As the largest financial companies scratch and claw to handle business for the world's largest corporations, banking companies like State Street Corp. in Boston and Northern Trust Corp. in Chicago are focusing on custody work for companies with less than $500 million of revenue.
State Street services $160 billion of assets for middle-market corporations, an increase of 190% in the last four years, said Joseph Antonellis, executive vice president for State Street's institutional investor service. Mr. Antonellis said State Street can provide a service that regional banks cannot. "We can provide them with all the services that we give to our largest clients," Mr. Antonellis said. State Street's menu includes master trust services, Taft-Hartley work, global custody, performance accounting, and foreign trading and cash management, Mr. Antonellis said.