Thursday, January 3, 2008

State Street outlook overshadows charge (Reuters)



James Phalen in an undated photo. State Street said on Thursday it would take a $279 million fourth-quarter charge after making bad bets on subprime mortgages and other debt, and said it replaced its investment management chief, William Hunt, with Phalan. (State Street Corp/Handout/Reuters)Reuters - State Street Corp said on
Thursday that it expected to report strong quarterly operating
earnings, which overshadowed news of a $279 million charge for
subprime mortgage-related bets and sent the company's shares up
more than 7 percent.




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