US bank State Street says first quarter profit fell 6.6%

US bank State Street said first-quarter profit fell 6.6% as expenses rose more than twice as fast as revenue.

Net profit on an operating basis decreased to $410m (€311.7m), or 84 cents a share, from $439m, or 88c, a year earlier, the company said.

The company employs more than 2,200 staff in Ireland, and has offices in Dublin, Drogheda, Kilkenny and Naas. State Street in Ireland services more than €420bn in assets. State Street Global Advisers bought Bank of Ireland’s asset management unit for €57m in Jan 2011.