NEW YORK (MarketWatch) --
State Street Corp., the Boston banking firm, reported fourth-quarter
net income quadrupled on 13% higher revenue. Net moved
up to $371 million, or 76 cents a share, from $81 million, or 16 cents, in the year-earlier period. The latest period includes charges of 8 cents a share for a revamp of operations and information technology and 15 cents for withdrawal from a fixed-income trading initiative plus severance costs. The year-earlier numbers reflected an investment-portfolio repositioning and restructuring charges. Adjusted earnings for the quarter were 93 cents a share versus 87 cents. Revenue reached $2.32 billion from $2.04 billion. A survey of analysts by FactSet Research produced consensus estimates of 94 cents a share of profit on $2.41 billion of revenue. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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