Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-K

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-07511

STATE STREET CORPORATION

(Exact name of Registrant as Specified in its Charter)

MA																					04-2456637
(State or other jurisdiction of incorporation)																					(I.R.S. Employer Identification No.)
One Congress Street
Boston,			MA																		02114
(Address of principal executive offices)																					(Zip Code)
						(617)			786-3000
						(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class												Trading Symbol(s)									Name of each exchange on which registered
Common Stock, $1 par value per share												STT									New York Stock Exchange
Depositary Shares, each representing a 1/4,000th ownership interest in a share of												STT.PRG									New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒						Accelerated filer			☐						Non-accelerated filer			☐						Smaller reporting company			☐
																											Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the per share price ($74.00) at which the common equity was last sold as of the last business day of the registrant’s most recently completed second fiscal quarter (June 28, 2024) was approximately $22.09 billion.

The number of shares of the registrant’s common stock outstanding as of January 31, 2025 was 288,469,096.

Portions of the following documents are incorporated by reference into Parts of this Report on Form 10-K, to the extent noted in such Parts, as indicated below:

(1) The registrant’s definitive Proxy Statement for the 2025 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A on or before April 30, 2025 (Part III).

STATE STREET CORPORATION

ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED

December 31, 2024

TABLE OF CONTENTS

						Page
			Forward-Looking Statements			4
			Risk Factors Summary			4
PART I
Item 1			Business			6
Item 1A			Risk Factors			20
Item 1B			Unresolved Staff Comments			50
Item 1C			Cybersecurity			50
Item 2			Properties			51
Item 3			Legal Proceedings			51
Item 4			Mine Safety Disclosures			51
Supplemental Item			Information about our Executive Officers			52
PART II
Item 5			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			55
Item 6			[Reserved]			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
Item 7A			Quantitative and Qualitative Disclosures About Market Risk			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

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			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
Item 9			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			183
Item 9A			Controls and Procedures			183
Item 9B			Other Information			186
Item 9C			Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			186
PART III
Item 10			Directors, Executive Officers and Corporate Governance			186
Item 11			Executive Compensation			186
Item 12			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			186
Item 13			Certain Relationships and Related Transactions, and Director Independence			187
Item 14			Principal Accounting Fees and Services			187
PART IV
Item 15			Exhibits, Financial Statement Schedules			188
Item 16			Form 10-K Summary			188
			EXHIBIT INDEX			189
			SIGNATURES			192

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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 environment and the equity, debt, currency and other financial markets, as well as factors specific to State Street and its subsidiaries, including State Street Bank. Factors that could cause changes in the expectations or assumptions on which forward-looking statements are based cannot be foreseen with certainty and include the factors described under the headings “Risk Factors Summary” and “Risk Factors” and elsewhere in this Form 10-K, including under “Management’s Discussion and Analysis.”

Actual outcomes and results may differ materially from what is expressed in our forward-looking statements and from our historical financial results due to the factors discussed in this section and elsewhere in this Form 10-K or disclosed in our other SEC filings. Forward-looking statements in this Form 10-K should not be relied on as representing our expectations or assumptions as of any time

subsequent to the time this Form 10-K is filed with the SEC. We undertake no obligation to revise our forward-looking statements after the time they are made. The factors discussed herein are not intended to be a complete statement of all risks and uncertainties that may affect our businesses. We cannot anticipate all developments that may adversely affect our business or operations or our consolidated results of operations, financial condition or cash flows.

Forward-looking statements should not be viewed as predictions and should not be the primary basis on which investors evaluate State Street. Any investor in State Street should consider all risks and uncertainties disclosed in our SEC filings, including our filings under the Securities Exchange Act of 1934, in particular our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K, or registration statements filed under the Securities Act of 1933, all of which are accessible on the SEC’s website at www.sec.gov or on the “Filings & reports” tab of our website at investors.statestreet.com.

Risk Factors Summary

The following is a summary of material risks we are exposed to in the course of our business activities and which could have an adverse effect on our business or consolidated results of operations or financial condition. It does not contain all of the information that may be important to you and should be read together with the more detailed discussion of risks under the heading “Risk Factors,” as well as elsewhere in this Form 10-K under the heading “Management’s Discussion and Analysis.”

Strategic Risks

• We are subject to intense competition, which could negatively affect our profitability;

• We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM;

• Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks;

• Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business; and

State Street Corporation | 4

• Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business.

Financial Market Risks

• We could be adversely affected by political, geopolitical, economic and market conditions including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, the ongoing conflicts in Ukraine and in the Middle East, major political shifts domestically or internationally, actions taken by central banks to address inflationary and growth pressures, changes in monetary policy or periods of significant volatility in the markets for equity, fixed income and other assets classes globally or within specific markets;

• We have significant global operations, and clients, that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies;

• Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy. For example, among other risks, changes in prevailing interest rates or market conditions have led, and were they to occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios;

• Our business activities expose us to interest rate risk;

• We assume significant credit risk of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss;

• Our fee revenue represents a significant portion of our revenue and is subject to decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix;

• If we are unable to effectively manage our capital and liquidity, our financial condition, capital ratios, results of operations and business prospects could be adversely affected;

• Our calculations of risk exposures, total RWA and capital ratios depend on data inputs, formulae, models, correlations and assumptions that are subject to change, which could materially impact our risk exposures, our total RWA and our capital ratios from period to period;

• We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms; and

• If we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected.

Compliance and Regulatory Risks

• Our business and capital-related activities, including common share repurchases, may be adversely affected by regulatory requirements and considerations, including capital, credit and liquidity;

• We face extensive and changing government regulation and supervision in the U.S. and non-U.S. jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies;

• Our businesses may be adversely affected by government enforcement and litigation;

• Our businesses may be adversely affected by increased and conflicting political and regulatory scrutiny of asset management, stewardship and corporate sustainability or ESG practices;

• Any misappropriation of the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects;

• Changes in accounting standards may adversely affect our consolidated results of operations and financial condition;

• Changes in tax laws, rules or regulations, challenges to our tax positions and changes in the composition of our pre-tax earnings may increase our effective tax rate;

• We could face liabilities for withholding and other non-income taxes, including in connection with our services to clients, as a result of tax authority examinations; and

• Our businesses may be negatively affected by adverse publicity or other reputational harm.

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Operational, Cyber and Technology Risks

• Attacks or unauthorized access to our or our business partners’ or clients’ information technology systems or facilities, such as cyber-attacks or other disruptions to our or their operations, could result in significant costs, reputational damage and impacts on our business activities;

• Our business may be negatively affected by risks associated with strategic initiatives we are employing to enhance the effectiveness and efficiency of our operations and of our cybersecurity and technology infrastructure;

• Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation;

• Shifting and maintaining operational activities to non-U.S. jurisdictions, changing our operating model, and outsourcing to, or insourcing from, third parties expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements;

• Long-term contracts and customizing service delivery for clients expose us to increased operational risk, pricing and performance risk;

• The quantitative models we use to manage our business may contain errors that could adversely impact our business, financial condition, operating results and regulatory compliance, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm;

• We may not be able to protect our intellectual property, and we are subject to claims of third party intellectual property rights;

• Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools;

• The impacts of global regulatory requirements and expectations, shifting client preferences, and disclosure requirements related to climate risks, and sustainability standards could adversely affect us; and

• We may incur losses or face negative impacts on our business as a result of unforeseen events, including terrorist attacks, geopolitical events, acute or chronic physical risk events, including natural disasters, pandemics, global conflicts, or a banking crisis, which may have a negative impact on our business and operations.

PART I