The scramble to cut costs at State Street continues as the custody bank seeks to make up for declining fees and add revenue-generating businesses.

Net income at the Boston company fell 14.5% year over year to $319 million in the first quarter. Total revenue fell 4.5% to $2.5 billion.

The results included an after-tax charge of $62 million, or 15 cents per share, due to the restructuring plan called State Street Beacon. The job-elimination program is projected to generate at least $100 million in yearly, pre-tax net run-rate cost savings this year.

Assets under custody and administration fell 5.4% to $26.9 trillion, with mutual funds falling 4.9% to $6.7 trillion, pension products declining 9.5% to $5.2 trillion and insurance falling 6.3% to $8 trillion. Assets under management fell 6% to $2.3 trillion.

Fee revenue fell 4.1% to $2 billion on lower servicing and management fees and diminished foreign exchange trading. Net interest revenue fell 6.2% to $512 million.

Total expense fell 2.2% to $2.1 billion on a $43.2 million decline attributed to lower securities-processing costs, deposit insurance premiums and travel expenses.

During the quarter State Street agreed to acquire GE Asset Management to bolster its presence in equity and fixed-income management.

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