State Street Earnings: Higher Markets and Volatility Driving Fees, but NII and Expenses Disappoint

State Street’s second-quarter revenue grew 8% to $3.45 billion, driven by fee revenue growth of 11% year over year as net interest income declined 1%. The firm took a $100 million restructuring charge, leading to 11% expense growth. Excluding notable items, expenses were up 6% year over year.