State Street sees drop in securities finance revenues
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State Street sees drop in securities finance revenues 22 July 2019London Reporter: Jenna Lomax
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State Street has recorded a drop of 18.2 percent in its securities finance revenue in its Q2 figures for this year, compared to the same period last year.
Securities finance revenue now stands at $168 million, while total revenues were down 5.6 percent to $2.2 billion.
In addition, asset servicing revenue was down 9.3 percent in revenue, while a three percent drop was also reported in the bank鈥檚 assets under custody Q2 figures.
State Street explained that the drop was driven by a decrease in the value of assets from its pension fund and insurance company clients.
Total assets under custody and administration stood at $32.7 trillion, down 3.3 percent, compared with Q2 2018.
The bank claimed challenging industry conditions such as fee pressure and lower client activity as the main causes of the results.
Ron O'Hanley, president and CEO: "State Street is acting with urgency to adjust to a challenging external environment. We remain laser focused on steps we can immediately take both to improve financial performance and strengthen client service, including enhanced productivity, process re-engineering and greater resource discipline.鈥�
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