State Street Falls Most in Four Years as Revenue Hit
- Custody bank announced 600 job cuts in October to cut costs
- Stock is trailing BNY Mellon, Northern Trust in past year
This article is for subscribers only.
State Street Corp. fell the most in more than four years after it reported a decline in fourth-quarter revenue and said this year’s stock market turbulence might further harm the top line.
Revenue decreased 3.3 percent to $2.54 billion during a volatile period in global markets, according to a statement Wednesday from the Boston-based custody bank and asset manager. The bank reported a 17 percent increase in profit as it cut expenses, offsetting the revenue drop.