State Street Corporation (NYSE: STT) shares fell more than 4% intra-day on Friday after the company reported fourth-quarter results that exceeded expectations but included sizable repositioning charges.

The financial services firm reported adjusted earnings per share of $2.97, topping analyst estimates of $2.78. Revenue rose 7% year over year to $3.67 billion, exceeding the consensus forecast of $3.59 billion.

Investor sentiment was weighed down by $226 million in net repositioning charges recorded during the quarter. These included $111 million related to workforce rationalization and $69 million tied to real estate footprint optimization.

Total fee revenue increased 8% year over year to $2.86 billion, supported by an 8% rise in servicing fees, a 15% increase in management fees, and a 13% gain in foreign exchange trading services. Net interest income climbed 7% to $802 million.

Assets under custody and/or administration grew 16% year over year to $53.8 trillion, while assets under management rose 20% to $5.7 trillion, largely reflecting higher market levels.