State Street reports Q3 earnings
October 18, 2019

State Street has just published its results for the third quarter. Ron O'Hanley, President and Chief Executive Officer, says: "We are encouraged by the continued stabilization in servicing fees seen in the third quarter and believe the actions we've taken to date, including the upgrade of our client coverage programme, improved client service results, and strengthened pricing discipline are having an impact.

"Despite an uncertain revenue environment, we saw sequential fee revenue growth in FX trading services in our Global Markets business and strong NII (net interest income). Our strong performance under the 2019 CCAR stress test allowed us to increase our quarterly dividend by 11 percent from 2Q19 and boost our total capital return to shareholders.

"While our pre-tax margin and return on equity fell short of medium-term targets, we remain committed to our 2019 expense programme and the expected realization of $400 million in savings by year end and are laser-focused on improving our financial performance by implementing additional ways to reignite revenue growth and generate additional expense reductions going forward."





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State Street has just published its results for the third quarter. Ron O'Hanley, President and Chief Executive Officer, says: "We are encouraged by the continued stabilization in servicing fees seen in the third quarter and believe the actions we've taken to date, including the upgrade of our client coverage programme, improved client service results, and strengthened pricing discipline are having an impact.

"Despite an uncertain revenue environment, we saw sequential fee revenue growth in FX trading services in our Global Markets business and strong NII (net interest income). Our strong performance under the 2019 CCAR stress test allowed us to increase our quarterly dividend by 11 percent from 2Q19 and boost our total capital return to shareholders.

"While our pre-tax margin and return on equity fell short of medium-term targets, we remain committed to our 2019 expense programme and the expected realization of $400 million in savings by year end and are laser-focused on improving our financial performance by implementing additional ways to reignite revenue growth and generate additional expense reductions going forward."



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