State Street' profit down 28 percent

State Street Corp. announced that its $Q net income was down 28 percent.

The earnings decreased from 309 million dollars to 223 million dollars.

The result includes a charge of $279 million, or 71 cents per share – State Street warned its investors of the charge earlier that month.

State Street Corporation is a financial services company based in Boston, Massachusetts, that provides products and services for portfolios of investment assets. State Street focuses its services on institutional investors and investment management. Its customers include mutual fund, collective investment funds, corporate and public pension funds, companies and not-for-profit organizations.

State Street Corporation has been in business since 1792 and is one of the oldest companies in the United States. The company employs 26,000 staff around the world. The bank claims assets under custody of US$15.1 trillion and assets under management of US$2.0 trillion as of September 30, 2007. 

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