State Street, the world’s biggest institutional money manager, on Thursday said it would slash its dividend, cut bonuses for its top 5 executives and halve them for others in efforts to raise capital. The Boston-based custody bank will reduce its quarterly shareholder dividend to 1 cent a share from 24 cents. It also lowered its forecast for 2009. Last month State Street reported a 71% annual drop in quarterly net profits. On Thursday it revised 2008 earnings up to $4.30 a share from $3.89, but projected an annual fall of 8-12% in 2009 operating revenue and a drop in operating profit of 12-16%.

This entry was posted by Gwen Robinson on Friday, February 6th, 2009 at 5:27 and is filed under Capital markets. Tagged with state street. Edit this entry.