Sweet Q2 for State Street 28 July 2015Boston Reporter: Stephanie Palmer
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State Street has revealed increases in its securities finance revenue, reaching $155 million in Q2 2015.
The result represents an increase of $54 million, or 53.5 percent, compared to Q1, a jump that was primarily attributed to seasonality. However, it is also an increase of 5.4 percent compared to Q2 2014.
This was attributed to new business from enhanced custody—the bank's principal securities lending service for its custody clients—but was partially offset by lower spreads.
Joseph Hooley, chairman and CEO of State Street, said: "Q2 2015 results reflect the strength of our core business … and also reflect the benefit of seasonal securities finance activity.”
He also pointed out: “Towards the end of the second quarter of 2015 we saw a number of significant market disruptions, including the possibility of Greece exiting the eurozone and elevated equity market volatility in China, all of which drove markets down in June and reduced risk appetite."
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