Chillin' out till it needs to be funded
State Street is one of the largest banks which lead in business in custody assets alongwith JP Morgan.
(Unrealised) Losses of 6 billion in Fiixed Income and another 3 billion in conduits, all funds carrying state street prime collateral funds also fell below their $1 par value today. STT mentions its revenues will remain par for the course in 2009 as shares tanked 50% on open.
Assets under custody fell 21 percent in the past year to $12 trillion. Assets under management dropped 27 percent to $1.44 trillion. Total revenues kept a line at $2.7 billion ( up 8% over 2007)