IN PUBLIC STATEMENTS, if not always in private,
bankers are normally quite a polite bunch. So what does Tom
McCrossan of State Street put on his breakfast
cereal?
Whatever it is, he is highly critical about his rivals'
outsourcing ventures. "I think we can be pretty confident in
suggesting that many of the outsourcing deals have been lacklustre
in their success," says the State Street executive vice-president.
"I'm not saying anything out of turn here. I think the market
perception is one of problems and troubling situations that have
occurred."
In the rarified world of investor services - where just three
banks dominate - this is a stinging attack. Nor does McCrossan stop
here. He says that it is precisely the problems for competitors
such as Bank of New York and JPMorgan that are blocking the market
as a whole. "Their lack of success has held the market back from
diving into this new outsourcing...
