STT 8-K Current Reports

Earnings & ResultsLeadership ChangesRegulation FD+1

STATE STREET CORP 8-K Report, Corporate Update (Oct 20, 2026)

State Street Corporation (STT) has announced the successful issuance of new debt securities through two separate offerings on October 20, 2026. The parent company, State Street Corporation, raised approximately $745.6 million in net proceeds from the sale of $750 million in Fixed-to-Floating Rate Senior Notes due 2037. This offering was conducted publicly under a Form S-3 registration statement. In parallel, its wholly-owned subsidiary, State Street Bank and Trust Company, issued $1.25 billion in senior notes, comprising $500 million in Floating Rate Senior Notes due 2028 and $750 million in 5.147% Senior Notes due 2028. State Street Bank expects to receive net proceeds of approximately $1.246 billion from these notes, which were offered under an exemption from registration. These debt issuances are part of State Street's ongoing capital management and funding strategies.

Oct 20, 2026 8-K

STATE STREET CORP 8-K Report, Financial Results (Oct 14, 2026)

State Street (STT) reported third-quarter 2026 results that were strong across the board. Total revenue rose 13% year over year to $4.0 billion, fee revenue grew 11% to $3.1 billion, and net interest income climbed 21% to $864 million. Total expenses increased 8% to $2.6 billion, producing 531 basis points of operating leverage and a pre-tax margin of 34.6%, up 3.5 percentage points. Diluted EPS was $3.69, up 33% year over year, and ROTCE was 25.1%. The company reported no notable items in the quarter, so GAAP and ex-notable figures are the same. Management highlighted record Servicing and Management fees, record FX client volumes, and an eleventh consecutive quarter of positive operating leverage. Quarter-end AUC/A reached a record $59.2 trillion and AUM a record $6.3 trillion. Capital and liquidity remained solid but showed some pressure. The standardized CET1 ratio was 11.0%, down 0.3 points year over year but up 0.2 points sequentially. State Street returned $651 million to common shareholders in the quarter, including $400 million of buybacks and $251 million of dividends. Full-year 2026 guidance was raised: fee revenue growth is now expected at roughly 13% to 14%, up from 12% to 13%, NII growth at roughly 15% to 16%, and expense growth at roughly 8% to 8.5%, with operating leverage of 500+ basis points. Other items in the filing include the election of Alexander Vollert as an independent director, a planned November 18, 2026 redemption of $500 million of 1.684% senior notes funded from cash on hand, and an announced agreement to acquire the Santander CACEIS Latam Securities Services joint venture, subject to regulatory approvals. From an investor perspective, the quarter reflects healthy operating momentum, with fee and NII growth outpacing expense growth and margins expanding toward the medium-term 35% pre-tax margin target. Watch items include the year-over-year decline in CET1, the 1-point sequential drop in net interest margin, a 29% decline in other fee revenue tied to market adjustments, and the sequential dip in FX trading revenue as emerging-market mix declined.

Oct 14, 2026 8-K

STATE STREET CORP 8-K Report, Executive Changes (Sep 14, 2026)

State Street Corporation (STT) announced significant changes to its executive leadership team through an 8-K filing on September 14, 2026. Mostapha Tahiri, previously the Enterprise Chief Operating Officer, has been appointed President of State Street Alpha, a key growth initiative for the company. He will retain his role as Chairman of Asia Pacific, indicating continued focus on that strategic region. This move signals a strategic shift in leadership for State Street's Alpha platform, which is crucial for its future technology and service offerings. Ann Fogarty has been promoted to Enterprise Chief Operating Officer, succeeding Mr. Tahiri. Ms. Fogarty brings a wealth of operational experience, having most recently served as Chief Operating Officer of Investment Services. Her prior roles at State Street and extensive background at BNY Mellon, including leadership positions in global operations and fund administration, underscore her deep expertise. The compensation details for Ms. Fogarty's new role highlight the company's commitment to retaining and incentivizing key talent.

Sep 14, 2026 8-K

STATE STREET CORP 8-K Report, Corporate Update (Aug 12, 2026)

State Street Corporation (STT) announced on August 12, 2026, the successful completion of a public offering of 500,000 depositary shares. Each depositary share represents a 1/100th ownership interest in the company's newly established Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L. This preferred stock has a liquidation preference of $100,000 per share, making each depositary share equivalent to $1,000. The offering, conducted under a registration statement on Form S-3, is expected to generate approximately $495.7 million in net proceeds for State Street after accounting for underwriting discounts and estimated offering expenses. This capital infusion provides State Street with additional financial flexibility and strengthens its capital base.

Aug 12, 2026 8-K

STATE STREET CORP 8-K Report, Rights Modification (Aug 7, 2026)

State Street Corporation (STT) has filed an 8-K detailing the creation and public offering of new preferred stock. Specifically, the company amended its Articles of Organization to establish the terms of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L. This newly created preferred stock will be offered to the public through depositary shares, with each depositary share representing a 1/100th ownership interest in a share of the Series L Preferred Stock. The offering involves 500,000 depositary shares, priced at $1,000 per share, with State Street expecting to raise approximately $495.7 million in net proceeds after deducting underwriting discounts and expenses. This strategic move indicates a focus on strengthening the company's capital structure or funding specific initiatives through equity issuance. Investors should note the perpetual nature of the preferred stock and its fixed rate reset feature, which will impact future dividend payments.

Aug 7, 2026 8-K

STATE STREET CORP 8-K Report, Corporate Update (Jul 23, 2026)

State Street Corporation, through its wholly-owned subsidiary State Street Bank and Trust Company, has successfully issued $1.25 billion in senior notes. The offering consists of $750 million in 4.701% Senior Notes due 2029 and $500 million in 5.217% Senior Notes due 2034. These notes were issued under an exemption from registration pursuant to Section 3(a)(2) of the Securities Act of 1933. The net proceeds expected from this issuance are approximately $1.244 billion, after accounting for discounts and expenses.

Jul 23, 2026 8-K

Shareholder MattersExhibits & Filings

STATE STREET CORP 8-K Report, Financial Results (Jul 16, 2026)

State Street (STT) reported strong second-quarter 2026 results, with diluted EPS of $3.65 (up 68% year over year on a GAAP basis) and total revenue of $4.05 billion, up 17%. Fee revenue rose 17% to $3.19 billion, led by Management fees (+29%), Servicing fees (+13%), and FX trading services (+26%). Net interest income rose 18% to $860 million, with net interest margin up 17 basis points to 1.13%. Total expenses rose 5% on a GAAP basis to $2.66 billion, and 10% excluding notable items, which were absent in 2Q26 but present in 2Q25. Pre-tax margin reached 34.3% and ROTCE 25.5%. Both AUC/A ($57.9 trillion) and AUM ($6.3 trillion) hit records, supported by market gains and $114 billion of net AUM inflows. Capital and shareholder returns were also prominent. The standardized CET1 ratio rose to 10.8%, and the company returned $631 million to common shareholders, including $400 million of buybacks and $231 million of dividends. Management announced a 10% increase in the third-quarter dividend to $0.92 per share. The company also updated its FY2026 outlook, now guiding to fee revenue growth of roughly 12-13%, NII growth of roughly 14-15%, and expense growth of about 8% (plus or minus), with roughly 500 basis points of operating leverage. In addition, it introduced medium-term targets of a 35% pre-tax margin and a mid-20s percent ROTCE, framed by a transformation program expected to deliver about $1 billion of annual run-rate benefits by 2029. Investors should weigh the strong momentum against several watch items. Expense growth excluding notable items accelerated to 10% year over year, and the operating leverage metric is calculated on a basis that excludes notable items. The medium-term targets assume stable markets and interest rates, and fee revenue remains sensitive to market levels. The 2Q26 results also benefited from a sharp rise in market-driven fee revenue and a rebound in securities finance activity. Results are furnished, not filed, under Items 2.02 and 7.01.

Jul 16, 2026 8-K

STATE STREET CORP 8-K Report, Shareholder Vote Results (May 26, 2026)

State Street Corporation (STT) held its Annual Meeting of Shareholders on May 20, 2026. The meeting saw strong participation, with approximately 86.98% of outstanding shares represented. Key outcomes include the overwhelming re-election of all thirteen director nominees and the approval of the advisory proposal on executive compensation, with over 93% of votes cast in favor. Additionally, shareholders ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year 2026.

May 26, 2026 8-K

STATE STREET CORP 8-K Report, Corporate Update (Apr 24, 2026)

State Street Corporation (STT) announced on April 24, 2026, the successful completion of a public offering of $1.5 billion in aggregate principal amount of senior notes. This offering includes $800 million of Fixed-to-Floating Rate Senior Notes due 2032 and $700 million of Fixed-to-Floating Rate Senior Notes due 2037. The company expects to receive net proceeds of approximately $1.492 billion from this issuance, after accounting for underwriting discounts and offering expenses. This debt issuance is a strategic move by State Street to bolster its capital structure and potentially fund future operations or investments. The fixed-to-floating rate feature suggests a strategy to manage interest rate risk, initially benefiting from fixed rates and later adjusting to market conditions. Investors should monitor how these proceeds are deployed and their impact on State Street's financial leverage and profitability.

Apr 24, 2026 8-K

STATE STREET CORP 8-K Report, Financial Results (Apr 17, 2026)

State Street (STT) reported first-quarter 2026 GAAP EPS of $2.49, up 22% year over year, and $2.84 excluding notable items, which is up 39%. Total revenue rose 16% to $3.8 billion, driven by fee revenue up 15% to a record $2.96 billion and net interest income up 17% to a record $835 million. Operating leverage was 616 basis points excluding notable items, and the pre-tax margin excluding notable items expanded to 29.0%, up 4.0 points. GAAP expenses rose 15%, but that figure includes $130 million of pre-tax notable items (repositioning charges and a client rescoping charge). Excluding those items, expenses rose 9%. Note that the year-over-year EPS comparison is flattered by the weak 1Q25 base, and sequentially, ex-notable EPS fell about 4%. Growth was broad-based. Servicing fees rose 11%, management fees 23%, and FX trading services 29%, with FX volumes and volatility-driven spreads contributing. Assets under custody/administration reached a record $54.5 trillion, and assets under management were $5.6 trillion, though AUM dipped 0.8% sequentially on market depreciation despite $49 billion of net inflows. Capital return was $633 million, equal to a 90% payout ratio. Capital ratios are a watch item: the standardized CET1 ratio fell to 10.6% from 11.6% in 4Q25, driven by higher risk-weighted assets, and the tier 1 leverage ratio is 5.4%. The main investor debates going forward are expense discipline, since information systems costs rose 18% ex-notables, the sustainability of elevated FX and market-driven fee revenue, the level of wholesale-to-deposit funding mix benefits in NII, and whether capital returns can continue to exceed the pace of capital generation given the lower CET1 ratio. Management described the macro and geopolitical outlook as uncertain, but it remains confident in continued growth.

Apr 17, 2026 8-K

STATE STREET CORP 8-K Report, Executive Changes (Mar 31, 2026)

State Street Corporation (STT) has announced a significant leadership change in its accounting department through an 8-K filing dated March 31, 2026. C. Jack Read has been appointed as the new Executive Vice President, Global Controller, and Chief Accounting Officer, effective August 10, 2026. He will succeed Elizabeth M. Schaefer in this critical role overseeing the company's financial reporting and controls. Mr. Read brings a wealth of experience from prominent financial institutions, including MSCI Inc., Citizens Financial Group, MUFG Americas, and JPMorgan Chase, with a strong background in accounting, financial operations, and risk management. His compensation package includes a base salary of $450,000, a target incentive compensation of $2,100,000 for 2026, and substantial transition payments totaling $2,430,000 ($1,730,000 in deferred stock and $700,000 in cash) to offset forfeited compensation from his previous employer and facilitate his transition to State Street.

Mar 31, 2026 8-K

STATE STREET CORP 8-K Report, Executive Changes (Mar 23, 2026)

State Street Corporation (STT) announced a significant addition to its Board of Directors with the election of Susan Gordon as an independent director, effective March 19, 2026. Ms. Gordon's appointment is accompanied by her membership on two key board committees: the Examining and Audit Committee and the Technology and Operations Committee. This move signals a focus on strengthening governance and oversight in critical areas for the company. Investors should note that Ms. Gordon's compensation will be prorated based on her election date and will align with the company's existing director compensation structure, including annual cash and stock retainers. Her appointment does not appear to be based on any specific arrangements with other parties, suggesting a standard selection process. The inclusion of a new, independent director with committee assignments is generally viewed positively as it can enhance board expertise and responsiveness to evolving business needs, particularly in audit and technology.

Mar 23, 2026 8-K

STATE STREET CORP 8-K Report, Financial Results (Jan 16, 2026)

State Street (STT) reported fourth-quarter 2025 EPS of $2.42 on GAAP basis, or $2.97 excluding notable items, with total revenue of $3.67 billion, up 7% year over year. Fee revenue reached a record $2.86 billion (up 8%), driven by servicing fees (+8%), management fees (+15%) and FX trading (+13%), partially offset by a 15% decline in software and processing fees. Net interest income rose 7% to $802 million on a 3 basis point NIM expansion. GAAP results were weighed down by $206 million of net notable items, chiefly a $226 million repositioning charge tied to workforce rationalization and real estate footprint optimization. Excluding notables, total expenses rose 6%, and the pre-tax margin was 30.7% versus 25.0% on a GAAP basis. Full-year 2025 results were solid: EPS of $9.40 on a GAAP basis ($10.30 ex-notables, up 19%), total revenue of $13.9 billion (up 7%), and an ex-notables pre-tax margin of 29.2%. Client-asset metrics hit records, with AUC/A at $53.8 trillion (up 16%) and AUM at $5.7 trillion (up 20%), supported by $181 billion of full-year net inflows. Capital remained strong, with a standardized CET1 ratio of 11.7% and $635 million returned to common shareholders in the quarter. Management guided to FY2026 fee revenue growth of about 4–6%, NII up low-single digits, expenses up about 3–4%, and 100+ basis points of operating leverage. For investors, the key takeaways are the operating momentum in fee revenue and the expansion in margins, offset by the one-time restructuring costs and continued pressure in software and processing fees. The 8-K itself is a routine furnishing of earnings materials (Items 2.02 and 7.01) and contains no new financial statement restatement or material event beyond the quarterly results.

Jan 16, 2026 8-K

STATE STREET CORP 8-K Report, Regulation FD Disclosure (Oct 29, 2025)

State Street Corporation (STT) has announced the redemption of its $500 million aggregate principal amount of 5.751% Fixed-to-Floating Rate Senior Notes due 2026. This redemption will occur on November 4, 2025, with the company paying 100% of the principal amount plus accrued interest up to, but not including, the redemption date. This action indicates State Street's intention to manage its debt obligations by retiring these specific notes before their maturity. Investors holding these particular notes will receive their principal amount back along with any earned interest. State Street plans to finance this redemption using its existing cash reserves, suggesting a strong liquidity position. This move is not expected to significantly impact the company's overall financial health given the financing method, but it does remove a component of its outstanding debt.

Oct 29, 2025 8-K

STATE STREET CORP 8-K Report, Corporate Update (Oct 23, 2025)

State Street Corporation (STT) announced the successful issuance of $1 billion in Fixed-to-Floating Rate Senior Notes due 2036. This offering was conducted as a public offering under a previously filed registration statement. The net proceeds expected from this issuance are approximately $993.9 million, after accounting for underwriting discounts and estimated expenses. This debt issuance provides State Street with additional capital, which can be utilized for various corporate purposes, including general corporate needs and potential strategic investments. The conversion feature from fixed to floating rate offers flexibility in managing interest rate exposure over the life of the notes. Investors should note the specific terms and covenants outlined in the Indenture and Underwriting Agreement, which are publicly available.

Oct 23, 2025 8-K

STATE STREET CORP 8-K Report, Financial Results (Oct 17, 2025)

State Street (STT) reported third-quarter 2025 diluted EPS of $2.78, up 23% year over year, on total revenue of $3.5 billion (up 9% YoY, up 3% sequentially). Growth was broad-based: fee revenue rose 8% (12% excluding notable items), led by management fees (+16%), securities finance (+19%) and FX trading services (+11%, or +16% ex-notables). Net interest income fell 1% YoY to $715 million as lower short-end rates and deposit mix shift offset securities repricing and loan growth. Total expenses rose 5% YoY, driven by technology investment, revenue-related costs and currency translation. Pre-tax margin expanded to 31.1% from 28.4%, ROE reached 13.4% and ROTCE 20.9%. The company also reported seventh consecutive quarter of positive operating leverage excluding notable items, a 332 bps operating leverage figure, and record AUC/A of $51.7 trillion and AUM of $5.4 trillion. Capital return was strong: $637 million returned to common shareholders ($400 million of buybacks and $237 million of dividends), a 79% total payout ratio. The quarterly dividend was raised 11% to $0.84 per share. The standardized CET1 ratio rose to 11.3% from 10.7% in the prior quarter, and the Tier 1 leverage ratio improved to 5.6%. Liquidity coverage was roughly 106% at the parent and 142% at State Street Bank and Trust. Provisions for credit losses fell sharply to $9 million from $30 million in 2Q25, though management noted reserve increases tied to leveraged and commercial real estate loans. Management also highlighted the Apex Fintech Solutions partnership for its Wealth Services strategy, 361 billion dollars of new servicing AUC/A wins, and front-office software ARR growth of about 13%. The filing is a routine earnings disclosure under Items 2.02 and 7.01, with the press release, financial addendum and slide deck furnished as Exhibits 99.1 to 99.3 rather than filed. Investors should note that the quarter's results are partly helped by currency translation and by the absence of prior-period notable items, and that the 2Q25 comparison included a $100 million repositioning charge and an Alpha-related client rescoping. The forward-looking statements caution about competition, pricing pressure, interest-rate sensitivity and regulatory capital requirements.

Oct 17, 2025 8-K

STATE STREET CORP 8-K Report, Executive Changes (Sep 17, 2025)

State Street Corporation (STT) announced a key addition to its Board of Directors, electing Brian J. Porter as an independent director effective September 15, 2025. Mr. Porter's appointment is significant as he will also serve on the Board's Human Resources Committee and Risk Committee. This move suggests a strategic effort to enhance board oversight and leverage Mr. Porter's expertise in critical areas of the company's operations. Investors should note that Mr. Porter's compensation will be prorated for the 2025-2026 period, aligning with the company's standard director compensation practices, including an annual retainer and a common stock retainer. He will also be entitled to standard director indemnification agreements. The election of a new independent director with committee responsibilities underscores the Board's commitment to good governance and robust risk management.

Sep 17, 2025 8-K

STATE STREET CORP 8-K Report, Financial Results (Jul 15, 2025)

State Street (STT) reported second-quarter 2025 diluted EPS of $2.17 on a GAAP basis, up 1% year-over-year, and $2.53 excluding notable items, up 18%. GAAP total revenue rose 8% to $3.448 billion and fee revenue rose 11% to $2.719 billion, led by FX trading services (+28%), management fees (+10%), and servicing fees (+5%). Net interest income fell 1% year-over-year to $729 million as lower short-end rates and deposit mix shift offset loan growth. Total GAAP expenses rose 11%, but excluding a $100 million workforce-rationalization repositioning charge and $18 million of Alpha-related client rescoping expense, expenses grew 6%. Pre-tax margin was 25.8% on a GAAP basis and 29.6% excluding notable items, and fee operating leverage was positive on an ex-notables basis, indicating the franchise is growing faster than costs. The balance sheet and franchise metrics were strong. Assets under custody and/or administration reached a record $49.0 trillion, up 11% year-over-year, and assets under management reached a record $5.1 trillion, up 17%, helped by $82 billion of net inflows. New servicing AUC/A wins were $1.1 trillion, and the company returned $517 million to common shareholders. The standardized CET1 ratio declined to 10.7% from 11.2% a year earlier, mainly because risk-weighted assets grew from business deployment and capital return, which is a point investors should monitor against the company's target range. Management also announced a planned 11% increase in the quarterly dividend to $0.84 per share for 3Q25, subject to Board approval, after strong Federal Reserve stress test results. The quarter's headline results are flattered by a few items that investors should weigh carefully. Ex-notable items, EPS grew 18%, but the GAAP figure is only up 1%, and the reported expense growth reflects the one-time charges. Provision for credit losses rose to $30 million from $10 million, citing the macroeconomic environment and commercial real estate reserve builds. Overall, the filing shows solid fee-driven growth, record custody and AUM, and a higher dividend, offset by margin pressure from falling rates, a lower CET1 ratio, and one-time charges that make GAAP comparisons less clean.

Jul 15, 2025 8-K

Shareholder Matters

STATE STREET CORP 8-K Report, Shareholder Vote Results (May 19, 2025)

This 8-K filing reports the outcomes of State Street Corporation's (STT) Annual Meeting of Stockholders held on May 14, 2025. A significant majority of outstanding shares (88.30%) were represented, indicating strong shareholder engagement. All eleven director nominees were overwhelmingly elected, reflecting shareholder confidence in the current board leadership. The advisory proposal on executive compensation also received broad approval, with 92.5% of the votes cast in favor. Conversely, both shareholder proposals presented at the meeting were soundly defeated. The proposal seeking an independent Board Chair in the next CEO transition garnered only 25.8% of the votes, while the proposal requesting a report on the company's transition finance strategy related to workers and communities received just 12.0% of the votes. The selection of Ernst & Young LLP as the independent registered public accounting firm for the year ending December 31, 2025, was also ratified by a substantial majority.

May 19, 2025 8-K

Leadership Changes

STATE STREET CORP 8-K Report, Executive Changes (Apr 30, 2025)

State Street Corporation (STT) has announced the appointment of John F. Woods as its new Chief Financial Officer (CFO), effective no later than August 25, 2025. Mr. Woods brings a wealth of experience to State Street, having previously served as CFO and Vice Chair at Citizens Financial Group, Inc., and holding various finance leadership roles at Mitsubishi UFJ Financial Group and JPMorgan Chase & Co. His extensive background in financial management and operations within large financial institutions is expected to be a significant asset to State Street. This leadership transition marks the end of Mark R. Keating's tenure as interim CFO, allowing him to focus on his other responsibilities. Mr. Woods' compensation package reflects his senior role and includes a base salary of $750,000, a target 2025 incentive compensation award of $6,750,000, and substantial transition and buy-out awards designed to compensate for forfeited compensation from his previous employer. These awards include cash payments and significant equity components in the form of deferred stock and performance-based restricted stock units, with vesting schedules extending into 2028.

Apr 30, 2025 8-K

STATE STREET CORP 8-K Report, Corporate Update (Apr 24, 2025)

State Street Corporation (STT) announced on April 24, 2025, the successful completion of a public offering of senior notes, raising a total of $2.0 billion in aggregate principal amount. This offering consisted of $300 million in Floating Rate Senior Notes due 2028, $700 million in Fixed-to-Floating Rate Senior Notes due 2028, and $1 billion in 4.834% Senior Notes due 2030. The net proceeds from this issuance are expected to be approximately $1.991 billion after accounting for underwriting discounts and offering expenses. This debt issuance provides State Street with additional capital, likely to strengthen its balance sheet and fund general corporate purposes. The diverse maturity profile and mix of fixed and floating rates offer flexibility in managing its debt obligations and interest rate exposure. Investors in these notes are creditors of State Street and are entitled to receive interest payments and principal repayment according to the terms of the respective notes.

Apr 24, 2025 8-K

Regulation FDExhibits & Filings

STATE STREET CORP 8-K Report, Financial Results (Apr 17, 2025)

State Street (STT) reported first-quarter 2025 results on April 17, 2025, with diluted EPS of $2.04, up 49% year over year and up 21% excluding notable items in the prior-year period. Total revenue rose 5% to $3.28 billion and fee revenue rose 6% to $2.57 billion, led by management fees (+10%), software and processing fees (+9%), FX trading (+9%) and securities finance (+19%). Net interest income was flat year over year at $714 million, and total expenses fell 3% to $2.45 billion because the prior year included a $130 million FDIC special assessment. Excluding notable items, expenses rose 3%, so the quarter delivered positive fee and total operating leverage (roughly 8.6 and 7.2 percentage points on a GAAP basis). Balance-sheet and capital metrics were stable. The standardized CET1 ratio was 11.0%, the Tier 1 leverage ratio 5.5%, and the State Street Bank and Trust LCR about 139%. The company returned $320 million to common shareholders, including $100 million of buybacks and $220 million of dividends. Assets under custody and/or administration reached $46.7 trillion (up 6%) and assets under management $4.7 trillion (up 9%), though AUM fell 1% sequentially. Management pointed to a period of geopolitical and policy uncertainty and emphasized expense discipline and client value propositions. Separately, the filing discloses that State Street will redeem all $1 billion of its 5.104% Fixed-to-Floating Rate Senior Notes due 2026 on May 18, 2025 at par plus accrued interest, funded with cash on hand. This is a routine balance-sheet action that reduces long-term debt, while the rest of the filing is a standard earnings release and investor presentation.

Apr 17, 2025 8-K

STATE STREET CORP 8-K Report, Regulation FD Disclosure (Mar 5, 2025)

State Street's March 5, 2025 Form 8-K is a Regulation FD filing, not a financial results release. It furnishes slides (Exhibit 99.1) for a presentation by Yie-Hsin Hung, CEO of State Street Global Advisors (SSGA), and Mark Keating, State Street's interim CFO, at the RBC Global Financial Institutions Conference. The filing contains no new earnings, guidance, or balance sheet data, and the information is furnished rather than filed under the Exchange Act. Its substance is a strategic update focused on SSGA, which the company positions as a high-margin, capital-light, fee-based business and a significant contributor to State Street's earnings. The slides cite SSGA's scale and momentum: about $4.7 trillion in AUM at year-end 2024 (up 16% from $4.1 trillion in 2023), total revenue of roughly $2.3 billion (up 9%), and a pre-tax margin of 29.4% (up 3.5 percentage points from 25.9%). Organic net new assets rose to $144 billion in 2024 from $117 billion in 2023, an organic growth rate of 3.5% versus 3.4% previously. Management attributes the margin gain partly to 2023 investment spending that did not recur, and it highlights a #3 global ETF position with $1.6 trillion in AUM, as well as roughly $400 billion of State Street-sourced cash balances and about $1.4 trillion of SSGA funds participating in State Street Global Markets' securities lending program. For investors, the key takeaways are the company's emphasis on growth vectors (ETFs, non-U.S. markets, wealth distribution, and fixed income), its strategic partnerships in private markets, digital assets, and defined contribution and wealth channels, and its positioning of SSGA as an essential driver for the broader firm. The filing is a management messaging document, so the figures are company-provided and should be verified against the 2024 Form 10-K. The slides also include forward-looking statements and a reminder to review the risk factors in the 10-K.

Mar 5, 2025 8-K

STATE STREET CORP 8-K Report, Corporate Update (Feb 28, 2025)

State Street Corporation (STT) has announced the successful completion of a public offering of senior notes, raising approximately $2.737 billion in net proceeds after expenses. This offering includes $1.35 billion in 4.536% Senior Notes due 2028, $650 million in 4.729% Senior Notes due 2030, and $750 million in Fixed-to-Floating Rate Senior Notes due 2036. The funds raised are intended to bolster State Street's capital structure and support its ongoing business operations. This debt issuance indicates State Street's proactive approach to managing its balance sheet and funding needs. Investors should note the specific interest rates and maturity dates for each tranche of notes, as these will impact the company's future interest expense and debt maturity profile. The company has provided legal opinions regarding the issuance, and details of the underwriting agreement with major financial institutions are also disclosed.

Feb 28, 2025 8-K

STATE STREET CORP 8-K Report, Regulation FD Disclosure (Feb 26, 2025)

State Street Corporation (STT) has announced its intention to redeem its entire outstanding principal amount of $500,000,000 in 2.901% Fixed-to-Floating Rate Senior Notes due 2026. The redemption is scheduled for March 30, 2025. This move signals a proactive approach by State Street to manage its debt obligations, likely aiming to reduce interest expenses or optimize its capital structure.

Feb 26, 2025 8-K

STATE STREET CORP 8-K Report, Corporate Update (Feb 6, 2025)

State Street Corporation (STT) has announced the successful completion of a public offering of 750,000 depositary shares representing an interest in its Series K Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock. The offering, which closed on February 6, 2025, is expected to generate approximately $743.1 million in net proceeds for the company after deducting underwriting discounts and expenses. This capital raise is a strategic move to strengthen State Street's financial position and support its ongoing operations and strategic initiatives.

Feb 6, 2025 8-K

Earnings & ResultsLeadership ChangesRegulation FD+1

STATE STREET CORP 8-K Report, Rights Modification (Feb 5, 2025)

State Street Corporation (STT) has filed an 8-K reporting on two key events: the creation and amendment of its Articles of Organization to establish Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series K, and its intention to issue and sell Depositary Shares representing ownership in this preferred stock. This move signifies a strategic capital raise, with the company entering into an underwriting agreement for the sale of 750,000 depositary shares at $1,000 per share, aiming to generate approximately $743.1 million in net proceeds after expenses. The issuance of this preferred stock and the related depositary shares provides State Street with additional capital, potentially strengthening its balance sheet and supporting its ongoing business operations and strategic initiatives. The fixed-rate, non-cumulative nature of the preferred stock implies specific dividend payment characteristics and priority in liquidation. Investors should note that this preferred stock is being offered in the form of depositary shares, which are equity instruments representing an interest in the underlying preferred stock, and are subject to the terms outlined in a forthcoming deposit agreement.

Feb 5, 2025 8-K

STATE STREET CORP 8-K Report, Financial Results (Jan 17, 2025)

State Street (STT) reported fourth-quarter 2024 EPS of $2.46 (GAAP), or $2.60 excluding notable items, with total revenue up 12% year-over-year to $3.4 billion and fee revenue up 13%, driven by broad-based strength including management fees (+20%), FX trading (+17%), and securities finance (+22%). Net interest income rose 10% to $749 million, and the company delivered positive fee and total operating leverage. Pre-tax margin was 28% (30% ex-notables), ROE was 12.7%, and full-year 2024 EPS of $8.21 ($8.67 ex-notables) rose 47% on a GAAP basis. Management also cited $1.1 trillion in quarterly new servicing AUC/A wins, record Management fees, and $64 billion of quarterly net inflows, and it guided to fee revenue growth of roughly 3-5%, flat-ish NII, and expense growth of 2-3% for 2025. The filing also disclosed a leadership change: Vice Chairman and CFO Eric Aboaf will depart when the 2024 Form 10-K is filed, and Mark R. Keating, currently EVP and CFO for Investment Services, was named interim CFO with a $500,000 base salary and $5.25 million annualized 2025 target incentive. A formal search for a permanent CFO is underway. Investors should weigh the strong operating results against this executive transition and the modest decline in capital ratios, with the CET1 ratio falling 0.7 percentage points to 10.9% as capital return and RWA growth outpaced earnings. Notable items in 4Q24 were small on a net basis (-$58 million pre-tax, or -$0.14 EPS), including a $79 million accelerated deferred compensation charge partly offset by a $31 million FDIC special assessment release. Full-year 2024 results were also helped by $2.2 billion returned to common shareholders, including $1.3 billion in buybacks, representing an 87% total payout ratio.

Jan 17, 2025 8-K

STATE STREET CORP 8-K Report, Regulation FD Disclosure (Dec 20, 2024)

State Street Corporation (STT) has announced the redemption of its 4.857% Fixed-to-Floating Rate Senior Notes due 2026 (the "January Notes") and its 1.746% Fixed-to-Floating Rate Senior Notes due 2026 (the "February Notes"). The January Notes, with an aggregate principal amount of $500 million, will be redeemed on January 27, 2025, at 100% of their principal plus accrued interest. The February Notes, totaling $300 million in principal, will be redeemed on February 6, 2025, also at 100% of their principal plus accrued interest. This action indicates a proactive approach by State Street to manage its debt obligations. The company intends to use existing cash reserves to fund these redemptions, suggesting a solid liquidity position. Investors holding these specific notes should be aware of the redemption dates and terms, as interest will cease to accrue on the notes after their respective redemption dates.

Dec 20, 2024 8-K

STATE STREET CORP 8-K Report, Corporate Update (Nov 25, 2024)

State Street Corporation (STT) announced that its wholly-owned subsidiary, State Street Bank and Trust Company, successfully issued $2.25 billion in aggregate principal amount of senior notes. This issuance includes $300 million in Floating Rate Senior Notes due 2026, $1.15 billion in 4.594% Senior Notes due 2026, and $800 million in 4.782% Senior Notes due 2029. The notes were issued under an exemption from registration and the proceeds are expected to be approximately $2.241 billion after deducting expenses and discounts. This debt issuance provides State Street Bank with additional capital and diversifies its funding sources. Investors should note that the proceeds are not designated for a specific purpose beyond general corporate uses and strengthening the bank's financial position. The details of the issuance, including the terms of the notes and the fiscal agency agreement, have been filed as exhibits.

Nov 25, 2024 8-K

Leadership Changes

STATE STREET CORP 8-K Report, Executive Changes (Nov 13, 2024)

State Street Corporation (STT) announced a change to its Board of Directors via an 8-K filing on November 13, 2024. The company elected Patricia Halliday as a new director, effective November 8, 2024. This appointment fills a vacancy on the board and brings new expertise to State Street's governance. Ms. Halliday's compensation will be pro-rated for the current 2024-2025 term, reflecting standard director compensation practices. This includes an annual retainer of $100,000 and a stock retainer of $195,000, with the stock award's value tied to the closing price of STT's common stock on the date of her election. She will also be entitled to the standard director compensation arrangements and an indemnification agreement, consistent with those provided to other non-employee directors.

Nov 13, 2024 8-K

Earnings & ResultsLeadership ChangesRegulation FD+1

STATE STREET CORP 8-K Report, Corporate Update (Oct 22, 2024)

State Street Corporation (STT) announced on October 22, 2024, the successful completion of a public offering of senior notes totaling $2.3 billion. This offering comprises three tranches: $1.2 billion of 4.330% Senior Notes due 2027, $300 million of Floating Rate Senior Notes due 2027, and $800 million of Fixed-to-Floating Rate Senior Notes due 2032. The issuance aims to bolster State Street's capital structure and provides a mix of fixed and floating rate debt to manage interest rate risk. Investors can note that the proceeds from this offering, expected to be approximately $2.290 billion after expenses, will likely be used for general corporate purposes, which could include funding strategic initiatives, managing existing debt maturities, or enhancing regulatory capital. The company has secured underwriting from a syndicate of reputable financial institutions, underscoring the market's confidence in State Street's creditworthiness.

Oct 22, 2024 8-K

STATE STREET CORP 8-K Report, Financial Results (Oct 15, 2024)

State Street reported third-quarter 2024 results on October 15, 2024 that were strong on headline metrics. Diluted EPS was $2.26, up 81% year over year, though the comparison is flattered by a $294 million investment portfolio repositioning loss in 3Q23. Excluding notable items, EPS rose 17% (from $1.93). Total revenue of $3.26 billion grew 21% reported and 9% excluding notable items. Fee revenue rose 11% (7% ex-notable items), led by FX trading, management fees and securities finance. Net interest income increased 16% year over year but fell 2% sequentially as deposit mix shifted and market rates eased. Total expenses rose 6% and fee operating leverage was positive, with management reiterating its goal of positive full-year fee and total operating leverage. ROE was 12.0% and pre-tax margin 28.4%. New AUC/A wins of $466 billion and record Investment Management net inflows of $100 billion were highlights, while the CET1 ratio improved to 11.6%. The filing also disclosed that Vice Chairman and CFO Eric Aboaf informed the company on October 10, 2024 of his intention to step down to take a role outside banking. He will remain through the filing of the 2024 Form 10-K, expected around February 2025, and State Street has started a formal internal and external search for a successor. Investors should weigh the earnings momentum against this leadership transition at a finance-critical moment. Capital return was about 100% of net income available to common shareholders, with $450 million in buybacks and $224 million in dividends. Net interest margin compressed to 1.07% and the State Street Corporation LCR of roughly 107% remains a monitoring point.

Oct 15, 2024 8-K

STATE STREET CORP 8-K Report, Regulation FD Disclosure (Oct 1, 2024)

State Street Corporation (STT) has announced the full redemption of its $1,000,000,000 aggregate principal amount of 2.354% Fixed-to-Floating Rate Senior Notes due 2025. This redemption is scheduled to occur on November 1, 2024, and will be executed at a price equal to 100% of the principal amount plus any accrued and unpaid interest up to, but not including, the redemption date. This proactive move signals State Street's strong liquidity position, as the company intends to fund the entire redemption amount using existing cash on hand. Investors holding these specific senior notes should be aware that interest will cease to accrue on the notes after November 1, 2024. The company is fulfilling its debt obligations, which is generally viewed positively by the market as it can improve the balance sheet's leverage profile.

Oct 1, 2024 8-K

STATE STREET CORP 8-K Report, Corporate Update (Aug 20, 2024)

State Street Corporation (STT) has announced the successful issuance of $1 billion in Fixed-to-Floating Rate Senior Notes due 2029 through a public offering. This offering, conducted under a Form S-3 registration statement, aims to bolster the company's capital structure and provide flexibility for its ongoing operations and strategic initiatives. The net proceeds from the offering are expected to be approximately $995.9 million, after accounting for underwriting discounts and estimated offering expenses. This move represents a strategic financial maneuver by State Street to access capital markets and manage its debt obligations. The fixed-to-floating rate structure offers a degree of protection against rising interest rate environments, which could be beneficial for the company and its investors. The details of the underwriting agreement and the terms of the notes have been filed with the SEC, providing transparency for stakeholders.

Aug 20, 2024 8-K

Other Events

STATE STREET CORP 8-K Report, Corporate Update (Aug 9, 2024)

State Street Corporation (STT) has announced the redemption of all its outstanding Series H Preferred Stock. This action, effective September 16, 2024, involves redeeming 5,000 shares of preferred stock at a price of $100,000 per share ($1,000 per depositary share). The redemption also includes any declared but unpaid dividends up to the redemption date, excluding the dividend announced on July 18, 2024. This move indicates a strategic financial decision by State Street, likely aimed at optimizing its capital structure or reducing financing costs.

Aug 9, 2024 8-K

STATE STREET CORP 8-K Report, Corporate Update (Jul 24, 2024)

State Street Corporation (STT) announced the successful public offering of 850,000 depositary shares, each representing a 1/100th ownership interest in its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J. This offering generated approximately $842.2 million in net proceeds for the company after deducting underwriting discounts and expenses. The issuance of these depositary shares, with a liquidation preference of $100,000 per share, strengthens State Street's capital base and provides financial flexibility. The Series J Preferred Stock was formally established through the filing of Articles of Amendment in Massachusetts. The transaction was executed under a registration statement previously filed with the SEC and was facilitated by an underwriting agreement with Goldman Sachs & Co. LLC and UBS Securities LLC. Investors in these depositary shares will receive a fixed rate reset dividend, subject to reset at specified intervals, and the non-cumulative nature means missed dividend payments are not carried forward. This offering is a strategic move by State Street to manage its capital structure and enhance its financial resilience.

Jul 24, 2024 8-K

STATE STREET CORP 8-K Report, Rights Modification (Jul 23, 2024)

State Street Corporation (STT) has filed an 8-K report detailing amendments to its Articles of Organization to establish Series J Preferred Stock and the subsequent issuance of Depositary Shares representing ownership in this preferred stock. This move is designed to raise significant capital, with the company expecting to receive approximately $842.2 million in net proceeds from the offering of 850,000 depositary shares, each priced at $1,000. These shares represent a 1/100th interest in the newly created Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J, which has a liquidation preference of $100,000 per share. The filing also includes the Underwriting Agreement with Goldman Sachs & Co. LLC and UBS Securities LLC, outlining the terms of the public offering. This strategic capital raise suggests State Street is either bolstering its capital base for regulatory requirements, funding strategic initiatives, or enhancing its financial flexibility. Investors should note that the preferred stock is non-cumulative, meaning missed dividend payments are not carried forward.

Jul 23, 2024 8-K

Shareholder MattersExhibits & Filings

STATE STREET CORP 8-K Report, Financial Results (Jul 16, 2024)

State Street (STT) reported second-quarter 2024 EPS of $2.15, versus $2.17 a year earlier, a roughly 1% decline. Total revenue rose 3% year over year to $3.19 billion, driven by a 6% increase in net interest income to $735 million and a 2% increase in fee revenue to $2.46 billion. Management fees grew 11% and FX trading services grew 11%, which offset weaker Servicing fees (down 2%), Securities finance (down 8%) and Other fee revenue (down 17%). Expenses rose 3% to $2.27 billion, and the pre-tax margin was 28.6% with ROE of 11.9%. Year over year, EPS was roughly flat and net income fell 7%, mainly because the prior-year quarter had lower preferred dividends and a different tax rate. Net income was $711 million, up sharply from the $463 million in 1Q24, which had absorbed a $130 million FDIC special assessment. The headline operating metrics were strong. Assets under custody and/or administration reached a record $44.3 trillion (up 12% year over year), and assets under management reached a record $4.4 trillion (up 16%). New servicing AUC/A wins were $291 billion, and the company reported $2.4 trillion of AUC/A yet to be installed. Management highlighted the consolidation of its final operations joint venture in India as progress on its productivity agenda. Capital returns totaled $407 million in the quarter, including $200 million of buybacks and $207 million of dividends. The board has been asked to approve a planned 10% increase in the quarterly dividend to $0.76 per share for 3Q24, which would be the fourth consecutive year of such an increase. The main investor concerns are soft fee growth, a decline in servicing fees driven by pricing pressure and a client transition, and capital ratios that declined year over year. The CET1 ratio was 11.2%, down 0.6 points from 2Q23, and the Tier 1 leverage ratio was 5.3%, down 0.5 points. Net interest income is supported by higher securities yields, but deposit mix shift is a headwind. The Q2 result also reflected a sizable episodic revenue headwind within Servicing fees, which management cited as offset by stronger management and FX revenue.

Jul 16, 2024 8-K

STATE STREET CORP 8-K Report, Shareholder Vote Results (May 20, 2024)

This 8-K filing from State Street Corp (STT) details the results of their Annual Meeting of Shareholders held on May 15, 2024. The meeting saw a strong turnout, with approximately 88.44% of outstanding common stock represented. Shareholders voted on three key matters: the election of twelve director nominees, an advisory proposal on executive compensation, and the ratification of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. All proposals presented to shareholders were approved. The election of all twelve director nominees passed with substantial support, indicating shareholder confidence in the board's leadership. Similarly, the advisory vote on executive compensation received a high percentage of 'for' votes, suggesting general approval of the company's compensation practices. The ratification of Ernst & Young LLP as the auditor was also overwhelmingly approved, reinforcing the company's financial oversight and reporting integrity.

May 20, 2024 8-K

Regulation FDExhibits & Filings

STATE STREET CORP 8-K Report, Regulation FD Disclosure (May 10, 2024)

State Street Corporation (STT) has filed an 8-K report on May 10, 2024, primarily to announce details regarding its upcoming Annual Meeting of Shareholders. The meeting is scheduled for May 15, 2024, and will be conducted virtually via live audio webcast. This provides an accessible platform for shareholders to participate and hear remarks from key management, including CEO Ronald P. O’Hanley, who will also address shareholder-submitted questions. While this filing does not contain significant new financial disclosures or strategic updates, it serves as a reminder and guide for investors intending to participate in the annual meeting. The webcast details, including the virtual meeting link and instructions for participation for shareholders of record, are clearly outlined. A replay of the webcast will also be made available, ensuring broader access to the information shared during the meeting.

May 10, 2024 8-K

STATE STREET CORP 8-K Report, Financial Results (Apr 12, 2024)

State Street (STT) reported first-quarter 2024 GAAP diluted EPS of $1.37, down 10% year over year, or $1.69 excluding notable items, up 11%. The GAAP decline was driven by a $130 million pre-tax FDIC special assessment, which cost $0.32 per share. Total fee revenue rose 4% to $2.42 billion, led by management fees (up 12%) and front office software and data revenue (up 32%). Net interest income fell 7% year over year to $716 million on deposit mix shift and lower non-interest-bearing balances, though it rose 6% sequentially. Total revenue grew 1% to $3.14 billion. Total expenses were up 6% GAAP but only 1% excluding notable items, producing positive fee operating leverage of 3 points excluding notable items (negative 2 points on a GAAP basis). Business momentum was solid. Record AUC/A reached $43.9 trillion and record AUM reached $4.3 trillion, both up roughly 17-20% year over year, largely on higher market levels. New servicing AUC/A wins were $474 billion and new servicing fee revenue wins were $67 million. Front office software and data ARR rose 19% to $326 million, and the company completed the CF Global Trading acquisition. Trading-related revenues were pressured by muted volatility, with FX trading down 3% and securities finance down 12%. Capital and liquidity remained adequate but softer. The standardized CET1 ratio was 11.1%, down 1 point year over year, largely reflecting share repurchases and other capital distributions. The company returned $308 million to common shareholders, comprising $100 million of buybacks and $208 million of dividends ($0.69 per share). The filing is an earnings release furnished under Items 2.02 and 7.01; it contains no new material agreements or guidance changes.

Apr 12, 2024 8-K

Leadership Changes

STATE STREET CORP 8-K Report, Executive Changes (Mar 22, 2024)

State Street Corporation (STT) announced a key leadership transition in its accounting department via an 8-K filing on March 22, 2024. Ian W. Appleyard, the current Executive Vice President, Global Controller and Chief Accounting Officer, will retire on June 6, 2024, as previously indicated in October 2023. This change marks the end of Mr. Appleyard's tenure and a transition to new leadership. In anticipation of Mr. Appleyard's retirement, State Street has appointed Elizabeth M. Schaefer as the new Chief Accounting Officer, effective upon his departure. Ms. Schaefer has a long-standing history with the company, serving as Senior Vice President and Deputy Controller since 2016 and previously acting as interim Chief Accounting Officer from September 2017 to May 2018. Her appointment signals continuity and internal development within the finance function, with compensation details for her new role also disclosed.

Mar 22, 2024 8-K

Regulation FDExhibits & Filings

STATE STREET CORP 8-K Report, Corporate Update (Mar 18, 2024)

State Street Corporation (STT) has filed an 8-K to report on the issuance of $1 billion in senior notes due in 2027, carrying a coupon rate of 4.993%. This debt offering was conducted through a public offering under an existing shelf registration statement. The company anticipates receiving net proceeds of approximately $995.7 million after accounting for underwriting discounts and offering expenses. This issuance of senior notes is a routine capital markets activity, likely intended to manage State Street's funding profile and capital structure. Investors should note the specific maturity and interest rate of these notes, which will impact the company's future interest expense. The filing also includes standard legal opinions and details of the underwriting agreement, confirming the transaction's completion and regulatory compliance.

Mar 18, 2024 8-K

STATE STREET CORP 8-K Report, Regulation FD Disclosure (Feb 27, 2024)

State Street (STT) furnished an 8-K on February 27, 2024 under Regulation FD, announcing that CEO Ronald O'Hanley and CFO Eric Aboaf would present at the UBS Financial Services Conference that day at 11:20 a.m. ET. The filing itself contains no new financial results; its substance lies in the Exhibit 99.1 slide deck, which is furnished rather than filed and therefore carries no Section 18 liability unless expressly incorporated elsewhere. The presentation lays out management's 2024 strategic priorities: fee revenue growth of roughly 3-4%, positive fee operating leverage, and continued productivity efforts. It frames Asset Services and Markets & Financing as the core revenue engines, with Global Advisors (asset management) as a growth lever. Management reported $301M of servicing fee revenue wins in 2023 and targets $350-400M for 2024, alongside a 97% average revenue retention rate from 2020-2023 and roughly 2-3 months of expected reduction in State Street Alpha implementation time. For expenses, the company cites FY2023 non-GAAP expenses of $8,963M (excluding $620M of notable items, including a $387M FDIC special assessment) and guides to FY2024 expense growth of roughly 1-2% after productivity savings, with incremental investments of about $400-500M. Investors should note that all outlook metrics are non-GAAP, that servicing-win estimates are highly variable and not reliable indicators of future revenue, and that the forward-looking statements carry the standard risk factors cited in the 10-K.

Feb 27, 2024 8-K

Other Events

STATE STREET CORP 8-K Report, Corporate Update (Feb 8, 2024)

State Street Corporation (STT) has announced the redemption of all outstanding shares of its Series D and Series F preferred stock, effective March 15, 2024. This action involves the repurchase of 7,500 shares of Series D preferred stock and 2,500 shares of Series F preferred stock. The redemption prices are set at $100,000 per share for both series, which translate to $25.00 per depositary share for Series D and $1,000.00 per depositary share for Series F. This redemption represents a move by State Street to manage its capital structure. Investors holding these specific preferred stock series will receive the redemption price along with any declared but unpaid dividends up to the redemption date. Notably, the cash dividend announced on January 18, 2024, will not be included in these redemption payouts, meaning holders will receive that dividend separately if they hold the shares on the ex-dividend date.

Feb 8, 2024 8-K

STATE STREET CORP 8-K Report, Corporate Update (Jan 31, 2024)

State Street Corporation (STT) has filed an 8-K report detailing the successful completion of a public offering and sale of 1,500,000 depositary shares. These shares represent ownership in its newly established Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I. The offering generated approximately $1.481 billion in net proceeds for State Street after deducting underwriting discounts and expenses. This capital raise is a significant event for investors, as it enhances the company's capital base. The preferred stock, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), carries fixed rate reset non-cumulative perpetual characteristics. The details of the offering, including the underwriting agreement and the establishment of the preferred stock series, were finalized in late January 2024.

Jan 31, 2024 8-K

STATE STREET CORP 8-K Report, Rights Modification (Jan 30, 2024)

State Street Corporation (STT) has filed an 8-K detailing an underwritten public offering of 1,500,000 depositary shares. Each depositary share represents a 1/100th ownership interest in a newly created series of Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I. The offering, priced at $1,000 per depositary share, is expected to generate approximately $1.481 billion in net proceeds for State Street after deducting underwriting discounts and expenses. This issuance is a strategic move by State Street to bolster its capital position. The newly created Preferred Stock, Series I, has a liquidation preference of $100,000 per share. The company has entered into an underwriting agreement with BofA Securities, Inc., Deutsche Bank Securities Inc., and Goldman Sachs & Co. LLC, acting as representatives for the underwriters. This filing also incorporates amendments to State Street's Articles of Organization to establish the terms of this preferred stock.

Jan 30, 2024 8-K

STATE STREET CORP 8-K Report, Financial Results (Jan 19, 2024)

State Street reported fourth-quarter 2023 EPS of $0.55 on a GAAP basis, down 71% year over year, and $2.04 excluding notable items, down 1%. Total revenue was $3.04 billion, down 4% year over year, or down 3% excluding notable items. The GAAP decline was driven by $620 million of pre-tax notable items, chiefly a $387 million FDIC special assessment and $203 million of net repositioning charges tied to workforce rationalization and real estate optimization. Net interest income fell 14% year over year as lower non-interest-bearing deposit balances and deposit mix shift offset the benefit of higher rates, though it rose 9% sequentially. Fee revenue was flat at $2.37 billion, with servicing fees up 1% and management fees up 5%, while FX trading services fell 16% on subdued volatility. The quarter showed commercial momentum. State Street won $501 billion of new servicing AUC/A, mostly from asset managers and alternatives clients, and recorded record Global Advisors net inflows of $103 billion, led by ETFs and cash. Front office software and data ARR rose 16% to $315 million. Expenses excluding notable items rose 2%, which management attributed to continued business investment, partly offset by productivity savings. Capital returns remained significant. The company returned $709 million in the quarter, including $500 million of buybacks, and announced a new repurchase authorization of up to $5 billion with no expiration date. The standardized CET1 ratio was 11.6%, up 0.6 points sequentially but down 2 points from a year earlier, and the Tier 1 leverage ratio was 5.5%. Investors should weigh the strong sales and buyback capacity against revenue pressure from lower NII and weak FX activity, and against the company's 2024 outlook for fee revenue of about -1% year over year and NII of about -10% year over year (excluding notable items).

Jan 19, 2024 8-K