The filing indicates that the company returned approximately $4.6 billion to shareholders in the form of common share repurchases and common stock dividends compared to approximately $2.4 billion in 2022, reflecting an increased focus on shareholder returns.

On January 19, 2024, State Street announced a new common share repurchase program, approved by the Board and superseding all prior programs, authorizing the purchase of up to $5.0 billion of its common stock beginning in the first quarter of 2024.

In January 2024, State Street issued 1.5 million depositary shares, each representing 1/100th ownership interest in shares of fixed-to-floating rate, non-cumulative perpetual preferred stock, Series I, without par value per share, with a liquidation preference of $100,000 per share.

The 10-K filing identifies intense competition in all aspects of the business as a key risk factor, noting that this competition could negatively affect the ability to maintain or increase profitability.

The filing states that State Street could be adversely affected by political, geopolitical, economic and market conditions including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, the Israel-Hamas war, ongoing war in Ukraine, major political elections globally.

The filing identifies the risk that the business may be negatively affected by State Street's failure to update and maintain its technology infrastructure, or otherwise meet the increasing resiliency expectations of clients and regulators, or as a result of a cyber-attack or similar vulnerability in State Street or business partners' infrastructure.

The filing mentions continued efforts to streamline and increase the efficiency of operations to drive sustained productivity improvements, which we expect to enable us to further enhance our client service model.

As part of ongoing transformation and productivity initiatives, State Street completed the consolidation of one of its operations joint ventures in India in the fourth quarter of 2023.

State Street announced plans to assume full ownership of a second operations joint venture in India, which is expected to be completed in 2024 and further streamline our operating model in India.

The filing reports that the employee population at December 31, 2023 increased approximately 10% compared to December 31, 2022 to approximately 46,000 employees. This increase was almost entirely driven by the consolidation of one of our operations joint ventures in India in the fourth quarter of 2023.

The filing indicates that State Street continued to focus on strategic workforce planning efforts to improve internal mobility, upskilling employees capable of expanding or changing their contributions, and limiting external hiring to priority areas.

The filing indicates that State Street made progress compared to 2022 in six of the eight goal categories. Although we fell short of achieving all of our diversity goals, we achieved five of our eight goals, including all of our goals for BIPOC employees in the United States in 2023.

Economic conditions across the world face continued uncertainty due to, among other things, elevated geopolitical risks in multiple regions, including Ukraine, Israel and the Middle East, among others, an uncertain monetary policy environment, and slowing growth and heightened volatility in key emerging markets.

Regulatory compliance requirements are anticipated to remain at least at the elevated levels State Street has experienced over the past several years.

We are subject to the Volcker Rule and implementing regulations. The Volcker Rule prohibits banking entities, including us and our affiliates, from engaging in certain prohibited proprietary trading activities, as defined in the Volcker Rule regulations, subject to exemptions for market-making related activities, risk-mitigating hedging, underwriting and certain other activities.

The filing highlights the State Street Alpha platform, combining portfolio management, trading and execution, analytics and compliance tools, and advanced data aggregation and integration with other industry platforms and providers.

State Street established State Street Digital to focus on the development of services related to digital assets and related technologies, such as blockchain, tokenization, cryptocurrency, and central bank digital currency.

The financial services industry faces increased global regulatory focus regarding cybersecurity and data privacy. Many aspects of our businesses are subject to cybersecurity and data privacy legal and regulatory requirements enacted by U.S. federal and state governments and other non-U.S. jurisdictions.

The filing states that State Street operates in a highly competitive environment in all areas of its business globally. Competitors include a broad range of financial institutions and servicing companies.

State Street's success and competitive position may depend on its ability to develop and market new and innovative services, to adopt or develop new technologies, and to implement efficiencies into operational processes.

State Street is a G-SIB and is subject to extensive regulation and supervision with respect to its operations and activities. Not all of our competitors have similarly been designated as systemically important nor are all of them subject to the same degree of regulation.

Our businesses may be adversely affected by increased and conflicting political and regulatory scrutiny of asset management stewardship and corporate sustainability or ESG practices.

Through our community engagement programs, we aim to benefit the communities where our employees work and live, develop employees' professional and leadership skills, and increase employee engagement and retention through meaningful volunteer opportunities that affirm a sense of purpose and demonstrate alignment with our values.

We established enterprise-wide multi-year diversity goals for gender (globally) and employees who are black, indigenous and people of color (BIPOC) (United States only) in 2017. In 2023, we made progress compared to 2022 in six of the eight goal categories.