State Street plans to cut 630 jobs worldwide

Published on NewsOK Modified: January 18, 2013 at 10:46 am •  Published: January 18, 2013

The company's shares gained 32 cents to $50.70 before the market open.

State Street reported an increase in servicing fees and investment management fees during the quarter. Trading services revenue, which includes foreign-exchange trading revenue and brokerage and other fees, fell mostly because of foreign-exchange trading softness.

Assets under management, the value of the assets State Street invests for its customers, improved to $2.09 trillion at the end of the quarter from $1.85 trillion a year earlier.

The Boston company's full-year net income rose 7 percent to $2.02 billion, or $4.20 per share, from $1.88 billion, or $3.79 per share, in the prior year. Annual revenue climbed slightly to $9.65 billion from $9.59 billion.

State Street shares rose $3.07, or 6.1 percent, to $53.45 in midday trading after rising as high as $54.17 earlier in the session. FactSet says that was its highest level since August 2009.

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