Rob Daly
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Senior editor at @gfmag who covers corporate finance, fintech, and other interesting and nerdy things | All opinions are my own.
Articles by Rob Daly
Two Frontrunners Emerge to Succeed Lagarde at ECB
With Lagarde stepping down early, Europe must weigh experience and policy priorities in choosing a successor. Christine Lagarde confirmed today at the European Central Bank’s policy press conference that she would step down as the bank’s president in February, nine months before her term ends in October 2027. She plans to remain in office until after the bank’s February 2027 policy meeting.
Fed Delivers an October Surprise on Strategy, Not Politics
The FOMC will reduce interest rate-setting meetings starting in 2027 to allow more time for policy discussions. The Federal Reserve steered clear of a political October surprise but delivered an unexpected shift in monetary policy strategy.
AI Vulnerability Surge Forces PHP Outages, Business Delays
More security patches mean more downtime for critical systems, threatening cash flow and schedules. The total cost of worldwide mitigation for two flaws in the PHP: Hypertext Preprocessor (PHP) scripting language is still being calculated. The open-source language powers popular website content management systems (CMSs) like WordPress, Joomla, and Drupal, and an estimated 70% of websites on the internet had to shut down to apply a software patch released by the PHP Foundation on October 21.
Why Major Banks Are Reining in Agentic AI
Verifying AI agents' identities may separate the rogues from the reliable. Reported incidents of rogue artificial intelligence agents gaining unauthorized access to customer bank accounts have raised questions about their use in corporate payments.
Cross-Border Payments Adapt to the Gig Economy
As remote talent surges globally, legacy banking is giving way to instant, borderless payouts. This article appears in the November issue of Global Finance Magazine. The World Bank estimates that there are between 154 million and 435 million gig workers worldwide, a workforce that is helping reshape the estimated $191 trillion cross-border payments market.
Global Economy Struggles to Achieve Balance in Divided Times
As leaders gathered in Bangkok, discussions highlighted the fractures between economic winners and losers. The global economy appears to be on a fragile foundation, and the finance ministers of Argentina, Greece, Nigeria, and Thailand agree that all economies should get their houses in order.
Rwanda’s eKash Instant Payment System Sees Explosive Growth
Investments in instant and cross-border payment systems fuel adoption. From the start of August to the end of September, the National Bank of Rwanda saw transactions on its eKash instant digital payment system jump from 140,000 to 1 million per month. The value of transactions also rose sharply, from about $7 million per month to around $1.5 billion per month.
Rwanda’s eKash Instant Payment System Sees Explosive Growth
Investments in instant and cross-border payment systems fuel adoption. From the start of August to the end of September, the National Bank of Rwanda saw transactions on its eKash instant digital payment system jump from 140,000 to 1 million per month. The value of transactions also rose sharply, from about $7 million per month to around $1.5 billion per month.
G-24 Urges Inclusive Growth and Debt Reform at Bangkok Meetings
Economic growth requires a balance between taxation and sovereign debt. Borrowing costs and debt financing took center stage as the G-24 addressed reporters during the IMF and World Bank annual meetings in Bangkok. Global conflicts, shifting trade policies, volatile commodity prices, and frequent climate shocks have created significant headwinds for global growth, said G-24 Chairman Taiwo Oyedele, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, during the briefing.
AI ROI Remains an Industry Blindspot
A Sibos poll found that more than half of companies lack granular visibility into their AI use. Many financial firms struggle to measure the return on investment of their AI deployments because they lack visibility into AI resource consumption, according to a panel poll at Sibos 2026 in Miami. At the heart of the matter are AI tokens, the basic unit of text used by large language models and the primary metric AI model providers use to measure client usage.
AI ROI Remains an Industry Blindspot
Global Finance Magazine A Sibos poll found that more than half of companies lack granular visibility into their AI use. Many financial firms struggle to measure the return on investment of their AI deployments because they lack visibility into AI resource consumption, according to a panel poll at Sibos 2026 in Miami. At the heart of the matter are AI tokens, the basic unit of text used by large language models and the primary metric AI model providers use to measure client usage.
Wall Street Tackles Workforce’s AI Anxiety
Layering AI migration on top of their day jobs has tired workers worried about thier jobs. Artificial intelligence has not only transformed the financial services industry but has also created massive change fatigue among its workforce. According to the authors of PwC’s 2026 Global Workforce Hopes and Fears Survey, published on the second day of Sibos, 40% of respondents reported feeling were overwhelmed by the pace of change.
Wall Street Tackles Workforce’s AI Anxiety
Global Finance Magazine Layering AI migration on top of their day jobs has tired workers worried about thier jobs. Artificial intelligence has not only transformed the financial services industry but has also created massive change fatigue among its workforce. According to the authors of PwC’s 2026 Global Workforce Hopes and Fears Survey, published on the second day of Sibos, 40% of respondents reported feeling were overwhelmed by the pace of change.
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.
September Jobs Report Underwhelms, as Finance Sector Slumps
Downward revisions and finance and insurance job losses paint a pessimistic picture for the U.S. labor market.
September Jobs Report Underwhelms, as Finance Sector Slumps
Global Finance Magazine Downward revisions and finance and insurance job losses paint a pessimistic picture for the U.S. labor market.
September Jobs Report Underwhelms, as Finance Sector Slumps
Downward revisions and finance and insurance job losses paint a pessimistic picture for the U.S. labor market.
Fed’s Waller Eyes Agentic AI Commerce
Agentic AI has a toehold in B2C transactions, but has a way to go to capture B2B transactions, Waller said at the Sibos conference. Artificial intelligence and autonomous AI agents will fuel the next evolutionary leap in global and cross-border payments, Federal Reserve Board Gov. Christopher Waller said during a speech at Sibos 2026 in Miami.
Fed’s Waller Eyes Agentic AI Commerce
Global Finance Magazine Agentic AI has a toehold in B2C transactions, but has a way to go to capture B2B transactions, Waller said at the Sibos conference. Artificial intelligence and autonomous AI agents will fuel the next evolutionary leap in global and cross-border payments, Federal Reserve Board Gov. Christopher Waller said during a speech at Sibos 2026 in Miami.
BNP Paribas Targets $853M Value in Google Cloud Deal
The French banking group accelerates its digital transformation, leveraging Google Cloud and Gemini AI to streamline operations and drive measurable financial returns. French banking giant BNP Paribas SA is tying its artificial intelligence investments to well-defined financial targets, most recently projecting $853 million in value creation through its newly announced partnership with Google Cloud.
SEC Mulls Crypto-Based Capital-Raising Rule
The U.S. regulator floats expanded investor access and simplified financial disclosures. This article appears in the October issue of Global Finance Magazine. The Securities and Exchange Commission is considering a new route for raising capital that does not involve issuing equity or debt, but instead uses crypto assets. In August, the regulator released the aptly named Regulation Crypto Assets (Reg CA) for comment.
SEC Mulls Crypto-Based Capital-Raising Rule
Global Finance Magazine The U.S. regulator floats expanded investor access and simplified financial disclosures. This article appears in the October issue of Global Finance Magazine. The Securities and Exchange Commission is considering a new route for raising capital that does not involve issuing equity or debt, but instead uses crypto assets. In August, the regulator released the aptly named Regulation Crypto Assets (Reg CA) for comment.
FOMC Turns Hawkish to Tackle Inflation
In his first rate hike as Fed Chair, Kevin Warsh raises rates by 25 basis points amid persistent inflation. In a laconic 132-word statement, the Federal Open Market Committee (FOMC) announced a hike of the Federal Funds rate by 0.25%, to between 3.75% and 4%. It was the first increase in Chairman Kevin Warsh’s tenure and the first hike for the Fed since July 2023.
Jobs Rebound While Finance-Sector Continues to Suffer
August employment report brings mixed blessings for the U.S. economy. U.S. employers added a robust 162,000 jobs in August, signaling an employment rebound, even as finance-sector jobs declined, according to the Bureau of Labor Statistics’ latest Employment Situation Summary. The sectors with the most job growth were leisure/hospitality (62,000 jobs), government (35,000 jobs), private education/health services (29,000 jobs), and construction (22,000 jobs).
Jobs Rebound While Finance-Sector Continues to Suffer
Global Finance Magazine August employment report brings mixed blessings for the U.S. economy. U.S. employers added a robust 162,000 jobs in August, signaling an employment rebound, even as finance-sector jobs declined, according to the Bureau of Labor Statistics’ latest Employment Situation Summary. The sectors with the most job growth were leisure/hospitality (62,000 jobs), government (35,000 jobs), private education/health services (29,000 jobs), and construction (22,000 jobs).
Why the US Is Snubbing CBDCs
America is betting on stablecoins while other nations favor safer digital currencies. This article appears in the September 2026 issue of Global Finance Magazine. CFOs and corporate treasurers face a dilemma when selecting which digital currencies to use. Central bank digital currencies (CBDCs) are backed by the issuing central bank’s balance sheet and the full faith and credit of the bank’s national government.
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.
Why the US Is Snubbing CBDCs
Global Finance Magazine America is betting on stablecoins while other nations favor safer digital currencies. This article appears in the September 2026 issue of Global Finance Magazine. CFOs and corporate treasurers face a dilemma when selecting which digital currencies to use. Central bank digital currencies (CBDCs) are backed by the issuing central bank’s balance sheet and the full faith and credit of the bank’s national government.
Are ‘D-Day’ Sanctions a Bridge Too Far or Not Far Enough?
New U.S. sanctions target Iran’s tech, gold, and shipping sectors, pressing global intermediaries. The U.S. Department of the Treasury invoked the memory of approximately 160,000 Allied soldiers storming a 50-mile stretch of Normandy’s coast when it published its latest round of secondary sanctions against Iran on Aug. 24. However, rather than capturing Gold, Juno, Omaha, Sword, and Utah beaches, the sanctions seek to hobble Iran’s digital assets, technology, gold, aviation, and shipping sectors.
Are ‘D-Day’ Sanctions a Bridge Too Far or Not Far Enough?
Global Finance Magazine New U.S. sanctions target Iran’s tech, gold, and shipping sectors, pressing global intermediaries. The U.S. Department of the Treasury invoked the memory of approximately 160,000 Allied soldiers storming a 50-mile stretch of Normandy’s coast when it published its latest round of secondary sanctions against Iran on Aug. 24.
Cybersecurity Data Sharing Faces Liability Deadline
If not renewed, CISA 2015 protections end in the US on September 30. This article appears in the September issue of Global Finance Magazine. Companies that share cybersecurity information with their peers have until Sept. 30, 2026, before the limited liability granted by the Cybersecurity Information Sharing Act of 2015 runs out, exposing them to potential regulatory scrutiny and penalties.
Cybersecurity Data Sharing Faces Liability Deadline
Global Finance Magazine If not renewed, CISA 2015 protections end in the US on September 30. This article appears in the September issue of Global Finance Magazine. Companies that share cybersecurity information with their peers have until Sept. 30, 2026, before the limited liability granted by the Cybersecurity Information Sharing Act of 2015 runs out, exposing them to potential regulatory scrutiny and penalties.
HSBC, Standard Chartered Test Interbank Tokenized Deposits On SWIFT
Banks clear major milestone toward real-time, cross-border tokenized deposits. Tokenized deposits are a step closer to broader institutional use as HSBC Holdings PLC and Standard Chartered PLC completed the first bank-to-bank transaction via the banking messaging consortium SWIFT’s digital blockchain-backed ledger, the banks reported on Aug. 19.
Strait of Hormuz Forces Inventory Increase—at a Price
Import businesses have felt the impact as rerouted cargo vessels clog unprepared African ports, tying up inventory. Asset-light corporations are becoming asset-heavier organizations as the on-again, off-again closure of the Strait of Hormuz continues to disrupt global supply chains. During the 30 days preceding Aug. 17, an average of 16.9 ships passed through the Strait transporting 2.2 million barrels of crude and 380,000 barrels of petrochemicals, as reported by The Strait of Hormuz Ship Monitor.
Strait of Hormuz Forces Inventory Increase—at a Price
Global Finance Magazine Import businesses have felt the impact as rerouted cargo vessels clog unprepared African ports, tying up inventory. Asset-light corporations are becoming asset-heavier organizations as the on-again, off-again closure of the Strait of Hormuz continues to disrupt global supply chains. During the 30 days preceding Aug.
Fußball für den guten Zweck: Dieser Verein lädt zum besonderen Heimspieltag ein
In Wittgensdorf wird am Sonntag nicht nur um Punkte gekämpft. Der FC Wacker 90 Wittgensdorf verbindet seinen ersten Heimspieltag der neuen Saison mit einer besonderen Spendenaktion. Freiwillige Spende statt Eintritt Der Fußball rollt wieder in Wittgensdorf und zum Auftakt der neuen Saison steht nicht allein das sportliche Geschehen im Mittelpunkt. Der FC Wacker 90 Wittgensdorf verbindet am Sonntag den sportlichen Ehrgeiz mit sozialem Engagement.
Financial Jobs Slump in July as Payroll Gains Stall
Falling job-growth numbers drive more people to the gig economy to supplement their income. The preliminary and seasonally adjusted job-growth numbers for July issued by the U.S. Bureau of Labor Statistics on August 7, paint a picture of a continuing slowing economy, as the agency reported an overall loss of 23,000 non-farm jobs over the month.
Financial Jobs Slump in July as Payroll Gains Stall
Global Finance Magazine Falling job-growth numbers drive more people to the gig economy to supplement their income. The preliminary and seasonally adjusted job-growth numbers for July issued by the U.S. Bureau of Labor Statistics on August 7, paint a picture of a continuing slowing economy, as the agency reported an overall loss of 23,000 non-farm jobs over the month.
After a ‘Family Fight,’ FOMC Maintains Target Rate
The “family fight” over setting the Fed Funds Rate that Federal Reserve Board Chairman Kevin Warsh has desired resulted in the Federal Open Market Committee (FOMC) maintaining its current 3.5% to 3.75% target at the second meeting under his leadership. “I asked for a good family fight, and I got one,” he said at Wednesday’s FOMC post-announcement press conference.
After a ‘Family Fight,’ FOMC Maintains Target Rate
Global Finance Magazine The “family fight” over setting the Fed Funds Rate that Federal Reserve Board Chairman Kevin Warsh has desired resulted in the Federal Open Market Committee (FOMC) maintaining its current 3.5% to 3.75% target at the second meeting under his leadership. “I asked for a good family fight, and I got one,” he said at Wednesday’s FOMC post-announcement press conference.
June Jobs Data Disappoints; Financial Sector Hiring Fell in First Half
Global Finance Magazine Missed payroll expectations and revised April and May numbers put the Fed in a tough spot for rate cuts. June’s employment numbers showed almost no change from the previous month, as the Bureau of Labor Statistics reported a 4.2% unemployment rate and an estimated 57,000 nonfarm payroll jobs, roughly half the 115,000 economists expected. At the same time, the agency also revised April’s and May’s total nonfarm payrolls down by 31,000 and 43,000 jobs, respectively.
June Jobs Data Disappoints; Financial Sector Hiring Fell in First Half
Missed payroll expectations and revised April and May numbers put the Fed in a tough spot for rate cuts. June’s employment numbers showed almost no change from the previous month, as the Bureau of Labor Statistics reported a 4.2% unemployment rate and an estimated 57,000 nonfarm payroll jobs, roughly half the 115,000 economists expected. At the same time, the agency also revised April’s and May’s total nonfarm payrolls down by 31,000 and 43,000 jobs, respectively.
What if Revolut Isn’t the Only Threat? How Santander Is Quietly Targeting the US
Global Finance Magazine Europe’s financial innovators are arriving in the US from more than one direction. After moving to Spain from Los Angeles in January of last year, I quickly realized that much of the innovation in finance is happening in Europe. Meaning the seismic shifts in how consumers manage and spend money in their day-to-day lives. U.K.-based fintech Revolut filed for a U.S. bank charter with the Federal Deposit Insurance Corp.
US Banks Ace Fed’s 2026 Stress Test
Global Finance Magazine Major US banks proved resilient under the Fed’s severe 2026 stress test scenario. This year’s Federal Reserve Stress Test, which involved 32 U.S. banks, simulated a hypothetical real estate Armageddon in which commercial real estate prices fell 39%, housing prices declined 30%, unemployment spiked to 10%, and economic output dropped commensurately. The results were encouraging.
US Banks Ace Fed’s 2026 Stress Test
Major US banks proved resilient under the Fed's severe 2026 stress test scenario. This year’s Federal Reserve Stress Test, which involved 32 U.S. banks, simulated a hypothetical real estate Armageddon in which commercial real estate prices fell 39%, housing prices declined 30%, unemployment spiked to 10%, and economic output dropped commensurately. The results were encouraging. Capital declined only 1.6 percentage points in aggregate, according to a Federal Reserve Board statement.
Assessing Alan Greenspan’s Legacy
As the financial world remembers the former Fed chair, economists weigh his massive macroeconomic legacy. Alan Greenspan, the second-longest serving chairman of the Federal Reserve’s Board of Governors, has died just months after his 100th birthday. Known as “The Maestro,” Greenspan helmed the Fed under five U.S. presidents, from August 1987 until January 2006. He managed the central bank through two market crashes, two recessions, and various financial crises.
Fed Scraps Forward Guidance Under Chair Kevin Warsh
A June interest rate pause comes with an abrupt policy change that strips away long-term market clarity. The Federal Open Market Committee (FOMC) omitted forward guidance from its June rate statement, leaving the federal funds target range unchanged. “It’s a bit shorter, a bit simpler, and it dispenses with some of the older language,” Federal Reserve Board Chair Kevin Warsh said during the press conference following the statement’s release.
Fed Scraps Forward Guidance Under Chair Kevin Warsh
Global Finance Magazine A June interest rate pause comes with an abrupt policy change that strips away long-term market clarity. The Federal Open Market Committee (FOMC) omitted forward guidance from its June rate statement, leaving the federal funds target range unchanged. “It’s a bit shorter, a bit simpler, and it dispenses with some of the older language,” Federal Reserve Board Chair Kevin Warsh said during the press conference following the statement’s release.
SpaceX’s Cash Management Conundrum
Global Finance Magazine A $60B tech acquisition marks the aggressive start of SpaceX’s post-IPO capital strategy. Space Exploration Technologies Corp. — more commonly known as SpaceX — is not letting proceeds from the largest initial public offering in history sit on the launchpad, and piquing the Street’s curiosity on its cash management strategy.
SpaceX’s Cash Management Conundrum
A $60B tech acquisition marks the aggressive start of SpaceX’s post-IPO capital strategy. Space Exploration Technologies Corp. — more commonly known as SpaceX — is not letting proceeds from the largest initial public offering in history sit on the launchpad, and piquing the Street’s curiosity on its cash management strategy.
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