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 | |
 One Congress Street, the headquarters of the company, inBoston | |
| Formerly | State Street Boston Financial Corporation (1960–1977) State Street Boston Corporation (1977–1997) |
|---|---|
| Company type | Public |
| ISIN | US8574771031  |
| Industry | |
| Founded | June 25, 1792; 233 years ago (1792-06-25) (Union Bank) |
| Headquarters | One Congress Street Boston, Massachusetts, U.S. |
Key people | Ronald P. O’Hanley (chairman &CEO) |
| Products | |
| Revenue |  US$13.00 billion (2024) |
| US$2.687 billion (2024) | |
| AUM | US$4.715 trillion (2024) |
| Total assets | US$353.2 billion (2024) |
| Total equity | US$25.33 billion (2024) |
Number of employees | 52,626 (2024) |
| Divisions | |
| Subsidiaries | |
| Website | www |
| Footnotes / references [1] | |
State Street Corporation is an American multinational[2]financial services andbank holding company headquartered atOne Congress Street inBoston. It is thesecond-oldest continuously operating U.S. bank, tracing its roots to Union Bank, chartered in 1792. As of the third quarter of 2025, State Street is one of the world's largest asset managers and custodians, with approximately US$5.4 trillion in assets under management and US$51.7 trillion under custody and administration.[3]
State Street operates globally through three main divisions: Global Services (custody and fund administration), Global Advisors (asset management), and Global Markets (trading and research). It is considered asystemically important bank by theFinancial Stability Board and ranks among the "Big Three" index fund managers alongsideBlackRock andVanguard.[4][5][6][7][8][9][10]
The company is ranked 198th on theFortune 500 as of 2025. The company is on the list of the banks that aretoo big to fail published by theFinancial 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]
State Street Bank and Trust Company, also known as State Street Global Services, is thesecurities services division of State Street that provides asset owners and managers with securities services (e.g. custody, corporate actions), fund accounting (pricing and valuation), and administration (financial reporting, tax, compliance, and legal) services. Global Services handles assets from many classes, includingstocks,derivatives,exchange-traded funds,fixed income assets,private equity, andreal estate. Global Services also provides outsourcing for operations activities and handles US$10.2 trillion of middle-office assets.[1]
State Street Investment Management is theinvestment management division of State Street that providesasset management, research, and advisory services tocorporations,mutual funds,insurance companies, and otherinstitutional investors. Global Advisors develops bothpassive management andactive management strategies using both quantitative and fundamental approaches.[1]
In 1993,[13][14] the company created theSPDR S&P 500 Trust ETF, the firstexchange-traded fund (ETF), and is now one of the largest ETF providers worldwide.[15] Trading on SPDR began January 29, 1993.[16]
Global Markets is State Street's securities business that offers research,trading, and securities lending services forforeign exchange,equities,fixed income, andderivatives. To avoid aconflict of interest, the company does not runproprietary trading books. Global Markets maintains trading desks inBoston,Hong Kong,London,Singapore,Sydney,Toronto,Tokyo andSão Paulo.[1]
The company traces its roots to Union Bank, which received a charter in 1792 fromMassachusetts GovernorJohn Hancock. It was the third bank to be chartered in Boston and its office was at the corner of State and Exchange Streets.[17][18] In 1865, Union Bank received a national charter and became the National Union Bank of Boston. The bank later built a headquarters at Washington and State streets.[19] The company is named afterState Street in Boston, which was known as the "Great Street to the Sea" in the 18th century as Boston became a flourishing maritime capital.
State Street Deposit & Trust Co opened in July 1891. The name was shortened to State Street Trust Company in 1897. It became the custodian of the first U.S. mutual fund in 1924, the Massachusetts Investors Trust (nowMFS Investment Management).[18]
State Street and National Union merged in October 1925.[17] The merged bank took the State Street name, but National Union was the nominal survivor, and it operated under National Union's charter, thus giving the current entity its rank among the oldest banks in the United States.
The company merged with Second National Bank in 1955 and with the Rockland-Atlas National Bank in 1961.[20][21]
In 1966, the company completed construction of theState Street Bank Building, a new headquarters building, the first high-rise office tower in downtown Boston.
In 1972, the company opened its first international office inMunich.
In 1973, as a 50/50joint venture withDST Systems, the company formed Boston Financial Data Services, a provider of shareholder record-keeping, intermediary and investor services, and regulatory compliance. More than 100 top staff fromIBM were hired by State Street as it set about implementing IBMmainframe computer systems.
In 1975, William Edgerly became president and chief executive officer of the bank and shifted the company's strategy from commercial banking to investments and securities processing.[18]
During the 1980s and 1990s, the company opened offices inMontreal,Toronto,Dublin,London,Paris,Dubai,Sydney,Wellington,Hong Kong, andTokyo.[18]
By 1992, most of State Street's revenue came from fees for holding securities, settling trades, keeping records, and performing accounting.[18] In 1994, the company formedState Street Global Advisors, a global asset management business.
In 1995, State Street acquired Investors Fiduciary Trust ofKansas City for $162 million from DST Systems and Kemper Financial Services.[22][23] In 1996, Bank of New York acquired the unit investment trust servicing business of Investors Fiduciary Trust Co., Kansas City, Mo.[24]
In 1997, State Street setup its office in Singapore.[25]
In 1999, State Street sold its retail and commercial banking businesses toCitizens Financial Group.[26]
In 1990, State Street Bank Luxembourg was founded, and as of 2018[update] is the largest player in the country's fund industry by assets.[27]
In 2003, the company acquired the securities services division ofDeutsche Bank for $1.5 billion.[28] The company also sold its corporate trust business toU.S. Bancorp for $725 million.[29] Also in 2003, State Street sold its private asset management business toU.S. Trust.[30]
In July 2007, the company acquiredInvestors Bank & Trust for $4.5 billion.[31]
In October 2008, theUnited States Department of the Treasury invested $2 billion in the company as part of theTroubled Asset Relief Program and in July 2009, the company became the first major financial firm to repay the Treasury.[32]
In 2010, the company acquired Mourant International Finance Administration.[33] It also acquired the securities services group ofIntesa Sanpaolo for $1.87 billion.[34] In December 2010, the company announced that it would be retrenching 5% of its workforce and effectively reducing the hourly wages of remaining employees by 10% via increased standard work hours.[35]
In November 2011, the company was named as amongst the world's 29 systemic banks.[36]
In 2012, the company acquiredGoldman Sachs Administration Services, a hedge fund administrator, for $550 million.[37]
In November 2014, the company sold SSARIS Advisors, itshedge fund unit, to senior management.[38]
In 2016, State Street launched a program called Beacon, focused on cutting costs and improving reporting technology.[39] Their main focus was to shrink their US workforce in order to bolster profits in excess of $2.5 billion (2018 figures).[citation needed] Also in 2016, the company acquired the asset management business ofGeneral Electric.[40]
In 2017, the company announced that Jay Hooley, the chief executive officer of the company, would retire, to be succeeded by Ronald P. O’Hanley, then vice chairman, president and CEO of State Street Global Advisors.[41]
In 2018, State Street completed its acquisition of Charles River Development, aBurlington, Massachusetts provider of investment management software.[42] The deal closed October 1, 2018, at a cost of approximately $2.6 billion that will be financed by the suspension of share repurchases and the issuing of common and preferred equity.[43] News of the acquisition led to a drop in State Street shares of nearly 10% with share prices remaining flat since the purchase.[44]
In January 2019, State Street announced that it planned to lay off 1,500 employees, increasing the number to 2,300 in July.[45] During that period, the company shifted their workforce from the United States to countries like China, India and Poland and operated under a hiring freeze.[45] The increased overseas hiring resulted in a net gain of employment of over 3,000.[46][47]
In September 2021, State Street agreed to buyBrown Brothers Harriman & Co.'s investor-services business for $3.5 billion in cash.[48] Following continued scrutiny in receiving regulatory approvals, the deal was mutually agreed to be dropped in November 2022.[49]
In February 2025, State Street agreed to acquire Mizuho Financial Group's global custody and related business outside of Japan. This covered approximately US $580 billion in assets under custody and US $24 billion under administration. The transaction is expected to close in late 2025.[50]
In 2009,California alleged on behalf of its pension fundsCalPERS andCalSTRS that State Street had committed fraud on currency trades handled by the custodian bank.[51][52]
On February 28, 2012, State Street Global Advisors entered into a consent order with theMassachusetts Securities Division. The Division was investigating the firm's role as the investment manager of a $1.65 billion (USD) hybridcollateralized debt obligation. The investigation resulted in a fine of $5 million (USD) for the non-disclosure of certain initial investors taking a short position on portions of the CDO.[53]
During the May 2012 annual shareholders meeting, chairman and chief executive Jay Hooley was shouted down on numerous occasions by protesters in relation to the outsourcing and other grievances.[54]
On January 18, 2017, State Street agreed to pay $64.6 million to resolve U.S. investigations into what prosecutors said was a scheme to defraud six clients through secret commissions on billions of dollars of trades.[55][56]
In March 2017, State Street Global Advisors commissioned a statue calledFearless Girl byKristen Visbal and placed it temporarily in theFinancial District, Manhattan, in front of theWall Street iconCharging Bull. The statue is an advertisement for anindex fund which comprises gender diverse companies that have a higher percentage of women among their senior leadership.[57] While some have seen it as an encouragement ofwomen in business, some women criticized the statue as "corporate feminism" that violated their ownfeminist principles.[58][59][60][61] In October 2017, the company paid $5 million to settle a lawsuit charging that it had paid certain female and black executives less than their male and white peers.[62]
State Street announced in January 2020 that State Street Global Advisors will vote against directors of companies in major stock indices that do not meet targets forenvironmental, social, and governance changes.[63] According to Morningstar Proxy Data, State Street, "supported a majority of the climate-related disclosure requests that shareholders placed on the ballot," during the 2020 proxy season.[64]
In February 2025, a group of 17 U.S. state attorneys general criticized State Street for making improper or inadequate disclosures about investments in China.[65]
| Year | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3.577 | 3.827 | 4.396 | 4.734 | 4.951 | 5.473 | 6.311 | 8.336 | 10.69 | 8.640 | 8.953 | 9.594 | 9.649 | 9.884 | 10.30 | 10.36 | 10.21 | 11.17 | 11.98 |
| Net income | 0.595 | 0.628 | 1.015 | 0.722 | 0.798 | 0.838 | 1.106 | 1.261 | 1.811 | −1.881 | 1.556 | 1.920 | 2.061 | 2.136 | 2.037 | 1.980 | 2.143 | 2.177 | 2.599 |
| Assets | 69.30 | 69.85 | 85.79 | 87.53 | 94.04 | 97.97 | 107.4 | 142.5 | 173.6 | 157.9 | 160.5 | 216.8 | 222.6 | 243.3 | 274.1 | 245.2 | 242.7 | 238.4 | 244.6 |
| Assets under management | 420 | 667 | 800 | 1,000 | 1,150 | 1,320 | 1,610 | 1,705 | 1,650 | 1,830 | 2,000 | 2,159 | 2,190 | 2,215 | 2,230 | 2,245 | 2,468 | 2,782 | 2,511 |
| Headcountthousands | 17.6 | 19.75 | 19.5 | 19.85 | 19.67 | 20.97 | 21.7 | 27.11 | 28.48 | 27.31 | 28.67 | 29.74 | 29.65 | 29.43 | 29.97 | 32.36 | 33.78 | 36.64 | 40.14 |
State Street ... Forbes Global 2000 List. ... State Street Corp. financial ... America's Largest Public Companies 2018. #252
State Street created .. 1993 SPDR S&P 500 .. SPY
State Street Kansas City ("SSKC") (formerly Investors Fiduciary Trust Company) and State Street Boston ("SSB")
