State Street 4th-period net jumps, revenue up 13%
NEW YORK (MarketWatch) — State Street Corp., the Boston banking firm, reported fourth-quarter net income quadrupled on 13% higher revenue. Net moved up to 1 million, or 76 cents a share, from million, or 16 cents, in the year-earlier period. The latest period includes charges of 8 cents a share for a revamp of operations and information technology and 15 cents for withdrawal from a fixed-income trading initiative plus severance costs. The year-earlier numbers reflected an investment-portfolio repositioning and restructuring charges. Adjusted earnings for the quarter were 93 cents a share versus 87 cents. Revenue reached .32 billion from .04 billion. A survey of analysts by FactSet Research produced consensus estimates of 94 cents a share of profit on .41 billion of revenue.
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