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State Street Corporation: Business
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BOSTON, Dec 13, 2007 (BUSINESS WIRE) -- State Street Corporation today announced that increased its quarterly dividend by $0.01 per share, to $0.23 per share, payable on January 15, 2008, to stockholders of record as of January 2, 2008. Following today's action, the quarterly dividend rate is 10 percent higher than a year ago.
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State Street has deep roots in the commercial history of Boston, going back to the days when the city was a bustling shipping port and main business artery for the new republic. In the closing years of the 18th century, a group of prominent Bostonians gathered together to establish a new bank, which would be the third bank in Boston. John Hancock, Massachusetts' first governor, signed the bank's charter on June 25, 1792. The bank, named the Union Bank, was located at the corner of State and Exchange Streets and had as its first president Massachusetts Lieutenant Governor Moses Gill.
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On an operating basis, State Street's 2004 second-quarter results included $0.02 earnings per share, after finance charges, on revenues of $158 million and expenses of $131 million, which includes "out-of-scope" GSS business. For the six months ended June 30, 2004 earnings per diluted share totaled $0.04. Based on current estimates, State Street believes that the total GSS business will contribute between $0.06 to $0.08 in earnings per diluted share for 2004.
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State Street has gained recognition as a gathering place for tens of thousands of party-goers from several states on Halloween. In recent years, the celebrations have become a point of contention in local government, and have seen crowds of approximately 100,000, many dressed in costume.[2][3] The Halloween celebration, which lasts all weekend, has often culminated in rioting, contributing to the "wild" reputation of the University of Wisconsin–Madison. The cost of additional police force, the potential of damage to local businesses, and the protection of the city's reputation have prompted the concern of Madison leaders, some of whom have suggested cancelling the event altogether. The university has ... taken steps to curtail Halloween mayhem, including restrictions on guests at University residence halls during the weekend.
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State Street Financial Center is being developed with the successful participation of minority partners, numerous community groups and agencies, and businesses and individuals in the neighborhood. It has achieved numerous public benefits, including the creation of jobs and property revitalization.
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In addition to serving clients and business partners, the network ... supports many different business units within State Street-all of which facilitate portions of time-sensitive trade settlements. Ensuring timely settlement depends on network availability. Unfortunately, the existing network infrastructure suffered from frequent performance problems that affected availability. When Gordon Bither assumed responsibility as StateStreet's senior vice president ofintegrated network solutions in 2003, he faced a tremendous challenge.
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