You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Mass. Movers

State Street surges after cost-cutting move

Joseph L. “Jay” Hooley is CEO of Boston-based State Street.

Globe file photo/2010

Joseph L. “Jay” Hooley is CEO of Boston-based State Street.

Continue reading below

State Street Corp.’s stock surged on Tuesday as Wall Street got behind the custody bank’s move to cut staff and expenses. The share gains were helped when JPMorgan analyst Vivek Juneja upgraded the stock to “neutral” from “underweight” and raised his price target to $50.50. On Friday, State Street said it plans to cut 630 jobs, or 2 percent of its workforce, and posted profit that beat expectations. Net income for the fourth quarter rose 26 percent to $468 million, or $1 per share.

Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.