Despite beating analyst expectations by a cent, State Street reported Thursday that profits declined in the fourth quarter.

"During the quarter, we took significant actions that we expect to positively impact State Street's results in the coming years,” Joseph Hurley, State Street’s chief executive officer, said in a statement. “First, we announced a multi-year plan to transform our operating model, including a comprehensive technology program, designed to increase efficiencies and position the company for ccelerated growth.”

The Boston-based company said the decline was caused by “repositioning” in its portfolio.

State Street bank reported net income at $83 million, or 16 cents a share in the quarter, down from $498 million, or $1 a share a year earlier. The 84% decline was caused by a repositioning of the investment portfolio and a restructuring charge, which included 1,400 in layoffs and real estate consolidation.

Revenue for all of last year increased 4% to $8.953 billion.