State Street reports securities finance revenue drop
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State Street reports securities finance revenue drop 24 April 2019Boston Reporter: Rebecca Delaney
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State Street has published its figures for Q1 2019, which reports a 16 percent decrease in securities finance revenue compared to Q1 2018.
The revenue figure of $118 million also marks a 1.7 percent decrease from Q4 2018, which saw securities finance revenue of $120 million.
State Street attributed the decline to its balance sheet repositioning and client de-leveraging throughout Q3 and Q4 2018.
Securities finance revenue continued State Street’s trend of total revenue, which, at $2.9 billion, saw a decrease of 4 percent compared to Q1 2018.
Commenting on the figures, State Street president and CEO Ronald O’Hanley said: “Our performance this quarter reflects the continued challenging conditions in the industry as well as lower client activity.”
“We have seen these conditions before and know that focusing on what we can control, including better productivity, process re-engineering and greater resource discipline, while also strengthening client relationships, will drive growth.”
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