Editing State Street Corporation

{{short description|Global financial services company}}
{{Multiple issues|
{{primary sources|date=May 2021}}
{{more citations needed|date=May 2021}}
}}

{{Infobox company
| name = State Street Corporation
| logo = State-street-logo-final.svg
| image = State Street Bank - One Congress, Boston, MA.jpg
| image_size = 220px
| image_caption = One Congress Street, the headquarters of the company, in [[Boston]]
| former_name = State Street Boston Financial Corporation (1960–1977)<br/>State Street Boston Corporation (1977–1997)
| type = [[Public company|Public]]
| traded_as = {{ubl|{{NYSE|STT}}|[[S&P 500]] component}}
| founded = {{Start date and age|1792|6|25}} (Union Bank)<!--<br/>14 October 1925 (unified entity)-->
| location = [[Bulfinch Crossing#One Congress|One Congress Street]]<br />[[Boston]], Massachusetts, U.S.
| key_people = Ronald P. O’Hanley ([[chairman]] & [[CEO]])
| industry = {{ubl|[[Financial services]]|[[Investment management]]}}
| products = {{ubl|[[Asset management]] |[[Risk management]] |[[Mutual fund]]s |[[Exchange-traded fund]]s |[[Index fund]]s }}
| revenue = {{increase}} {{US$|13.00 billion|link=yes}} (2024)
| net_income = {{increase}} {{US$|2.687 billion}} (2024)
| aum = {{increase}} {{US$|4.715 trillion}} (2024)
| assets = {{increase}} {{US$|353.2 billion}} (2024)
| equity = {{increase}} {{US$|25.33 billion}} (2024)
| num_employees = 52,626 (2024)
| divisions = {{Ubl
| [[State Street Global Advisors|Global Advisors]]
| [[State Street Bank and Trust Company|Global Services]]
}}
| subsid = {{Ubl
| [[State Street Bank and Trust Company]]
}}
| website = {{URL|www.statestreet.com}}
| footnotes = <ref name=10K>{{cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/93751/000009375125000111/stt-20241231.htm |title=State Street Corporation 2024 Annual Report (Form 10-K) |publisher=[[U.S. Securities and Exchange Commission]] |date=February 13, 2025 |pages=67, 73, 123, 125}}</ref>
}}

'''State Street Corporation''' is an American global<ref>{{cite magazine  |magazine=Forbes
  |title=State Street on the Forbes Global 2000 List
  |url=https://www.forbes.com/companies/state-street
  |quote=State Street ... Forbes Global 2000 List. ... State Street Corp. financial ... America's Largest Public Companies 2018. #252}}</ref> [[financial services]] and [[bank holding company]] headquartered at [[Bulfinch Crossing#One Congress|One Congress Street]] in [[Boston]] with operations worldwide. It is the [[list of oldest banks in continuous operation|second-oldest]] continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 14th on the [[list of largest banks in the United States]] by assets. It is one of the largest asset management companies in the world with US$4.7 trillion under management and US$46.6 trillion under custody and administration in 2024.<ref name="Reuters 2023">{{cite news |last=State Street Corporation |first=Press Release |date=2025-01-17 |title=State Street Corporation (NYSE: STT) Reports Fourth-Quarter and Full-Year 2024 Financial Results |url=https://newsroom.statestreet.com/press-releases/press-release-details/2025/State-Street-Corporation-NYSE-STT-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results/default.aspx |url-status=live |access-date=2025-01-17 |work=State Street Corporation |language=en}}</ref> It is the second largest [[custodian bank]] in the world, providing [[Securities market|securities services]]<ref>{{Cite web|url=https://www.businesswire.com/news/home/20210119005565/en/State-Street-Reports-Fourth-Quarter-and-Full-Year-2020-Financial-Results#:~:text=With%20%2438.8%20trillion%20in%20assets,and%20employs%20approximately%2039%2C000%20worldwide.|title=State Street Reports Fourth-Quarter and Full-Year 2020 Financial Results|website=Business Wire|date=19 January 2021|access-date=January 19, 2021}}</ref><ref>{{cite web|url=https://www.sec.gov/Archives/edgar/data/93751/000009375119000336/stt-20181231_10k.htm#s5523C1CFAF736B3778562E2481D616AE
|title=State Street Corporation 10-K
|date=February 21, 2019 |website=SEC
|access-date=February 28, 2019}}</ref> and it is considered a [[Systemically important financial institution|systemically important bank]] by the [[Financial Stability Board]].<ref>{{cite web |url=https://www.fsb.org/wp-content/uploads/P231121.pdf |title=2021 List of Global Systemically Important Banks (G-SIBs) |date=November 23, 2021 |publisher=[[Financial Stability Board]] |page=3}}</ref><ref>{{cite web |url=https://www.federalreserve.gov/econres/notes/feds-notes/how-do-us-global-systemically-important-banks-lower-their-capital-surcharges-20200131.htm |title=How Do U.S. Global Systemically Important Banks Lower Their Capital Surcharges? |publisher=[[Federal Reserve]] |date=January 31, 2020 |first1=Jared |last1=Berry |first2=Akber |last2=Khan |first3=Marcelo |last3=Rezende}}</ref> Along with [[BlackRock]] and [[The Vanguard Group|Vanguard]], State Street is considered to be one of the Big Three index fund managers that dominate retail investing.<ref>{{Cite journal |last1=Bebchuk |first1=Lucian |author-link=Lucian Bebchuk |last2=Hirst |first2=Scott |date=2019 |title=Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy |url=https://columbialawreview.org/content/index-funds-and-the-future-of-corporate-governance-theory-evidence-and-policy/ |journal=[[Columbia Law Review]] |volume=119 |issue=8 |pages=2029–2146 |ssrn=3282794}}</ref><ref>{{Cite web |last1=McLaughlin |first1=David |last2=Massa |first2=Annie |date=January 9, 2020 |title=The Hidden Dangers of the Great Index Fund Takeover |url=https://www.bloomberg.com/news/features/2020-01-09/the-hidden-dangers-of-the-great-index-fund-takeover |access-date=June 7, 2021 |website=Bloomberg Businessweek}}</ref>

The company is ranked 316th on the [[Fortune 500|''Fortune'' 500]] as of 2022.<ref name=Fortune500>{{Cite web
  |url=http://fortune.com/fortune500/state-street-corp
  |title=State Street Corp.
  |website=Fortune  |access-date=June 4, 2022}}</ref> The company is on the list of the banks that are [[too big to fail]] published by the [[Financial Stability Board]].<ref>{{cite web |url=http://www.fsb.org/wp-content/uploads/2015-update-of-list-of-global-systemically-important-banks-G-SIBs.pdf |title=2015 update of list of global systemically important banks (G-SIBs) |work=[[Financial Stability Board]]|date=November 3, 2015}}</ref> It is rated by Visual Capitalist as the third U.S. bank by uninsured deposits, with 91.2% of deposits being uninsured.<ref>{{Cite web |last1=Neufeld |first1=Dorothy |last2=Lam |first2=Sabrina |date=April 5, 2023 |title=MONEY Ranked: The U.S. Banks With the Most Uninsured Deposits |url=https://www.visualcapitalist.com/ranked-the-u-s-banks-with-the-most-uninsured-deposits/ |access-date=April 20, 2023 |website=Visual Capitalist}}</ref>

The company is named after [[State Street (Boston)|State Street]] in Boston, which was known as the "Great Street to the Sea" in the 18th century as Boston became a flourishing maritime capital. The company's logo formerly included a [[clipper ship]] to reflect the maritime industry in Boston during this time.

==Current operations==

=== Investment servicing: State Street Global Services ===
{{Main|State Street Bank and Trust Company}}
[[State Street Bank and Trust Company]], also known as State Street Global Services, is the [[securities services]] division of State Street that provides asset owners and managers with securities services (e.g. custody, corporate actions), fund accounting (pricing and valuation), and administration (financial reporting, tax, compliance, and legal) services. Global Services handles assets from many classes, including [[stock]]s, [[Derivative (finance)|derivatives]], [[exchange-traded fund]]s, [[fixed income]] assets, [[private equity]], and [[real estate]]. Global Services also provides outsourcing for operations activities and handles US$10.2 trillion of middle-office assets.<ref name="10K" />

=== Investment management: State Street Global Advisors ===
{{Main|State Street Global Advisors}}
[[State Street Global Advisors]] is the [[investment management]] division of State Street that provides [[asset management]], research, and advisory services to [[corporation]]s, [[mutual fund]]s, [[insurance]] companies, and other [[institutional investor]]s. Global Advisors develops both [[passive management]] and [[active management]] strategies using both quantitative and fundamental approaches.<ref name=10K />

====1993 SPDR innovation====
In 1993,<ref>{{cite news  |newspaper=[[The New York Times]]
  |url=https://www.nytimes.com/2018/02/02/your-money/stock-market-after-hours-trading.html
  |title=The Stock Market Works by Day, but It Loves the Night
  |author=Jeff Sommer  |date=February 2, 2018}}</ref><ref>{{cite news
|newspaper=[[The New York Times]]
|url=https://markets.on.nytimes.com/research/stocks/news/press_release.asp?docTag=201907020905BIZWIRE_USPRX____BW5142&feedID=600&press_symbol=261750
|title=State Street Announces Name and Ticker Changes for Six SPDR ETFs
|quote=State Street created .. 1993 SPDR S&P 500 .. SPY}}</ref> the company created the [[SPDR S&P 500 Trust ETF]], the first [[exchange-traded fund]] (ETF), and is now one of the largest ETF providers worldwide.<ref>{{cite press release |url=https://www.businesswire.com/news/home/20130129005214/en/ETF-Turns-20-Innovation-Leveled-Playing-Field |title=The First ETF Turns 20: Innovation That Leveled the Playing Field for All Investors Reaches New Milestone |publisher=[[Business Wire]] |date=January 29, 2013}}</ref> Trading on SPDR began January 29, 1993.<ref>{{Cite web|last=Wismer|first=David|title=Happy Belated Birthday, Spider! (SPY Celebrates 20th Anniversary Amidst ETF Boom)|url=https://www.forbes.com/sites/davidwismer/2013/01/30/happy-belated-birthday-spider-spy-celebrates-20th-anniversary-amidst-etf-boom/|access-date=2021-10-07|website=Forbes|language=en}}</ref>

===State Street Global Markets===
Global Markets is State Street's securities business that offers research, [[Trade (financial instrument)|trading]], and securities lending services for [[foreign exchange market|foreign exchange]], [[stock|equitie]]s, [[fixed income]], and [[Derivative (finance)|derivatives]]. To avoid a [[conflict of interest]], the company does not run [[proprietary trading]] books. Global Markets maintains trading desks in [[Boston]], [[Hong Kong]], [[London]], [[Singapore]], [[Sydney]], [[Toronto]], [[Tokyo]] and [[São Paulo]] .<ref name=10K />

==History==
The company traces its roots to Union Bank, which received a charter in 1792 from [[Massachusetts]] Governor [[John Hancock]]. It was the third bank to be chartered in Boston and its office was at the corner of State and Exchange Streets.<ref name="best">{{cite news |url=https://www.forbes.com/sites/kurtbadenhausen/2012/12/18/americas-best-and-worst-banks-2/ |title=America's Best And Worst Banks |first=Kurt |last=Badenhausen |work=[[Forbes]] |date=December 18, 2012}}</ref><ref name="History">FundingUniverse, 2014, [http://www.fundinguniverse.com/company-histories/state-street-corporation-history/ History of State Street Corporation], retrieved 22 June 2014</ref> In 1865, Union Bank received a national charter and became the National Union Bank of Boston. The bank later built a headquarters at Washington and State streets.<ref>{{Cite news|url=https://www.newspapers.com/clip/20281610/boston_post/|title=Clipping from Boston Post - Newspapers.com|work=Newspapers.com|access-date=2018-05-22|language=en}}</ref>

State Street Deposit & Trust Co opened in July 1891. The name was shortened to State Street Trust Company in 1897. It became the custodian of the first U.S. mutual fund in 1924, the Massachusetts Investors Trust (now [[MFS Investment Management]]).<ref name="History" />

===20th century===
State Street and National Union merged in October 1925.<ref name="best" /> The merged bank took the State Street name, but National Union was the nominal survivor, and it operated under National Union's charter, thus giving the current entity its rank among the oldest banks in the United States.

The company merged with Second National Bank in 1955 and with the Rockland-Atlas National Bank in 1961.<ref>{{Cite web|url=http://www.fundinguniverse.com/company-histories/state-street-corporation-history/|title=History of State Street Corporation |publisher=FundingUniverse|language=en|access-date=2018-05-22}}</ref><ref>{{cite news |url=https://www.nytimes.com/1960/12/21/archives/two-big-banks-in-boston-slate-union-into-2d-largest-in-area.html |title=Two Big Banks in Boston Slate Union Into 2d Largest in Area |work=[[The New York Times]] |date=December 21, 1960}}</ref>

In 1966, the company completed construction of the [[State Street Bank Building]], a new headquarters building, the first high-rise office tower in downtown Boston.

In 1972, the company opened its first international office in [[Munich]].

In 1973, as a 50/50 [[joint venture]] with [[DST Systems]], the company formed Boston Financial Data Services, a provider of shareholder record-keeping, intermediary and investor services, and regulatory compliance. More than 100 top staff from [[IBM]] were hired by State Street as it set about implementing IBM [[mainframe computer]] systems.

In 1975, William Edgerly became president and chief executive officer of the bank and shifted the company's strategy from commercial banking to investments and securities processing.<ref name="History" />

During the 1980s and 1990s, the company opened offices in [[Montreal]], [[Toronto]], [[Dublin]], [[London]], [[Paris]], [[Dubai]], [[Sydney]], [[Wellington]], [[Hong Kong]], and [[Tokyo]].<ref name="History" />

By 1992, most of State Street's revenue came from fees for holding securities, settling trades, keeping records, and performing accounting.<ref name="History" /> In 1994, the company formed [[State Street Global Advisors]], a global asset management business.

In 1995, State Street acquired Investors Fiduciary Trust of [[Kansas City]] for $162 million from DST Systems and Kemper Financial Services.<ref>{{cite web|url=https://www.sec.gov/Archives/edgar/data/61448/000095014701500531/0000950147-01-500531.txt|title=Semi-Annual Report|date=December 31, 2000|website=SEC.gov|quote=State Street Kansas City ("SSKC") (formerly Investors Fiduciary Trust Company) and State Street Boston ("SSB")}}</ref><ref>{{cite press release|url=https://www.businesswire.com/news/home/20050131005824/en/State-Street-Celebrates-10th-Anniversary-Kansas-City|title=State Street Celebrates 10th Anniversary of its Kansas City Operations|publisher=[[Business Wire]]|date=January 31, 2005}}</ref> In 1996, Bank of New York acquired the unit investment trust servicing business of Investors Fiduciary Trust Co., Kansas City, Mo.<ref>{{cite news|url=https://www.nytimes.com/1996/02/28/business/company-briefs-077798.html|title=Company briefs|date=February 28, 1996|newspaper=[[The New York Times]]}}</ref>

In 1997, State Street setup its office in Singapore.<ref>{{cite web |title=State Street in Singapore |url=https://www.statestreet.com/about/office-locations/singapore.html |website=State Street Corporation |access-date=26 May 2021}}</ref>

In 1999, State Street sold its retail and commercial banking businesses to [[Citizens Financial Group]].<ref>{{Cite news|url=https://www.nytimes.com/1999/05/07/business/company-news-citizens-is-buying-state-street-s-retail-bank-business.html|title=Company News; Citizens Is Buying State Street's Retail Bank Business|agency=Reuters|date=1999-05-07|work=The New York Times|access-date=2019-12-11|language=en-US|issn=0362-4331}}</ref>

===21st century===
In 1990, State Street Bank Luxembourg was founded, and {{As of|2018|lc=y}} is the largest player in the country's fund industry by assets.<ref>{{cite web |url=http://www.the-businessreport.com/article/state-street-represent-roughly-quarter-fund-industry/ |title="We represent roughly 25% of the fund industry" |work=The Business Report |date=January 22, 2018}}</ref>

In 2003, the company acquired the securities services division of [[Deutsche Bank]] for $1.5 billion.<ref>{{cite news |url=http://usatoday30.usatoday.com/money/industries/banking/2002-11-05-state-street_x.htm |title=State Street will become largest securities services firm |work=[[USA Today]] |date=November 5, 2002}}</ref> The company also sold its corporate trust business to [[U.S. Bancorp]] for $725 million.<ref>{{cite press release |url=http://phx.corporate-ir.net/phoenix.zhtml?c=117565&p=irol-newsArticle&ID=539780 |title=U.S. Bank to Acquire State Street's Corporate Trust Business |publisher=[[Business Wire]] |date=August 13, 2002}}</ref> Also in 2003, State Street sold its private asset management business to [[U.S. Trust]].<ref>{{cite press release |url=https://www.businesswire.com/news/home/20031103005205/en/U.S.-Trust-Completes-Acquisition-State-Streets-Private |title=U.S. Trust Completes Acquisition of State Street's Private Asset Management Business |publisher=[[Business Wire]] |date=November 3, 2003}}</ref>

In July 2007, the company acquired [[Investors Bank & Trust]] for $4.5 billion.<ref>{{cite press release |url=https://www.businesswire.com/news/home/20070702005432/en/State-Street-Completes-Acquisition-Investors-Financial-Services |title=State Street Completes Acquisition of Investors Financial Services Corp. |publisher=[[Business Wire]] |date=July 2, 2007}}</ref>

In October 2008, the [[United States Department of the Treasury]] invested $2 billion in the company as part of the [[Troubled Asset Relief Program]] and in July 2009, the company became the first major financial firm to repay the Treasury.<ref>{{cite news |url=http://archive.boston.com/business/articles/2009/07/11/state_street_is_first_to_pay_back_all_tarp_funds/ |title=State Street is first to pay back all TARP funds |agency=[[Bloomberg News]] |publisher=[[Boston.com]] |date=July 11, 2009}}</ref>

In 2010, the company acquired Mourant International Finance Administration.<ref>{{cite news |url=https://www.ft.com/content/459c1308-e128-11de-af7a-00144feab49a |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/459c1308-e128-11de-af7a-00144feab49a |archive-date=2022-12-10 |url-access=subscription |title=State Street grows with Mourant purchase |first=Ruth |last=Sullivan |work=[[Financial Times]] |date=December 6, 2009}}</ref> It also acquired the securities services group of [[Intesa Sanpaolo]] for $1.87 billion.<ref>{{cite news |url=https://www.reuters.com/article/us-intesasanpaolo/state-street-buys-intesa-securities-services-unit-idUSTRE5BL29O20091222 |title=State Street buys Intesa securities services unit |first=Svea |last=Herbst-Bayliss |work=[[Reuters]] |date=December 22, 2009}}</ref> In December 2010, the company announced that it would be retrenching 5% of its workforce and effectively reducing the hourly wages of remaining employees by 10% via increased standard work hours.<ref>{{cite news |url=http://www.bostonherald.com/business/business_markets/2010/12/days_get_longer_state_street |title=Days to get longer at State Street |first=Jessica |last=Van Sack |work=[[The Boston Herald]] |date=December 12, 2010}}</ref>

In November 2011, the company was named as amongst the world's 29 systemic banks.<ref>{{cite news |last=Smith |first=Geoffrey T. |url=https://www.wsj.com/articles/SB10001424052970203804204577017781584650666 |title=Bucket List: G20 Panel Names Top Global Banks |work=[[The Wall Street Journal]] |date=November 5, 2011}}</ref>

In 2012, the company acquired [[Goldman Sachs]] Administration Services, a  hedge fund administrator, for $550 million.<ref>{{cite press release |url=https://www.businesswire.com/news/home/20120717005831/en/State-Street-Acquire-Goldman-Sachs-Administration-Services |title=State Street to Acquire Goldman Sachs Administration Services |publisher=[[Business Wire]] |date=July 17, 2012}}</ref>

In November 2014, the company sold SSARIS Advisors, its [[hedge fund]] unit, to senior management.<ref>{{cite news |url=https://www.forbes.com/sites/greatspeculations/2014/11/24/state-street-shrinks-hedge-fund-operations-with-sale-of-ssaris-advisors-to-management/ |title=State Street Shrinks Hedge Fund Operations With Sale Of SSARIS Advisors To Management |work=[[Forbes]] |date=November 24, 2014}}</ref>

In 2016, State Street launched a program called Beacon, focused on cutting costs and improving reporting technology.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2017-09-20/financial-plumber-state-street-embraces-artificial-intelligence |title=State Street Embraces Artificial Intelligence |first1=Charles |last1=Stein |first2=Ivan |last2=Levingston |work=[[Bloomberg L.P.]] |date=September 20, 2017}}</ref> Their main focus was to shrink their US workforce in order to bolster profits in excess of $2.5 billion (2018 figures).{{Citation needed|date=October 2019}} Also in 2016, the company acquired the asset management business of [[General Electric]].<ref>{{cite press release |url=https://www.businesswire.com/news/home/20160701005379/en/State-Street-Completes-Acquisition-GE-Asset-Management |title=State Street Completes Acquisition of GE Asset Management |publisher=[[Business Wire]] |date=July 1, 2016}}</ref>

In 2017, the company announced that Jay Hooley, the chief executive officer of the company, would retire, to be succeeded by Ronald P. O’Hanley, then vice chairman, president and CEO of State Street Global Advisors.<ref>{{cite news |url=https://www.americanbanker.com/news/state-street-announces-ceo-hooley-to-step-down-next-year |title=Succession shoe drops at another big trust bank |first=John |last=Reosti |work=[[American Banker]] |date=November 7, 2017}}</ref>

In 2018, State Street completed its acquisition of Charles River Development, a [[Burlington, Massachusetts]] provider of investment management software.<ref>{{Cite web |url=https://newsroom.statestreet.com/press-release/corporate/state-street-completes-acquisition-charles-river-development |title=State Street Completes Acquisition of Charles River Development &#124; State Street Newsroom |access-date=2018-10-23 |archive-date=2019-10-07 |archive-url=https://web.archive.org/web/20191007234949/https://newsroom.statestreet.com/press-release/corporate/state-street-completes-acquisition-charles-river-development |url-status=dead }}</ref> The deal closed October 1, 2018, at a cost of approximately $2.6 billion that will be financed by the suspension of share repurchases and the issuing of common and preferred equity.<ref>{{cite news |last1=Stein |first1=Charles |last2=Maranz |first2=Felice |url=https://www.bostonglobe.com/business/2018/07/20/state-street-acquire-charles-river-development-for-billion/qn0cNw27JGBMzuEyv9GL7N/story.html |title=State Street slides on $2.6 billion Charles River Development acquisition |work=[[The Boston Globe]] |publisher=[[Bloomberg News]] |date=2018-07-20 |access-date=2018-07-20}}</ref> News of the acquisition led to a drop in State Street shares of nearly 10% with share prices remaining flat since the purchase.<ref>{{Cite web|url=https://www.forbes.com/sites/greatspeculations/2018/08/27/why-the-pessimism-surrounding-state-streets-acquisition-of-charles-river-is-overblown/|title=Why The Pessimism Surrounding State Street's Acquisition Of Charles River Is Overblown|last=Team|first=Trefis|website=Forbes|language=en|access-date=2018-12-19|archive-date=2019-04-28|archive-url=https://web.archive.org/web/20190428025642/https://www.forbes.com/sites/greatspeculations/2018/08/27/why-the-pessimism-surrounding-state-streets-acquisition-of-charles-river-is-overblown/|url-status=dead}}</ref>

In January 2019, State Street announced that it planned to lay off 1,500 employees, increasing the number to 2,300 in July.<ref name=":0">{{Cite web|url=https://www.bizjournals.com/boston/news/2019/09/13/state-street-lays-off-250-it-workers-in-latest-job.html|title=State Street lays off 250 IT workers in latest job cuts|last=Ryan|first=Greg|date=13 September 2019|website=Boston Business Journal|access-date=2019-10-31}}</ref> During that period, the company shifted their workforce from the United States to countries like China, India and Poland and operated under a hiring freeze.<ref name=":0" /> The increased overseas hiring resulted in a net gain of employment of over 3,000.<ref>{{cite news  |newspaper=[[BizJournals]].com
  |title=State Street to lay off 1,500 in turn toward automation
  |url=https://www.bizjournals.com/boston/news/2019/01/18/state-street-to-lay-off-1-500-in-turn-toward.html
  |date=January 18, 2019}}</ref><ref>{{cite news  |newspaper=Boston Herald  |date=January 18, 2019
  |url=https://www.bostonherald.com/2019/01/18/state-street-to-lay-off-1500-employees
  |title=State Street lays off 1,500 employees}}</ref>

In September 2021, State Street agreed to buy [[Brown Brothers Harriman & Co.]]'s investor-services business for $3.5 billion in cash.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2021-09-07/state-street-agrees-to-buy-brown-brothers-unit-for-3-5-billion |title=State Street to Buy Brown Brothers' Unit for $3.5 Billion |date=September 7, 2021 |work=[[Bloomberg News]] |first=Annie |last=Massa |url-access=limited}}</ref> Following continued scrutiny in receiving regulatory approvals, the deal was mutually agreed to be dropped in November 2022.<ref>{{cite news |url=https://www.bostonglobe.com/2022/11/30/business/state-street-pulls-plug-35b-brown-brothers-harriman-acquisition/ |title=State Street pulls plug on $3.5 billion Brown Brothers Harriman acquisition |date=November 30, 2022 |work=[[The Boston Globe]] |first1=Don |last1=Chesto |first2=Dana |last2=Gerber}}</ref>

==Controversies==
===Currency trade fraud===
In 2009, [[California]] alleged on behalf of its pension funds [[CalPERS]] and [[CalSTRS]] that State Street had committed fraud on currency trades handled by the custodian bank.<ref>{{cite news |url=https://www.nytimes.com/2009/10/21/business/21street.html |title=California Sues State Street Bank for Fraud |first=Eric |last=Dash |work=[[The New York Times]] |date=October 20, 2009}}{{subscription required}}</ref><ref>{{cite news |url=https://www.reuters.com/article/us-statestreet-california-sb/california-sues-state-street-over-pension-funds-idUSTRE59J4JS20091020 |title=California sues State Street over pension funds |work=[[Reuters]] |date=October 20, 2009}}</ref>

===Non-disclosure of short position===
On February 28, 2012, State Street Global Advisors entered into a consent order with the [[Massachusetts Secretary of the Commonwealth|Massachusetts Securities Division]]. The Division was investigating the firm's role as the investment manager of a $1.65 billion (USD) hybrid [[collateralized debt obligation]]. The investigation resulted in a fine of $5 million (USD) for the non-disclosure of certain initial investors taking a short position on portions of the CDO.<ref>{{cite web |url=https://www.sec.state.ma.us/sct/archived/sctssga/State_Street_Consent_Order.pdf |title=Consent Order |publisher=[[Massachusetts Secretary of the Commonwealth]] |date=February 28, 2012}}</ref>

===Shareholder complaints===
During the May 2012 annual shareholders meeting, chairman and chief executive Jay Hooley was shouted down on numerous occasions by protesters in relation to the outsourcing and other grievances.<ref>{{cite news |url=https://www.reuters.com/article/statestreet-protesters-idUSL1E8GG9BF20120516 |title=UPDATE 2-Protester shouts disrupt State Street annual meeting |work=[[Reuters]] |date=May 16, 2017}}</ref>

===Undisclosed commissions===
On January 18, 2017, State Street agreed to pay $64.6 million to resolve U.S. investigations into what prosecutors said was a scheme to defraud six clients through secret commissions on billions of dollars of trades.<ref>{{cite press release |url=https://www.justice.gov/opa/pr/state-street-corporation-agrees-pay-more-64-million-resolve-fraud-charges |title=State Street Corporation Agrees to Pay More than $64 Million to Resolve Fraud Charges |publisher=[[United States Department of Justice]] |date=January 18, 2017}}</ref><ref>{{cite news |url=https://www.reuters.com/article/us-state-str-fraud/state-street-to-pay-64-6-million-to-resolve-u-s-fraud-probes-idUSKBN15225Q |title=State Street to pay $64.6 million to resolve U.S. fraud probes |first=Nate |last=Raymond |work=[[Reuters]] |date=January 18, 2017}}</ref>

===''Fearless Girl'' statue===
In March 2017, State Street Global Advisors commissioned a statue called ''[[Fearless Girl]]'' by [[Kristen Visbal]] and placed it temporarily in the [[Financial District, Manhattan]], in front of the [[Wall Street]] icon ''[[Charging Bull]]''. The statue is an advertisement for an [[index fund]] which comprises gender diverse companies that have a higher percentage of women among their senior leadership.<ref>{{cite news |url=http://adage.com/article/agency-news/things-fearless-girl/308863/ |title=EIGHT THINGS YOU DON'T KNOW ABOUT 'FEARLESS GIRL' |first=Lindsay |last=Stein |work=[[Advertising Age]] |date=May 3, 2017}}</ref> While some have seen it as an encouragement of [[women in business]], some women criticized the statue as "corporate feminism" that violated their own [[feminist]] principles.<ref>{{cite news |url=https://www.nytimes.com/2017/03/16/nyregion/fearless-girl-statue-manhattan.html |title=The False Feminism of 'Fearless Girl' |first=Gina |last=Belafonte |work=[[The New York Times]] |date=March 16, 2017}}{{subscription required}}</ref><ref>{{cite news |url=https://www.vanityfair.com/news/2017/10/audit-alleges-firm-behind-fearless-girl-statue-paid-women-significantly-less |title=FIRM BEHIND FEMINIST FEARLESS GIRL STATUE CAUGHT PAYING WOMEN LESS |first=Maya |last=Kosoff |work=[[Vanity Fair (magazine)|Vanity Fair]] |date=October 6, 2017}}</ref><ref>{{cite news |url=https://www.theguardian.com/commentisfree/2017/mar/14/fearless-girl-statue-whats-wrong-feminism-today |title=The 'Fearless Girl' statue sums up what's wrong with feminism today |first=Cara Marsh |last=Sheffler |work=[[The Guardian]] |date=March 14, 2017}}</ref><ref>{{cite news |last=Bovy |first=Phoebe Maltz |title='Fearless Girl' Statue Not The Feminist Icon We Need |url=http://forward.com/sisterhood/365947/fearless-girl-statue-not-the-feminist-icon-we-need/ |work=[[The Forward]] |date=March 14, 2017}}</ref> In October 2017, the company paid $5 million to settle a lawsuit charging that it had paid certain female and black executives less than their male and white peers.<ref>{{cite news |url=https://www.bostonglobe.com/business/2017/10/05/state-street-boston-based-firm-behind-fearless-girl-statue-pay-case-alleging-pay-discrimination-against-women-minorities/ZJoCFfgrUrWDb9bNTdrcRN/story.html |title=Firm behind 'Fearless Girl' statue to pay $5m over equal pay for women, minorities |first=Jon |last=Chesto |work=[[The Boston Globe]] |date=October 5, 2017}}</ref>

=== Climate change ===
State Street announced in January 2020 that State Street Global Advisors will vote against directors of companies in major stock indices that do not meet targets for [[environmental, social, and corporate governance|environmental, social, and governance]] changes.<ref>{{Cite news|date=January 29, 2020|title=How the Coronavirus Could Hurt Apple and Starbucks|language=en|work=The New York Times|url=https://www.nytimes.com/2020/01/29/business/dealbook/coronavirus-apple-starbucks.html|access-date=2020-10-22}}</ref> According to Morningstar Proxy Data, State Street, "supported a majority of the climate-related disclosure requests that shareholders placed on the ballot," during the 2020 proxy season.<ref>{{Cite web|last=Cook|first=Jackie|date=September 28, 2020|title=How Big Fund Families Voted on Climate Change: 2020 Edition|url=https://www.morningstar.com/articles/1002749/how-big-fund-families-voted-on-climate-change-2020-edition|access-date=2020-10-22|website=Morningstar.com|language=en}}</ref>

=== Investments in China ===
In February 2025, a group of 17 U.S. state attorneys general criticized State Street for making improper or inadequate disclosures about investments in China.<ref>{{Cite news |date=6 February 2025 |title=Top US asset managers face scrutiny from Republican state AGs over China funds |url=https://www.reuters.com/business/finance/top-us-asset-managers-face-scrutiny-republican-state-ags-over-china-funds-2025-02-06/ |access-date=6 February 2025 |work=[[Reuters]]}}</ref>

==Financials==

{| class= "wikitable"
|+ Financials in billions of US$<ref>{{Cite web|title=Annual Report 2016 (SEC Filing Form 10-K)|url=https://www.sec.gov/Archives/edgar/data/93751/000009375117000249/stt-20161231_10k.htm|date=2017-02-17|publisher=State Street Corporation|access-date=2017-11-09|language=en}}</ref>
<ref name="AR2015">{{Cite web|title=Annual Report 2015 (SEC Filing Form 10-K)|url=https://www.sec.gov/Archives/edgar/data/93751/000009375116000446/stt-20151231_10k.htm|date=2016-02-19|publisher=State Street Corporation|access-date=2016-04-21|language=en}}</ref><ref>{{Cite web|title=Annual Report (Form 10-K) - 2009|url=http://investors.statestreet.com/Cache/9068531.PDF?O=PDF&T=&Y=&D=&FID=9068531&iid=100447|publisher=State Street Corporation|access-date=2015-12-09|language=en}}</ref><ref>{{Cite web|title=Annual Report (Form 10-K) - 2004|url=http://investors.statestreet.com/Cache/1715182.pdf|publisher=State Street Corporation|access-date=2015-12-05|language=en}}</ref><ref>{{Cite web|title=Annual Report 2017 (SEC Filing Form 10-K)|url=https://www.sec.gov/Archives/edgar/data/93751/000009375118000308/stt-20171231_10k.htm
|date=2018-02-26|publisher=State Street Corporation|access-date=2018-03-17|language=en}}</ref>
! Year !! 2000 !! 2001 !! 2002 !! 2003 !! 2004 !! 2005 !! 2006 !! 2007 !! 2008 !! 2009 !! 2010 !! 2011 !! 2012 !! 2013 !! 2014 !! 2015 !! 2016 !! 2017 !! 2018
|-
| Revenue || 3.577 || 3.827 || 4.396 || 4.734 || 4.951 || 5.473 || 6.311 || 8.336 || 10.69 || 8.640 || 8.953 || 9.594 || 9.649 || 9.884 || 10.30 || 10.36 || 10.21 || 11.17 || 11.98
|-
| Net income || 0.595 || 0.628 || 1.015 || 0.722 || 0.798 || 0.838 || 1.106 || 1.261 || 1.811 || −1.881 || 1.556 || 1.920 || 2.061 || 2.136 || 2.037 || 1.980 || 2.143|| 2.177 || 2.599
|-
| Assets || 69.30 || 69.85 || 85.79 || 87.53 || 94.04 || 97.97 || 107.4 || 142.5 || 173.6 || 157.9 || 160.5 || 216.8 || 222.6 ||  243.3 || 274.1 || 245.2 || 242.7 || 238.4 || 244.6
|-
| Assets under management || 420 || 667 || 800 || 1,000 || 1,150 || 1,320 || 1,610 || 1,705 || 1,650 || 1,830 || 2,000 || 2,159 || 2,190 || 2,215 || 2,230 || 2,245 || 2,468 || 2,782 || 2,511
|-
| Headcount <small>thousands</small> || 17.6 || 19.75 || 19.5 || 19.85 ||19.67 || 20.97 || 21.7 || 27.11 || 28.48 || 27.31 || 28.67 || 29.74 || 29.65 || 29.43 || 29.97 || 32.36 || 33.78 || 36.64 || 40.14
|}

==See also==
{{Portal|Banks}}
* ''[[State Street Bank & Trust Co. v. Signature Financial Group, Inc.]]'' is a case in which the [[United States Court of Appeals for the Federal Circuit]] ruled on July 23, 1998, that a computer [[algorithm]] can be [[patent]]ed to the extent that it produces "a useful, concrete and tangible result".

==References==
{{Reflist|2}}

==External links==
{{Commons category|State Street Bank}}
{{Finance links
| name      = State Street Corporation
| google    = STT
| yahoo     = STT
| bloomberg = STT:US
| symbol    = STT
| sec_cik   = STT
}}

=== Archives and records ===
* [http://oasis.lib.harvard.edu/oasis/deliver/deepLink?_collection=oasis&uniqueId=bak00436 State Street Bank records] at [[Harvard Business School]].

{{State Street}}
{{Custodian Bank}}
{{Authority control}}

[[Category:1792 establishments in Massachusetts]]
[[Category:Banks based in Massachusetts]]
[[Category:Companies based in Boston]]
[[Category:Financial services companies established in 1792]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Systemically important financial institutions]]
[[Category:American companies established in 1792]]
[[Category:Asset management companies]]