Custody banks

State Street said it would suspend a share repurchase program and issue common and preferred stock to pay for the deal.

Assets under custody and administration surged to a record high of $33.6 trillion, the trust bank said in its second-quarter report.

The big custody bank's fees surged on new business gained from its deal for UBS business units in Europe.

The bank's head of investment management said Wednesday that his unit has eliminated dozens of high-cost funds over the last two years and replaced them with more passive and enhanced actively managed funds.

The custody bank benefited from a wide range of economic forces in the first quarter.

The Chicago custody bank also benefited from a recent acquisition of a UBS business in Europe and the lower federal income tax rate.

Though the Senate regulatory relief bill falls well short of a far-reaching House bill, critics argue it could still increase the chance of another bank bailout by the government and weaken consumer protections. Here are the measures causing the most debate.

Lawmakers on Tuesday continued debating a thicket of proposed additions to a crucial regulatory relief bill on their way to a final vote likely to occur as early as midweek.

The Japanese cryptocurrency exchange Coincheck says roughly $400 million of the digital currency NEM was stolen. If banks and others are to invest in the digital-asset industry, it will have to do better.

The Chicago custody bank won new fund-administration business and benefited from the acquisition of a UBS asset-management unit. A one-time adjustment tied to the new tax law also provided a boost.