In Short

A round-up of today's other stories in brief

State Street reports 84% fall in net income

US bank State Street, which employs more than 2,000 people in Ireland, reported an 84 per cent fall in net income for the fourth quarter, blaming costs of job cuts and the sale of securities to bolster capital. Net income dropped to $81 million, or 16 cents a share, from $498 million, or $1, a year earlier, the Boston-based company said. Chief executive Joseph Hooley is cutting 1,400 jobs, 5per cent of the workforce, to cut costs as low interest rates eroded profit. State Street runs one of Ireland’s largest fund administration and custody businesses.– (Bloomberg)

IBM figures push shares to new peak

Shares in IBM climbed to their third record in as many days as analysts raised their price estimates for the stock on increasing spending by companies. The shares rose after IBM posted sales and profit that topped estimates after markets closed on Tuesday. The largest computer-services provider, which has its 100th anniversary this year, is benefiting as corporations resume spending, said Chris Whitmore, a Deutsche Bank AG analyst, who predicts companies’ IT budgets will grow by 6 per cent this year.

Fourth-quarter sales climbed 6.6 per cent to $29 billion, with hardware revenue rising more than 20 per cent. – (Bloomberg)