State Street Shares Fall as Results Miss Analysts’ Expectations

State Street Corp. shares fell as much as 5% after second-quarter results showed the company failed to cut expenses as much as analysts had predicted and posted a drop in net interest income.

Compensation and workforce restructuring costs contributed to expenses for the period of $2.53 billion, compared with the $2.38 billion analysts had predicted. While some of the company’s rivals reported gains for net interest income, State Street’s figure was down 0.8% from a year earlier.