State Street Corporation is one of the world's largest providers of financial services to institutional investors. The company's core business involves providing a broad range of financial products and services to institutional clients, including asset managers and owners, insurance companies, official institutions, and central banks. State Street operates in more than 100 geographic markets worldwide. The company's primary role is to aid its clients in efficiently performing services associated with the clearing, settlement, and execution of securities transactions and related payments.

State Street's competitive advantages include its technological expertise, economies of scale, and the quality and scope of its services. The company faces competition from a broad range of financial institutions and servicing companies.

• Employees: Approximately 46,000 (as of December 31, 2023)
• Geographic Footprint: More than 100 geographic markets worldwide
• Headquarters: Boston, MA
• Founded: 1969
• Number of locations/facilities: Not explicitly stated, but operates in more than 100 geographic markets
• Revenue: $11.945 billion (FY2023)
• Market capitalization: Approximately $23.52 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: State Street Bank and Trust Company, State Street Global Markets®, State Street Alpha®, State Street Digital®, SPDR® ETFs

• CEO: Ronald P. O'Hanley
• CFO: Eric W. Aboaf
• Board Chair: Ronald P. O'Hanley
• Other Key Executives: Joerg Ambrosius (Chief Commercial Officer), Ian W. Appleyard (Global Controller and Chief Accounting Officer), Anthony C. Bisegna (Head of State Street Global Markets), Ann Fogarty (Head of Global Delivery), Brian Franz (Chief Information Officer and Head of Enterprise Resiliency), Kathryn M. Horgan (Chief Human Resources and Citizenship Officer), Bradford Hu (Chief Risk Officer), Yie-Hsin Hung (Chief Executive Officer and President, State Street Global Advisors), Donna Milrod (Chief Product Officer), John Plansky (Head of State Street Alpha), Mark Shelton (General Counsel and Secretary), Mostapha Tahiri (Chief Operating Officer), Sarah Timby (Chief Administrative Officer)

Key leaders have extensive experience in financial services and related industries. Ronald P. O'Hanley has served as CEO since January 2019 and Board Chair since January 2020. Eric W. Aboaf has served as CFO since February 2017. Other executives have held various leadership positions within State Street and other financial institutions.

• Annual Revenue: $11.945 billion (FY2023)
• Net Income: $1.944 billion
• Market Cap: Approximately $23.52 billion (as of June 30, 2023)
• Total Assets: $297.26 billion (as of December 31, 2023)
• Number of employees: Approximately 46,000 (as of December 31, 2023)
• Key Financial Highlights:
  • Revenue decreased 2% compared to 2022.
  • Net income decreased 30% compared to 2022, primarily due to notable items.
  • Operating leverage was (10.6)% points.

State Street provides a broad range of financial products and services to institutional investors worldwide:

• Investment Servicing: Includes custody, accounting, regulatory reporting, investor services, performance and analytics, investment book of record, transaction management, loans, cash, derivatives and collateral services, investment manager and alternative investment manager operations outsourcing, financial data management, foreign exchange, brokerage and other trading services, securities finance, and deposit and short-term investment facilities.
• Investment Management: Includes investment management strategies and products for equity, fixed income and cash assets, including core and enhanced indexing, multi-asset strategies, active quantitative and fundamental active capabilities and alternative investment strategies, as well as ESG investing, defined benefit and defined contribution products, and Global Fiduciary Solutions.

State Street's operations are organized into two lines of business:

• Investment Servicing: Provides a range of services to institutional clients. As of December 31, 2023, serviced approximately $29.95 trillion of AUC/A in the Americas, $8.91 trillion in Europe and the Middle East, and $2.95 trillion in the Asia-Pacific region.
• Investment Management: Provides investment management strategies and products for clients through State Street Global Advisors. As of December 31, 2023, had AUM of approximately $4.13 trillion.

State Street's current strategic priorities include:

• Streamlining and increasing the efficiency of operations to drive sustained productivity improvements.
• Continuing to develop and market new and innovative services, including State Street Alpha® and State Street Digital®.
• Expanding relationships with existing clients and attracting new clients.
• Focusing on strategic workforce planning, building upon current headcount budgeting and forecasting activities.
• Aligning learning and development offerings with corporate strategy.

The company is also focused on the development of services related to digital assets and related technologies, such as blockchain, tokenization, cryptocurrency, and central bank digital currency.

State Street operates in a highly competitive global environment. Key factors driving competition include technological expertise, economies of scale, required levels of capital, pricing, quality and scope of services, and sales and marketing. Competitors include a broad range of financial institutions and servicing companies, including other custodial banks, deposit-taking institutions, investment management firms, insurance companies, mutual funds, broker/dealers, investment banks, benefits consultants, investment analytics businesses, business service and software companies, technology companies, data providers and information services firms.

State Street is a G-SIB and is subject to extensive regulation and supervision.

• Strategic Risks: Intense competition, pricing pressure, risks associated with new product development (including State Street Alpha® and State Street Digital®), acquisitions, strategic alliances, joint ventures and divestitures, and the ability to attract and retain qualified employees.
• Financial Market Risks: Political, geopolitical, economic and market conditions, disruptions in key global economies, changes in financial markets, governmental actions or monetary policy, interest rate risk, credit risk of counterparties, and declines in fee revenue.
• Compliance and Regulatory Risks: Regulatory requirements and considerations, government regulation and supervision, government enforcement and litigation, increased scrutiny of asset management stewardship and corporate sustainability or ESG practices, misappropriation of confidential information, changes in accounting standards, tax laws, and reputational harm.
• Operational and Technology Risks: Inadequate internal control environment, failure to update and maintain technology infrastructure, cyber-attacks, risk management framework failures, shifting operational activities to non-U.S. jurisdictions, attacks or unauthorized access to information technology systems, long-term contracts and customizing service delivery for clients, inability to protect intellectual property, errors in quantitative models, and damage to reputation and business prospects.