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State Street’s stock fell after the asset management company reported quarterly earnings of $2.17 per share, falling short of Wall Street forecasts of $2.35 per share. Shares of State Street were down 3.5% around 12:20 p.m. Eastern on Tuesday, while the S&P 500 was essentially flat.
The asset manager’s earnings were up 1% year over year. Revenue came in at $3.4 billion for the quarter, slightly higher than the $3.35 billion that Wall Street had anticipated.
Expenses of $2.5 billion were up 11% year over year due in part to a $100 million charge the company took related to workforce restructuring, the Boston-based company said.
