State Street Corp. followed serve Tuesday as custodial banks used the second quarter to bounce back from a year-earlier loss to post a profit.
Armed with stronger fee income and an increase in assets under management, the Boston-based company said its earnings rose to $432 million, or 87 cents per share, from a year-earlier loss of $3.31 billion, or $7.12 a share. The loss in the second quarter of last year was a result of losses from mortgage-backed securities.
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