Last year was "lackluster" for National City Corp.'s trust business, Salomon Brothers Inc. said in a recent analyst's report.
The Cleveland banking company was unable to expand its assets under management and custody. As a result, net income in trust declined 4%, to $31 million. Two years ago, trust accounted for 10% of National City's earnings, the report said.
Salomon said National City was not alone; "most banks" had weak results in trust last year.
Salomon added that National City is trying to turn the business around with a "fairly hefty investment." The aim: double-digit percentage growth in yearly revenues and "high single digit" gains in profits. A bank spokeswoman called the report accurate.
Among the areas National City has targeted for enhancement are sales and service, trust products, and 401(k) plan services.