State Street Sees To Record Net Charge, After Taxes, Of $279 Mln, Or $0.71 Per Share In Q4 - Quick Facts

(RTTNews) - State Street Corp. (STT | charts | news | PowerRating) announced that it would record a net charge, after taxes, of $279 million, or $0.71 per share in the fourth quarter of 2007. The company said that the purpose of the charge is to establish a reserve to address legal exposure and other costs relating to active fixed-income strategies exposed to sub-prime mortgage markets.

State Street also announced that James Phalen has been appointed as interim president and chief executive officer of State Street Global Advisors. Phalen succeeds William Hunt who resigned from State Street.

The company expects earnings per share for 2007 to be between $3.42 and $3.45, on a GAAP basis. On an operating basis, excluding items, 2007 earnings per share is expected to be between $4.54 and $4.57.

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