State Street Corp. (NYSE: STT) reported Q1 EPS of $0.81, which may not compare with the analyst estimate of $1.00. Revenue for the quarter came in at $2.49 billion versus the consensus estimate of $2.53 billion.

First-quarter 2014 results included pre-tax severance costs of $72 million, or $0.11 per share, related to staff reductions to realign our cost base to support our goal of positive operating leverage for the full year while continuing to invest in growth opportunities and meet evolving regulatory requirements. Additionally, compared to the fourth quarter of 2013, first-quarter 2014 pre-tax expenses and EPS included an incremental $146 million, or $0.23 per share (up from $118 million, or $0.18 per share, recorded in the first quarter of 2013), primarily associated with the seasonal deferred incentive compensation expense for retirement-eligible employees and payroll taxes.

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