State Street Shares Sink After Net Interest Income Drops
State Street Financial Center in Boston, Massachusetts.
Photographer: Vanessa Leroy/BloombergThis article is for subscribers only.
State Street Corp. shares dropped as much as 11% after the bank reported net interest income and revenue that was weaker than analysts’ estimates.
Net interest income clocked in at $691 million, missing the roughly $700 million average estimate of analysts surveyed by Bloomberg. Lower average non-interest bearing deposits dragged NII down from the previous quarter.