State Street net up 9.1% on servicing fees revenue

The trust bank is undergoing a multiyear effort to streamline technology and reduce costs

State Street 's first quarter profit rose 9.1% as the bank cut costs and saw its servicing fees revenue improve.

State Street is one of the country's largest trust banks, acting as a custodian for investment firms' securities and handling other back office duties. As with many financial firms, the company's results have been pressured by historically low interest rates.

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