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Stock Market & Financial Investment News

News Breaks
January 18, 2013
07:46 EDTSTTState Street to cut 630 jobs worldwide
The company recorded a pre-tax acquisition and restructuring costs of $139M, primarily related to severance and benefits costs for targeted staff reductions expected to be substantially completed during 2013. This additional expense control measure was taken to better align the company's expenses to its business outlook for 2013 and will involve the reduction of approximately 630 positions worldwide. Joseph L. Hooley, State Street's chairman, president and CEO, said, "We remain focused on executing our Business Operations and Information Technology Transformation program. Additionally, to capture further efficiencies and cost savings, we announced a separate reduction in force to align our expenses with our business outlook for 2013."
News For STT From The Last 14 Days
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October 30, 2014
14:33 EDTSTTState Street loses PIMCO futures-clearing business, WSJ reports
At about the time PIMCO, a unit of Allianz (AZSEY), was dealing with the departure of Bill Gross, a unit of State Street (STT) asked the fund management company to reduce some positions, in response to which PIMCO pulled all its futures-clearing business from the company, according to The Wall Street Journal, citing people familiar with the matter. The report said it was not clear from its sources if State Streetís request was prompted by the exit of Gross. Shares of State Street, which had been slightly higher prior to the first headlines from the Journal's story, are down about 0.3% to $73.58 in afternoon trading. Reference Link
14:11 EDTSTTState Street loses PIMCO futures-clearing business, DJ reports
State Street had asked PIMCO to reduce its risk exposures, in response to which PIMCO removed all its futures-clearing business from a State Street unit, reported Dow Jones, citing sources.
07:18 EDTSTTFinancial Research Associates to hold a conference
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October 24, 2014
09:54 EDTSTTState Street says Q4 revenue could be impacted by market conditions
Expects to build on new business momentum for remainder of year. Sees FY14 effective tax rate 30%-31%, Q4 tax rate 32%. Sees FY operating basis net interest revenue near high end of $2.25B-$2.28B range previously communicated. Says capital position "strong." Says repurchase program, dividends the best way to return value to shareholders. Says revenue could be impacted by overall market conditions. Sees Q4 net interest revenue down vs. Q3. Sees Q4 expenses higher due to upward pressure on regulatory related costs. Comments made on the Q3 earnings conference call.
07:39 EDTSTTState Street says sees positive operating leverage for FY14
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07:07 EDTSTTState Street reports Q3 operating EPS $1.35, consensus $1.21
Reports Q3 revenue $2.58B, consensus $2.61B. Provision for loan losses of $2 million was flat with the second quarter of 2014 and increased $2 million from the third quarter of 2013. Return on average common shareholders' equity of 10.6% decreased from 11.9% in the second quarter of 2014 and from 10.8% in the third quarter of 2013. Tier 1 common ratio as of September 30, 2014, calculated under the advanced approaches in conformity with the Basel III final rule, was 12.7%. Estimated pro forma Basel III tier 1 common ratio as of September 30, 2014, calculated under the standardized approach in conformity with the Basel III final rule, was 10.9%.
October 23, 2014
15:39 EDTSTTNotable companies reporting before tomorrow's open
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10:01 EDTSTTCapital Link to hold a forum
Capital Link Dissect ETFs Forum is being held in New York on October 23.

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