It has launched on a global platform developed by State Street Bank, said Wilson.
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Emerging Global advisors at 25 percent, followed by State Street Bank in Boston at 15 percent.
The product is now catching the attention of State Street Bank, creators of the popular SPDR exchange traded funds.
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In sequence, senior executives from Thomson Reuters, Xerox, State Street Bank, Invensys Controls, Pitney Bowes Wells Fargo, Sanmina-SCI and Marsh highlighted the business value of cloud computing.
Reports indicate that Paulson convinced chief executives at Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Wells Fargo, State Street, Bank of New York Mellon, and Bank of America to take capital or suffer the regulatory consequences.
Meanwhile, State Street, Mellon and Bank of New York have bet the farm in recent years on the continued growth of securities servicing.
JPMorgan, which bought Bank One last year, is already among the biggest in custody and securities processing, but it has been eclipsed in recent years by the aggressive expansion activities of Bank of New York and State Street .
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The firms that received money--essentially forced upon them by federal officials--were: Citigroup, JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, Merrill Lynch, Bank of New York Mellon and State Street Corp.
Louisiana State Attorney General Charles Foti is trying to force UBS, the Wall Street investment bank, to turn over vast quantities of information on its trading, stock lending and other activities related to shares of software firm Sedona .
Securities servicing is a fast-growing, largely behind the scenes business that rakes in billions in revenues for the three banks that dominate it: State Street (nyse: STT - news - people ), Bank of New York (nyse: BK - news - people ) and JPMorgan Chase (nyse: JPM - news - people ).
JPMorgan, which bought Bank One last year, is already among the biggest in custody and securities processing, but it has been eclipsed in recent years by the aggressive expansion activities of Bank of New York (nyse: BK - news - people ) and State Street (nyse: STT - news - people ).
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State Street shed the last vestiges of its commercial banking operations in 1999, Mellon sold its branches in 2001, and Bank of New York sold its branches last year.
The eight U.S. banks on the list: Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, Morgan Stanley, State Street, Wells Fargo and JPMorgan Chase.
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