The Boston Globe reports that, as of June 1, State Street says it only has a ”firm commitment” for about 37% of revenue from the top 25 clients, much of which is from Deutsche’s asset management unit, and a smaller percentage of firm commitments so far from smaller clients. State Street is still integrating the $1.5 billion purchase of Deutsche Bank’s global securities services business, with $400 million being held back until State Street successfully retains 90% of the revenues of Deutsche’s former clients. In total though, including clients about which it is ”very optimistic,” State Street said it believes it has about 89% of the Deutsche unit’s revenue lined up for retention, according to the report.
Deutsche GSS Retention Target Still Some Way Off For State Street, Says Report
The Boston Globe reports that, as of June 1, State Street says it only has a ''firm commitment'' for about 37% of revenue from the top 25 clients, much of which is from Deutsche's asset management unit, and a smaller
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