Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options.
The Boston-based firm has been informally working with an adviser to review strategic alternatives for State Street Global Advisors, including a merger with a competitor, people familiar with the matter said.
The bank sees digital assets as part of the future and "we want to be there when this happens," says Ralph Achkar, head of digital product development and innovation.
