State Street tops Credit Suisse's list of trust/custody banks

"We Continue to prefer State Street (STT). We expect State Street to stand out and reiterate its desire to deliver positive operating leverage and maximize capital returns for shareholders, and we believe sets up best in the group for 2014 on a relative basis. Bank of New York Mellon (BK) should experience a noisy quarter on the expense front with elevated legal and litigation expenses. Northern Trust (NTRS) should continue to see top-line growth given various investments in the franchise, but in this tough operating environment the focus will be on expenses - and we see most negative estimate revision risk here."

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