State Street Tuesday announced a second-quarter loss of $23 million due to a $196 million restructuring charge it took to cover the voluntary buyout of 3,100 employees, Reuters reports. This amounted to a loss of 7 cents a diluted share. A year ago, State Street earned $178 million, or 54 cents a share. The firms earnings were down 46% in the first quarter.
BlackRock, meanwhile, buoyed by its concentration in fixed income, reported an 11% increase in earnings, or a profit of $38.7 million, for the quarter. This amounted to 59 cents a diluted share. The firm also announced that its assets year to date through June had risen 15% to $286.3 billion.