Subhankar Sinha, the bank’s new head of blockchain, says its partnership with Bakkt is part of a larger effort to figure out what it would look like to be a custodian for digital assets. ... Read full article
Some banks have backed away from the technology, but Northern Trust, State Street and JPMorgan Chase are among those actively working on blockchain projects. ... Read full article
Money managers, which are critical to the success of State Street and Northern Trust, are aggressively moving cash into higher-rate products. ... Read full article
Bank of New York Mellon's clients shifted more of their deposits to higher-rate products. It was one of several trends that hurt the custody bank's bottom line. ... Read full article
The board of the Federal Deposit Insurance Corp. on Friday made several proposals meant to simplify post-crisis rules, prompting opposition from its most recent former chairman. ... Read full article
The company protects digital assets with hardware-based security, biometrics and quorums. Hedge funds are already signing on. ... Read full article
The company's fourth-quarter results were also stymied by costs tied to severance and litigation, along with investments in technology. ... Read full article
New CEO Ronald O'Hanley is pushing to reduce expenses, automate more functions and simplify the organizational structure. ... Read full article
The custody bank was very profitable, and it raised its cost-saving forecast for year-end, but its nearly 3% increase in third-quarter noninterest expenses prompted an investor backlash. ... Read full article
Earnings were bolstered by lower taxes and higher asset-servicing fees, but revenue was flat and analysts raised concerns about a shrinking deposit base. ... Read full article
The custody bank’s linked-quarter net income dipped due to a decline in earning assets and lower transaction volumes. ... Read full article
They are disinclined to talk about it much yet, but the big three trust banks as well as JPMorgan and Goldman are said to be mulling custody services that would help shield wealthy bitcoin investors from theft. Here are the selling points and the risks. ... Read full article
State Street said it would suspend a share repurchase program and issue common and preferred stock to pay for the deal. ... Read full article
Assets under custody and administration surged to a record high of $33.6 trillion, the trust bank said in its second-quarter report. ... Read full article
The big custody bank's fees surged on new business gained from its deal for UBS business units in Europe. ... Read full article
The bank's head of investment management said Wednesday that his unit has eliminated dozens of high-cost funds over the last two years and replaced them with more passive investment vehicles. ... Read full article
The custody bank benefited from a wide range of economic forces in the first quarter ... Read full article
The Chicago custody bank also benefited from a recent acquisition of a UBS business in Europe and the lower federal income tax rate. ... Read full article
Though the Senate regulatory relief bill falls well short of a far-reaching House bill, critics argue it could still increase the chance of another bank bailout by the government and weaken consumer protections. Here are the measures causing the most ... Read full article
Lawmakers on Tuesday continued debating a thicket of proposed additions to a crucial regulatory relief bill on their way to a final vote likely to occur as early as midweek. ... Read full article
