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Article Examines U.S. Trust Banks' Return to Normalcy Jul 04
Standard & Poors, July 2004
Abstract
NEW YORK (Standard & Poor's) July 1, 2004--With a reorganized industry, improved earnings, and growing assets, trust banks are back on track after a rough patch. But a review of their annuity-like earnings, once viewed as so predictable, has revealed that the vitality of the global equity markets affects them. State Street's purchase of Deutsche Bank's global securities servicing business and Bank of New York's acquisition of Pershing from Credit Suisse First Boston have made these two banks the heavy hitters of the custody industry. Additionally, Northern Trust bought Deutsche's passive investment arm, and Mellon made a number of acquisitions during the nineties. 'Earnings had a lot of noise in 2003 in terms of merger-related costs and restructuring charges,' explained...
Companies mentioned in this report are: Deutsche Bank AG,Northern Trust Corp.,State Street Corp.,Credit Suisse First Boston,Mellon Financial Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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