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Citigroup, a leading global bank and one of the top US financial institutions, has undergone drastic restructuring over the past few months to stem its losses. While its dismal recent results are partly attributable to one-off charges, organisational issues impacting its profitability led its leadership to simplify its operating model.
The pioneering cryptocurrency bitcoin has experienced a tumultuous history since its launch in 2009, but 15 years later, it is enjoying an upward swing. Recent events, such as the Bitcoin reward halving and the U.S. Securities and Exchange Commission’s approval of applications for spot exchange-traded funds, have reignited the BTC market.
Unfortunately for US banks, their 2023 winning streak petered out in the fourth quarter, resulting in disappointing earnings overall to finish off the year, though some fared much better than others. Banking leaders are hopeful for a 2024 turnaround, but much will depend on central banks’ policy manoeuvrers and geopolitical developments.
2024 is shaping up to be another historic year for AI development and deployment, with no corner of the world unaffected. Four main trends will be of particular consequence in the coming months: the transformative power of generative AI, the diversity of multimodal AI, the uptake of AI by consumers and the assaults on truth by deepfake AI.