State Street suffers largest loss from securities sale since 2010
$294 million hit drives net income down 45% to six-year low
State Street recorded a $294 million loss on the sale of some of its investment securities in the third quarter, the largest such occurrence since 2010.
The hit drove the bank’s quarterly net income down to $422 million, a low not seen since 2017.
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The sale was connected to a repositioning of State Street’s portfolio, which partially offset Q3’s net interest income (NII) decline and would benefit it in the future, chief financial officer Eric Walter Aboaf told analysts. NII at end
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