State Street (NYSE: STT) reported Q3 EPS of $1.87, $0.02 worse than the analyst estimate of $1.89. Revenue for the quarter came in at $2.95 billion versus the consensus estimate of $3.02 billion.

Hooley added, "We continue to digitize our business largely through the Beacon program to drive efficiencies in core operations while investing in differentiating our data and analytic solutions. These cost savings initiatives will continue for some time, enabling us to calibrate our expenses to the revenue environment, while continuing to deliver strong new business results. The acquisition of Charles River Development, which we closed earlier this month, is an example of differentiating our services while investing for the future."

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