State Street Falls as Much as 9.9% as Fees Come Under Pressure
- CEO says clients are derisking in Europe, emerging markets
- Revenue, profit both fell short of estimates by analysts
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State Street Corp. plunged almost 10 percent after the company said in an earnings conference call that its fees are under pressure as investors cut risk.
The shares were down 8.4 percent, the most in about three months, at 10:52 am in New York trading. The Boston-based bank’s earnings and revenues in the third quarter also fell short of analysts’ estimates.