Now while we are increasingly encouraged with our long-term opportunities with the rollout of GWP, we are working hard to improve the profitability of our bank segment. Coming out of the second quarter, we initiated cost reduction and control programs, focused mostly on banking. We believe this will pay dividends in 2012.
We just recently passed an important GWP milestone. We have successfully converted 85 of our smaller advisor clients to GWP making them the first U.S. users of GWP. This is very important for us, because we are getting to exercise basic U.S. functionality as well as test many of our processes in our low volume operation. This will be helpful when larger and more complex advisors are added next year.
To accommodate the launch into the U.S. as I mentioned in the past, we are concentrating on building the functionality and infrastructure necessary to process U.S. banks and advisors.
The next three releases contain a large number of U.S. enhancements and these releases will complete the baseline functionality for the U.S. also significantly enhances the U.K. functionality and improve our operational efficiencies and scale.I continue to be encouraged by the feedback I received from clients and prospects in all of our markets. Although we hear growing [pains] in certain areas, our investments in infrastructure and new service offerings have enhanced our competitive strength across all of our business lines. We certainly expect to capitalize on this even in these challenging times. And our solution strength coupled with our financial strength positioned us well for long-term growth. Now this concludes my remarks. And I’m going to turn it over to Joe Ujobai to discuss our Private Banking segment. Joe? Read the rest of this transcript for free on seekingalpha.com