State Street To Cut Up to 1,800 Jobs To Save $125 Million
State Street announced today that it is taking steps to trim its operating expenses by approximately $125 million for the remainder of 2003, compared to its first quarter run rate.
Custody
Fortis Bank Becomes GCM For Euronext Paris
Fortis Bank is now a General Clearing Member on Euronext Paris. The bank was already a General Clearing Member for Euronext Amsterdam and expects to become General Clearing Member for Euronext Brussels by June 2003.
Minor Rumpus At Bank Of New York As Sloan Quits As Bryant Arrives
R . Jeep Bryant, , has joined the Bank of New York as a managing director and global head of corporate communications. Bryant will report directly to Thomas A. Renyi, chairman and chief executive officer. A potentially early sign that
CBI Survey Portrays City Of London In Crisis
In the first quarter of 2003, financial services companies in the UK cut jobs at the fastest rate for more than six years, as business fell for a second successive quarter. The CBI PricewaterhouseCoopers survey of the industry, published today,
Forex Business Increasingly Tied To Credit, Hints Greenwich Survey
The average foreign exchange volume conducted by large corporate and financial institutions worldwide rose slightly but significantly in 2002, but at the same time interbank trading fell off. Or so says a 2002 study by Greenwich Associates. "Customer business as
JP Morgan Launches Web-Based Corporate Actions Tool
JPMorgan Investor Services announced today the launch of a new Internet enabled tool that aims to simplify corporate actions processing. Morgan says the new tool will enable fund managers can receive and respond to corporate action notices, sign digitally for
Northern Trust Wins $1.2 Billion Mandate From Catholic Health East
Northern Trust says Catholic Health East has chosen the bank as global custodian to $1.2 billion in operating and pension funds. In addition, Northern will provide risk and performance and securities lending services. Northern claims to be custodian to a
Deutsche Launches New Custody Platform In Budapest
Deutsche Bank announced today that its Domestic Custody Services business has implemented its db Trader 4.0 custody operations platform in Hungary. Hungary is the first of the Bank's operations in Eastern Europe to implement the system. db Trader 4.0 has
More Cash To Seal Den Norske Bank-Gjensidige NOR Merger
The boards of Gjensidige NOR and Den norske Bank (DnB) have agreed to increase the cash consideration in their merger terms from NOK 23 per share to NOK 43 per share in Gjensidige NOR. The new terms still mean a
RiskMetrics Buys Arrakis Private Banking Technology From JP Morgan
RiskMetrics Group, the financial analytics firm, has bought from JP Morgan the Arrakis analytics technology which underpins the bank's web based private banking system, Morgan OnLine. By the terms of the acquisition, RiskMetrics Group will assume control of the system's