State Street tries cutting bonuses |

Last month State Street, the world’s biggest institutional money manager, raised fresh fears about the US financial sector after reporting a 71 per cent drop in quarterly net profits. Its share price fell by more than half in a day.

In December the bank announced that it would cut 1,700 jobs, or 6 per cent of its workforce. It took fourth-quarter charges from the cuts and from shoring up its stable value funds totalling more than $450m.

On Thursday the Boston-based bank revised its 2008 earnings up to $4.30 a share from $3.89 a share. However it projects 2009 operating revenue to decline by 8 to 12 per cent from the year before and operating profits to fall by 12 to 16 per cent.

In recent months, State Street has been the subject of takeover speculation on Wall Street. The list of acquirers thought to be interested in its attractive deposit base includes Goldman Sachs, US Bancorp and Bank of New York.

Shares of State Street rose 1.70 per cent to $24.54 in early trading on Thursday.

via / Companies / Banks – State Street slashes dividend and bonuses.


About zyakaira

Investment Banker, 40s, Bangalore This Biopic and this web recreates how one point of view, one person can impact a tremendous economic engine that the world thrives and mis-thrives on. This one has the knowledge and the civil sense , the art of conversation and some good writing to mentor others as powerful and help global managers develop and fine tune their approach on US markets, China, India and the world. Read on here, and let me know what you need. It can be a race for TRPs, a race for new markets and a race to do what is right. I have the pulse of the crisis, the recovery and the market direction and can help you build and refine your strategy as i have helped thousands of managers and multiple global corporations. Of course, it’s more fun if you talk to me. I am in favor of leading this moving of the economic crisis and will partner with you in a soft and subtle way, just the way we both ride to the top. But you can write with us, opine and just reply with aplomb and shine on Twitter , 4 square , Facebook and any other social “choupal” of choice via zyaadakairaada Profile & Portfolio - SocialPicks Different flavours at:

Posted on February 6, 2009, in Bank Stocks, Financial Markets, Meltdown, TARP, US and tagged , , , , , , , , . Bookmark the permalink. Leave a comment.

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: