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
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV