SSgA Taps Former Fidelity Exec O’Hanley as New President, CEO
New State Street Global Advisors head O’Hanley also spent 13 years in leadership positions at Mellon Bank and Bank of New York Mellon.
Stress Test Shows 29 of 30 Banks Meet or Top Capital Target
The Federal Reserve’s annual stress tests found 29 of the 30 largest U.S. banks could withstand a deep recession and still pay dividends, fueling speculation about which firms will win approval next week to raise payouts.
Johnson to Pick a Fidelity Veteran to Replace O’Hanley
President Abigail Johnson has told employees that asset management head Ronald O’Hanley will be replaced by an internal successor.
Pershing Automates Collateral Movement, Management for Its Fund Clients
Pershing has rolled out two applications that automate the process of moving collateral between the custodian and Pershing Prime Services, the company announced Monday.
War of Borrowers Against Savers: News Analysis
When Fed Chairman Ben Bernanke announced two weeks ago that the Fed expected to maintain its near-zero interest rate policy at least as long as the end of 2014, it was the latest salvo in our loose monetary regime’s increasing repression of savers.
Euro Forecasts Fall as Draghi Drops Rates
As European Central Bank President Mario Draghi cuts interest rates put in place by his predecessor, Jean-Claude Trichet, analysts are taking note—and cutting their forecasts for euro value, saying the higher interest rates now on their way out have been one of the main supports on which the currency’s value...
Q3 Earnings: BNY Mellon’s Pershing Unit Does Better Than Bank
Pershing Advisor Services, the RIA custody and BD clearing business of Bank of New York Mellon, outperformed its parent in Q3 2011, reporting a year-over-year rise in profits of 17.9% versus profits of just 4.7% for the larger bank.
Q2 Earnings: BNY Mellon Profits Rise Nearly 12% as Pershing Revenue Stays Flat
Bank of New York Mellon reported profits of nearly 12% in Q2 2011, but the Pershing RIA custody unit's revenues were flat.
Probe of Banks Overcharging Pension Plans Widens
State attorneys general in California, Virginia, Tennessee and Florida broadened their investigations into whistleblower allegations that public pension funds in the U.S. were overcharged for currency conversion by tens of millions of dollars.
2010 Q4 Earnings: BNY Mellon Misses Expectations; Pershing Fees Rise
Bank of New York Mellon reported Q4 profits of $0.55 per share, missing analysts’ expectations for earnings of $0.57. The bank’s Pershing unit said revenues rose though profits fell.