| Abstrakt: |
State Street Corporation today announced full-year and fourth-quarter 2010 earnings per common share of $3.09 and $0.16, compared to $3.46 and $1.00 for the full year and the fourth quarter of 2009, respectively. Fourth-quarter earnings per share include the impact of certain actions taken to accelerate growth and to provide greater capital flexibility. These actions resulted in a loss of $0.67 per share resulting from a repositioning of the investment portfolio and a restructuring charge associated with a reduction in force and real estate consolidation of $0.21 per share. The full-year 2009 results are presented, and comparisons are made, before an extraordinary after-tax loss of $7.77 per share associated with the consolidation of the Company’s asset-backed commercial paper conduits onto its balance sheet. Revenue in 2010 was $8.953 billion, an increase of 4% from $8.640 billion in 2009 and was $2.043 billion in the fourth quarter of 2010, down 10% from $2.280 billion in the fourth quarter of 2009. Expenses of $6.842 billion in 2010 increased 15% from $5.966 billion in 2009, primarily due to a $414 million pre-tax securities finance charge recorded in the second quarter of 2010 and the fourth-quarter restructuring charge of $156 million, as well as merger and integrationcosts of $89 million, primarily associated with the acquisitions of Intesa Sanpaolo’s Securities Servicing business (“Intesa”) and Mourant International Finance Administration (“Mourant”). In the fourth quarter of 2010, expenses were $1.792 billion, including the above restructuring charge and merger and integration costs of $12 million primarily associated with the acquisitions, compared to $1.565 billion in the fourth quarter of 2009. Return on shareholders’ equity was 9.5% in 2010, down from 13.2% in 2009 and was 1.8% in the fourth quarter of 2010 compared to 14.0% in the fourth quarter of 2009. [ABSTRACT FROM PUBLISHER] |
