State Street Corporation provides earnings guidance for first quarter and full year 2020. The company currently expect that fee revenue will be up 1% to 3% for 2020. This includes servicing fees growing modestly at the low to middle end of this range. Regarding NII, The company expects it to be down 5% to 7% in 2020 versus 2019 driven by the carryover impact of lower market rates and some continued rotation in the deposit book Regarding the first quarter of 2020, The company expects fee revenue to be down quarter-over-quarter by low single digits, perhaps 2% to 3% given headwinds such as the expected asset mix shift by a single client in asset management as well as seasonally lower CRD revenue. Starting first quarter of 2020, The company expects NII to be down about 5% sequentially driven by the full quarter impact of the October's Fed rate cut, lower day count and the fourth quarter long-term debt issuance.