News Topic: State Street
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State Street to offer crypto services to private-fund clients
Fee waivers crimp trust banks' profits. Will pain ease in 3Q?
Inside State Street’s new digital asset unit
Trust banks under extra pressure to cut expenses
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
State Street to explore options for asset management arm
The Boston-based firm has been informally working with an adviser to review strategic alternatives for State Street Global Advisors, including a merger with a competitor, people familiar with the matter said. ... Read full article
Fed publishes big-bank capital requirements tied to stress test buffer
Under a rule issued in March, banks will build an additional capital cushion that is determined by their performance in the annual tests. ... Read full article
Bankers come to grips with coronavirus impact
With health organizations warning of a global outbreak, banks are starting to assess the risks to their bottom lines. ... Read full article
CRA overhaul may get messy; Student loans vulnerable in bankruptcy
Fed proposal is at odds with the one offered by the FDIC and OCC; judge wants to dispel the “myth” that student loans can’t be expunged in bankruptcy. ... Read full article
What inspired State Street's digital asset investing venture
The bank sees digital assets as part of the future and "we want to be there when this happens," says Ralph Achkar, head of digital product development and innovation. ... Read full article
Regulators find 'shortcomings' in living wills of six large banks
The Federal Reserve and Federal Deposit Insurance Corp. found issues with the firms' ability to compile data on how they would be unwound during a period of financial stress. ... Read full article
The second round of stress tests; State Street settles with SEC
The results clear the way for bigger dividends and stock buybacks at big banks; State Street agreed to pay $88 million to settle claims it overcharged clients. ... Read full article
Banks launch firm to settle transactions, peer-to-peer, on blockchain
State Street, BNY Mellon, UBS and Credit Suisse are among the banks that have created a company to bring their idea of a utility settlement coin to life. ... Read full article
'Look up, there's no glass ceiling': State Street's Hannah Grove
Calls for getting more women into leadership positions, and strategies for achieving that, dominated the LEAD conference in New York. ... Read full article
The Wall Street banks bullish on blockchain
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
BofA may go solo on payments processing; Trust banks’ slide
The bank may end its venture with First Data to work on its own; State Street and BNY Mellon's fee revenue from investor clients and stock prices are down. ... Read full article
Institutional clients' deposit shuffle burns custody banks
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
State Street says it's laying off 1,500 workers to cut costs
State Street Corp. said it’s laying off 1,500 staff as part of a plan to reduce costs. ... Read full article
State Street is said to lay off 15% of senior managers
New CEO Ronald O'Hanley is pushing to reduce expenses, automate more functions and simplify the organizational structure. ... Read full article
State Street fails to reassure markets on costs
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