Cost-cutting helps State Street’s profits rise 11%
The company employs more than 2,200 staff in Dublin, Drogheda, Kilkenny and Naas. The bank’s net income on an operating basis increased to $476 million, or 96c a share, from $427m (€307.2m), or 86c a share, a year earlier, the company said.
Peltz, founder and chief executive of Trian Fund Management in New York, called on State Street in an October 16 letter to make a clearer commitment to cost cutting, to put shareholder returns ahead of acquisitions and to consider selling its money-management unit.
