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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."
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September 15, 2014
18:23 EDTSTTState Street releases results of its mid-cycle stress test
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September 9, 2014
09:29 EDTSTTState Street says long-term goals include EPS growth of 10%-15%
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08:45 EDTSTTState Street sees 3%-5% operating basis revenue growth for FY14 vs. FY13
Says outlook for 2014 is "positive." Sees 3%-5% operating basis revenue growth for FY14 vs. FY13. Expects to continue return of capital through dividends, repurchases. Says on track to deliver approximately $130M of incremental pre-tax expense savings in 2014 from Business Operations and Information Technology Transformation program. Says to achieve goal of annual operating leverage in 2014, will likely require improvement in market-driven revenue in 2H14. Says continuing to invest in growth initiatives. Comments from slides that will be presented at the Barclays Global Financial Services Conference.

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