The goalpost for the move by U.S. equities markets from T+2 to the shorter T+1 settlement cycle has shifted from 2023 to the first half of 2024 after an outreach to the industry revealed that more time was needed to revamp and test systems, workflows, and operations to facilitate this fundamental change to securities transaction processing…. Read More >>
Deutsche Bank to Raise $8B as It Reorients Itself
Deutsche Bank is having a busy March. The German banking giant is undergoing a major transition as evidenced by the decisions of its management and supervisory boards on Sunday, March 5, to raise $8.5 billion in capital via a rights issue, reorganize key business groups and operations, and shuffle senior management to oversee the revamped… Read More >>
ABN Amro to Cut Top Management by 60 Percent
ABN Amro announced plans to cut 60 of its 100 senior management jobs and whittle down the number of top executives by more than half in a major shake-up to reflect the bank’s smaller stature. In a statement, Kees van Dijkhuizen, which took over the reins as CEO earlier this month, said, “The new management… Read More >>
Deutsche Bank Shutters OTC Swaps Clearing for the U.S.
Deutsche Bank ended its over-the-counter (OTC) swaps clearing business for the U.S. market last week because of a streamlining push by bank officials to move out of profit-challenged businesses, according to a source familiar with the situation. For Deutsche Bank and other organizations offering clearing support, the OTC swaps clearing business in the U.S. has… Read More >>
Credit Suisse Ramps Up Cost-Cutting Plans
For the second time within the space of a year, Credit Suisse is announcing cuts, this time trimming a further SFr1 billion ($991 million) in operating costs amid challenging market conditions, including lower fees from asset management and a slump in investment banking, The original target had been to reduce its operating cost base to… Read More >>
Putnam Shuffles Staff, Lays Off 115 & Cuts Costs
Money management giant Putnam Investments has been weaving together cost-cutting measures including recent layoffs in the firm’s operations and technology departments and executive shuffles in an effort to stay on top of what the firm says is “a challenging asset management environment.” In its most recent staff changes, officials report the appointment of Samuel Cox… Read More >>
Deutsche Bank to Cut 3,400 Costly Clients
Deutsche Bank is confirming that it will be parting company with 3,400 clients that have been determined to a strain on the bank’s bottom line, confirms the German institution’s CEO John Cryan in a message to employees dated Dec. 6. The confirmation follows a report in The Wall Street Journal (WSJ) about the cost-cutting effort,… Read More >>
Firms Have Tough Decisions Ahead of Them: ISITC
(Editor’s note: Jeffrey Zoller, chairman of The International Securities Association for Institutional Trade Communication (ISITC), an industry trade group focused on standards, speaks to FTF News about some of the difficult choices coming for financial services firms. ISITC’s 22nd Annual Industry Forum & Vendor Show is underway in Boston this week. In addition to his… Read More >>
Credit Suisse Moves U.K. Prime Services to Greener Pastures
Although Britain mulling an exit from the European Union (Brexit) may be a motivating factor for many companies to leave the U.K. if the population decides to head for the European door, the decision for Credit Suisse to move its U.K. prime brokerage operations to Dublin was part of a long-term plan, according to a… Read More >>
Tighter Budgets Make Trading Ops Utility Model More Attractive
Cost-cutting and the crush of regulatory compliance are making a utility model for processing and sharing the costs of trade operations, including core post-trade systems, more likely, according to a new study from by Broadridge Financial Solutions. The utility model, which would incorporate reference data, reconciliations, trade expense management, corporate actions, and tax and regulatory… Read More >>
