NEW YORK ( TheStreet) -- State Street Corp. ( STT) topped analysts expectations by a penny, but reported 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 84 percent 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 Thompson Reuters 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.

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