Friday, November 07, 2008
BOSTON -- Analysts at Janney Montgomery Scott on Friday cut their earnings estimates on custody banks Bank of New York Mellon Corp. , State Street Corp. and Northern Trust Corp. on weak outlooks and expectations of lower asset growth. "Moreover, client losses in securities lending portfolios will lead to significant reductions in fees associated with this ancillary service activity, with no corresponding short-term offset," the analysts said in a research note. "Our expectations are for overall fee income growth to turn negative next year," they said, citing lower markets and weaker results in foreign exchange and securities lending.
Copyright © 2008 MarketWatch, Inc.
Sources :
- MarketWatch Pulse: Analysts Cut Profit Estimates On Trust Banks
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