BNY Clearing Secures Korean Mandate

BNY Clearing International today celebrates the mandate it won from the Korea Securities Depository (KSD) to act as US clearer and custodian to the CSD. It is a more significant win than it looks, since it effectively turns BNY Clearing

Bank of New York Denies It Is Axing 2,000 Jobs Worldwide

The Bank of New York (BNY) has denied Internet reports that it has laid off six hundred staff in New York in the first phase of a redundancy programme designed to reduce the workforce worldwide across all businesses by around

PIMCO Managing Euros 10 billion for European Institutions

PIMCO, which claims to be the largest fixed income manager in the United States, says European institutional investors are now lapping up its bond funds. PIMCO has grown from 22 European institutional clients and e4 billion at the end of

Union Bank of Norway to Demutualise

Union Bank of Norway, which scored highly in the 2001 Global Custodian agent bank survey, is to de mutualise. This follows the 1999 merger with Gjensidige insurance group to form a new financial group called Gjensidige NOR. In June 2000

Northern Trust Forms Alliance in China

Following the example of Deutsche Bank, Northern Trust has signed a cooperation agreement with Bank of Communications in China. The idea is to share knowledge on custody and investment management, and especially technology, staff training, and service provision. Bank of

Deutsche Bank Confirms Difficult Year in 2001

Deutsche Bank today confirmed the provisional results for 2001 published on January 31. Net Income fell from Euros 13.5 billion in 2000 to just Euros 0.2 bn. This year is not looking much better, but Rolf E. Breuer, spokesman of

Russell Transition Teams Shifts Euro 123 Billion of Assets in 2001

Transition management is one of the hottest topics in securities services today, and consultants Frank Russell say they are exploiting the opportunities to the full. They claim their transition management team completed 235 transactions worldwide in 2001, involving assets in

Gemuer Quits Deutsche Bank GSS

Stefan Gemuer, the Frankfurt based head of customer management in Europe for Deutsche Bank Global Securities Services (GSS), has resigned. The news comes as a surprise, since Gemuer was being positioned as the public face of GSS. Rightly or wrongly,

FXall Introduces FXall Settlement Center

FXall, the online portal for global foreign exchange trading, today announced that it is further enhancing its platform through the introduction of FXall Settlement Center. For the first time, foreign exchange customers stand to benefit from a solution that automates

Citibank Secures First Forex License in China

The Chinese central bank, the People's Bank of China (PBOC), has granted Citibank approval to engage in foreign currency dealings with Chinese citizens. It is the first license to be granted since the PBOC announced in December last year that