State Street sees sec finance revenue fall in Q3 23 October 2015Massachusetts Reporter: Drew Nicol
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State Street’s securities finance revenue fell 27.1 percent in Q3, although it did beat the previous year’s results.
Revenue fell by $42 million to $113 million in total, representing a 27.1 percent drop-off on its Q2 figures.
The bank blamed the results on “second quarter seasonality”.
State Street’s latest results also showed a 14.1 percent increase on Q3 2014’s figures, “due to new business from enhanced custody, our principal securities lending service for custody clients”, according to State Street.
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