Higher costs associated with its GE Asset Management acquisition, legal reserves and job cuts combined to reduce State Street's third-quarter profit.

The $256 billion-asset Boston company's net income fell 6% to $507 million from a year ago. Earnings per share fell 1.5% to $1.29. Total revenue rose 0.2% to $2.6 billion.

The third-quarter results included several one-time items: a $5 million charge to cover the costs of job cuts and other expense savings, which reduced earnings per share by a penny; the July acquisition of GE Asset Management, which generated an additional $65 million of revenue and $86 million of expenses; and a $42 million pre-tax charge to establish a legal reserve related to a U.S. investigation of State Street's transition management business in the United Kingdom.

Assets under custody and administration rose 7% to $29.2 trillion. Assets under management rose 11% to $2.4 trillion. State Street won new asset-servicing business in the quarter totaling $212 billion.

Noninterest revenue fell 1.1% to $2.08 billion. Servicing fees rose 1.1% to $1.3 billion. Foreign exchange revenue fell 10% to $159 million on lower volatility and client-related volumes.

Net interest revenue rose 5% to $537 million on higher discount accretion related to State Street's former conduit securities.

Noninterest expense rose 1.1% to $1.98 billion from costs tied to the GE Asset Management acquisition and higher technology costs.

State Street increased the estimate of yearly cost savings from its State Street Beacon program to $165 million from its previous estimate of $140 million.

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