State Street Corp Files 2024 Annual Report

Ticker: STT-PG · Form: 10-K · Filed: Feb 13, 2025 · CIK: 93751

State Street Corp 10-K Filing Summary
FieldDetail
CompanyState Street Corp (STT-PG)
Form Type10-K
Filed DateFeb 13, 2025
Risk Levellow
Pages15
Reading Time17 min
Key Dollar Amounts$1, $74.00, $46.56, $4.72, $353.24 b
Sentimentneutral

Sentiment: neutral

Topics: annual-report, sec-filing, financials

Related Tickers: STT

TL;DR

STT filed its 2024 10-K. All good.

AI Summary

State Street Corporation (STT) filed its annual report for the fiscal year ended December 31, 2024. The filing details its corporate structure, registered securities like common stock and preferred stock Series G on the New York Stock Exchange, and confirms its status as a well-known seasoned issuer. The report covers its principal executive offices in Boston, MA, and its IRS Employer Identification No. 04-2456637.

Why It Matters

This 10-K filing provides a comprehensive overview of State Street's financial health and operational status for the past fiscal year, crucial for investors to assess the company's performance and future outlook.

Risk Assessment

Risk Level: low — This is a standard annual report filing and does not contain new material information that would inherently increase risk.

Key Numbers

  • 001-07511 — Commission File No. (Identifies the specific SEC filing)
  • 04-2456637 — I.R.S. Employer Identification No. (Tax identification number for the corporation)

Key Players & Entities

  • STATE STREET CORP (company) — Registrant
  • STT (company) — Trading Symbol for Common Stock
  • STT.PRG (company) — Trading Symbol for Preferred Stock Series G
  • New York Stock Exchange (company) — Exchange where securities are registered
  • December 31, 2024 (date) — Fiscal year end date

FAQ

What is the primary purpose of this Form 10-K filing for State Street Corporation?

The primary purpose is to provide an annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2024.

On which exchange are State Street Corporation's common stocks registered?

State Street Corporation's common stock, $1 par value per share, is registered on the New York Stock Exchange under the trading symbol STT.

What type of preferred stock is registered under the symbol STT.PRG?

The trading symbol STT.PRG is for Depositary Shares, each representing a 1/4,000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share.

Where are State Street Corporation's principal executive offices located?

State Street Corporation's principal executive offices are located at One Congress Street, Boston, MA 02114.

Does State Street Corporation indicate it is a well-known seasoned issuer?

Yes, the filing includes a checkmark indicating that the registrant is a well-known seasoned issuer.

Filing Stats: 4,363 words · 17 min read · ~15 pages · Grade level 17.7 · Accepted 2025-02-13 08:01:05

Key Financial Figures

  • $1 — ange on which registered Common Stock, $1 par value per share STT New York Stoc
  • $74.00 — ed by reference to the per share price ($74.00) at which the common equity was last so
  • $46.56 — institutional investors globally, with $46.56 trillion of AUC/A and $4.72 trillion of
  • $4.72 — ally, with $46.56 trillion of AUC/A and $4.72 trillion of AUM as of December 31, 2024
  • $353.24 b — 4. We had consolidated total assets of $353.24 billion, consolidated total deposits of $
  • $261.92 b — billion, consolidated total deposits of $261.92 billion, consolidated total shareholders'
  • $25.33 billion — solidated total shareholders' equity of $25.33 billion and approximately 53,000 employees as o
  • $33.29 — 6.56 trillion, comprising approximately $33.29 trillion in the Americas, approximately
  • $10.18 — trillion in the Americas, approximately $10.18 trillion in Europe and the Middle East
  • $3.09 — e and the Middle East and approximately $3.09 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 20

Item 1A Risk Factors 20

Unresolved Staff Comments 50

Item 1B Unresolved Staff Comments 50

Cybersecurity 50

Item 1C Cybersecurity 50

Properties 51

Item 2 Properties 51

Legal Proceedings 51

Item 3 Legal Proceedings 51

Mine Safety Disclosures 51

Item 4 Mine Safety Disclosures 51 Supplemental Item Information about our Executive Officers 52 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55

[Reserved] 58

Item 6 [Reserved] 58

Management's Discussion and Analysis of Financial Condition and Results of Operations 58

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 58 General 58 Overview of Financial Results 59 Consolidated Results of Operations 62 Total Revenue 62 Net Interest Income 70 Provision for Credit Losses 73 Expenses 73 Repositioning Charges 74 Income Tax Expense 74 Line of Business Information 74 Investment Servicing 75 Investment Management 75 Financial Condition 76 Investment Securities 77 Loans 80 Risk Management 81 Credit and Counterparty Risk Management 87 Liquidity Risk Management 91 Operational Risk Management 97 Information Technology Risk Management 98 Market Risk Management 99 Model Risk Management 106 Strategic Risk Management 107 Capital 108 Off-Balance Sheet Arrangements 117 Significant Accounting Estimates 117 Recent Accounting Developments 119

Quantitative and Qualitative Disclosures About Market Risk 120

Item 7A Quantitative and Qualitative Disclosures About Market Risk 120

Financial Statements and Supplementary Data 120

Item 8 Financial Statements and Supplementary Data 120 Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) 121 Consolidated Statement of Income 123 Consolidated Statement of Comprehensive Income 124 Consolidated Statement of Condition 125 Consolidated Statement of Changes in Shareholders' Equity 126 Consolidated Statement of Cash Flows 127 Note 1. Summary of Significant Accounting Policies 128 Note 2. Fair Value 130 Note 3. Investment Securities 136 Note 4. Loans and Allowance for Credit Losses 141 Note 5. Goodwill and Other Intangible Assets 146 Note 6. Other Assets 147 Note 7. Deposits 147 Note 8. Short-Term Borrowings 148 Note 9. Long-Term Debt 149 Note 10. Derivative Financial Instruments 150 Note 11. Offsetting Arrangements 154 Note 12. Commitments and Guarantees 157 Note 13. Contingencies 158 Note 14. Variable Interest Entities 159 Note 15. Shareholders' Equity 161 Note 16. Regulatory Capital 163 Note 17. Net Interest Income 165 Note 18. Equity-Based Compensation 165 Note 19. Employee Benefits 167 Note 20. Occupancy Expense and Information Systems and Communications Expense 167 Note 21. Expenses 168 Note 22. Income Taxes 169 Note 23. Earnings Per Common Share 170 Note 24. Line of Business Information 171 Note 25. Revenue from Contracts with Customers 173 Note 26. Non-U.S. Activities 176 Note 27. Parent Company Financial Statements 177 Note 28. Subsequent Events 178 Supplemental Financial Data 179

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 183

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 183

Controls and Procedures 183

Item 9A Controls and Procedures 183

Other Information 186

Item 9B Other Information 186

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 186

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 186 PART III

Directors, Executive Officers and Corporate Governance 186

Item 10 Directors, Executive Officers and Corporate Governance 186

Executive Compensation 186

Item 11 Executive Compensation 186

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 186

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 186

Certain Relationships and Related Transactions, and Director Independence 187

Item 13 Certain Relationships and Related Transactions, and Director Independence 187

Principal Accounting Fees and Services 187

Item 14 Principal Accounting Fees and Services 187 PART IV

Exhibits, Financial Statement Schedules 188

Item 15 Exhibits, Financial Statement Schedules 188

Form 10-K Summary 188

Item 16 Form 10-K Summary 188 EXHIBIT INDEX 189 SIGNATURES 192

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, 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 and climate, 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 envir

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 globally, with $46.56 trillion of AUC/A and $4.72 trillion of AUM as of December 31, 2024. We had consolidated total assets of $353.24 billion, consolidated total deposits of $261.92 billion, consolidated total shareholders' equity of $25.33 billion and approximately 53,000 employees as of December 31, 2024.

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