State Street tops, will cut jobs

Investor's Business Daily

The No. 2 stand-alone custody bank said Q4 EPS rose 19% to $1.11, 11 cents over views. Revenue climbed 6% to $2.45 bil. State Street's (STT) results were hampered by its clients' risk-aversion in the face of the "fiscal cliff" of tax hikes and spending cuts that was to happen at the start of the year. The bank, which has an IBD Composite Rating of 67, an EPS Rating of 45 and a Relative Strength Rating of 78, plans to cut costs by eliminating 630 jobs worldwide. Shares rose 5.9% to 53.36.

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