Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options. ... Read full article
With health organizations warning of a global outbreak, banks are starting to assess the risks to their bottom lines. ... Read full article
Fourth-quarter fees earned from managing the assets of family offices rose 12% and were a powerful counterbalance to tighter margins. ... Read full article
Second-quarter earnings at the Chicago custody bank were flat as increased interest costs offset better yields and fee income held steady. ... Read full article
Some signed on because the deal didn't require using or promoting Libra; Chicago bank may get stuck with $190 million of losses from U.K. mutual fund. ... 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
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
The big custody bank's fees surged on new business gained from its deal for UBS business units in Europe. ... 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
The bank’s distributed ledger for private equity deals can now provide nodes to auditors, so they can easily access documents and data for their annual reviews. ... Read full article
Deutsche Bank on Wednesday became the first large bank to announce a wholesale relocation of client business out of the U.K., but B of A has extended the lease on its London headquarters, and Northern Trust is searching for a new lease in the city. ... Read full article
SEC, CFTC heads say cyber markets “show little or no regard” for regulation; Dimon and Blankfein say president’s policies help the economy and their businesses. ... Read full article
The Chicago custody bank won new fund-administration business and benefited from the acquisition of a UBS asset-management unit. A one-time adjustment tied to the new tax law also provided a boost. ... Read full article
Northern Trust, which along with 16 other organizations had the public portion of its resolution plan released, said it made changes to its living will as a result of criticism by regulators. ... Read full article
Some are in new roles or replacing legends, others are embracing new strategies or eyeing big deals and at least one is currently out of banking — but could soon resurface. Here are the industry executives to keep an eye on in 2018. ... Read full article
Brian Behlendorf, leader of the Linux Foundation's effort to establish standards for blockchain, likens the invention of cryptocurrencies to the moon launch and says banks, open-source developers and others are working to make the underlying ... Read full article
Profits at the custody bank rose 16%, but it announced a new streamlining program that is expected to generate yearly savings of $250 million by 2020. ... Read full article
Frederick Waddell will retire as CEO of the Chicago custody bank at the end of 2017 but will remain chairman. ... Read full article
For high-value, low-volume transactions, that is. Big Blue formally launched the platform Tuesday, but the custody bank has been using it for months, as has a group of Canadian institutions. ... Read full article
