late stages of the economic cycle, … [Read more...] about Big banks aim to show higher profits