State Street Misses Estimates
State Street (STT) missed Wall Street's fourth-quarter and full-year profit expectations, after taking a previously announced $279 million charge to cover potential legal costs related to mortgage bets.
The Boston-based institutional investment giant reported net earnings of $233 million, or 57 cents a share, down from $309 million, or 91 cents a share, in the year-ago period. Fourth-quarter revenue increased to $2.48 billion, from $1.62 billion a year ago.
For the full-year, State Street made a profit of $1.26 billion, or $3.45 a share, vs. $1.10 billion, or $3.26 a share in 2006. Revenue grew to $8.34 billion, from $6.11 billion in 2006. Revenue results were aided by State Street's July acquisition of Investors Financial Services.
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