Anthony Noto
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Articles by Anthony Noto
Why Bank of America’s AML Failure Is a Wall Street Warning
Experts warn Bank of America’s hefty AML fine signals a reckoning for aging banking compliance. When Bank of America released third-quarter financials on Oct. 14, shareholders took note of a $1.2 billion non-tax-deductible blow to earnings. The anti-money laundering, or AML, and sanctions penalty shaved 17 cents off its per-share net income. But the fine itself may be the least of the bank’s worries.
Why Bank of America’s AML Failure Is a Wall Street Warning
Experts warn Bank of America’s hefty AML fine signals a reckoning for aging banking compliance. When Bank of America released third-quarter financials on Oct. 14, shareholders took note of a $1.2 billion non-tax-deductible blow to earnings. The anti-money laundering, or AML, and sanctions penalty shaved 17 cents off its per-share net income. But the fine itself may be the least of the bank’s worries.
Global Salon: Building the Rails for a $3.5 Trillion Empire
Apex Group’s Peter Hughes on AI hype, tokenization, private credit and what Jeff Bezos got wrong. Peter Hughes founded Apex Group Ltd. in Bermuda in 2003.
People on the Move: World Bank, HSBC, J.P. Morgan, IA Global
Major executive moves and leadership changes across the finance industry. This article appears in the September 2026 issue of Global Finance Magazine. Michael Kremer, World Bank The World Bank Group appointed Michael Kremer to be the organization’s chief economist and senior vice president for development economics. Most recently, he served as director of the University of Chicago’s Development Innovation Lab, where he researched economic growth, technological change, and development economics.
Citi Fast Tracks Pounds, Rupees, and Aussie Dollars via Swift
Citigroup goes live with real-time cross-border payments across the U.K., India, and Australia. In what Citigroup Inc. bills as an industry first, the bank has gone live with real-time cross-border payments across the U.K., India, and Australia through a single Swift connection, though Global Finance could not independently confirm the claim.
Citi Fast Tracks Pounds, Rupees, and Aussie Dollars via Swift
Global Finance Magazine Citigroup goes live with real-time cross-border payments across the U.K., India, and Australia. In what Citigroup Inc. bills as an industry first, the bank has gone live with real-time cross-border payments across the U.K., India, and Australia through a single Swift connection, though Global Finance could not independently confirm the claim.
Bank of America, Bradesco Test Instant Cross-Border Payments
At Sibos 2026, Bank of America announced that it had executed its first real-time payment initiated by Bradesco. Bank of America Corp. has completed its first pilot transaction for a new cross-border real-time payments service, partnering with São Paulo–based Banco Bradesco SA to execute the transfer. The bank announced the milestone during the annual Sibos conference in Miami on Tuesday.
Bank of America, Bradesco Test Instant Cross-Border Payments
Global Finance Magazine At Sibos 2026, Bank of America announced that it had executed its first real-time payment initiated by Bradesco. Bank of America Corp. has completed its first pilot transaction for a new cross-border real-time payments service, partnering with São Paulo–based Banco Bradesco SA to execute the transfer. The bank announced the milestone during the annual Sibos conference in Miami on Tuesday.
More Trillion-Dollar US Banks Expected as Consolidation Accelerates
Lighter regulation and excess capital are setting up the biggest U.S. banking wave since the 2008 crisis. The U.S. banking industry is bracing for its most significant wave of consolidation since the 2008 financial crisis, according to a new Bain & Co. analysis. The firm expects the number of trillion-dollar U.S. banks to grow from the “Big Four” — JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., and Wells Fargo & Co. — to as many as seven by 2030.
More Trillion-Dollar US Banks Expected as Consolidation Accelerates
Global Finance Magazine Lighter regulation and excess capital are setting up the biggest U.S. banking wave since the 2008 crisis. The U.S. banking industry is bracing for its most significant wave of consolidation since the 2008 financial crisis, according to a new Bain & Co. analysis. The firm expects the number of trillion-dollar U.S. banks to grow from the “Big Four” — JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., and Wells Fargo & Co. — to as many as seven by 2030.
Fed Rate Hike Squeezes an Already Stressed Private Credit Sector
Fed rate hikes threaten to further strain direct lenders as private credit default rates hit record highs. The private credit industry keeps insisting it’s fine. The data keeps suggesting otherwise, and Wednesday’s interest rate hike from the Federal Reserve isn’t going to help the argument. The Federal Open Market Committee officially raised the federal funds target range by 25 basis points to 3.75%-4.00%.
Fed Rate Hike Squeezes an Already Stressed Private Credit Sector
Global Finance Magazine Fed rate hikes threaten to further strain direct lenders as private credit default rates hit record highs. The private credit industry keeps insisting it’s fine. The data keeps suggesting otherwise, and Wednesday’s interest rate hike from the Federal Reserve isn’t going to help the argument. The Federal Open Market Committee officially raised the federal funds target range by 25 basis points to 3.75%-4.00%.
High-Yield Reality: CFOs Rethink Corporate Debt Strategies
With high rates here to stay, CFOs rely on internal cash and working capital for stability. In August, U.S. Treasury yields reached multi-decade highs. Treasury Secretary Scott Bessent responded by doubling the size of buyback operations for 10- to 20-year and 20- to 30-year securities to a floor of $4 billion each, effective Sept. 9 — a stopgap lasting through November 4, when the Treasury releases its next official policy statement.
High-Yield Reality: CFOs Rethink Corporate Debt Strategies
Global Finance Magazine With high rates here to stay, CFOs rely on internal cash and working capital for stability. In August, U.S. Treasury yields reached multi-decade highs. Treasury Secretary Scott Bessent responded by doubling the size of buyback operations for 10- to 20-year and 20- to 30-year securities to a floor of $4 billion each, effective Sept. 9 — a stopgap lasting through November 4, when the Treasury releases its next official policy statement.
People on the Move: EIF, Barclays, Standard Chartered, and Julius Baer
This article appears in the September 2026 issue of Global Finance Magazine. Jean-Christophe Laloux, EIF The European Investment Fund (EIF) has appointed Jean-Christophe Laloux as its next CEO, effective Jan 1. He will succeed Marjut Falkstedt, who plans to retire. Laloux currently leads the European Investment Bank’s lending and advisory operations in the EU and has spent more than two decades at the EIB.
Revolut Fast-Tracks to Wall Street With Conditional US Charter
Revolut gets an OCC thumbs up to launch a US bank, but lending ambitions are another issue. Technically, financial technology company Revolut is already a bank across several regions—it holds licenses in the U.K., France, Mexico and Australia. Now, in the U.S. market, it is one step closer to bankhood. The London-based startup announced Thursday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter.
Revolut Fast-Tracks to Wall Street With Conditional US Charter
Global Finance Magazine Revolut gets an OCC thumbs up to launch a US bank, but lending ambitions are another issue. Technically, financial technology company Revolut is already a bank across several regions—it holds licenses in the U.K., France, Mexico and Australia. Now, in the U.S. market, it is one step closer to bankhood. The London-based startup announced Thursday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter.
Bank of America VP Killed in Times Square Stabbing
Erin Piacenti, 32, died following an unprovoked attack in Midtown Manhattan on Monday, police said. NEW YORK—Erin Piacenti, a 32-year-old Bank of America vice president, was killed Monday in a Times Square stabbing that left another person injured. “We are shocked and deeply saddened by the tragic loss of our colleague. She was a valued teammate who will be greatly missed.
Why Most Banks Are Losing the AI Search War
JPMorgan Chase dominates other banks when it comes to AI banking citations, but regional banks are invisible. Whenever someone poses banking-related inquiries to AI platforms like ChatGPT, Claude, Gemini or Perplexity, the biggest banks are getting upstaged by third-party comparison hubs and media outlets. Three websites in particular — Bankrate, Investopedia and Wikipedia — supply 68% of all banking-related AI citations, according to an “AI Visibility” report from communications firm 5WPR.
Why Most Banks Are Losing the AI Search War
Global Finance Magazine JPMorgan Chase dominates other banks when it comes to AI banking citations, but regional banks are invisible. Whenever someone poses banking-related inquiries to AI platforms like ChatGPT, Claude, Gemini or Perplexity, the biggest banks are getting upstaged by third-party comparison hubs and media outlets.
AI and Lenders: Who’s Liable if LLMs Err?
Private credit firms can still whiff if algorithms do the work, but the onus is on them. Lenders are leaning on artificial intelligence to score borrowers, monitor portfolios, and automate workflows that once took analysts weeks. Momentum is only building: More than half of private credit portfolio managers—54%—plan to deploy AI in underwriting, according to a March PwC survey of 120 global firms.
AI and Lenders: Who’s Liable if LLMs Err?
Global Finance Magazine Private credit firms can still whiff if algorithms do the work, but the onus is on them. Lenders are leaning on artificial intelligence to score borrowers, monitor portfolios, and automate workflows that once took analysts weeks. Momentum is only building: More than half of private credit portfolio managers—54%—plan to deploy AI in underwriting, according to a March PwC survey of 120 global firms.
Worldpay Deal Anchors Fintech’s Best Half in Years: KPMG
There's a lot of cash, but fewer deals propelled global fintech to the best year since 2022. When Global Payments completed its roughly $24.3 billion acquisition of London-based Worldpay in January, it would account for nearly a quarter of all global fintech investment in the five months that followed, according to Big Four auditor KPMG International’s latest Pulse of Fintech report released Monday.
Stablecoin Remittances Face Reality Check in Banca d’Italia Study
The central bank poured cold water on the claim that stablecoin can make cross-border remittances cheaper. A new study from Italy’s central bank challenges one of the crypto industry’s biggest selling points: that stablecoins can make cross-border remittances cheaper and faster than traditional payment networks.
Stablecoin Remittances Face Reality Check in Banca d’Italia Study
Global Finance Magazine The central bank poured cold water on the claim that stablecoin can make cross-border remittances cheaper. A new study from Italy’s central bank challenges one of the crypto industry’s biggest selling points: that stablecoins can make cross-border remittances cheaper and faster than traditional payment networks.
Africa Shakes Up Customs, but Trade Problems Persist
A customs revamp is a welcome change, but logistics and transit bottlenecks still stifle African trade. To curb revenue and income losses and accelerate trade across 50 member states, the African Continental Free Trade Area (AfCFTA) Secretariat partnered with Nigeria’s Bergmans Security Consultants and Supplies Ltd. in a $3.1 billion deal to roll out a unified continent-wide customs system.
Ram Charan: China Has the World by Its Throat
How China’s $7.4T trade strategy impacts global supply chains—and steps CFOs must take now to regain control. This article appears in the July/August issue of Global Finance Magazine. Ram Charan is an adviser to CEOs and boards who built his reputation advising CEOs and boards inside some of the world’s largest companies. In his new book, China’s 90% Model: China Has America by the Throat: Here’s How to Fight Back and WIN, he turns that lens on the trade war reshaping global supply chains.
The Hidden Risks of Payment-in-Kind
Liquidity relief today, balance-sheet strain tomorrow: The very structures that make private credit nimble—PIK loans—could also mask risk until it’s too late. When GoHealth Inc. filed for Chapter 11 bankruptcy protection on June 7, the writing had been on the wall for two years. The Chicago-based health insurance marketplace had inked a payment-in-kind (PIK) deal to preserve liquidity only to collapse under the weight of more than $1 billion in debt.
The Hidden Risks of Payment-in-Kind
Global Finance Magazine Liquidity relief today, balance-sheet strain tomorrow: The very structures that make private credit nimble—PIK loans—could also mask risk until it’s too late. When GoHealth Inc. filed for Chapter 11 bankruptcy protection on June 7, the writing had been on the wall for two years. The Chicago-based health insurance marketplace had inked a payment-in-kind (PIK) deal to preserve liquidity only to collapse under the weight of more than $1 billion in debt.
CFOs Slash Hiring to Fund AI. Are Tech Bets Worth It?
Global Finance Magazine Most generative AI projects in finance fail. Here’s what it means for CFOs and their future hires. Mid-market finance chiefs aren’t hiring like they used to. of more than 300 finance executives shows that while companies are pouring more money into artificial intelligence tools, the share of CFOs planning to expand headcount has fallen.
CFOs Slash Hiring to Fund AI. Are Tech Bets Worth It?
Most generative AI projects in finance fail. Here's what it means for CFOs and their future hires. Mid-market finance chiefs aren’t hiring like they used to. of more than 300 finance executives shows that while companies are pouring more money into artificial intelligence tools, the share of CFOs planning to expand headcount has fallen.
COFO Era: Why a Risky, Rewarding Dual Role Is Taking Over the C-Suite
Global Finance Magazine Why finance leaders are taking over operations—and why the new COFO role isn’t a simple shortcut. There’s a new acronym roaming the C-suite. The so-called COFO — a hybrid chief operating and financial officer — is more common than ever, marking a structural shift in how companies are deciding who runs the business. But the combined role is a risky one: it works far better going one direction than the other, industry watchers tell Global Finance.
COFO Era: Why a Risky, Rewarding Dual Role Is Taking Over the C-Suite
Why finance leaders are taking over operations—and why the new COFO role isn't a simple shortcut. There’s a new acronym roaming the C-suite. The so-called COFO — a hybrid chief operating and financial officer — is more common than ever, marking a structural shift in how companies are deciding who runs the business. But the combined role is a risky one: it works far better going one direction than the other, industry watchers tell Global Finance. Salesforce made it official last year.
Swift Taps Global Banking Giants to Pilot 24/7 Blockchain Ledger
Global Finance Magazine Seventeen major institutions sign on to test around-the-clock liquidity and instant global value transfer. Swift announced that its blockchain ledger is ready for initial use, enabling early adopter financial institutions to support cross-border payments around the clock using tokenized deposits. The global cooperative, known for its vast messaging network used by banks to move money, called it a decisive step in scaling the benefits of digital value.
Swift Taps Global Banking Giants to Pilot 24/7 Blockchain Ledger
Seventeen major institutions sign on to test around-the-clock liquidity and instant global value transfer. Swift announced that its blockchain ledger is ready for initial use, enabling early adopter financial institutions to support cross-border payments around the clock using tokenized deposits. The global cooperative, known for its vast messaging network used by banks to move money, called it a decisive step in scaling the benefits of digital value.
Citi Structures €1B Export Credit Framework for Enel
Global Finance Magazine The investment bank provides a boost to Europe’s energy sector with a massive export credit framework for Enel. Citi is once again using export credit agencies as a financing engine for Europe’s energy transition. The investment bank announced Thursday that it served as sole global coordinator on a €1 billion export financing framework for Rome-based Enel Group, backed by a 95% guarantee from Germany’s Euler Hermes.
Citi Structures €1B Export Credit Framework for Enel
The investment bank provides a boost to Europe’s energy sector with a massive export credit framework for Enel. Citi is once again using export credit agencies as a financing engine for Europe’s energy transition. The investment bank announced Thursday that it served as sole global coordinator on a €1 billion export financing framework for Rome-based Enel Group, backed by a 95% guarantee from Germany’s Euler Hermes.
Syria Taps Raslan to Lead Central Bank
Global Finance Magazine Syria’s new central bank governor faces a daunting task: economic reconstruction. Safwat Raslan, a former refugee who fled to Germany during his country’s 14-year civil war, is the new governor of the Central Bank of Syria. His first order of the day will be to standardize banking operations, expand Sharia-compliant banking products, and stabilize the Syrian pound to restore confidence in international markets. The challenge is daunting.
Cuba Forced to Adopt Free-Market Reforms
Global Finance Magazine Facing a 7% GDP contraction, the socialist island nation opens up to private banking and investment. In June, the Cuban National Assembly unanimously passed 176 economic reforms aimed at staving off an economic crisis partly caused by U.S. sanctions. Prime Minister Manuel Marrero announced the reforms, which aim to reduce the state’s presence in the economy and attract foreign investment in agriculture, banking, and tourism.
Menendez: The Gig Economy Has a Payment Problem
Global Finance Magazine Gig platforms offer seamless checkout for buyers, but emerging market payouts remain broken for workers. In June 2026, member states from more than 180 countries convened for the International Labour Conference to determine international labor standards for digital platform workers. However, even with those standards set, payments remain a big issue. Imagine a freelance developer in Lagos, who successfully completes a project for a client in London on Upwork.
Bank of America Data Show Record Fan Spending at World Cup
Global Finance Magazine As World Cup spending surges, BofA’s year-long merchant preparation is paying off. Exorbitant ticket prices be damned. Die-hard soccer fans are flocking to host cities across the U.S., Canada, and Mexico for the first tri-nation tournament in FIFA history. And they are proving to be exceptionally big spenders.
Bank of America Data Show Record Fan Spending at World Cup
As World Cup spending surges, BofA’s year-long merchant preparation is paying off. Exorbitant ticket prices be damned. Die-hard soccer fans are flocking to host cities across the U.S., Canada, and Mexico for the first tri-nation tournament in FIFA history. And they are proving to be exceptionally big spenders.
BlackRock’s CEO Exit Signals Private Credit Shift
Global Finance Magazine A steep NAV drop and a federal probe trigger a high-level departure at BlackRock. The private credit market’s roughest stretch in years has claimed its first senior leader at a major asset manager. BlackRock’s Phil Tseng is in the process of leaving his post as CEO of the firm’s publicly traded business development company, according to . The move comes amid a brutal year for BlackRock TCP Capital Corp.
BlackRock’s CEO Exit Signals Private Credit Shift
A steep NAV drop and a federal probe trigger a high-level departure at BlackRock. The private credit market’s roughest stretch in years has claimed its first senior leader at a major asset manager. BlackRock’s Phil Tseng is in the process of leaving his post as CEO of the firm’s publicly traded business development company, according to . The move comes amid a brutal year for BlackRock TCP Capital Corp. The firm marked down its net asset value twice in 2026 — by 19% in January and another 5% in May.
Global M&A Nears $4T as Megadeals Defy Geopolitics
Global Finance Magazine Value up, volume down — megadeals carry a record-chasing M&A market through a year of geopolitical turmoil. Global mergers and acquisitions are on track to reach roughly $4 trillion in total value in 2026. That’s up 13% from 2025 — only the second-highest spike to the pandemic-era peak of 2021 — that figure obscures a market increasingly defined by a handful of blockbuster transactions.
Ecobank Bets $450M Africa’s Biodiversity Can Be Saved
Global Finance Magazine Ecobank is betting that saving African biodiversity is good business — and investors are all in. In May, Togo’s Ecobank became the first commercial bank in Africa to issue a nature bond, mobilizing $450 million that will primarily be utilized to finance sustainable agriculture, biodiversity, and water infrastructure across sub-Saharan Africa.
Nike Names New CFO as Turnaround Stumbles
Former Pfizer executive David Denton steps into the CFO role amid a bruising stock decline. Nike Inc. said Tuesday it has hired David Denton as its next chief financial officer, tapping the former Pfizer Inc. finance chief to help stabilize a company navigating one of the most difficult stretches in its history. Denton will join the Beaverton, Oregon-based sportswear giant as Executive Vice President and CFO effective Aug. 17.
Nike Names New CFO as Turnaround Stumbles
Global Finance Magazine Former Pfizer executive David Denton steps into the CFO role amid a bruising stock decline. Nike Inc. said Tuesday it has hired David Denton as its next chief financial officer, tapping the former Pfizer Inc. finance chief to help stabilize a company navigating one of the most difficult stretches in its history. Denton will join the Beaverton, Oregon-based sportswear giant as Executive Vice President and CFO effective Aug. 17.
How Tokenization Could Revolutionize Venezuela’s Oil Economy
Global Finance Magazine A new report suggests tokenized securities offer a low-cost framework to rebuild the country’s oil sector. Forced by hyperinflation and sanctions to embrace cryptocurrencies long before the rest of the world, Venezuela consistently ranks among the top countries for crypto adoption globally, according to a Chainalysis report. But one digital assets firm believes that it lays the foundation for something big in the Latin American country.
How Tokenization Could Revolutionize Venezuela’s Oil Economy
A new report suggests tokenized securities offer a low-cost framework to rebuild the country's oil sector. Forced by hyperinflation and sanctions to embrace cryptocurrencies long before the rest of the world, Venezuela consistently ranks among the top countries for crypto adoption globally, according to a Chainalysis report. But one digital assets firm believes that it lays the foundation for something big in the Latin American country.
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