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“Simulation of keyboard activity” leads to firing of Wells Fargo employees

Arstechnica

Arstechnica · 1y ago

“Simulation of keyboard activity” leads to firing of Wells Fargo employees

Last month, Wells Fargo fired several employees from its wealth and investment management division after an investigation revealed allegations of faking work activity on their computers. The employees were reportedly simulating keyboard activity to create the impression of being actively engaged in their work. With the rise of remote work during the pandemic, companies have increasingly resorted to surveillance techniques to monitor employee productivity. Although it is unclear whether the simulation occurred at home or in the office, the incident highlights the challenges faced by companies in monitoring remote workers.

Related News

The jiggle is up: Bosses bust workers who fake computer activity

Livemint

Livemint · 1y ago

The jiggle is up: Bosses bust workers who fake computer activity

The use of mouse and keyboard jigglers, as well as other tactics to fake computer activity, has become more prevalent as remote work and employee-monitoring software have grown in popularity. However, companies are now implementing tools to detect this kind of subterfuge. Wells Fargo recently fired employees for simulating keyboard activity. Electronic worker-surveillance systems are increasingly using machine-learning tools to identify irregular patterns or repetitive cursor movements. Mouse jigglers are often detectable by these systems, making it challenging for employees to fake productivity.

Falling Rates Aren’t as Bad as Feared for JPMorgan, Wells Fargo

Livemint

Livemint · 10m ago

Falling Rates Aren’t as Bad as Feared for JPMorgan, Wells Fargo

- JPMorgan Chase & Co. surprised investors with an increase in net interest income, soothing concerns about the impact of the Federal Reserve's efforts to engineer a soft landing for the economy. - Wells Fargo & Co. experienced a decline in net interest income in the third quarter but expects the drop to be less severe in the final three months of the year. - JPMorgan executives anticipate that the looming drop in net interest income could subside by the middle of next year. - Wells Fargo believes that lower interest rates will alleviate pressure to pay out more to depositors and help moderate the decline in net interest income. - Lower interest rates have benefited dealmakers, leading to increased investment-banking fees for Wells Fargo and surge in revenue from debt capital markets, equity underwriting, and advisory for JPMorgan.

Nordic Capital Acquires Zafin

Finsmes · 1y ago

Nordic Capital Acquires Zafin

Nordic Capital has acquired a majority share in Zafin, a Canadian provider of SaaS solutions for financial institutions. The deal, expected to be completed in Q1 2024, was made in partnership with Zafin's founders and management. Zafin's platform allows banks to manage relationship pricing, products, and packages, ensuring compliance and operational control. The company serves a global customer base, including Wells Fargo, HSBC, and PNC. The financial terms of the agreement were not disclosed.

Cybersecurity platform Rubrik files for US IPO

Reuters · 1y ago

Cybersecurity platform Rubrik files for US IPO

Cybersecurity platform Rubrik has announced plans to go public in the United States, according to a filing by the company. The Palo Alto-based company, founded in 2014, specializes in cloud-based ransomware protection and data-backup software. The size of the offering was not disclosed, but Rubrik intends to list its Class A common stock on the New York Stock Exchange under the symbol 'RBRK'. Underwriters for the offering include Goldman Sachs, Barclays, Citigroup, and Wells Fargo.

BofA's Merrill Lynch, Wells Fargo offering spot bitcoin ETFs to clients

Economic Times

Economic Times · 1y ago

BofA's Merrill Lynch, Wells Fargo offering spot bitcoin ETFs to clients

Bank of America's Merrill Lynch and Wells Fargo have recently started offering spot bitcoin exchange-traded funds (ETFs) to their eligible wealth management clients, following the approval of such investment vehicles by the Securities and Exchange Commission in January. These ETFs allow investors to gain exposure to bitcoin without directly owning it. The availability of these funds has attracted new investors to the cryptocurrency market and has even led some to shift their investments from gold-backed ETFs. This move by the banks showcases the increasing popularity of bitcoin as an asset class.

Microsoft-backed Rubrik aims to raise as much as $713 million in IPO: report

Livemint

Livemint · 1y ago

Microsoft-backed Rubrik aims to raise as much as $713 million in IPO: report

Cybersecurity software company Rubrik is planning an initial public offering (IPO) to raise up to $713 million. The IPO will see Rubrik sell 23 million shares priced between $28 and $31 per share. The company's valuation could reach around $5.4 billion. Rubrik provides cloud-based ransomware protection and data backup software and serves over 5,000 business customers. The IPO follows a recovery in the US market for new stock offerings. Rubrik's IPO will be led by Goldman Sachs, Barclays, Citigroup, and Wells Fargo.

GCCs ping class of 2025 to build their tech talent pipeline

Economic Times

Economic Times · 9m ago

GCCs ping class of 2025 to build their tech talent pipeline

Global capability centres (GCCs) are increasing their campus hiring efforts for the Class of 2025, aiming to build a talent pipeline and support their growth. Companies like Wells Fargo, JPMorgan Chase, Novartis, Epsilon, and EQ India are looking for young talent with fresh perspectives and skills in emerging technologies like data science and AI. GCCs are offering attractive salaries, benefits, and career growth opportunities, with a focus on recruiting new-age skills. The number of GCCs in India is expected to rise by 2030, leading to a significant increase in employment opportunities.

For these companies, it feels good to be in Nvidia’s orbit

Livemint

Livemint · 1y ago

For these companies, it feels good to be in Nvidia’s orbit

Companies such as HSBC, Capital One, and Wells Fargo are participating in Nvidia's GTC event in order to attract AI talent and enhance their tech credentials. Traditionally, cutting-edge tech companies have dominated the IT talent market, but now there is more opportunity for non-tech enterprises to attract AI professionals. Conferences like GTC offer a platform for these companies to showcase their technology advancements, dispel misconceptions about their industries, and engage with the wider tech ecosystem. The presence of companies like Nvidia and Microsoft can also entice tech talent to explore opportunities in sectors like banking and energy.

Microsoft wants to stick game pass on everything

Gizmodo

Gizmodo · 1y ago

Microsoft wants to stick game pass on everything

During the 2023 Wells Fargo TMT Summit, Xbox CFO Tim Stuart expressed Microsoft's goal of making Xbox Game Pass available on "every screen that can play games," including smart TVs, mobile devices, and even competitors like PlayStation and Nintendo. This represents a change in strategy, as Xbox previously focused on driving players to its own consoles. With Game Pass becoming a key revenue driver alongside first-party games and advertising, Microsoft aims to expand access to its game library, including future acquisitions like Activision Blizzard. The ultimate goal is for Xbox to become the leading game streaming service, similar to Netflix in the streaming industry.

'Silent firing' on a rise with rapid technological advancement: report

Economic Times

Economic Times · 8m ago

'Silent firing' on a rise with rapid technological advancement: report

Rapid technological advancements have led to an increase in "silent firing," where companies indirectly encourage employees to leave, according to a report by Genius Consultants. While 79% of employers focus on upskilling, 10% opt for layoffs, and 6% increase workloads for underperformers. The report highlights diverse strategies balancing technology and human resources, with 52% valuing manual intervention. Silent firing poses challenges to employee morale, with 55% feeling sidelined and 41% considering quitting due to automation pressures.

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