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State Street Corporation is a financial services company that operates primarily through two main lines of business: Investment Servicing and Investment Management. The company provides a range of services for institutional clients, including mutual funds, retirement plans, and insurance companies, with products such as custody, accounting, regulatory reporting, and securities finance . Through its State Street Global Advisors division, it offers investment management strategies and products, including equity, fixed income, and cash assets, as well as ESG investing and ETFs under the SPDR® brand . State Street's revenue is heavily reliant on fee-based services, which constituted about 79% of total revenue in 2023 .
- Investment Servicing - Provides a comprehensive range of services for institutional clients, including custody, accounting, regulatory reporting, and securities finance.
- Investment Management - Offers investment management strategies and products through State Street Global Advisors, including equity, fixed income, and cash assets, as well as ESG investing and ETFs under the SPDR® brand.
- Software and Processing Fees - Generates revenue from software solutions and processing services for financial transactions.
- Net Interest Income (NII) - Earns income from interest on loans and other financial assets.
- Other Fees - Includes various additional fees related to financial services and transactions.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ann Fogarty Executive | Executive Vice President and Head of Global Delivery | None | Joined STT in March 2021, oversees critical operational functions. | |
Anthony C. Bisegna Executive | Executive Vice President and Head of State Street Global Markets | None | Joined STT in July 1987, oversees trading and market-related activities. | |
Bradford Hu Executive | Executive Vice President and Chief Risk Officer | None | Joined STT in November 2021, leads global risk management and compliance. | |
Brian Franz Executive | Executive Vice President, Chief Information Officer, and Head of Enterprise Resiliency | None | Joined STT in January 2020, oversees enterprise operations and technology. | |
Donna Milrod Executive | Executive Vice President and Chief Product Officer | None | Joined STT in December 2018, led global clients division and investment services acquisition. | |
Elizabeth Schaefer Executive | Senior Vice President and Chief Accounting Officer | None | No start date available, serves as Chief Accounting Officer. | |
Joerg Ambrosius Executive | Executive Vice President and President of Investment Services | None | Joined STT in June 2001, led European business, manages $40 trillion in assets. | |
John Plansky Executive | Executive Vice President and Head of Wealth Services | None | Joined STT in January 2017, led State Street Alpha and Charles River Development. | |
Kathryn M. Horgan Executive | Executive Vice President and Chief Human Resources and Citizenship Officer | None | Joined STT in April 2009, oversees HR strategy and corporate citizenship. | |
Mark Shelton Executive | Executive Vice President, General Counsel, and Secretary | None | Joined STT in December 2023, previously served at Barclays and UBS. | |
Mostapha Tahiri Executive | Executive Vice President and Chief Operating Officer | None | Joined STT in September 2020, expanded business in Asia Pacific, Middle East, and Africa. | |
Ronald P. O'Hanley Executive | Chairman, Chief Executive Officer, and President | Director at Unum Group | Joined STT in April 2015, extensive leadership in asset management, international business expansion. | |
Sarah Timby Executive | Executive Vice President and Chief Administrative Officer | None | Joined STT in January 2020, oversees administrative functions. | |
Yie-Hsin Hung Executive | Chief Executive Officer and President of State Street Global Advisors | None | Joined STT in December 2022, exceeded performance expectations, launched strategic initiatives. | |
Amelia C. Fawcett Board | Director | Governor, Wellcome Trust; Member, Financial Policy Council, Bermuda Monetary Authority; Chair, Royal Botanic Gardens (Kew); Trustee, Project HOPE UK | Director since 2006, expertise in international financial markets and risk management. | |
DonnaLee A. DeMaio Board | Director | Director at Hiscox Ltd. | Director since 2022, extensive experience in financial services and insurance. | |
Gregory L. Summe Board | Director | Managing Partner and Founder, Glen Capital Partners, LLC; Director, NXP Semiconductors; Director, Avantor, Inc.; Senior Advisor, Star Mountain Capital LLC | Director since 2001, expertise in mergers and acquisitions, leadership in technology and health sciences. | |
John B. Rhea Board | Director | Partner at Centerview Partners LLC, Founder and Managing Partner of RHEAL Capital Management, LLC, Director at Invitation Homes, Inc. | Director since 2021, extensive experience in corporate finance and strategic planning. | |
Julio A. Portalatin Board | Director | Director at AARP, ServPro, Covenant House International, Hofstra University | Director since 2021, former Vice-Chair at Marsh & McLennan Companies, expertise in global operations and risk management. | |
Marie A. Chandoha Board | Director | Director at Macy's Inc., Advisory Committee Member at Zoe Financial, Inc., Vice Chair of the California Chapter of the Nature Conservancy | Director since 2019, expertise in risk management, technology, and financial services. | |
Patrick de Saint-Aignan Board | Director | Member of the Supervisory Board, BH PHARMA | Director since 2009, expertise in risk management and corporate finance. | |
Sara Mathew Board | Director | Director at Dropbox, Inc., Director at Carnival Corporation & plc | Director since 2018, former CEO of Dun & Bradstreet, extensive experience in finance and corporate strategy. | |
Sean O'Sullivan Board | Director | Member of the Information Technology Advisory Committee at the University of British Columbia | Director since 2017, former Group Managing Director and COO at HSBC. | |
William C. Freda Board | Director | Director at Hamilton Insurance Group, Director at Guardian Life Insurance Company | Director since 2014, retired Senior Partner and Vice Chairman at Deloitte. | |
William L. Meaney Board | Director | President, CEO, and Director at Iron Mountain Inc. | Director since 2018, expertise in corporate strategy and digital transformation. |
- With Eric Aboaf's upcoming departure as CFO during a time of significant strategic initiatives and market uncertainty, how do you plan to ensure continuity in your financial strategy, and could you provide more details on the search process and timeline for finding a suitable replacement?
- Notwithstanding a 16% year-over-year increase, Net Interest Income declined sequentially by 2% in Q3 due to deposit rotation and lower short-end rates; what specific strategies are you implementing to counter these headwinds and drive NII growth in the upcoming quarters?
- Expenses increased by 6% year-over-year in Q3, outpacing your year-to-date expense growth of 3%; can you elaborate on the factors contributing to this higher expense growth in the quarter and how you plan to manage expenses to achieve the projected $500 million in savings while sustaining necessary investments?
- You mentioned that lower client activity and an asset mix shift into cash were headwinds to servicing fee growth; what steps are you taking to mitigate the impact of clients shifting assets into lower-fee cash products, and how confident are you in reversing this trend to bolster servicing fee revenues?
- With the introduction of 20 new ETFs, including three focused on digital assets, and the partnership with Apollo Global Management to expand into private markets, what are the main risks you foresee in these ventures, and how do you intend to address regulatory uncertainties and market volatility associated with digital assets and private market investments?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CF Global Trading | 2024 | The acquisition, completed in Q1 2024, was designed to strengthen outsourced trading services capabilities in Europe and expand State Street’s overall product offerings, including enhancing the State Street Alpha platform. It also supported the expansion of State Street Global Markets through joint go-to-market strategies and revitalized sales efforts. |
Recent press releases and 8-K filings for STT.
- EPS reached $2.04 with reported YoY gains of 21% and 49% , reflecting strong profitability and effective expense management.
- Total revenue reached $3.3B, up 5% YoY, with fee revenue increasing by 6% .
- Robust asset performance with AUC/A of $46.7 trillion and AUM of $4.7 trillion supporting long-term growth .
- Significant asset servicing progress with $182B AUCA wins, $55M in servicing fee wins, and a new mandate targeting $350–$400M in additional fee revenue .
- Maintained a strong capital position by returning $320M to shareholders via share repurchases and dividends, keeping expenses up only 3% YoY and a solid CET1 ratio of 11.0% .