Statement from State Street Corporation on Federal Reserve and FDIC Resolution Plan Determinations
April 13 2016 - 8:38AM
Business Wire
State Street Corporation (NYSE: STT) provided the following
statement on today’s announcement by the Board of Governors of the
Federal Reserve System (Federal Reserve) and the Federal Deposit
Insurance Corporation (FDIC) on the completion of their review of
State Street’s resolution plan submitted in July 2015 under Section
165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection
Act.
While the Federal Reserve and FDIC noted improvements in our
2015 resolution plan over our prior resolution plans, the
regulatory authorities jointly determined that our 2015 resolution
plan is not credible or would not facilitate an orderly resolution.
We are required to address the deficiencies jointly identified by
the Federal Reserve and the FDIC by October 1, 2016. Additional
details regarding the Federal Reserve’s and FDIC’s review of our
2015 plan are available at:
http://www.federalreserve.gov/newsevents/press/bcreg/20160413a.htm.
Since submitting our resolution plan in July 2015, we have
continued to enhance and further develop the plan in anticipation
of a 2016 submission. We are committed to addressing the areas
outlined by the Federal Reserve and FDIC by October 1, 2016 as
required, and continuing to advance our resolution plan as our
business and regulatory requirements evolve.
Given our strong financial position and capital ratios, we
remain confident in the strength and resiliency of our
business.
About State Street CorporationState Street Corporation
(NYSE: STT) is one of the world's leading providers of financial
services to institutional investors, including investment
servicing, investment management and investment research and
trading. With $28 trillion in assets under custody and
administration and $2 trillion* in assets under management as of
December 31, 2015, State Street operates in more than 100
geographic markets worldwide, including the US, Canada, Europe, the
Middle East and Asia. For more information, visit State Street’s
website at www.statestreet.com.
* Assets under management include approximately $22 billion as
of December 31, 2015, for which State Street Global Markets, LLC,
an affiliate of SSGA, serves as the distribution agent.
Forward-Looking StatementsThis news release contains
forward-looking statements as defined by United States securities
laws, including statements relating to our goals and expectations
regarding our plans to address the deficiencies jointly identified
by the Federal Reserve and the FDIC in our 2015 resolution plan.
Forward-looking statements are often, but not always, identified by
such forward looking terminology as “expect,” “intend,” “plan,”
“believe,” “may,”, “will,” “anticipate,” “objective,” “forecast,”
“estimate,” “seek,” “trend,” “target,” “outlook,” “strategy” and
“goal,” 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, and those statements should not be
relied upon as representing our expectations or beliefs as of any
date subsequent to April 13, 2016.
We may not achieve our goals and expectations regarding our
plans to address the deficiencies jointly identified by the Federal
Reserve and the FDIC with respect to our 2015 resolution plan due
to a number of factors, including, but not limited to challenges we
may experience in interpreting and addressing regulatory
expectations, failure to implement remediation in a timely manner,
the complexities of development of a comprehensive plan to resolve
a global custodial bank and related costs and dependencies. If we
fail to meet regulatory expectations to the satisfaction of the
Federal Reserve and the FDIC in our resolution plan submission due
on October 1, 2016 or in any future submission, we could be subject
to more stringent capital, leverage or liquidity requirements, or
restrictions on our growth, activities or operations.
Other important factors that could cause actual results to
differ materially from those indicated by any forward-looking
statements are set forth in our 2015 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 news release speak only as of the date
hereof, April 13, 2016, and we do not undertake efforts to revise
those forward-looking statements to reflect events after that
date.
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version on businesswire.com: http://www.businesswire.com/news/home/20160413005898/en/
State Street CorporationAnthony Ostler, +1 617-664-3477orCarolyn
Cichon, +1 617-664-8672
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