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鈥檚 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鈥橦anley said: 鈥淥ur performance this quarter reflects the continued challenging conditions in the industry as well as lower client activity.鈥�
鈥淲e 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.鈥�
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