Asset management specialist State Street has reported higher than expected third quarter profit after it recouped $362m from claims related to the 2008 bankruptcy of investment bank Lehman Brothers.
State Street's revenue fell from $2.43 billion to $2.35 billion compared to the second quarter.
Third quarter foreign exchange revenue dropped 44% to $115m.
State Street, which is fighting several lawsuits that claim it overcharged on currency trades, blamed lower volatility for the decline in revenue.
Fees from managing investments, meanwhile, were a bright spot, surging 10% to $251m amid a rise on global stock markets.
Net interest revenue - largely the difference between what the bank pays on deposits and earns on loans and investments - rose 7% to $619m from a year ago.
Pay and benefit costs, which have been criticized by large shareholders, declined 5% in the quarter to $916m.
Boston-based State Street's net income rose to $654m after a $362m benefit related to the 2008 bankruptcy filing by Lehman Brothers.
State Street's operations include keeping track of mutual fund prices, lending stocks, trading foreign currencies and gathering deposits from the world's largest institutional investors.
State Street employs more than 2,000 people in Ireland and is one of the biggest firms at the International Financial Services Centre in Dublin.
