Bad news in Q1 Earnings report = layoffs ahead
- ROE fell to 12.4%
- Pre-tax income was down 2% sequentially and down 13% over the prior year.
- Trust, investment and other servicing fees were down 9% from last year
- Assets under custody and administration were down 9% year-over-year
- Asset servicing fees were also down 9% year-over-year
- Custody and fund administration fees down 9% year-over-year
- Assets under management down 12% year-over-year