State Street Corp. Files 2023 Annual Report on Form 10-K

Ticker: STT-PG · Form: 10-K · Filed: Feb 15, 2024 · CIK: 93751

State Street Corp 10-K Filing Summary
FieldDetail
CompanyState Street Corp (STT-PG)
Form Type10-K
Filed DateFeb 15, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$1, $73.18, $41.81, $4.13, $297.26 b
Sentimentneutral

Sentiment: neutral

Topics: 10-K, State Street, Financial Report, Annual Filing, SEC

TL;DR

<b>State Street Corporation has filed its 2023 annual report (10-K) detailing its financial performance and position as of December 31, 2023.</b>

AI Summary

STATE STREET CORP (STT-PG) filed a Annual Report (10-K) with the SEC on February 15, 2024. State Street Corporation filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 1 Congress Street, Boston, MA 02114. State Street Corporation is classified under SIC code 6022 for State Commercial Banks. The filing includes detailed financial information for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking STATE STREET CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of State Street's financial health, operational performance, and risk factors for the fiscal year 2023, crucial for investors to assess the company's stability and future prospects. The detailed financial statements and disclosures within this report are essential for stakeholders to understand the company's revenue streams, profitability, and balance sheet strength, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — STATE STREET CORP shows moderate risk based on this filing. The company operates in the highly regulated financial services industry, facing risks related to market volatility, economic downturns, and evolving regulatory landscapes, as evidenced by the extensive risk factors section typically found in a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to assess State Street's performance and potential risks in the current economic environment.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period)
  • 2024-02-15 — Filing Date (Date of submission)
  • 454 — Public Document Count (Number of documents in the filing)
  • 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

  • STATE STREET CORP (company) — Filer name
  • STT (company) — Ticker symbol
  • 2024-02-15 (date) — Filing date
  • 2023-12-31 (date) — Fiscal year end
  • 1 Congress Street, Boston, MA 02114 (address) — Business address
  • 6022 (industry) — Standard Industrial Classification

FAQ

When did STATE STREET CORP file this 10-K?

STATE STREET CORP filed this Annual Report (10-K) with the SEC on February 15, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by STATE STREET CORP (STT-PG).

Where can I read the original 10-K filing from STATE STREET CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by STATE STREET CORP.

What are the key takeaways from STATE STREET CORP's 10-K?

STATE STREET CORP filed this 10-K on February 15, 2024. Key takeaways: State Street Corporation filed its 2023 Form 10-K on February 15, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located at 1 Congress Street, Boston, MA 02114..

Is STATE STREET CORP a risky investment based on this filing?

Based on this 10-K, STATE STREET CORP presents a moderate-risk profile. The company operates in the highly regulated financial services industry, facing risks related to market volatility, economic downturns, and evolving regulatory landscapes, as evidenced by the extensive risk factors section typically found in a 10-K filing.

What should investors do after reading STATE STREET CORP's 10-K?

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to assess State Street's performance and potential risks in the current economic environment. The overall sentiment from this filing is neutral.

How does STATE STREET CORP compare to its industry peers?

State Street Corporation operates within the financial services sector, specifically as a commercial bank, subject to extensive regulations and market dynamics.

Are there regulatory concerns for STATE STREET CORP?

As a commercial bank, State Street is subject to oversight from various regulatory bodies, including those governing capital requirements, consumer protection, and market conduct.

Industry Context

State Street Corporation operates within the financial services sector, specifically as a commercial bank, subject to extensive regulations and market dynamics.

Regulatory Implications

As a commercial bank, State Street is subject to oversight from various regulatory bodies, including those governing capital requirements, consumer protection, and market conduct.

What Investors Should Do

  1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
  2. Analyze the 'Risk Factors' section to understand potential challenges and uncertainties.
  3. Examine management's discussion and analysis of financial condition and results of operations.

Key Dates

  • 2024-02-15: 10-K Filing — Official submission of the annual report for fiscal year 2023.
  • 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial data and disclosures for State Street Corporation.

Filing Stats: 4,390 words · 18 min read · ~15 pages · Grade level 18.4 · Accepted 2024-02-15 16:43:23

Key Financial Figures

  • $1 — ange on which registered Common Stock, $1 par value per share STT New York Stoc
  • $73.18 — ed by reference to the per share price ($73.18) at which the common equity was last so
  • $41.81 — institutional investors worldwide, with $41.81 trillion of AUC/A and $4.13 trillion of
  • $4.13 — wide, with $41.81 trillion of AUC/A and $4.13 trillion of AUM as of December 31, 2023
  • $297.26 b — 3. We had consolidated total assets of $297.26 billion, consolidated total deposits of $
  • $220.97 b — billion, consolidated total deposits of $220.97 billion, consolidated total shareholders'
  • $23.80 billion — solidated total shareholders' equity of $23.80 billion and approximately 46,000 employees as o
  • $29.95 — 023, we serviced AUC/A of approximately $29.95 trillion in the Americas, approximately
  • $8.91 — trillion in the Americas, approximately $8.91 trillion in Europe and the Middle East
  • $2.95 — e and the Middle East and approximately $2.95 trillion in the Asia-Pacific region. I

Filing Documents

Forward-Looking Statements 4

Forward-Looking Statements 4 Risk Factors Summary 4 PART I

Risk Factors 24

Item 1A Risk Factors 24

Unresolved Staff Comments 54

Item 1B Unresolved Staff Comments 54

Cybersecurity 54

Item 1C Cybersecurity 54

Properties 54

Item 2 Properties 54

Legal Proceedings 54

Item 3 Legal Proceedings 54

Mine Safety Disclosures 54

Item 4 Mine Safety Disclosures 54 Supplemental Item Information about our Executive Officers 55 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58

[Reserved] 61

Item 6 [Reserved] 61

Management's Discussion and Analysis of Financial Condition and Results of Operations 61

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 61 General 61 Overview of Financial Results 62 Consolidated Results of Operations 65 Total Revenue 65 Net Interest Income 73 Provision for Credit Losses 76 Expenses 76 Acquisition and Restructuring Costs 77 Repositioning Charges 77 Income Tax Expense 77 Line of Business Information 77 Investment Servicing 77 Investment Management 78 Financial Condition 79 Investment Securities 79 Loans 83 Risk Management 84 Credit Risk Management 90 Liquidity Risk Management 94 Operational Risk Management 100 Information Technology Risk Management 101 Market Risk Management 103 Model Risk Management 110 Strategic Risk Management 111 Capital 112 Off-Balance Sheet Arrangements 121 Significant Accounting Estimates 121 Recent Accounting Developments 124 Other Matters 124

Quantitative and Qualitative Disclosures About Market Risk 124

Item 7A Quantitative and Qualitative Disclosures About Market Risk 124

Financial Statements and Supplementary Data 124

Item 8 Financial Statements and Supplementary Data 124 Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) 125 Consolidated Statement of Income 127 Consolidated Statement of Comprehensive Income 128 Consolidated Statement of Condition 129 Consolidated Statement of Changes in Shareholders' Equity 130 Consolidated Statement of Cash Flows 131 Note 1. Summary of Significant Accounting Policies 132 Note 2. Fair Value 134 Note 3. Investment Securities 140 Note 4. Loans and Allowance for Credit Losses 146 Note 5. Goodwill and Other Intangible Assets 151 Note 6. Other Assets 152 Note 7. Deposits 153 Note 8. Short-Term Borrowings 153 Note 9. Long-Term Debt 154 Note 10. Derivative Financial Instruments 155 Note 11. Offsetting Arrangements 159 Note 12. Commitments and Guarantees 162 Note 13. Contingencies 163 Note 14. Variable Interest Entities 165 Note 15. Shareholders' Equity 167 Note 16. Regulatory Capital 169 Note 17. Net Interest Income 171 Note 18. Equity-Based Compensation 171 Note 19. Employee Benefits 173 Note 20. Occupancy Expense and Information Systems and Communications Expense 173 Note 21. Expenses 175 Note 22. Income Taxes 175 Note 23. Earnings Per Common Share 177 Note 24. Line of Business Information 177 Note 25. Revenue from Contracts with Customers 179 Note 26. Non-U.S. Activities 182 Note 27. Parent Company Financial Statements 183 Note 28. Subsequent Events 184 Supplemental Financial Data 185

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 189

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 189

Controls and Procedures 189

Item 9A Controls and Procedures 189

Other Information 192

Item 9B Other Information 192

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 192

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 192 PART III

Directors, Executive Officers and Corporate Governance 192

Item 10 Directors, Executive Officers and Corporate Governance 192

Executive Compensation 192

Item 11 Executive Compensation 192

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 192

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 192

Certain Relationships and Related Transactions, and Director Independence 193

Item 13 Certain Relationships and Related Transactions, and Director Independence 193

Principal Accounting Fees and Services 193

Item 14 Principal Accounting Fees and Services 193 PART IV

Exhibits, Financial Statement Schedules 194

Item 15 Exhibits, Financial Statement Schedules 194

Form 10-K Summary 194

Item 16 Form 10-K Summary 194 EXHIBIT INDEX 195 SIGNATURES 198

Forward-Looking Statements

Forward-Looking Statements This Form 10-K, as well as other reports and proxy materials submitted by us under the Securities Exchange Act of 1934, registration statements filed by us under the Securities Act of 1933, our annual report to shareholders and other public statements we may make, may contain statements (including statements in our Management's Discussion and Analysis included in such reports, as applicable) that are considered "forward-looking statements" within the meaning of U.S. securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, cost savings and transformation initiatives, investment portfolio performance, climate, dividend and stock purchase programs, acquisitions, outcomes of legal proceedings, market growth, joint ventures and divestitures, client growth, new technologies, services and opportunities, sustainability and impact, human capital, as well as industry, governmental, regulatory, economic and market trends, initiatives and developments, the business environment and other matters that do not relate strictly to historical facts. Terminology such as "expect," "outlook," "will," "goal," "target," "strategy" "may," "estimate," "plan," "intend," "objective," "forecast," "believe," "priority," "anticipate," "seek," and "trend," or similar statements or variations of such terms, are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are subject to various risks and uncertainties, which change over time, are based on management's expectations and assumptions at the time the statements are made and are not guarantees of future results. Management's expectations and assumptions, and the continued validity of the forward-looking statements, are subject to change due to a broad range of factors affecting the U.S. and global economies, regulatory environm

BUSINESS

ITEM 1. BUSINESS OVERVIEW Through our subsidiaries, including our principal banking subsidiary, State Street Bank and Trust Company, referred to as State Street Bank, we operate in more than 100 geographic markets worldwide, including the United States, Canada, Latin America, Europe, the Middle East and Asia. We provide a broad range of financial products and services to institutional investors worldwide, with $41.81 trillion of AUC/A and $4.13 trillion of AUM as of December 31, 2023. We had consolidated total assets of $297.26 billion, consolidated total deposits of $220.97 billion, consolidated total shareholders' equity of $23.80 billion and approximately 46,000 employees as of December 31, 2023. bank, that services and manages assets on behalf of its institutional clients. Our executive offices are located at One Congress Street, Boston, Massachusetts 02114 (telephone (617) 786-3000). For purposes of this

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