Custody banks

Rather than forming a consortium of peers to investigate blockchain technology, as many banks have done, one of the world's largest asset managers is acting on its own.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Tuesday opposed efforts to roll back “core reforms” to bank regulation that were implemented after the 2008 financial crisis, but said some review of the Dodd-Frank law is warranted.

In his first major move as CEO, Charlie Scharf has made several management changes at Bank of New York Mellon.

Ronald O’Hanley withdrew from law school at Vanderbilt University in 1983 after admitting to plagiarism while editor-in-chief of the school’s law review, according to a news report.

The ongoing bull market produced more fee income, interest income and new business at the Boston custody bank, which reported a 9% gain in revenue.

Growth in asset servicing offset declines in fees from foreign exchange and depositary receipt activity.

Profits at the custody bank rose 16%, but it announced a new streamlining program that is expected to generate yearly savings of $250 million by 2020.

Frederick Waddell will retire as CEO of the Chicago custody bank at the end of 2017 but will remain chairman.

Let others debate the meaning of the Fearless Girl statue. To State Street's Hannah Grove, its message to the banking industry was simple: create a more welcoming workplace for all.

Hannah Grove has made it her mission to "eradicate jargon" at State Street, in an effort to make the company more acceible to its customers and easier for the public to trust.

Advancements aimed at speeding the flow of information by eliminating manual processing are helping the global custody bank attract new clients and win more business from existing ones, fueling revenue growth and improving efficiency.

Clearing services, assets under custody and administration and other parts of the trust bank's operations rose in the second quarter, all good news as it shifts leadership from Gerald Hassell to former Visa CEO Charlie Scharf.

Second-quarter profit improved modestly at Northern Trust as severance costs offset growth in trust and institutional services.

Why choose a former Visa chief to run a custody bank? Because to survive long term, Bank of New York Mellon will have to look more and more like a payments company.

Former Mellon Financial CEO Frank Cahouet is credited with leading the Pittsburgh company out of a difficult financial period. He was also CEO when Mellon acquired the mutual fund manager Dreyfus, and he rejected Bank of New York’s early attempts to buy Mellon.