Page 3 - Eric Aboaf News Today

Profits for JPMorgan and Wells surged while falling at Citigroup, revealing a divide in how the banking world is faring.

As traditional revenue lines declined at the custodian as a result of market forces, front-office software sales made big gains in its quarterly results.

The Boston-based custody bank reported a 9% decline in fee income from a year earlier and a shift away from non-interest-bearing deposits that cost it millions in net interest income. As a result, earnings per share fell 12 cents short of analysts' expectations.

After seeing deposit increase over the second half of March, CFO Dermot McDonogh restated the New York custody giant's guidance for a 20% year-over-year jump in spread income, hinting the company might actually overshoot its target.

Shares of State Street are on track for their worst day since March 2020 after the asset manager reported first quarter earnings.

Operator: Good morning and welcome to State Street Corporations Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast.

Boston-based custody giant State Street benefitted from rising interest rates, which helped offset choppy financial markets and a decline in fee income.

CEO said he remains confident in the organic growth potential of the firm.

The Boston company said Tuesday that its $3.5 billion acquisition of Brown Brothers Harriman's investor service business is facing pushback from regulators. The deal's completion is now in doubt even though State Street has come up with a number of modifications, including lowering the purchase price.

State Street Corporation announced today that its Vice Chairman & Chief Financial Officer, Eric Aboaf, will participate in the BancAnalysts Association of Boston Conference in Boston on... | October 3, 2022