State Street Announces Job Cuts After Poor ETF Growth, Swelling Expenses Hurt Q3 Results

State Street tried to make up for the poor operating performance by detailing plans to reduce its headcount by 600 by the end of 2016 ? a move that is expected to reduce annual recurring costs by roughly $50 million. This announcement did not appease most investors, though, as the bank?s shares dropped by around 3% over trading on Friday, October 23. While State Street?s decision to work on cutting costs should add value in the long run, we believe that the bank?s declining strength in the asset...