Bank of New York announced Wednesday that it has been hired by Great-West Life and Annuity Insurance Co. to provide custody, insurance trust, and securities lending services for about $8.5 billion of assets.
The assets are those of Canada Life's former U.S. operations, which Great-West Life bought last year.
Great-West Life in Greenwood Village, Colo., sells health-care, life, and disability insurance; annuities; and retirement savings plans and services.
Brian Moynihan will continue to wear two hats, thanks to the support of almost 70% of Bank of America's shareholders.
The Justice Department retreated from its plan to appeal a judge's ruling blocking grand jury subpoenas in the Powell probe, opting instead for a softer legal maneuver that keeps the investigation's future uncertain.
The company is officially releasing a digital asset product that it first announced back in October.
The Canadian bank is using machine learning to analyze customers' payments and provide recommendations to salespeople.
CEO Robin Vince defended the custody bank's use of artificial intelligence Monday, saying that the deployment of AI allows firms to increase their investment capacity.
Plaintiffs say Team 313 stole Social Security numbers and IDs. Chime says no data left its systems. None of the suits has its own evidence.
