Custody banks

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.