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.
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| 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?
Research analysts who have asked questions during STATE STREET earnings calls.
Gerard Cassidy
RBC Capital Markets
5 questions for STT
Vivek Juneja
JPMorgan Chase & Co.
4 questions for STT
Betsy Graseck
Morgan Stanley
3 questions for STT
Brian Bedell
Deutsche Bank
3 questions for STT
David Smith
Truist Securities
3 questions for STT
Glenn Schorr
Evercore ISI
3 questions for STT
James Mitchell
Seaport Global Holdings LLC
3 questions for STT
Mike Mayo
Wells Fargo
3 questions for STT
Alexander Blostein
Goldman Sachs
2 questions for STT
Alex Blostein
Goldman Sachs
2 questions for STT
Brennan Hawken
UBS Group AG
1 question for STT
Brennan Hawken
UBS
1 question for STT
David Smith
Truist Financial Corporation
1 question for STT
Ebrahim Poonawala
Bank of America Securities
1 question for STT
Glenn Schorr
Evercore Inc.
1 question for STT
Jim Mitchell
Seaport Global
1 question for STT
Ken Usdin
Autonomous Research
1 question for STT
Michael Mayo
Wells Fargo & Company
1 question for STT
Michael Mayo
Wells Fargo
1 question for STT
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.
- State Street made a minority investment in Apex Fintech Solutions to co-develop a global digital custody and clearing platform for the wealth management industry.
- Apex’s platform supports over 200 clients, 22 million brokerage accounts, and $200 billion in assets worldwide.
- State Street contributes its institutional infrastructure, including Charles River Development Wealth (managing $3 trillion in assets) and State Street Investment Management ($1 trillion in wealth assets).
- The partnership will provide a fully digital, scalable custody and clearing solution for wealth advisors and self-directed platforms globally.
- State Street was appointed by Columbia Threadneedle to provide expanded fund accounting, administration and custody services for $431 billion in US and European pooled funds, including ETFs.
- More than 100 Columbia Threadneedle employees are expected to transfer to State Street in comparable roles to support the mandate.
- The mandate builds on decades of back-office services for legacy Threadneedle mutual funds and the 2021 EMEA asset management acquisition from BMO Financial Group.
- As of June 30, 2025, State Street holds $49.0 trillion in assets under custody and/or administration and $5.1 trillion in assets under management.
- State Street supported 210 ETF launches globally in H1 2025—already 80% of 2024’s full-year record.
- Global ETF inflows reached $900 billion in H1 2025, up 25% year-over-year.
- Active ETFs garnered $267 billion of inflows in H1 2025, a 73% increase over H1 2024; active strategies now account for 39% of US ETF inflows and over 50% of US-listed ETF assets.
- As of June 30, 2025, State Street holds $49.0 trillion in assets under custody and/or administration and $5.1 trillion in assets under management.
- 11% increase in quarterly dividend to $0.84 per share beginning Q3 2025, subject to board approval.
- Passed the Fed’s 2025 Stress Test, maintaining a 2.5% Stress Capital Buffer and common equity tier 1 ratio at 8%.
- Reported $46.7 trillion in assets under custody/administration and $4.7 trillion in assets under management as of March 31, 2025.
- Market capitalization of $30.54 billion and P/E ratio of 11.82; analysts’ price targets range from $98 to $120, averaging $107.62.
- Continues authorization to repurchase shares under its existing buyback program, highlighting capital management flexibility.
- Digital Transformation & AI Integration: State Street highlighted its ongoing transformation efforts—leveraging AI and machine learning to enhance operational efficiency—with an estimated 70% completion so far, driving cost reductions and improved service delivery.
- Strategic Expansion & Revenue Guidance: The firm is expanding its investment servicing and product offerings (including the Alpha platform and enhanced wealth and retirement products) while targeting fee revenue growth of 3%-5% and medium-term ROE of 12%-15%.
- Capital Management & Return Initiatives: With approximately $4 billion in excess capital, the company plans an 80% total capital return via dividends and share buybacks, and is open to modest M&A activity to bolster its technology capabilities.
- Gold prices are trading near $3,400 per ounce, driven by escalating US-China trade tensions and heightened hostilities in Ukraine.
- Technical indicators show gold remains in a bullish trend, trading above the 200-, 50-, 20-, and 9-day moving averages and above the Ichimoku cloud.
- ETFs saw $1.8 billion in outflows in May as some investors rotated into equities, though physical and central bank demand support prices.
- US labor data was mixed: private sector job creation slowed to 37,000 in May, while job openings rose to 7.39 million in April.
- President Trump publicly pressured the Fed to cut rates and labeled Xi Jinping as “extremely hard to make a deal with,” adding to gold’s safe-haven appeal.
- A State Street survey predicts that by 2027, at least 50% of private market flows will originate from retail-style, semi-liquid vehicles, driven by product innovation and lower barriers to entry.
- Retail investors net bought $23 billion in May, with only three days exceeding $2 billion in net buys and four days of net selling late in the month, indicating increased profit-taking.
- Traditional institutional fundraising is expected to decline, shifting toward more flexible, technology-enabled models that better align with investor goals.
- Ares Wealth Management Solutions added nearly $20 billion in assets under management over 12 months to reach approximately $44 billion in Q1 2025, and plans up to four new products by 2028 to target $100 billion in high-net-worth AUM.
- John F. Woods is appointed as CFO, effective no later than August 25, 2025, replacing interim CFO Mark R. Keating.
- The compensation package includes a base salary of $750,000, a target incentive award of $6,750,000 for 2025, a $1,000,000 transition payment, and buy-out awards comprising cash and equity components.
- State Street Corporation has announced a public offering issuing $300 million Floating Rate Senior Notes due 2028, $700 million Fixed-to-Floating Rate Senior Notes due 2028, and $1 billion 4.834% Senior Notes due 2030.
- The offering, executed under an underwriting agreement with representatives including Morgan Stanley, Citigroup Global Markets, HSBC Securities, and Loop Capital Markets on April 22, 2025, is expected to generate net proceeds of approximately $1.991 billion.
- 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% .