US - State Street Corporation and JPMorgan Chase have released strong results for the second quarter of 2007.
State Street Corporation's revenue of US$1.92bn in the second quarter of 2007 rose by 16.4% compared to $1.65bn for the same period last year.
In the second quarter of this year, State Street said return on shareholders’ equity was 19.2% compared to 14% in the second quarter of 2006, including the tax adjustments or 19.2% excluding the tax adjustments.
Ronald Logue, State Street’s chairman and chief executive officer, said the strong performance in the first six months of the year highlighted its successful global strategy.
He added that the recent addition of Investors Financial Services Corporation, demonstrated the firm’s commitment to building for the future.
In a separate development, JPMorgan Chase & Co. reported 2007 second-quarter net income of $4.2bn compared with net income of $3.5bn for the second quarter of 2006.
It said earnings per share of $1.20 were up 21% compared with $0.99 per share in the second quarter of 2006.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.