While nearly 7 in 10 employees (68%) remain optimistic about their financial future over the next three years, many are seeking advice around both long-term savings and managing their personal finances today. This, combined with higher living costs and persistent inflation, is causing more workers to look for help prioritizing all their financial needs at once. Twice as many American workers today are looking to their employers for guidance and resources around near-term financial needs, compared to two years ago. According to Bank of America’s 2025 Workplace Benefits Report (PDF), conducted in partnership with Bank of America Institute, 26% of the workforce is seeking help in areas such as emergency savings, paying down debt, and overall financial wellness, compared to 13% in 2023. “The modern employee wants help with their broader financial goals,” said Lorna Sabbia, Head of Workplace Benefits at Bank of America. “Employers should consider additional resources to support their workforce in ways that bolster their long-term goals while also helping them tackle short-term challenges.” Other areas where employees say they need financial wellness resources include retirement education and planning (36%), learning how to generate income in retirement (33%), and developing good financial skills and habits (33%). Based on nationwide surveys of nearly 1,000 employees and 800 employers, the 15th annual Workplace Benefits Report explores employee financial well-being and retirement preparedness, the state of workplace benefits, and more. Findings show that financial wellness benefits continue to matter to employees and employers, with more than 8 in 10 employers saying that financial wellness resources help drive job satisfaction, productivity, the ability to attract top talent, and be recommended as a great place to work. However, roughly half of larger employers (54%) offer financial wellness programs – and just a third (32%) of smaller companies. The survey also found that workplace benefits are increasingly a factor in retaining talent, with nearly a quarter (24%) of employees today saying they recently left or have considered leaving their company because their workplace benefits are lacking, up from 15% in 2023. Additional findings from the report include: Emergency Savings – Growing savings for unexpected expenses is employees’ second-most important financial goal — trailing only saving for retirement. Feeling overwhelmed by how to prioritize all their financial needs at once, half of employees (53%) have not hit their emergency savings goal (62% of women compared to 44% of men), often citing the fact that they’re living paycheck-to-paycheck among the primary reasons. Personal Debt – Nearly half of employees (45%) say they lack emergency savings due to a focus on repaying debt. This isn’t surprising considering 85% of employees carry some form of personal debt, with 58% carrying credit card debt, specifically. Many employees say that it causes them stress and a loss of focus and productivity at work. Despite this, fewer than 1 in 3 companies offer credit counseling or debt assistance aside from student loans – yet more are planning to do so in the future.
Intuit replaces chat-style interface bolted onto the side of its applications with a suite of AI agents deeply woven into QuickBooks and increasingly across Intuit’s other products
In the frenzied land rush for generative AI that followed ChatGPT’s debut, Intuit delivered Intuit Assist, the company’s new generative AI assistant. Its most prominent feature was a classic first attempt: a chat-style interface bolted onto the side of its applications, designed to prove Intuit was on the cutting edge. It was supposed to be a game-changer. Instead, it flopped. The feature’s failure, particularly within Quickbooks, plunged the company into what Dave Talach, SVP of the QuickBooks team, calls the “trough of disillusionment.” The assistant’s chat feature took up valuable screen space and created confusion. What followed was not a minor course correction, but a grueling nine-month pivot to “burn the boats” and reinvent how the 40-year-old giant builds products. The pivot in the company’s AI strategy began by observing customers as they did their work. Intuit’s transformation required a new operating model built on three core changes: empowering its people, re-engineering its processes, and building a technology engine for speed. To execute the pivot, Intuit first had to get the right people in the right structure and empower them to work in entirely new ways. The result of this pivot is a suite of AI agents deeply woven into QuickBooks and increasingly across Intuit’s other products. The QuickBooks Payments Agent does things like proactively suggest adding late fees if a customer’s payment history shows they’ve been late in the past. The impact is tangible: Small businesses using the agent get paid, on average, five days faster, are 10 percent more likely to get paid on overdue invoices, and save up to 12 hours a month. The Customer Agent transforms QuickBooks into a lightweight CRM, scanning connected Gmail accounts for leads, while the Accounting Agent automates transaction categorization and flags anomalies. Today, these “virtual employees,” as Talach calls them, surface their work through tiles in the QuickBooks “business feed,” turning the dashboard into an active, collaborative space. These translate into more holistic offerings for customers, and could help Intuit take market share from competitors who offer similar services, such as HubSpot. Intuit is now applying this playbook to bigger challenges, recently announcing agents for mid-market companies with up to $100 million in revenue – a significant expansion from Intuit’s traditional base of customers with $5 million or less in revenue. The logic is simple: Bigger customers have more complex workflows, and thus a greater need for AI agents.
Truist claims competitor Colliers’ raid on its real estate finance arm led to layoffs and major revenue loss
Truist is pushing back against a competitor it says orchestrated a sweeping raid of its mortgage unit, claiming the move drained the bank of revenue and forced layoffs. Charlotte, North Carolina-based Truist Financial Corp. and its mortgage banking arm resisted a bid for a pretrial win by its former executives’ new employer, arguing that troves of evidence sustain its claims that over 50 employees were illegally poached, costing the bank tens of millions of dollars in losses. Truist argued in the North Carolina Business Court that it’s sufficiently alleged — or at least, facts remain at issue — that former executives Matthew Rocco, Joe Lovell and John Randall were the architects of a scheme to cripple Truist and its real estate finance arm Grandbridge Real Estate Capital LLC. In “weaving its story,” competitor Colliers Mortgage Holdings LLC ignored evidence showing that it directed the trio to share trade secrets and divert employees. “In short, in purporting to outline the material facts, Colliers ignores all evidence of its unlawful collusion with executive defendants to concoct a plan that, in both design and effect, would leave plaintiffs’ mortgage banking business a shell of itself,” according to a partially unsealed version of Truist’s brief filed Monday. Truist sued the three former Grandbridge executives and Colliers in early 2023, alleging a coordinated conspiracy to recruit employees and sabotage the bank’s mortgage business. All three resigned in December 2022 and joined Colliers. According to Truist, the executives were bitter over Colliers’ failed buyout bid for Grandbridge. The trio countersued in May 2024, alleging Truist took control of Grandbridge, seeking to fold it into the larger business, and tried to force them out to avoid severance. That the executives may have made an earlier decision to leave the company is immaterial, as that has no bearing on whether Colliers encouraged them to breach their NDAs or non-solicitations, Truist said. Further, Colliers’ arguments that there’s no evidence to prove it are patently wrong, Truist said, citing an order from the court last year trimming the suit, in which Judge Louis A. Bledsoe III determined Truist’s allegations are sufficient to assert “Colliers’ purposeful conduct,” according to the brief. The facts show that Rocco, Lovell and Randall were motivated by “prodigious financial incentives,” and, at Colliers’ direction, contacted Grandbridge employees about making the jump, Truist said. Colliers’ alternative theory for why all the employees left doesn’t acknowledge the plain evidence, Truist said. For example, much of the executives’ effort to solicit Grandbridge employees were made weeks before Collier posted any jobs, it said. Colliers’ argument for summary judgment also ignored “Project Hornet,” which Truist said is a framework for Colliers, Rocco, Lovell and Randall to recruit everyone at Grandbridge. What Collier pans as “[o]rdinary industry competition” was far from it, as the company had the advantage of working with Grandbridge’s top executives who provided a detailed solicitation roadmap, it said. “No other firm had executive defendants feeding it information and assisting it in violation of their fiduciary duties. No one else constructed a master plan to recruit and hire virtually every person who worked at Grandbridge,” Truist said. Phone and text conversations show the executives preparing names and “walk over funds,” it said.
AI will separate winners in embedded payments, says NMI’s CEO, citing a modular platform that lets partners pick signup-to-payout functions while NMI handles the infrastructure “plumbing”
Embedded payments are becoming seamless, but complexity in risk and operations remains a challenge. The payments ecosystem is fragmented. Independent software vendors (ISVs), independent sales organizations (ISOs), banks and PayFacs all want to integrate payments into their customer experiences. But for these players, turning software into a payments business involves navigating complex trade-offs. That’s where NMI positions itself, focusing on simplifying and abstracting away those complexities. As Steve Pinado, NMI’s new CEO, noted to Karen Webster in an interview, “We enable efficient payments either embedded in software or through an ISO who has to manage multiple acquirer and multiple different merchant bases. If you think about where we sit, it is really as an enabler across a wide spectrum.” This balancing act underscores NMI’s role. Its platform lets partners pick and choose the functions they need, from signup to payout, while NMI manages the “plumbing” of payments infrastructure. NMI is uniquely positioned to serve as an intermediary that simplifies the many-to-many complexities between merchants, software providers and financial institutions. “What NMI has built great scale in is being a terrific partner to the providers that … own the customer relationship. We stand in the middle and make that easy for businesses, whether it’s for their unattended solutions or potentially medium-risk solutions,” he said. This many-to-many functionality, from signup to payout, is core to NMI’s value proposition. Instead of companies stitching together multiple back end providers, NMI acts as a hub that enables flexibility and scale across ISOs, platforms and ISVs.
Sakana’s new M2N2 AI algorithm evolves hybrid AI models without retraining by flexibly mixing parameters beyond fixed layers, preserving diverse niches via competition, and pairing complements via attraction scoring
A new evolutionary technique called Model Merging of Natural Niches (M2N2), from AI lab Sakana AI overcomes the limitations of other model merging methods and can even evolve new models entirely from scratch. The algorithm has three key features that allow it to explore a wider range of possibilities and discover more effective model combinations. First, M2N2 eliminates fixed merging boundaries, such as blocks or layers. Instead of grouping parameters by pre-defined layers, it uses flexible “split points” and “mixing ration” to divide and combine models. This means that, for example, the algorithm might merge 30% of the parameters in one layer from Model A with 70% of the parameters from the same layer in Model B. The process starts with an “archive” of seed models. At each step, M2N2 selects two models from the archive, determines a mixing ratio and a split point, and merges them. If the resulting model performs well, it is added back to the archive, replacing a weaker one. This allows the algorithm to explore increasingly complex combinations over time. Second, M2N2 manages the diversity of its model population through competition. M2N2 simulates competition for limited resources. This nature-inspired approach naturally rewards models with unique skills, as they can “tap into uncontested resources” and solve problems others can’t. These niche specialists, are the most valuable for merging. Third, M2N2 uses a heuristic called “attraction” to pair models for merging. Rather than simply combining the top-performing models as in other merging algorithms, it pairs them based on their complementary strengths.
Gaia Labs champions a decentralized AI economy where data, compute and expertise contributors retain ownership and auto earn usage‑based rewards through tracked agents, identity, compliance and payments rails.
AI systems are trained on enormous amounts of data and powered by vast compute resources but the people and institutions providing those inputs rarely receive credit or compensation for their knowledge. The value is captured by a handful of corporations that control the resulting models. Gaia Labs, co-founded by CEO Matt Wright, Shashank Sripada and Sydney Lai aims to change that. Its premise is straightforward: anyone who contributes something of value to an AI system, whether its data, compute or expertise, should remain the owner of their contribution and share in the rewards when that system is used. Gaia’s infrastructure tracks usage and distributes rewards automatically. Gaia doesn’t retroactively redistribute past training material. Instead, it creates infrastructure for the future, where contributors decide whether to participate and maintain visibility and control. Gaia provides modular building blocks for compute, identity, data rights and payments. Developers select or design an AI agent template, connect their data, and decide where to run it—on Gaia’s distributed network or their own infrastructure. From there, Gaia automates compliance, identity verification, and payments. Once deployed, agents perform tasks, serve users, and log usage. Rewards are shared across contributors, whether they provided compute, data, or domain expertiseGaia differentiates itself by offering end-to-end infrastructure, removing the need for developers to piece together multiple tools. For startups, Gaia means freedom to build without corporate gatekeepers. For enterprises, it enables responsible training of AI on proprietary or sensitive data. For individuals, it offers recognition and rewards for contributions—whether from a home GPU or a specialized dataset.
Apple is reportedly making robotics and automation mandatory for suppliers, shifting capex to partners to stabilize quality, cut labor risk and support diversification of its production
Apple is significantly accelerating the rollout of automation and robotics across its manufacturing supply chain. While Apple has advocated for increased automation in supplier facilities for over two years, sources familiar with the matter say that Apple now requires automation as a standard prerequisite for awarding manufacturing contracts. This is said to be part of a broader effort to minimize labor dependency, stabilize product quality and uniformity across different facilities, and reduce long-term production costs amid ongoing supply chain diversification away from China. Apple now purportedly expects suppliers to fund their own automation upgrades rather than rely on Apple to finance or subsidize the necessary capital equipment. This policy change diverges from Apple’s previous approach, where the company frequently invested in tooling and machinery for contract manufacturers to meet its specifications. The financial burden of this new automation requirement is apparently already impacting supplier margins. High initial capital expenditure, coupled with operational disruptions during integration of robotic systems, has reportedly strained profitability for some suppliers. Apple still continues to assist suppliers in areas related to environmental responsibility. The company’s 2030 target to achieve carbon neutrality across its entire supply chain includes direct support for upgrading to energy-efficient equipment and more sustainable materials. Apple ostensibly hopes that increased use of robotics will help standardize processes, digitize inspections, reduce the impact of labor shortages and political instability, implement consistent processes for new suppliers, and mitigate the challenges of maintaining consistent build quality when production is increasingly split across multiple countries.
Nobel economist warns with stablecoins, bonds could become unpopular due to the underlying assets’ relatively low yields, leaving possibility of a run by depositors
Nobel Prize-winning economist Jean Tirole has reportedly cautioned against the improper supervision of stablecoins. Tirole said he was “very, very worried” about stablecoin oversight and the possibility of a run by depositors fueled by doubts about the underlying reserve assets to which the digital tokens were pegged. Although they could be seen by retail users as “a perfectly safe deposit,” stablecoins could become a source of losses and lead to calls for costly government-led bailouts, said Tirole, who was awarded the Nobel Prize for economics in 2014. He also cautioned that backing stablecoins with U.S. government bonds could become unpopular due to the underlying assets’ relatively low yields, pointing to previous instances where the returns of Treasury debt were “negative for a number of years” and payouts after inflation were even lower. Stablecoin issuers could thus be caught up in the “temptation” to invest in different assets that “carry higher returns and are riskier,” Tirole told.
Citi to deliver new customized portfolio offering powered by BlackRock to Citi Wealth clients globally; also Aladdin Wealth technology will be deployed to Citi’s Private Bankers
Citi Wealth today announced the selection of BlackRock to create a new portfolio offering for its clients – Citi Portfolio Solutions powered by BlackRock. This offering will combine the strategic investment advisory and planning capabilities of the leading global bank with the investment management and technology strengths of one of the world’s preeminent asset managers. The agreement includes the appointment of BlackRock to manage approximately $80 billion in assets for thousands of Citi Wealth clients whose accounts are currently managed by Citi Investment Management (CIM). Under the agreement, BlackRock will manage a range of core, opportunistic and thematic investment strategies across Equities, Fixed Income, Multi-Asset Class strategies and, over time, Private Markets. In addition, the firm’s Aladdin Wealth® technology platform – with its advanced risk, portfolio management and data insight capabilities – has been selected by Citi and will be deployed to Citi’s Private Bankers and investment professionals. Leaders at Citi Wealth and BlackRock believe the new model will benefit clients and accelerate growth at both firms. We want to bring best-in-class advice, solutions and service to our clients, and we want to serve more of the world’s changemakers. With this offering, we can accomplish both. It brings together the sophisticated relationship-driven and market-based advice of our bankers, backed by the insights of our own Chief Investment Office, with the renowned investment expertise and innovative technology capabilities of BlackRock.” Andy Sieg Head of Wealth Citi Wealth clients with assets to be managed by BlackRock are domiciled in nearly 100 countries. These clients will continue to maintain a primary relationship with their Citi Private Banker who will advise on their overall wealth approach, including strategic asset allocation, establishment of long-term financial goals and selection of investment strategies. Subject to Citi Wealth’s ongoing review and monitoring, BlackRock will be responsible for managing and implementing specific investment strategies tailored to meet the objectives of Citi Wealth clients. This enhanced investment offering will provide Citi clients with access to a wide range of investment options and strategies, leveraging BlackRock’s leadership in portfolio construction and the management of customized portfolios. As part of the agreement, certain members of CIM will join BlackRock where they will continue to serve as portfolio managers on existing strategies for Citi clients. In due course, Citi and BlackRock will also develop new products and solutions for the benefit of Citi clients by leveraging the scale, infrastructure, and capabilities of BlackRock. “We’re excited to be selected by Citi to bring BlackRock’s extensive suite of investment solutions and innovative financial technology to clients, enabling Citi to deliver customized portfolios and strong investment outcomes across Wealth,” said Sir Robert Fairbairn, Vice Chairman at BlackRock. “As investor appetite grows for custom built, whole portfolio solutions, BlackRock continues to invest in our global investment platform to stay at the forefront of clients’ evolving needs.” Jaime Magyera, Head of BlackRock’s U.S. Wealth Business, noted that BlackRock has long enjoyed a business relationship with Citi and said the firm looked forward to the opportunity to work even more closely with the bank’s Wealth business under the Citi Portfolio Solutions arrangement. “For nearly four decades, BlackRock has helped lead the evolution of customized portfolio management, continuously adapting to meet the needs of individuals for tailored, tax-optimized investment strategies underpinned by cutting-edge asset allocation and portfolio construction capabilities,” she said. “Today, these investors and their advisors are reimagining the entire portfolio experience across public and private markets. By working alongside Citi and its clients, we are well-positioned to deliver the breadth, precision, and innovation their clients and investors worldwide require.” There has never been a better time to be a Citi Wealth client. Boutique in feel, global in reach, this offering fully aligns with our high-quality open architecture approach and will significantly enhance the set of investment solutions and capabilities available across our platform. Our clients will get the best of both worlds – the personalized guidance of a trusted Citi Private Banker or Advisor, augmented by BlackRock’s innovative technology and expertise in managing customized portfolio solutions.” Keith Glenfield Head of Investment Solutions, Citi Wealth The agreement is expected to begin in the fourth quarter subject to customary approvals and conditions and is not expected to have a material impact on Citi’s previously disclosed revenue or return targets.
Citi to deliver new customized portfolio offering powered by BlackRock to Citi Wealth clients globally; also Aladdin Wealth technology will be deployed to Citi’s Private Bankers
Citi Wealth today announced the selection of BlackRock to create a new portfolio offering for its clients – Citi Portfolio Solutions powered by BlackRock. This offering will combine the strategic investment advisory and planning capabilities of the leading global bank with the investment management and technology strengths of one of the world’s preeminent asset managers. The agreement includes the appointment of BlackRock to manage approximately $80 billion in assets for thousands of Citi Wealth clients whose accounts are currently managed by Citi Investment Management (CIM). Under the agreement, BlackRock will manage a range of core, opportunistic and thematic investment strategies across Equities, Fixed Income, Multi-Asset Class strategies and, over time, Private Markets. In addition, the firm’s Aladdin Wealth® technology platform – with its advanced risk, portfolio management and data insight capabilities – has been selected by Citi and will be deployed to Citi’s Private Bankers and investment professionals. Leaders at Citi Wealth and BlackRock believe the new model will benefit clients and accelerate growth at both firms. We want to bring best-in-class advice, solutions and service to our clients, and we want to serve more of the world’s changemakers. With this offering, we can accomplish both. It brings together the sophisticated relationship-driven and market-based advice of our bankers, backed by the insights of our own Chief Investment Office, with the renowned investment expertise and innovative technology capabilities of BlackRock.” Andy Sieg Head of Wealth Citi Wealth clients with assets to be managed by BlackRock are domiciled in nearly 100 countries. These clients will continue to maintain a primary relationship with their Citi Private Banker who will advise on their overall wealth approach, including strategic asset allocation, establishment of long-term financial goals and selection of investment strategies. Subject to Citi Wealth’s ongoing review and monitoring, BlackRock will be responsible for managing and implementing specific investment strategies tailored to meet the objectives of Citi Wealth clients. This enhanced investment offering will provide Citi clients with access to a wide range of investment options and strategies, leveraging BlackRock’s leadership in portfolio construction and the management of customized portfolios. As part of the agreement, certain members of CIM will join BlackRock where they will continue to serve as portfolio managers on existing strategies for Citi clients. In due course, Citi and BlackRock will also develop new products and solutions for the benefit of Citi clients by leveraging the scale, infrastructure, and capabilities of BlackRock. “We’re excited to be selected by Citi to bring BlackRock’s extensive suite of investment solutions and innovative financial technology to clients, enabling Citi to deliver customized portfolios and strong investment outcomes across Wealth,” said Sir Robert Fairbairn, Vice Chairman at BlackRock. “As investor appetite grows for custom built, whole portfolio solutions, BlackRock continues to invest in our global investment platform to stay at the forefront of clients’ evolving needs.” Jaime Magyera, Head of BlackRock’s U.S. Wealth Business, noted that BlackRock has long enjoyed a business relationship with Citi and said the firm looked forward to the opportunity to work even more closely with the bank’s Wealth business under the Citi Portfolio Solutions arrangement. “For nearly four decades, BlackRock has helped lead the evolution of customized portfolio management, continuously adapting to meet the needs of individuals for tailored, tax-optimized investment strategies underpinned by cutting-edge asset allocation and portfolio construction capabilities,” she said. “Today, these investors and their advisors are reimagining the entire portfolio experience across public and private markets. By working alongside Citi and its clients, we are well-positioned to deliver the breadth, precision, and innovation their clients and investors worldwide require.” There has never been a better time to be a Citi Wealth client. Boutique in feel, global in reach, this offering fully aligns with our high-quality open architecture approach and will significantly enhance the set of investment solutions and capabilities available across our platform. Our clients will get the best of both worlds – the personalized guidance of a trusted Citi Private Banker or Advisor, augmented by BlackRock’s innovative technology and expertise in managing customized portfolio solutions.” Keith Glenfield Head of Investment Solutions, Citi Wealth The agreement is expected to begin in the fourth quarter subject to customary approvals and conditions and is not expected to have a material impact on Citi’s previously disclosed revenue or return targets.