UBS - Goldman Sachs' Fintech Unit Faces Scrutiny EU Probe Prompts Microsoft To Unbundle Teams App UBS Records Bumper Q2 Profit Thanks To Goodwill: Today's Top Stories | Benzinga

August, 31 2023 01:57 PM UBS Group AG Registered

Financial Times

Goldman Sachs Group Inc's (NYSE: GS) partnerships with financial technology companies are reportedly under the scanner of the U.S. banking regulators owing to issues regarding compliance and risk.
Concerns highlighted by the Fed included poor due diligence and monitoring processes when accepting high-risk non-bank clients.
A unit of the bank's transaction banking business, or TxB, has ceased signing on treacherous fintech clients following a caution generated by the Federal Reserve earlier this year.

Baidu Inc (NASDAQ: BIDU), alongside TikTok parent ByteDance Ltd, showcased their AI chatbots to the masses this Thursday, following a nod from Beijing regulators.
These AI-centric launches are considered a countermove to Microsoft Corp's (NASDAQ: MSFT) acclaimed OpenAI.
These giants and several fledgling AI companies also procured regulatory blessings to mainstream their chatbot technology in China.

Wall Street Journal

Microsoft Inc (NASDAQ: MSFT) looks to modify its approach to selling its Teams videoconferencing software to European business consumers.
This move comes after the European Union's antitrust probe flagged potential concerns over the tech behemoth's sales practices in the region.
Starting in October, Microsoft will offer business clients the opportunity to acquire a more economical version of its productivity tools that doesn't encompass the Teams application.

Benzinga

American Airlines (NASDAQ: AAL) flight attendants have voted overwhelmingly at 99.47% to authorize a potential strike.
The flight attendants voted to authorize a strike if the company refused to agree to "reasonable" ...