Business Latest News: NYC Funds Pick State Street to Replace BNY Mellon After FX Flap

Wochit 0:48 mins

New York City pension funds-have-picked-State-Street-Corp to safeguard $137 billion, replacing incumbent Bank of New York Mellon Corp , which was accused in 2011 of overcharging the funds on foreign currency trades. The charges against billionaire hedge fund manager Steven A. Cohen have "no merit" and Cohen will fight them "vigorously," said a spokesman for Cohen's firm SAC Capital Advisors in a statement to the media. China's central bank announced long-awaited interest rate reforms, scrapping the previous floor on the rates that banks charge clients for loans.

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