State Street Corp. (STT) Friday announced a plan to cut up to 600 jobs, with net worldwide reduction expectation of 200 positions. The company recorded a pre-tax severance cost of $75 million or $47 million after tax in the third quarter. The company reported a slight increase in third quarter earnings as revenues edged up.
State Street CEO Joseph Hooley said the quarterly results reflect a decline in equity valuations, low interest rates and currency impacts.
For the third quarter, the company reported net income available to shareholders of $543 million, up from $542 million a year ago. On a per share basis, earnings increased to $1.32 from $1.26 last year. On an adjusted basis, earnings were $480 million or $1.16 per share.
On average, 18 analysts polled by Thomson Reuters expected the company to earn $1.23 per share. Analysts' figures usually exclude special items.
Revenue for the quarter climbed to $2.11 billion from $2.01 billion a year ago. Wall Street expected $2.67 billion.
STT is currently trading down $1.16 or 1.68 percentage on a volume of 808 thousand shares.
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