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Global Custody

For Hire

Financial Markets

People News - Citi, Goldman, HSBC, Nomura, State Street

Citigroup has named Joseph Chang as head of prime finance in Asia Pacific, according to an internal memo obtained by Reuters on Monday.

Gavel

Financial Markets

Morgan Stanley Gets Dismissal, BNY Mellon Rejected

A federal judge in Manhattan on Thursday dismissed two lawsuits in which participants in Morgan Stanley's retirement plan accused the firm of mismanaging some plans by allowing participants' money to remain in its stock even as its performance faltered in 2008.

Black

Financial Markets

Wall Street Mourns Death Of Two Fine Professionals

Sad to report.

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Depression, Suicide

Financial Markets

State Street Plans 630 Job Cuts

State Street, the third- largest custody bank, said it will eliminate 630 jobs in its third round of cuts in two years to bolster profit as record low interest rates weigh on revenue from lending.

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People & Firms

State Street CFO to Retire in 2013

State Street Corporation has announced that Executive Vice President and Chief Financial Officer, Edward J. Resch, 60, has informed the company of his plan to retire in 2013, after more than a decade in the role, following the appointment of his successor and an orderly transition of the function.

Gavel

Financial Markets

Ex-BNY Mellon FX Trader Gets $1.4m As Currency-Trade Fraud Suit Dropped by Virginia

Bank of New York Mellon Corp., the largest custody bank, reached a deal to end a lawsuit accusing it of defrauding state pension funds through foreign-currency transactions, according to a spokesman for Virginia Attorney General Kenneth Cuccinelli.

For Sale Sign

Financial Markets

Commerzbank Said to Seek Custody Business Sale, Fidelity Sues For Name Infringement

Commerzbank is exploring the sale of its custodian business as CEO Martin Blessing reviews company strategy, according to people familiar with the matter.

On Top

Financial Markets

State Street Investors Want Changes At The Top

Four of the 10 largest shareholders at State Street are said to be agitating for the removal of the firm’s CEO or CFO amid growing frustration at its stagnant share price and the pace of cost-cutting.

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Financial Markets

State Street’s 2011 CSR Report Highlights Reduced Environmental Footprint, Increased Philanthropy and Volunteerism

State Street Corporation has announced the release of its full 2011 corporate responsibility report. Published annually since 2004, the report highlights the company’s environmental, social and governance (ESG) performance over the past year, and its goals for the future.

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People & Firms

Northern Trust Announces Leadership Changes

Northern Trust Corporation has announced a number of leadership changes, including that firm Vice Chairman and Management Group member Sherry Barrat will retire at the end of June.

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