State Street Falls
Assets under custody fell 21 percent in the past year to $12 trillion. Assets under management dropped 27 percent to $1.44 trillion.
Quarterly profits fell 71% as Fixed Income Portfolio has (unrealised) losses of $6 billion, conduits similarily $ another (unrealised) $3 billion and funds managed from cash collateral on custody assets went under $1. State Street estimates par revenues for 2009 at $2.7 billion and will be expected to raise equity in 2009 like its counterparts.
I feel custody assets drop is even deeper and expect similar damage at JP Morgan