Actionable news
0
All posts from Actionable news
Actionable news in STT: STATE STREET CORPORATION,

State Street to cut jobs as profit falls short

State Street Corp. on Friday said it would slash jobs as choppy markets bite into the trust bank's bottom line.

Third-quarter results, wherein profit was flat and assets fell, reflect the decline in equity valuations globally, particularly in emerging economies, combined with prolonged low interest rates and a strong U.S. dollar, said Chief Executive Joseph Hooley.

Rattled by renewed concerns about the economy's health, markets turned volatile during the third quarter. Earlier this weak, fellow trust bank Bank of New York Mellon similarly pointed to unfavorable market...


More