It’s not speed, which will steadily if not exponentially increase in the near term. It’s the centralists that are holding onto their roles as reconcilers of data.
JPM snatches $1 trillion custodian business from long-time holder State Street; Harvard will lay off half of the employees managing its $35.7 billion endowment.
Northern Trust’s fourth-quarter profit surged due to higher trust fees, improved credit quality and the benefit accrued to its profit margin from an increase in short-term interest rates.
