In announcing third-quarter 2013 financial results, Joseph L. Hooley, State Street’s chairman, president and chief executive officer, said, “Our results reflect the strength of our core business with operating-basis fee revenue up 9% from the third quarter of 2012, in a period impacted by the cyclical declines in market-driven revenue from a summer slowdown as well as the effect of the low interest-rate environment.
Demand for our products, services, and solutions remains strong as evidenced by $200 billion of new asset servicing wins during the quarter.
Compared to the third quarter of 2012, we achieved positive operating leverage, through our continued focus on controlling expenses across the organization and through the execution of our Business Operations and Information Technology Transformation program.”
Hooley continued, “We also continue to emphasize returning capital to shareholders. During the quarter, we purchased approximately $560 million of our common stock and have approximately $1.0 billion remaining under our March 2013 common stock purchase program authorizing the purchase of up to $2.1 billion of our common stock through March 31, 2014.”