State Street Corp.’s (STT) fourth-quarter earnings rose 23% as higher servicing fees helped to offset lower trading-services and securities finance revenue.
State Street is one of the country’s largest trust banks, acting as a custodian for investment firms’ securities and handling other back-office duties. As with many financial firms, the company’s top and bottom lines have been pressured by historically low interest rates and declining trading volumes
Servicing fees lift State Street earnings
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