State Street has posted a net income available to common shareholders of $319m for the first quarter of 2016, down 14.5% compared to $373m in the corresponding quarter of 2015.
Revenue for the first quarter ended 31 March 2016 declined to $2.48bn from $2.6bn in the year ago quarter.
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Net interest revenue stood at $512m, a decline of 6.2% from $546m in the first quarter of 2015. Expenses declined 2.2% to $2.05bn from $2.09bn a year ago.
The firm’s return on average common shareholders’ equity (ROE) decreased to 6.8% from7.9% a year earlier.
State Street’s assets under management declined 6% to $2.29 trillion from $2.44 trillion the same period last year. Assets under custody and administration declined 5.4% to $26.94 trillion.
State Street chairman and CEO Joseph Hooley said: "Our first quarter 2016 fee revenues reflect the challenging market environment experienced at the beginning of the year. However, I am encouraged by the signs of stability in March and the strength of our pipeline across the firm.
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By GlobalData"The first quarter included new asset servicing wins of $264 billion, with approximately $400 billion of servicing commitments remaining at quarter-end to be installed from current and prior periods. In addition, we had $13 billion in positive net flows in our asset management business.
"We also made progress on our strategy to invest in higher growth and return businesses. Our recent agreement to acquire GE Asset Management will extend our core investment management capabilities, including in the high growth outsourced CIO market."
