Sector: Financials|Industry: Asset Management|Market Cap: $28.63B|Employees: 46K
State Street Corporation is a global financial services provider, primarily offering investment servicing and investment management solutions to institutional investors. They operate in over 100 markets worldwide, providing services such as custody, accounting, and data management. The company's competitive advantage lies in its scale, global reach, and integrated technology platforms.
Total revenue reached $3.259 billion, up 21% YoY, primarily due to a notable item in the prior year period and higher fee revenue and NII. The prior year notable item represented 12% points of the increase.
EPS of $2.26 increased 81% compared to the same period of 2023, primarily due to the impact of a notable item in the prior year period and higher total revenue, partially offset by higher total expenses. The prior year notable item represented 64% points of the increase.
Total expenses increased 6% compared to the same period of 2023, as higher business investments, as well as revenue and performance-related costs, were partially offset by productivity savings from ongoing organizational simplification, process improvements and other initiatives.