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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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April 24, 2015
09:52 EDTSTTState Street says legal accrual may not cover all costs
Says low interest rate continuing to negatively impact NIR, NIM. Says continues to experience high levels of deposits. Says has begun charging customers on deposits. Says Q1 ETF outflows were "seasonal." Says legal accrual may not cover all costs. Says stronger U.S. dollar adversely impacted total fee revenue by approximately $83M vs. 1Q14. If interest rates stay static, sees FY15 operating-basis NIR $2.07B-$2.17B; if interest rates rise, sees operating-basis NIR $2.15B-$2.25B. Says remains well capitalized. Says returning capital to shareholders a "top priority." Says leverage ratios "near-term binding constraint." Says NIR headwinds likely to continue. Comments made on the Q1 earnings conference call. State Street is down 1.41% to $77.09 in morning trading.
08:47 EDTSTTState Street says positive operating leverage remains long-term goal
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08:11 EDTSTTState Street still sees FY15 operating-basis total fee revenue growth 4%-7%
Says long-term operating-basis financial goals include: EPS growth of 10%-15%, revenue growth of 8%-12% and ROE of 12%-15%. Says Q1 EPS decreased from 4Q14 primarily driven by the seasonal deferred incentive compensation expense for retirement-eligible employees and payroll taxes. Continues to see 2015 operating-basis NIR to perform as described in February. Says "no change" to target common equity tier 1 ratio of 10%. Says prudently planning capital actions to be compliant with future phases in regulatory requirements. Says outlook "unchanged" from its investor day in February: Sees FY15 operating-basis total fee revenue growth 4%-7% from FY14, sees operating-basis total fee revenue growth to outpace operating-basis expense growth by at least 200bps vs. 2014. Sees NIR headwinds continuing. Sees FY15 operating-basis effective tax rate of 30%-32%. Comments from slides that will be presented on the Q1 earnings conference call.
06:25 EDTSTTState Street reports Q1 operating EPS $1.17, consensus $1.05
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April 23, 2015
15:01 EDTSTTNotable companies reporting before tomorrow's open
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