Shares of State Street Corp. fell about 5 percent on Wednesday after the custody bank reported a decline in fourth-quarter revenue and heavy withdrawals by large institutional clients.

Net withdrawals among long-term institutional clients at Boston-based State Street totaled $100 billion in 2015, the company reported. Meanwhile, total revenue in the fourth quarter was $2.54 billion, a 3.3 percent decline from the year-earlier period.

State Street CEO Jay Hooley said one institutional client is expected to withdraw a large amount of money in 2016. Hooley did not identify the client, but described it as a bank.

“Institutional net outflows (in 2015) were primarily driven by client asset allocation shifts and redemptions by a client that is in-sourcing their business,” Hooley told investors and analysts during a conference call. “Redemptions by this client are expected to continue through the remainder of 2016.”Hooley said assets under management associated with the unnamed client were about $35 billion at the end of 2015. He later explained during the conference call that while the headline number is big, the revenue associated with the client is not all that significant.

“It’s not, you know, exceptional that somebody would say, ‘I want to run my passive assets myself,’ and this particular customer, who’s a bank, decided that as opposed to out-sourcing that to us, they would in-source it to themselves,” Hooley said.

State Street shares fell $2.94, or 5.26 percent, at $52.99 in Wednesday morning trade on the New York Stock Exchange.

The stock is off 26 percent over the past 12 months, underperforming the 7 percent decline on the S&P 500 Index.

Institutional Clients Hit State Street With Large Withdrawals

by Reuters time to read: 1 min