State Street unhurt by exchange inquiries
Convenience keeps clients returning
State Street Corp. and Bank of New York Mellon Corp. have both come under fire for overcharging clients on foreign-exchange trading, but the bad headlines haven’t hurt business. At Boston’s State Street, foreign-exchange revenues shot up 91 percent in the third quarter, compared with the same period in 2010, reaching $204 million. The business of trading far-flung currencies when clients buy and sell foreign stocks was better than any time since 2008.
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