Jan. 16 at 3:38 PM
📉💥
$STT slips ~3.5% even after a “beat” — classic good numbers, bad story setup.
✅ Q4 looked solid on paper: EPS
$2.97 >
$2.84, rev
$3.67B >
$3.62B
📈 Fee revenue hit records (servicing +8%, management +15%, FX +13%)
🏦 AUC/A hits
$53.8T, AUM
$5.7T… monster scale.
But… 👇
💸 The quarter came with
$226M in “repositioning” charges (jobs + real estate cuts)
🔥 AND management guided 2026 expenses up 3–4% (Street wanted ~1.6%)
So investors basically said: “Cool beat… but why are costs still climbing?” 😬
$STT still up big over the last year, but today is all about margin anxiety.
Cost control = the next catalyst. 👀📊