State Street Corp. (NYSE: STT) said Tuesday that its first-quarter profit surged to $471 million, or 93 cents a share, from $495 million, or 99 cents a share, in the year-earlier quarter. Revenue increased 3% to $2.36 billion from $2.30 billion. Analysts, on average, expected the company to report earnings of 86 cents per share on revenue of $2.29 billion.
Joseph L. Hooley, State Street's chairman and chief executive officer, said, "In the first quarter the performance of our core asset servicing and asset management businesses continued to be strong. In addition, we achieved positive operating leverage in the first quarter of 2011 on an operating basis, compared to the first quarter of 2010.
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