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.”

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