State Street sees FY12 NIM in middle of 145-155bp range Sees FY13 decline in NIM at the high end of a range of 10-12bps due to impact of QE3 and continued low level of interest rates. Expects reduction in excess client deposits.
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State Street sees 3%-5% operating basis revenue growth for FY14 vs. FY13 Says outlook for 2014 is "positive." Sees 3%-5% operating basis revenue growth for FY14 vs. FY13. Expects to continue return of capital through dividends, repurchases. Says on track to deliver approximately $130M of incremental pre-tax expense savings in 2014 from Business Operations and Information Technology Transformation program. Says to achieve goal of annual operating leverage in 2014, will likely require improvement in market-driven revenue in 2H14. Says continuing to invest in growth initiatives. Comments from slides that will be presented at the Barclays Global Financial Services Conference.