State Street Shares Decline on Gloomy Outlook for Fee Income
Ronald O'Hanley
Photographer: Dania Maxwell/BloombergThis article is for subscribers only.
State Street Corp. shares fell 4.4 percent after the company reported a drop in fee income and warned that conditions remain challenging.
Fees, which represent the bulk of revenue, slid 6.4 percent to $2.26 billion. The decline contributed to a 23 percent plunge in profit for the period, the company said Tuesday in a statement.