State Street Corp. Files 8-K on Operations, Personnel Changes

Ticker: STT-PG · Form: 8-K · Filed: Jan 17, 2025 · CIK: 93751

State Street Corp 8-K Filing Summary
FieldDetail
CompanyState Street Corp (STT-PG)
Form Type8-K
Filed DateJan 17, 2025
Risk Levelmedium
Pages4
Reading Time5 min
Key Dollar Amounts$1, $500,000, $5,250,000
Sentimentneutral

Sentiment: neutral

Topics: operations, personnel, financial-condition

Related Tickers: STT

TL;DR

STATE STREET CORP (STT) filed an 8-K on Jan 14, 2025, covering financial results and officer changes.

AI Summary

On January 14, 2025, State Street Corp. filed an 8-K report detailing significant corporate events. The filing includes information on the results of operations and financial condition, as well as changes in directors and officers, and compensatory arrangements. It also covers Regulation FD disclosures and financial statements and exhibits.

Why It Matters

This 8-K filing provides investors with crucial updates on State Street's financial performance and any significant leadership or compensation adjustments, impacting the company's strategic direction and investor confidence.

Risk Assessment

Risk Level: medium — The filing covers financial results and potential changes in leadership or compensation, which can introduce uncertainty and affect stock performance.

Key Players & Entities

  • State Street Corp. (company) — Filer of the 8-K report
  • January 14, 2025 (date) — Earliest event reported date
  • 0000093751-25-000004 (accession_number) — Unique identifier for the filing

FAQ

What specific financial results are detailed in this 8-K filing?

The filing indicates that 'Results of Operations and Financial Condition' are covered, but specific financial figures are not provided in the excerpt.

Were there any changes in directors or officers reported?

Yes, the filing explicitly mentions 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers' as an item covered.

What is the significance of the 'Regulation FD Disclosure' item?

This indicates that the company is making public disclosures to ensure broad public dissemination of material information, as required by Regulation FD.

When was the earliest event reported in this filing?

The earliest event reported in this filing occurred on January 14, 2025.

What is the SIC code for State Street Corp.?

The Standard Industrial Classification (SIC) code for State Street Corp. is 6022, which corresponds to STATE COMMERCIAL BANKS.

Filing Stats: 1,163 words · 5 min read · ~4 pages · Grade level 11.7 · Accepted 2025-01-17 07:00:56

Key Financial Figures

  • $1 — ange on which registered Common stock, $1 par value per share STT New York Stock
  • $500,000 — , he will receive a base salary rate of $500,000 per year and his annualized 2025 target
  • $5,250,000 — 5 target incentive compensation will be $5,250,000. State Street continues to progress it

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On January 17, 2025, State Street Corporation issued a news release announcing its results of operations for the fourth-quarter 2024 and full-year 2024. Copies of that news release and accompanying fourth-quarter 2024 and full-year 2024 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed, in October 2024 Eric Aboaf informed State Street Corporation ("State Street") of his intention to step down from his roles as State Street's Vice Chairman and Chief Financial Officer ("CFO") in February 2025 to take a position with a firm outside of banking. Mr. Aboaf's last day at State Street will be the day State Street files its annual report on Form 10-K for the 2024 fiscal year with the U.S. Securities and Exchange Commission. Provided he remains at State Street through that date, State Street will deem the notice period under his outstanding deferred compensation awards to be satisfied. On January 14, 2025, the State Street Board of Directors appointed Mark R. Keating as interim CFO, effective upon Mr. Aboaf's departure. Mr. Keating, 56, has served as State Street's Executive Vice President and Chief Financial Officer for Investment Services, since 2018. Under the interim management structure, State Street expects Mr. Keating to also maintain oversight over his current areas of responsibility. During the period that Mr. Keating serves as interim CFO, he will receive a base salary rate of $500,000 per year and his annualized 2025 target incentive compensation will be $5,250,000.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On January 17, 2025, State Street Corporation made available a slide presentation providing highlights of its fourth-quarter 2024 and full-year 2024 results of operations and related information as of December 31, 2024, which is being made available in connection with a January 17, 2025 investor conference call. A copy of that slide presentation is furnished herewith as Exhibit 99.3 and is incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 99.2 99.3 Slide presentation providing highlights of State Street's fourth-quarter 2024 and full-year 2024 results of operations and related information (this Exhibit 99.3 is furnished, not filed) * 104 Cover Page Interactive Data File (formatted as Inline XBRL) * Submitted electronically herewith

Forward-Looking Statements

Forward-Looking Statements This current report on Form 8-K contains forward-looking statements within the meaning of United States securities laws, including statements about our expectations regarding the departure of State Street's vice chairman and CFO and regarding its interim CFO. Forward-looking statements are often, but not always, identified by such forward-looking terminology as "expect," "intend," "will," "plan," "believe," "anticipate," and "may," or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements. Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2023 annual report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this report should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this report is first filed with the SEC, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. By: /s/ Elizabeth M. Schaefer Name: Elizabeth M. Schaefer, Title: Senior Vice President and Chief Accounting Officer Date: January 17, 2025

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