Profits jump at State Street to €358m

STATE Street Corp, the third- largest custody bank, said profit climbed to $454 million (€358m), or 93 cents a share, from $435m, or 87 cents, a year earlier.

The Boston-based company employs more than 2,200 staff and has offices in Dublin, Drogheda, Kilkenny and Naas.

Custody banks, hit by record- low interest rates that reduce the return on investments and lending, have worked to buoy profits by cutting expenses. State Street and its largest rival, New York-based Bank of New York Mellon Corp, have made or planned a combined 3,750 job cuts in the past 13 months as each company aimed to reduce costs by more than $575m annually by 2015.