NEW YORK (
State Street Corp.
topped analysts expectations by a penny, but
a profit decline in the fourth quarter due to a "repositioning" of its portfolio.
The bank reported net income at $83 million, or 16 cents a share for the fourth quarter of 2010. Those results decreased from $498 million, or $1 a share in the same quarter in 2009. The
or loss of 67 cents per share decrease in fourth quarter earnings were due to a repositioning of the investment portfolio and a restructuring charge, which included 1,400 in layoffs and real estate consolidation.
Revenue for 2010 was $8.953 billion, an increase of 4 percent from $8.6 billion in 2009.
Operating-basis earnings per share in the fourth quarter of 2010 was 87 cents, for a total of 2.281 billion, compared to 71 cents in the fourth quarter of 2009. Analysts polled by
had called for a consensus of 85 cents a share on $2.19 billion revenue.
"During the quarter, we took significant actions that we expect to positively impact State Street's results in the coming years. First, we announced a multi-year plan to transform our operating model, including a comprehensive technology program, designed to increase efficiencies and position the company for accelerated growth," said State Street CEO Joseph Hooley.
--Written by Maria Woehr in New York.
To contact the writer of this article, click here:
To follow the writer on Twitter, go to
To submit a news tip, send an email to: