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The financial offices of banks, including JPMorgan Chase, Citi, HSBC, and other institutions in the financial district of Canary Wharf, are pictured from Greenwich Park in London on January 17, 2017.

Ben Stansall | AFP | Getty Images

The financial offices of banks, including JPMorgan Chase, Citi, HSBC, and other institutions in the financial district of Canary Wharf, are pictured from Greenwich Park in London on January 17, 2017.

Pedigrees, some stretching back centuries, are of little use to global banks unless they aggressively adapt to new financial technologies.

That’s long been true, but the pace of innovation means financial juggernauts now face what one top executive likened to a mass extinction event.

A revolution in financial technology — often shortened to fintech — has propelled an explosion of new entrants who are shaking up the sector. Established giants, for their part, are fighting to adapt, emphasizing that technology may be changing fast but banking fundamentals are not.

Stephen Bird, CEO for global consumer banking at Citi, said the current changes may be happening on an unprecedented scale, but his bank — established in 1812 — is set to make the transition.

“The benefit of being 200 years old is that we have a survival reinvention DNA and that is core to who we are,” Bird said during a panel discussion Wednesday at the annual Hong Kong FinTech Week conference.

“We think of it as we are living through an extinction phase,” Bird said. “It is not an incremental thing, it’s an epochal shift.”

Given the explosion in new financial players, he said, established banks will need a “tense and deep re-engineering” of processes to enhance speed, convenience and trust and get at what is most important: the customer.

Bird said Citi in the United States, for example, has gained an edge by developing new ways of doing things by actively listening to its customers through “co-creation.” Citi had 20,000 such sessions, which Bird credited with helping Citi achieve what he described as the most rapidly growing mobile base in North America.

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World

Here are the spots with the best weather for retirement

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Many people nearing retirement and craving warmth think of Florida. Yet some destinations offer even more idyllic weather — if you’re willing to look beyond the U.S.

A new report by International Living, a guide to retirement abroad, ranks destinations where you might think about spending your later decades by their weather. Of course, not everyone loves the heat.

“The sort of weather you prefer is a very personal thing,” said Jennifer Stevens, executive editor of International Living. “And one of the strengths of our highest-scoring countries in the climate category is that they all offer a variety of climates, so retirees can find the spot that best suits their tastes — from steamy beaches to cooler highlands.”

Here are the top five places on the list.

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Trump says he called OPEC and told cartel to bring fuel prices down

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President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019.

Jonathan Ernst | Reuters

President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019.

President Donald Trump on Friday said he “called up” OPEC and told the producer group to take action to bring down fuel costs, making a dubious claim that gasoline prices are already falling.

“The gasoline prices are coming down. I called up OPEC. I said, ‘You’ve got to bring them down. You’ve got to bring them down, and gasoline’s coming down,” Trump told reporters en route to a National Rifle Association event in Indianapolis.

It was not immediately clear whether Trump meant that he had contacted the OPEC Secretariat in Vienna, or whether he was referring to OPEC members and close U.S. allies like Saudi Arabia and the United Arab Emirates.

In fact, the national average for a gallon of regular gasoline is $2.883 per gallon, up from $2.877 a day ago and $2.839 a week ago. Wholesale U.S. gasoline prices have ticked lower in recent days, but are still up 10.7% from a week ago and

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Oil's recent price surge won't last, economists predict

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Sluggish global growth and an increase in U.S. output both signal the end of the recent rally in oil prices, economic research consultancy Capital Economics has suggested.

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