State Street decreased after the Asset Management Company recorded a quarterly profit of $ 2.17 per share, and it retracted Wall Street’s expectations of $ 2.35 per share. The State Street shares fell by 3.5 % around 12:20 pm on Tuesday, while the S&P 500 was mainly flat.
The profits of the asset manager increased by 1 % on an annual basis. Revenue amounted to $ 3.4 billion a quarter, which is slightly higher than $ 3.35 billion that Wall Street expects.
The Boston -based company said that the expenses of $ 2.5 billion increased by 11 % year on an annual basis to a part of a cost of $ 100 million regarding the restructuring of the workforce.
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