Citigroup Global Transaction Services says it has launched a white label service aimed at helping banks offer services without compromising their own identity, independence or customer relationships. So called "borderless banking" aims to offers banks a range of payments and
Lloyds TSB have selected Citigroup as their Continuous Linked Settlement services provider, enablimng the bank to settle foreign exchange transactions through CLS Bank. Lloyds TSB plans to go live by the first quarter of 2005. Lloyds TSB will use Citibank
UK employers organisation, the Confederation of British Industry (CBI) says that the report on pension provision commissioned by the UK government from former CBI director general Adair Turner "shatters the illusion that there is a single magic solution to the
ING has extended its settlement deadlines following the announcement by Euroclear Nederland that from Monday 4 April 2005 deliveries against payment can be settled until 16.30 instead of 15.30, provided that the instruction is received not later than 16.00 hours.
Northern Trust announced today that it has been reappointed as global custodian of Middlesbrough Council's £1 billion Teesside Pension Fund. "We were delighted to appoint Northern Trust as global custodian for a further term, following a competitive tender process," Fred
The Depository Trust & Clearing Corporation (DTCC) has announced today it has opened a new office in Shanghai to provide global corporate actions business. The new service center aims to support DTCC's Global Corporate Action (GCA) Validation Service, which provides
The longer term solvency of the U.S. Pension Benefit Guaranty Corporation (PBGC) is at risk, says director Bradley Belt. He warned last week of a significantly increased deficit for the 2003 04 fiscal year, which ended on 30 September. The
Bank of America is to cut a further 4,500 jobs, increasing the number of jobs lost since its FleetBoston Financial acquisition to 17,000. The extra job cuts will begin this month. Bank of America expects severance costs of $150 million
Mellon Financial Corporation's Human Resources & Investor Solutions (HR&IS) business has renewed its call for the establishment of a new independent and apolitical pensions authority in the UK, to correct what it sees as the "failures" of the current Pensions
Amagerbanken, Copenhagen has joined DnBNOR, OKO Bank and Swedbank to become the fourth leg of the Nordic Custody Alliance. The Nordic Alliance is a custody, clearing and settlement product cooperation originally formed in 2002 by DnBNOR and Swedbank with OKO