Bank of America Chief Executive Kenneth Lewis on Wednesday estimated the bank had about $600 million of exposure to Parmalat. He said that bank employees involved in the Italian food company's collapse are "no longer with us." Italian prosecutors are
According to IDC's European Vertical Market survey, a large number of banks are already using Web services technology, while other financial services companies are working to implement the technology over the next two years. The insurance industry, however, is lagging
Gary Jean Baptiste has joined Fortis Bank as a new member of the sales and account management team of Fortis Clearing London Limited. Prior to joining Fortis, Jean Baptiste worked for Credit Lyonnais Rouse as Clearing Services Manager. "In this
RBC Global Services has appointed D'Arcy Chadwick to vice president, Global Risk Management & Compliance, effective 5April 2004. Chadwick was previously assistant general counsel, RBC Law Group, where he provided legal support for regulatory, risk management and compliance issues for
First European Transfer Agent (FETA), the transfer agency arm of Luxembourg based Dexia BIL, is to pilot the new SWIFTNet Funds service. The first phase of the new ISO15022 edition 2 (XML) message standards will be tested from the third
RBS Greenwich Capital Markets and Goldman Sachs have formed an alliance in which they will bundle commercial real estate loans and sell them as bonds. Goldman and RBS Greenwich expect to sell three commercial mortgage bond deals this year and
State Street Corporation has opened a Milan office located at Via Turati, 16 18. State Street opened in Milan as part of its acquisition of Deutsche Bank's global securities services business in July 2003, and marked the official opening of
The Korean Financial Supervisory Service has recently revised the requirements for shareholder disclosure reports, and repeated violators and those failing to file reports will face harsher fines and penalties. As of April 1, the FSS' electronic disclosure system Data Analysis,
BISYS has signed online brokerage firm Scottrade as a client for its recently launched Retirement Central application. The Retirement Central application aims to enable financial services organizations of all sizes to differentiate their retirement savings solutions and their web sites