UK - State Street's Global Securities and Services business has made a profit in 2003, a year after buying Deutsche Bank rival operation for $1.5bn (£959.5m).
The firm said that 12 months after the acquisition, it had met its goals for retaining revenue from former Deutsche clients and was on track to complete client conversions by mid-2004.
State Street chairman David Spina said: “We still have work to do in Europe, but it is already clear that we have realised the promise of this acquisition.”
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.