Assets under custody fall for State Street as do servicing revenues.
Tag: JP Morgan
The eighth action against a bank or broker, and fourth action against a depositary bank, resulting from the SEC’s ongoing investigation into abusive ADR pre-release practices.
Bon spent 17 years at JP Morgan in a variety of senior roles in New York and London, most recently leading the direct and global custody business in the Americas.
State Street takes over the mandate from JP Morgan, which has served as global custodian for Swedbank since 2000.
Since joining BNY Mellon in the summer of last year, Charles Scharf has highlighted a number of new strategic goals for the bank.
JP Morgan has now converted a ‘substantial portion’ of its alternative investment services business to the post-trade technology provider.
The two US investment banks are the first to report their quarterly earnings, with their results often seen as a reflection of the current state of the banking industry.
JP Morgan was the largest custodian in Australia with $778 billion in assets under custody at the end of 2017.
The appointment is one of the more significant hires for BNY Mellon as it attempts to regain the top spot in the global custody rankings.