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State Street Corporation
One Congress Street, the headquarters of the company, in Boston, Massachusetts
Formerly
State Street Boston Financial Corporation (1960–1977) State Street Boston Corporation (1977–1997)
Company type
Public
Traded as
NYSE: STT
S&P 500 component
ISIN
US8574771031
Industry
Financial services
Investment management
Founded
June 25, 1792; 231 years ago (1792-06-25) (Union Bank)
Headquarters
One Congress Street Boston, Massachusetts, U.S.
Key people
Ronald P. O’Hanley (chairman & CEO)
Products
Asset management
Risk management
Mutual funds
Exchange-traded funds
Index funds
Revenue
US$11.95 billion (2023)
Net income
US$1.944 billion (2023)
AUM
US$4.128 trillion (2023)
Total assets
US$297.3 billion (2023)
Total equity
US$23.80 billion (2023)
Number of employees
c. 46,000 (2023)
Website
www.statestreet.com
Footnotes / references [1]
State Street Corporation (stylized in all caps), is a global[2] financial services and bank holding company headquartered at One Congress Street in Boston with operations worldwide. It is the 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$3.7 trillion under management and US$40.0 trillion under custody and administration in 2023.[3] It is the largest custodian bank in the world, providing securities services[4][5] and it is considered a systemically important bank by the Financial Stability Board.[6][7] Along with BlackRock and Vanguard, State Street is considered to be one of the Big Three index fund managers that dominate corporate America.[8][9]
The company is ranked 316th on the Fortune 500 as of 2022.[10] The company is on the list of the banks that are too big to fail published by the Financial Stability Board.[11] It is rated by Visual Capitalist as the third U.S. bank by uninsured deposits, with 91.2% of deposits being uninsured.[12]
The company is named after 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.
^"State Street Corporation 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 15, 2024. pp. 6, 127, 129.
^"State Street on the Forbes Global 2000 List". Forbes. State Street ... Forbes Global 2000 List. ... State Street Corp. financial ... America's Largest Public Companies 2018. #252
^"State Street CEO O'Hanley to take additional role as bank's president". Reuters. 30 October 2023.
^"State Street Reports Fourth-Quarter and Full-Year 2020 Financial Results". Business Wire. 19 January 2021. Retrieved January 19, 2021.
^"State Street Corporation 10-K". SEC. February 21, 2019. Retrieved February 28, 2019.
^"2021 List of Global Systemically Important Banks (G-SIBs)" (PDF). Financial Stability Board. November 23, 2021. p. 3.
^Berry, Jared; Khan, Akber; Rezende, Marcelo (January 31, 2020). "How Do U.S. Global Systemically Important Banks Lower Their Capital Surcharges?". Federal Reserve.
^Bebchuk, Lucian; Hirst, Scott (2019). "Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy". Columbia Law Review. 119 (8): 2029–2146. SSRN 3282794.
^McLaughlin, David; Massa, Annie (January 9, 2020). "The Hidden Dangers of the Great Index Fund Takeover". Bloomberg Businessweek. Retrieved June 7, 2021.
^"State Street Corp". Fortune. Retrieved June 4, 2022.
^"2015 update of list of global systemically important banks (G-SIBs)" (PDF). Financial Stability Board. November 3, 2015.
^Neufeld, Dorothy; Lam, Sabrina (April 5, 2023). "MONEY Ranked: The U.S. Banks With the Most Uninsured Deposits". Visual Capitalist. Retrieved April 20, 2023.
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Global Information
US$11.95 billion (2023)
US$4.128 trillion (2023)