State Street Corp. reported first quarter earnings of $2.002 billion, or $1.02 per common share, down 22.3% from $2.577 billion, or $1.35 per share, in the first quarter of 2008. Total assets under management fell 29% to $1.395 trillion, down from $1.955 trillion, and total assets under custody fell 24% to $11.337 trillion, from $14.9 trillion.

State Street reduced its expenses by 26.5% to $1.304 billion, down from $1.774 billion a year ago. The firm also reduced the mark-to-market losses in its investment portfolio to $5.9 billion, down 6.3% from $6.3 billion in the fourth quarter of 2008.

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