GLG News by Core Banking Processing Solutions Evaluators and Purchasers

On June 26, the Advocate General to the Dutch Supreme Court announced the results of his analysis of the appeal by ABN AMRO (NYS:ABN), Barclays (NYS:BCS), and Bank of America (NYS:BAC) regarding a lower court's mandate that the B of A - LaSalle deal be submitted to a shareholder vote by ABN AMRO. The...

The retailing giant withdrew its application for an industrial loan charter in 1Q2007 after the FDIC froze all such applications in light of tremendous opposition from banks and politicians in Washington and state capitals.  Wal-Mart (NYS:WMT) is now taking a different path to expanding its ability...

The recent round of hiring by large private equity firms has targeted senior banking executives, which is adding a new wrinkle to the multi-billion $ investments in financial services firms or their key vendors by these firms. Executives from Bank of America, JP Morgan Chase, Mercantile Bank, and Hartford...

Citigroup's top management is under pressure to increase earnings without a big acquisition. Earlier this year, Citi announced a $1.5 billion cost cutting program. Now, Citi is taking the wraps off its latest idea to increase revenues. By mashing its bank and Smith Barney brokerage unit together in...

A. G. Edwards (NYS:AGE) has agreed to be acquired by Wachovia Securities, a larger broker/dealer and an affiliate of Wachovia Corporation (NYS:WB) for $6.8 billion. This deal continues the concentration of the retail brokerage marketplace into the top five firms. What time will tell is whether or not...

Wal-Mart (NYS:WMT) has agreed to serve as a customer collection point or distribution channel for Sharebuilder's low cost consumer brokerage and investment account business. ShareBuilder is a regulated broker/dealer and will be totally responsible for all investment products and services. Other discount,...

Salesforce fills its niche very well.  It remains true to its original cause and has a large and loyal customer base.  Its not all things to all people, not does it make sense in all CRM opportunities, but there is no competitor out there that is as robust at what it does.  As long as...

- Two and a half years ago an article in the American Banker quoted a bank tech research firm as predicting that major banks were going to convert to new core systems within the next two years. - Not one single large bank in the U.S. has converted their legacy core system to a platform based on...

Bank of America (NYS:BAC) and RBS are stuck between a rock and a hard place over ABN's (NYS:ABN) LaSalle Bank. B of A's current deal with ABN to buy LaSalle for $21 billion has been dragged into the Dutch and US courts. RBS also covets LaSalle, suggesting that LaSalle was worth about $24.5 billion....

Citi's recently announced $4.6 billion cost reduction program has led to speculation that the bank may consider a retail core banking system upgrade. An estimated $1.6 billion of these cost savings are tagged for IT savings. Included in these IT cost savings are a reduction of data centers from 42 to...