In the second quarter, State Street expects to recognize a pretax charge in the range of $23 million to $25 million as it trims its real estate portfolio and expects to sublease space in its headquarters building in Boston's financial district.
The company, the financial industry's biggest recordkeeper, said first-quarter net income jumped to $226 million, or 67 cents a share. It now has $1.4 trillion in assets under management, making it the world's biggest institutional money manager.
State Street Chairman and CEO Ron Logue, who came on board last summer, has undertaken cost-cutting measures to improve the company's bottom line. "We continue to see significant increases in fee revenue, both on a year-over-year and on a consecutive quarter basis," Logue said.
"They are gaining traction on their new wins, but pulling in new customers and selling them more products," said Gerard Cassidy, an analyst with