Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 19, 2024

______________________

State Street Corporation

(Exact name of registrant as specified in its charter)

____________________

Massachusetts

001-07511

04-2456637

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification Number)

One Congress Street

Boston

Massachusetts

02114

(Address of principal executive offices, and Zip Code)


Registrant’s telephone number, including area code:			(617)			786-3000

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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.PRD

New York Stock Exchange

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, without par value per share

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


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. ¨

Item 2.02. Results of Operations and Financial Condition.

On January 19, 2024, State Street Corporation issued a news release announcing its results of operations for the fourth-quarter 2023 and full-year 2023. Copies of that news release and accompanying fourth-quarter 2023 and full-year 2023 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

On January 19, 2024, State Street Corporation made available a slide presentation providing highlights of its fourth-quarter 2023 and full-year 2023 results of operations and related information as of December 31, 2023, which is being made available in connection with a January 19, 2024 investor conference call. A copy of that slide presentation is furnished herewith as Exhibit 99.3 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

State Street Corporation's news release dated January 19, 2024, announcing its fourth-quarter 2023 and full-year 2023 results of operations and accompanying fourth-quarter 2023 and full-year 2023 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference in Item 2.02 hereof; and a slide presentation providing highlights of State Street's fourth-quarter 2023 and full-year 2023 results of operations and related information, which is being made available in connection with a January 19, 2024 investor conference call, is furnished herewith as Exhibit 99.3 and is incorporated by reference in Item 7.01 hereof.


	Exhibit No.	Description
	99.1	State Street's news release dated January 19, 2024, announcing its fourth-quarter 2023 and full-year 2023 results of operations (this Exhibit 99.1 is furnished, not filed)
	99.2	State Street's fourth-quarter 2023 and full-year 2023 financial information addendum (this Exhibit 99.2 is furnished, not filed)
	99.3	Slide presentation providing highlights of State Street's fourth-quarter 2023 and full-year 2023 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

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.

STATE STREET CORPORATION

By:

/s/ IAN W. APPLEYARD

Name:

Ian W. Appleyard,

Title:

Executive Vice President, Global Controller and Chief Accounting Officer

Date:

January 19, 2024


						Exhibit 99.1 State Street Corporation One Congress Street Boston, MA 02114 NYSE: STT www.statestreet.com

Boston, MA… January 19, 2024 News Release


STATE STREET REPORTS FOURTH QUARTER 2023 EPS OF $0.55; $2.04 EXCLUDING NOTABLE ITEMS(a)
% changes noted below reflect year-over-year 4Q comparisons

BUSINESS MOMENTUM CONTINUED IN FOURTH QUARTER:

•NEW INVESTMENT SERVICING MANDATES OF $501 BILLION OF AUC/A

•RECORD TOTAL NET INFLOWS OF $103 BILLION IN GLOBAL ADVISORS

SERVICING FEES, MANAGEMENT FEES AND FRONT OFFICE SOFTWARE AND DATA REVENUES UP 1%, 5% AND 13%, RESPECTIVELY

ANNOUNCES NEW AUTHORIZATION TO REPURCHASE UP TO $5 BILLION OF COMMON SHARES WITH NO SET EXPIRATION DATE


Ron O'Hanley, Chairman and Chief Executive Officer: "Over the course of 2023, we navigated an unpredictable operating environment and continued to execute on our strategy to drive sales growth while taking strategic actions to transform our operating model and further enhance productivity." O'Hanley added: "In the fourth quarter, we generated strong new servicing fee revenue wins, with notable sales performance in both Back office custody and our strategically important Private Markets business. Our front-to-back Alpha proposition continued to resonate with clients, as demonstrated by four new Alpha mandates in the quarter. In addition, in Global Advisors, we achieved our strongest quarter of total net inflows on record, with particular strength in both our ETFs and Cash franchises." O'Hanley concluded: "As we enter 2024, we will progress against our strategic priorities, with an intense focus on execution and accountability for growth. We continue to operate from a position of scale and balance sheet strength, and today's announced common share repurchase authorization demonstrates our confidence in the earnings-generating power of our business."

FINANCIAL HIGHLIGHTS


(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)	4Q23			3Q23			4Q22			% QoQ			% YoY
Income statement:
Total fee revenue	$	2,365		$	2,361		$	2,364		—	%		—	%
Net interest income	678			624			791			9			(14)
Other income	—			(294)			—			nm			nm
Total revenue	3,043			2,691			3,155			13			(4)
Provision for credit losses	20			—			10			nm			100
Total expenses	2,822			2,180			2,256			29			25
Net income	210			422			733			(50)			(71)

Financial ratios and other metrics:
Diluted earnings per share (EPS)	$	0.55		$	1.25		$	1.91		(56)	%		(71)	%
Return on average common equity (ROE)	3.1		%	7.3		%	11.8		%	(4.2)	%	pts	(8.7)	%	pts
Pre-tax margin	6.6			19.0			28.2			(12.4)	%	pts	(21.6)	%	pts
AUC/A ($ billions)(1)	$	41,810		$	40,017		$	36,743		4	%		14	%
AUM ($ billions)(1)	4,128			3,687			3,481			12			19

(1) As of period-end.

(a) See "4Q23 Highlights" in this news release for a listing of notable items. Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

Investor Contact: Ilene Fiszel Bieler +1 617-664-3477 Media Contact: Carolyn Cichon +1 617-664-8672

4Q23 HIGHLIGHTS

(All comparisons are to 4Q22, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end increased 14% to $41.8 trillion, largely driven by higher quarter-end market levels and net new business

•Investment Management AUM as of quarter-end increased 19% to $4.1 trillion, reflecting higher quarter-end market levels and net inflows

New business and strategy execution(a)

•New wins in 4Q23

◦New servicing fee revenue wins: New servicing fee revenue wins of $103 million, primarily related to wins in Back office custody, including Private Markets

◦AUC/A wins: New servicing AUC/A wins of $501 billion, with the majority from Asset Managers and Alternatives segments

•To be installed in future periods as of 4Q23

◦Servicing fee revenue to be installed: Quarter-end servicing fee revenue of $270 million to be installed in future periods

◦AUC/A to be installed: Quarter-end AUC/A of $2.3 trillion to be installed in future periods

•State Street Alpha®: Alpha continued to gain momentum in 4Q23 with 4 new Alpha mandates

•Front Office Software and Data: SaaS client implementations and conversions increased annual recurring revenue (ARR) to $315 million, up 16%

•Investment Management: Record total net inflows of $103 billion, primarily driven by strength in ETFs and Cash

Revenue

•Total revenue decreased by 4%, reflecting a 14% decline in Net interest income (NII) and flat total fee revenue. Excluding notable items,(b) total revenue decreased 3%

◦Servicing fees increased 1%

◦Management fees increased 5%

◦FX trading services decreased 16%. Excluding notable items(b) occurring in the prior year period, FX trading services decreased 11%

◦Securities finance decreased 6%

◦Software and processing fees increased 10%

Expenses

•Total expenses increased 25%, primarily driven by the FDIC special assessment, net repositioning charges, and other notable items primarily associated with operating model changes. Excluding notable items(b), total expenses increased 2%

◦Compensation and employee benefits increased 13%. Excluding notable items,(b) Compensation and employee benefits increased 1%

◦Non-compensation expense increased 37%. Excluding notable items,(b) non-compensation expense increased 4%

(a) See the "In This News Release" section for explanations of AUC/A and new servicing fee revenue wins and of Front office software and data annual recurring revenue (ARR).

(b) Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

Notable items


(Dollars in millions, except EPS amounts)	4Q23		3Q23		4Q22








FDIC special assessment	(387)		—		—





Net repositioning charges(a)	(203)		—		(70)

Investment portfolio repositioning(b)	—		(294)		—

Other notable items (net)(c)	(30)		—		(8)



Total notable items (pre-tax)	$	(620)	$	(294)	$	(78)

Income tax impact from notable items	(156)		(79)		(21)

EPS impact	$	(1.49)	$	(0.68)	$	(0.16)

•FDIC special assessment of $387 million, reflected in Other expenses

•Net repositioning charges of $203 million, which includes Compensation and employee benefits of $182 million primarily related to workforce rationalization, and Occupancy costs of $21 million associated with real estate footprint optimization

•Other notable items net expenses of $30 million, primarily associated with operating model changes

Capital and liquidity

•Standardized common equity tier 1 (CET1) ratio at quarter-end of 11.6% decreased 2% points compared to 4Q22, primarily driven by the continuation of common share repurchases and other capital distributions, partially offset by capital generated from earnings and an improvement in accumulated other comprehensive income (AOCI). CET1 ratio increased 0.6% points compared to 3Q23, primarily due to episodically lower risk-weighted assets (RWA) and an improvement in AOCI, partially offset by the continuation of common share repurchases

•Liquidity coverage ratio (LCR) for State Street Corporation was approximately 106%, and LCR for State Street Bank and Trust was approximately 122%

•In 4Q23, State Street returned a total of $709 million of capital to common shareholders, consisting of $500 million of common share repurchases and declared common stock dividends of $209 million (or $0.69 per share)

◦Announced new common share repurchase authorization of up to $5 billion, with no set expiration date

(a) 4Q22 repositioning charges of $70 million represents $50 million related to Compensation and employee benefits and $20 million related to Occupancy costs.

(b) Loss on sale related to the investment portfolio repositioning recorded in Other income line in 3Q23.

(c) 4Q22 Other notable items include acquisition and restructuring costs of $31 million, partially offset by a revenue-related recovery of $23 million.

MARKET DATA

The following table provides a summary of selected financial information, including market indices and foreign exchange rates.


(Dollars in billions, except market indices and foreign exchange rates)	4Q23		3Q23		4Q22		% QoQ		% YoY

Assets under Custody and/or Administration (AUC/A)(1)(2)	$	41,810	$	40,017	$	36,743	4.5	%	13.8	%
Assets under Management (AUM)(2)	4,128		3,687		3,481		12.0		18.6

Market Indices:(3)
S&P 500 Daily Average	4,465		4,458		3,852		0.2		15.9
S&P 500 EOP	4,770		4,288		3,840		11.2		24.2
MSCI EAFE Daily Average	2,077		2,113		1,851		(1.7)		12.2
MSCI EAFE EOP	2,236		2,031		1,944		10.1		15.0
MSCI Emerging Markets Daily Average	964		992		919		(2.8)		4.9
MSCI Emerging Markets EOP	1,024		953		956		7.5		7.1
Bloomberg Global Aggregate Bond Index Daily Average	446		448		437		(0.4)		2.1
Bloomberg Global Aggregate Bond Index EOP	471		436		446		8.0		5.6

Foreign Exchange Volatility Indices:(3)
JPM G7 Volatility Index Daily Average	7.8		8.1		11.3		(3.7)		(31.0)
JPM Emerging Market Volatility Index Daily Average	8.1		8.7		11.9		(6.9)		(31.9)

Average Foreign Exchange Rate:
EUR vs. USD	1.076		1.088		1.022		(1.1)		5.3
GBP vs. USD	1.242		1.266		1.175		(1.9)		5.7

(1) Includes quarter-end assets under custody of $30,615 billion, $29,113 billion and $27,236 billion, as of 4Q23, 3Q23, and 4Q22, respectively.

(2) As of period-end.

(3) The index names listed in the table are service marks of their respective owners.

INDUSTRY FLOW DATA

The following table represents industry flow data.


(Dollars in billions)	4Q23		3Q23		2Q23		1Q23		4Q22
North America - (US Domiciled) Morningstar Direct Market Data:(1)(2)
Long Term Funds	$	(208)	$	(111)	$	(113)	$	(58)	$	(353)
Money Market	168		132		175		445		148
ETF	265		110		136		79		193
Total Flows(3)	$	225	$	131	$	198	$	466	$	(12)

EMEA - Morningstar Direct Market Data:(1)(4)
Long Term Funds	$	(73)	$	(40)	$	(13)	$	47	$	(6)
Money Market	99		47		13		27		185
ETF	40		31		27		38		27
Total Flows(3)	$	66	$	38	$	27	$	112	$	206

(1) Industry data is provided for illustrative purposes only. It is not intended to reflect State Street or its clients' activity and is indicative of only segments of the entire industry. See endnotes included in the "In This News Release" section.

(2) 4Q23 data for North America includes actuals for October and November 2023 and Morningstar estimates for December 2023.

(3) Line items may not sum to total due to rounding.

(4) 4Q23 data for Europe is on a rolling three-month basis for September 2023 through November 2023, sourced by Morningstar.

INVESTMENT SERVICING AUC/A

The following table presents AUC/A information by product and financial instrument.


(As of period end, dollars in billions)	4Q23		3Q23		4Q22		% QoQ		% YoY
Assets Under Custody and/or Administration(1)
By product classification:
Collective funds, including ETFs	$	14,070	$	13,145	$	12,261	7.0	%	14.8	%
Mutual funds	11,009		10,313		9,610		6.7		14.6
Pension products	8,352		8,255		7,734		1.2		8.0
Insurance and other products	8,379		8,304		7,138		0.9		17.4
Total Assets Under Custody and/or Administration	$	41,810	$	40,017	$	36,743	4.5	%	13.8	%
By financial instrument:
Equities	$	24,317	$	22,971	$	20,575	5.9	%	18.2	%
Fixed-income	11,043		10,688		10,318		3.3		7.0
Short-term and other investments	6,450		6,358		5,850		1.4		10.3
Total Assets Under Custody and/or Administration	$	41,810	$	40,017	$	36,743	4.5	%	13.8	%

(1) AUC/A values for certain asset classes are based on a lag, typically one-month.

INVESTMENT MANAGEMENT AUM

The following tables present 4Q23 activity in AUM by product category.


(Dollars in billions)	Equity		Fixed- Income		Cash		Multi-Asset Class Solutions		Alternative Investments(1)		Total
Beginning balance as of September 30, 2023	$	2,214	$	586	$	434	$	242	$	211	$	3,687
Net asset flows:
Long-term institutional(2)	(13)		(23)		(1)		44		(1)		6
ETF	60		7		—		—		1		68
Cash fund	—		—		29		—		—		29
Total flows, net	$	47	$	(16)	$	28	$	44	$	—	$	103
Market appreciation/(depreciation)	230		31		4		22		13		300
Foreign exchange impact	22		8		1		2		5		38
Total market and foreign exchange impact	$	252	$	39	$	5	$	24	$	18	$	338

Ending balance as of December 31, 2023	$	2,513	$	609	$	467	$	310	$	229	$	4,128

(1) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.

(2) Amounts represent long-term portfolios, excluding ETFs.


(Dollars in billions)	4Q23		3Q23		2Q23		1Q23		4Q22
Beginning balance	$	3,687	$	3,797	$	3,618	$	3,481	$	3,265
Net asset flows:
Long-term institutional(1)	6		(30)		1		(16)		(4)
ETF	68		(1)		27		(6)		27
Cash fund	29		41		10		(4)		(40)
Total flows, net	$	103	$	10	$	38	$	(26)	$	(17)
Market appreciation/(depreciation)	300		(96)		153		161		184
Foreign exchange impact	38		(24)		(12)		2		49
Total market and foreign exchange impact	$	338	$	(120)	$	141	$	163	$	233

Ending balance	$	4,128	$	3,687	$	3,797	$	3,618	$	3,481

(1) Amounts represent long-term portfolios, excluding ETFs.

REVENUE


(Dollars in millions)	4Q23			3Q23			4Q22			% QoQ			% YoY
Back office servicing fees	1,128			1,138			1,115			(0.9)	%		1.2	%
Middle office services	84			96			88			(12.5)			(4.5)
Servicing fees	1,212			1,234			1,203			(1.8)			0.7
Management fees	479			479			457			—			4.8
Foreign exchange trading services	307			313			367			(1.9)			(16.3)
Securities finance	97			103			103			(5.8)			(5.8)
Front office software and data	179			130			159			37.7			12.6
Lending related and other fees	58			58			57			—			1.8
Software and processing fees	237			188			216			26.1			9.7
Other fee revenue	33			44			18			(25.0)			83.3	%
Total fee revenue	$	2,365		$	2,361		$	2,364		0.2	%		—	%

Net interest income	678			624			791			8.7	%		(14.3)	%
Other income	—			(294)			—			nm			nm
Total Revenue	$	3,043		$	2,691		$	3,155		13.1	%		(3.5)	%
Total revenue, excluding notable items(1)	$	3,043		$	2,985		$	3,132		1.9	%		(2.8)	%

Net interest margin (FTE)(2)	1.16		%	1.12		%	1.29		%	0.04	%	pts	(0.13)	%	pts

(1) See "4Q23 Highlights" in this news release for a listing of notable items. Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

(2) Net Interest Margin (NIM) is presented on a fully taxable-equivalent (FTE) basis. Refer to the Addendum for reconciliations of our FTE-basis presentation.

Servicing fees increased 1% compared to 4Q22, primarily from higher average equity market levels, partially offset by pricing headwinds, lower client activity/adjustments, and a previously disclosed client transition. Servicing fees decreased 2% compared to 3Q23, mainly due to pricing headwinds and a previously disclosed client transition, partially offset by higher client activity/adjustments.

Management fees increased 5% compared to 4Q22, primarily due to higher average equity market levels, partially offset by a previously described shift of certain management fees into NII(a) and the impacts of a strategic ETF product suite repricing initiative. Management fees were flat compared to 3Q23, mainly driven by higher performance fees, offset by a previously described shift of certain management fees into NII(a) and the impacts of a strategic ETF product suite repricing initiative.

Foreign exchange trading services decreased 16% compared to 4Q22, reflecting lower spreads associated with subdued FX volatility and the absence of a notable item related to a revenue-related recovery, partially offset by higher volumes. Excluding notable items,(b) Foreign exchange trading services decreased 11% compared to 4Q22. Foreign exchange trading services decreased 2% compared to 3Q23, primarily reflecting lower Direct FX revenues driven by muted volatility.

Securities finance decreased 6% compared to 4Q22, mainly due to lower Agency balances, partially offset by higher Agency spreads and Prime Services revenue. Securities finance decreased 6% compared to 3Q23, primarily due to lower spreads.

Software and processing fees increased 10% compared to 4Q22, mainly driven by higher Front office software and data revenue associated with CRD. Software and processing fees increased 26% compared to 3Q23, primarily due to On-premises renewals in Front office software and data.

•Front office software and data increased 13% compared to 4Q22, primarily reflecting continued SaaS implementations and conversions, which drove Professional services and Software-enabled revenue growth. Front office software and data increased 38% compared to 3Q23, primarily due to higher On-premises renewals and installations

•Lending related and other fees increased 2% compared to 4Q22 and remained flat compared to 3Q23

(a) Shift of a portion of Management fees into NII associated with Management fees that is now recognized as NII for certain U.S. ETFs with unique structures.

(b) Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

Other fee revenue increased $15 million compared to 4Q22, primarily due to a tax credit investment

accounting change, partially offset by the impact of the Argentine peso devaluation. Other fee revenue decreased $11 million compared to 3Q23, primarily driven by the impact of the Argentine peso devaluation, partially offset by higher market-related adjustments.

Net interest income decreased 14% compared to 4Q22, largely due to lower average non-interest-bearing deposit balances and deposit mix shift, partially offset by the impact of higher average interest rates. Compared to 3Q23, NII increased 9%, primarily driven by the full quarter impact of the 3Q23 investment portfolio repositioning, higher average international interest rates, and loan growth.

Total revenues were positively impacted by currency translation by $29 million when compared to 4Q22 and negatively impacted by $9 million when compared to 3Q23.

PROVISION FOR CREDIT LOSSES


(Dollars in millions)	4Q23		3Q23		4Q22		% QoQ		% YoY
Allowance for credit losses:
Beginning balance	$	134	$	136	$	114	(1.5)	%	17.5	%
Provision for credit losses	20		—		10		nm		100.0	%
Charge-offs	(4)		(2)		(3)		100.0	%	33.3	%

Ending Balance	$	150	$	134	$	121	11.9	%	24.0	%

Total provision for credit losses increased $10 million compared to 4Q22 and increased $20 million compared to 3Q23, reflecting an increase in loan loss reserves associated with commercial real estate.

EXPENSES


(Dollars in millions)	4Q23			3Q23			4Q22			% QoQ			% YoY
Compensation and employee benefits	$	1,247		$	1,082		$	1,108		15.2	%		12.5	%
Information systems and communications	473			411			416			15.1			13.7
Transaction processing services	242			241			240			0.4			0.8
Occupancy	128			101			106			26.7			20.8
Acquisition and restructuring costs	(15)			—			31			nm			nm
Amortization of other intangible assets	59			60			59			(1.7)			—
Other	688			285			296			nm			nm
Total Expenses	$	2,822		$	2,180		$	2,256		29.4	%		25.1	%
Total expenses, excluding notable items(1)	$	2,202		$	2,180		$	2,155		1.0	%		2.2	%

Effective tax rate	(4.4)		%	17.4		%	17.6		%	(21.8)	%	pts	(22.0)	%	pts

Compensation and employee benefits increased 13% compared to 4Q22, reflecting higher net repositioning charges and higher salaries and employee benefits, partially offset by lower contractor spend and performance-based incentive compensation. Compared to 3Q23, Compensation and employee benefits increased 15%, reflecting net repositioning charges and higher salaries and performance-based incentive compensation, partially offset by lower contractor spend. Excluding notable items,(a) Compensation and employee benefits increased 1% compared to 4Q22 and declined 2% compared to 3Q23.

(a) Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

Information systems and communications increased 14% compared to 4Q22, and 15% compared to 3Q23, reflecting notable items and higher technology and infrastructure investments, partially offset by optimization savings and vendor savings initiatives. Excluding notable items,(a) Information systems and communications increased 4% compared to 4Q22, and 5% compared to 3Q23.

Transaction processing services increased 1% compared to 4Q22, mainly reflecting higher broker fees, and was relatively flat compared to 3Q23.

Occupancy increased 21% compared to 4Q22, primarily reflecting the absence of a prior-period episodic sale-leaseback transaction. Compared to 3Q23, Occupancy increased 27%, primarily due to repositioning charges, an expansion of the international real estate footprint, and the absence of prior-period one-time vendor credits. Excluding notable items,(a) Occupancy increased 24% compared to 4Q22 and 6% compared to 3Q23.

Other expenses increased $392 million compared to 4Q22, primarily driven by the FDIC special assessment. Compared to 3Q23, Other expenses increased $403 million, reflecting the FDIC special assessment, as well as higher marketing and professional services. Excluding notable items,(a) Other expenses were flat compared to 4Q22 and increased 4% compared to 3Q23.

Total expenses were negatively impacted by currency translation by $26 million compared to 4Q22 and positively impacted by $1 million compared to 3Q23.

TAXES

The effective tax rate of (4.4)% in 4Q23 decreased from 17.6% in 4Q22, primarily due to the impact of notable items in the quarter. Compared to 3Q23, the effective tax rate decreased from 17.4%, primarily due to the impact of notable items and higher discrete benefits. Excluding the impact of notable items(a) in 4Q23, the effective tax rate was 17.9%.

(a) Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

CAPITAL AND LIQUIDITY

The following table presents preliminary estimates of regulatory capital and liquidity ratios for State Street Corporation.


(As of period end)	4Q23		3Q23		4Q22
Basel III Standardized Approach:
Common equity tier 1 ratio (CET1)	11.6	%	11.0	%	13.6	%
Tier 1 capital ratio	13.4		12.7		15.4
Total capital ratio	15.2		14.0		16.8

Basel III Advanced Approaches:
Common equity tier 1 ratio (CET1)	12.1		12.2		13.8
Tier 1 capital ratio	13.9		14.0		15.7
Total capital ratio	15.7		15.3		17.0

Tier 1 leverage ratio	5.5		5.8		6.0
Supplementary leverage ratio	6.2		6.3		7.0

Liquidity coverage ratio (LCR) (1)	106	%	109	%	106	%
LCR - State Street Bank and Trust (1)	122	%	120	%	120	%

(1) See the "In This News Release" section for further details on LCR and the calculation between State Street Corporation and State Street Bank and Trust.

Standardized capital ratios were binding for all periods included above.

CET1 (Standardized) ratio at quarter-end of 11.6% decreased 2% points compared to 4Q22, primarily driven by the continuation of common share repurchases and other capital distributions, partially offset by capital generated from earnings and an improvement in AOCI. CET1 ratio increased 0.6% points compared to 3Q23, primarily due to episodically lower RWA and an improvement in AOCI, partially offset by the continuation of common share repurchases.

Tier 1 leverage ratio at quarter-end of 5.5% decreased 0.5% points compared to 4Q22, primarily driven by the continuation of common share repurchases, partially offset by lower average balance sheet levels. Tier 1 leverage ratio decreased 0.3% points compared to 3Q23, primarily driven by higher average balance sheet levels and the continuation of common share repurchases.

Liquidity coverage ratio (LCR) for State Street Corporation was approximately 106%, flat compared to 4Q22, and down 3% points from 3Q23. LCR for State Street Bank and Trust was approximately 122%.

(a) Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE

State Street will webcast an investor conference call today, Friday January 19, 2024, at 11:00 a.m. ET, available at http://investors.statestreet.com. The conference call will also be available via telephone, at (888) 886-7786. The Conference ID# is 39118546.

Recorded replay of the conference call will be available on the website and by telephone at (877) 674-7070 beginning approximately two hours after the call's completion. The Conference ID# is 39118546 and the Playback Passcode is 118546 #. The telephone replay will be available for approximately one month following the conference call.

This News Release, presentation materials referred to on the conference call and additional financial information are available on State Street's website, at http://investors.statestreet.com under “Investor News & Events" and under the title “Events & Presentations".

State Street intends to publish updates to its public disclosure regarding regulatory capital, as required by the Basel III final rule, and the liquidity coverage and net stable funding ratios, on a quarterly basis on its website at http://investors.statestreet.com, under "Filings & Reports". Those updates will be published each quarter, during the period beginning after State Street's public announcement of its quarterly results of operations and ending on or prior to the due date under applicable bank regulatory requirements (i.e., ordinarily, ending no later than 60 days following year-end or 40 to 45 days following each other quarter-end, as applicable). For 4Q23, State Street expects to publish its updates during the period beginning today and ending on or about February 29, 2024 for the liquidity coverage and net stable funding ratios.

State 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 $41.8 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 2023, State Street operates globally in more than 100 geographic markets and employs approximately 46,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of December 31, 2023 includes approximately $64 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

IN THIS NEWS RELEASE:

•Stock purchases under our common stock repurchase programs may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be consistent over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and financial performance, investment opportunities, market conditions, regulatory considerations including the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time. State Street’s common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street’s Board of Directors at the relevant times.

•In March 2023, the Financial Accounting Standards Board issued new accounting guidance that expands the use of proportional amortization accounting to other types of tax credit investments regardless of the tax credit program from which the income tax credits are received. We adopted the new standard in the second quarter of 2023, effective January 1, 2023 for renewable energy production tax credit investments under the modified retrospective approach. The impact of adoption resulted in an increase in Other fee revenue, an increase in Tax expense and was not material to net income.

•Expenses and other measures are sometimes presented excluding notable items/effects of currency translation. This is a non-GAAP presentation. See the Addendum to this News Release for an explanation and reconciliations of our non-GAAP measures.

•Servicing fee revenue wins/backlog represents estimates of future annual revenue associated with new servicing engagements State Street determines to be won during the current reporting period based upon factors assessed at the time the engagement is determined by State Street to be won, including asset volumes, number of transactions, accounts and holdings, terms and expected strategy. These and other relevant factors influencing projected servicing fees upon asset implementation/onboarding will change from time to time prior to, upon and following asset implementation/onboarding, among other reasons, due to varying market levels and factors and client and investor activity and preferences. Servicing fee/backlog estimates are not updated to reflect those changes, regardless of the magnitude or direction of, or reason for, any change. Servicing fee revenue wins in any period include estimated fees attributable to both (1) services to be provided for new estimated AUC/A reflected in new asset servicing wins for the period (with AUC/A to be onboarded in the future) and (2) additional services to be provided for AUC/A already included in our end-of period AUC/A (i.e., for which other services are currently provided); and the magnitude of one source of servicing fee revenue wins relative to the other (i.e., (1) relative to (2)) will vary from period to period. Therefore, for these and other reasons, comparisons of estimated servicing fee revenue wins to estimated new asset servicing AUC/A wins for any period will not produce reliable fee per AUC/A estimates. See also the succeeding two bullets in this “In This News Release” section in reference to considerations applicable to pending servicing engagements, which similarly apply to engagements for which reported servicing fee revenue wins/backlog are attributable.

•New asset servicing mandates, including announced Alpha front-to-back investment servicing clients, may be subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals, the failure to complete any of which will prevent the relevant mandate from being installed and serviced. New asset servicing mandates and servicing assets remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new asset servicing mandates and reflected in servicing assets remaining to be installed in the period in which the client provides its permission. Servicing mandates, servicing assets remaining to be installed in future periods and servicing fee revenues remaining to be installed in future periods are presented on a gross basis and therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant.

•New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new asset servicing and asset management mandates may be reflected in our AUC/A and AUM as of any particular date specified. Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month. Generally, our servicing fee revenues are affected by several factors, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels.

•Front office software and data ARR, an operating metric, is calculated by annualizing current quarter revenue for CRD and Mercatus and includes the annualized amount of most software-enabled revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. ARR does not include software-enabled brokerage revenue, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from On-premises software. Front office software and data ARR was $272 million, $299 million, and $315 million in 4Q22, 3Q23, and 4Q23, respectively.

•Revenue and pre-tax income reflects the application of ASC 606. Revenue recognition under ASC 606 results in the acceleration of a significant portion of revenues for On-premises software agreements when a client goes live or renews their contract with us. The amount of revenue recognized in any given quarter will be driven in large part by client activity, including agreements that renew or are installed in that quarter.

•Unless otherwise noted, all capital ratios referenced on this News Release and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized ratios were binding for 4Q23. Refer to the Addendum included with this News Release for additional information. All capital ratios are estimated. Liquidity Coverage Ratio (LCR) is a preliminary estimate based on a quarterly daily average.

•State Street Bank and Trust's (SSBT) LCR is significantly higher than State Street Corporation's (SSC) LCR, primarily due to application of the transferability restriction in the U.S. LCR Final Rule to the calculation of SSC’s LCR. This restriction limits the amount of HQLA held at SSC’s principal banking subsidiary, SSBT and available for the calculation of SSC’s LCR to the amount of net cash outflows of SSBT. This transferability restriction does not apply in the calculation of SSBT’s LCR, and therefore SSBT’s LCR reflects the full benefit of all of its HQLA holdings.

•All earnings per share amounts represent fully diluted earnings per common share.

•Return on average common equity is determined by dividing annualized net income available to common shareholders by average common shareholders' equity for the period.

•Quarter-over-quarter (QoQ) is a sequential quarter comparison. Year-over-year (YoY) is the current period compared to the same period a year ago.

•Operating leverage is the rate of growth of total revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable.

•Fee operating leverage is the rate of growth of total fee revenue less the rate of growth of total expenses, relative to the successive prior year period, as applicable.

•"AUC/A" denotes Assets Under Custody and/or Administration; "AUC" denotes Assets Under Custody; "AUM" denotes Assets Under Management; "SPDR" denotes Standard and Poor's Depository Receipt; "ETF" denotes Exchange-traded fund; "nm" denotes not meaningful; "EOP" denotes end of period.

•"CRD" denotes Charles River Development; "SaaS" denotes Software as a service; "FIX" denotes The Charles River Network's FIX Network Service (CRN); "On-premises" denotes On-premises revenue as recognized in the CRD business.

•"RWA" denotes risk-weighted assets; "AOCI" denotes Accumulated other comprehensive income; "AFS" denotes Available-for-sale; "SA-CCR" denotes Standard Approach for Counterparty Credit Risk.

•"FTE" denotes fully taxable-equivalent basis; NIM is presented on an FTE-basis, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of our FTE-basis presentation.

•Industry data is provided for illustrative purposes only. It is not intended to reflect State Street's or its clients' activity and is indicative of only selected segments of the entire industry.

◦Morningstar data includes long-term mutual funds, ETFs and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database.

◦The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. 4Q23 data for North America (US domiciled) includes Morningstar actuals for October and November 2023 and Morningstar estimates for December 2023.

◦The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes. 4Q23 data for Europe is on a rolling three-month basis for September 2023 through November 2023, sourced by Morningstar.

FORWARD LOOKING STATEMENTS

This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth and sales prospects, capital management, business, financial and capital condition, results of operations, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “priority,” “will,” “expect,” “intend,” “aim,” “outcome,” “future,” “strategy,” “pipeline,” “trajectory,” “target," “guidance,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “trend,” 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 time subsequent to the time this News Release is first issued.

Important factors that may affect future results and outcomes include, but are not limited to:

•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;

•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 Israel-Hamas war, ongoing war in Ukraine, major political elections globally, actions taken by central banks to address inflationary pressures, monetary policy tightening, challenging conditions in global equity markets, periods of significant volatility in valuations and liquidity or other disruptions in the markets for equity, fixed income and other assets classes globally or within specific markets;

•Our development and completion of new products and services, including State Street Alpha® and State Street Digital®, and the enhancement of our infrastructure required to meet increased regulatory and client expectations for resiliency and the systems and process re-engineering necessary to achieve improved productivity and reduced operating risk, involve costs, risks and dependencies on third parties;

•Our business may be negatively affected by our failure to update and maintain our technology infrastructure or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure;

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

•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;

•We have significant international operations and clients that can be adversely impacted by disruptions in European and Asian 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, increases in prevailing interest rates have, and could further, lead to reduced levels of client deposits and resulting decreases in our NII;

•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;

•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;

•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;

•Our business and capital-related activities, including common share repurchases, may be adversely affected by regulatory capital, credit (counterparty and otherwise) and liquidity standards and considerations;

•We face extensive and changing governmental regulation and supervision in the jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies;

•We are subject to enhanced external oversight as a result of the resolution of prior regulatory or governmental matters;

•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 ESG practices;

•Our efforts to improve our billing processes and practices are ongoing and may result in the identification of additional billing errors;

•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;

•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;

•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;

•Our internal control environment may be inadequate, fail or be circumvented, and operational risks could adversely affect our business and consolidated results of operations;

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

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

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

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

•We may not be able to protect our intellectual property or may infringe upon the rights of third parties;

•The quantitative models we use to manage our business may contain errors that could adversely impact our business and regulatory compliance;

•Our reputation and business prospects may be damaged if our clients incur substantial losses or are restricted in redeeming their interests in investment pools that we sponsor or manage;

•The impacts of climate change, and regulatory responses to such risks, could adversely affect us; and

•We may incur losses as a result of unforeseen events including terrorist attacks, natural disasters, the emergence of a new pandemic, abrupt banking crisis or acts of embezzlement.

Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2022 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 should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

Exhibit 99.2



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2023


Table of Contents

GAAP-Basis Financial Information:
5-Year Summary of Results			2

Consolidated Results of Operations			3
Consolidated Statement of Condition			5
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis			6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date			7
Selected Average Balances by Currency - Rates Earned and Paid			8
Investment Portfolio Holdings by Asset Class			9
Investment Portfolio Non-U.S. Investments			11
Assets Under Custody and/or Administration			12
Assets Under Management			13
Industry Flow Data by Asset Class			14
Line of Business Information			15
Allowance for Credit Losses			16

Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			17
Reconciliation of Pre-tax Margin Excluding Notable Items			20
Reconciliations of Constant Currency FX Impacts			21

Capital:
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity			22
Regulatory Capital			23


This financial information should be read in conjunction with State Street's news release dated January 19, 2024.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
5-YEAR SUMMARY OF RESULTS

(Dollars in millions, except per share amounts, or where otherwise noted)	2019			2020			2021			2022			2023
Year ended December 31:
Total fee revenue	$	9,147		$	9,499		$	10,012		$	9,606		$	9,480
Net interest income	2,566			2,200			1,905			2,544			2,759
Other income	43			4			110			(2)			(294)
Total revenue	11,756			11,703			12,027			12,148			11,945
Provision for credit losses	10			88			(33)			20			46
Total expenses	9,034			8,716			8,889			8,801			9,583
Income before income tax expense	2,712			2,899			3,171			3,327			2,316
Income tax expense	470			479			478			553			372

Net income	2,242			2,420			2,693			2,774			1,944
Net income available to common shareholders	$	2,009		$	2,257		$	2,572		$	2,660		$	1,821
Per common share:
Diluted earnings per common share	$	5.38		$	6.32		$	7.19		$	7.19		$	5.58
Average diluted common shares outstanding (in thousands)	373,666			357,106			357,962			370,109			326,568
Cash dividends declared per common share	$	1.98		$	2.08		$	2.18		$	2.40		$	2.64
Closing price per share of common stock (at year end)	79.10			72.78			93.00			77.57			77.46
Average balance sheet:
Investment securities	$	91,768		$	109,175		$	111,730		$	111,929		$	105,765
Total assets	223,334			269,334			299,743			286,430			274,696
Total deposits	158,262			193,225			235,404			222,874			205,111
Ratios and other metrics:
Return on average common equity	9.4		%	10.0		%	10.7		%	11.1		%	8.2		%



Pre-tax margin	23.1			24.8			26.4			27.4			19.4
Pre-tax margin, excluding notable items(1)	25.8			26.3			27.6			28.4			26.4
Net interest margin, fully taxable-equivalent basis	1.42			0.97			0.74			1.03			1.20
Common equity tier 1 ratio(2)(3)	11.7			12.3			14.3			13.6			11.6
Tier 1 capital ratio(2)(3)	14.5			14.4			16.1			15.4			13.4
Total capital ratio(2)(3)	15.6			15.3			17.5			16.8			15.2
Tier 1 leverage ratio(2)	6.9			6.4			6.1			6.0			5.5
Supplementary leverage ratio(2)	6.1			8.1			7.4			7.0			6.2
Assets under custody and/or administration (in trillions)	$	34.36		$	38.79		$	43.68		$	36.74		$	41.81
Assets under management (in trillions)	3.12			3.47			4.14			3.48			4.13

(1) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(2) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end.

(3) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS

	Quarters																% Change					Year-to-Date			% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23			2022	2023		YTD2023 vs. YTD2022

Fee revenue:
Back office servicing fees	$	1,268	$	1,205	$	1,126	$	1,115	$	1,131	$	1,164	$	1,138	$	1,128	1.2	%		(0.9)	%		$	4,714	$	4,561	(3.2)	%
Middle office services	100		92		93		88		86		95		96		84		(4.5)			(12.5)			373		361		(3.2)
Servicing fees	1,368		1,297		1,219		1,203		1,217		1,259		1,234		1,212		0.7			(1.8)			5,087		4,922		(3.2)
Management fees	520		490		472		457		457		461		479		479		4.8			—			1,939		1,876		(3.2)
Foreign exchange trading services	359		331		319		367		342		303		313		307		(16.3)			(1.9)			1,376		1,265		(8.1)
Securities finance	96		107		110		103		109		117		103		97		(5.8)			(5.8)			416		426		2.4
Front office software and data	138		126		127		159		109		162		130		179		12.6			37.7			550		580		5.5
Lending related and other fees	63		62		57		57		56		59		58		58		1.8			—			239		231		(3.3)
Software and processing fees	201		188		184		216		165		221		188		237		9.7			26.1			789		811		2.8
Other fee revenue	29		(43)		(5)		18		45		58		44		33		83.3			(25.0)			(1)		180		nm
Total fee revenue	2,573		2,370		2,299		2,364		2,335		2,419		2,361		2,365		—			0.2			9,606		9,480		(1.3)
Net interest income:
Interest income	521		704		1,101		1,762		2,027		2,232		2,328		2,593		47.2			11.4			4,088		9,180		nm
Interest expense	12		120		441		971		1,261		1,541		1,704		1,915		97.2			12.4			1,544		6,421		nm
Net interest income	509		584		660		791		766		691		624		678		(14.3)			8.7			2,544		2,759		8.5
Other income:
Gains (losses) related to investment securities, net	(1)		(1)		—		—		—		—		(294)		—		nm			nm			(2)		(294)		nm

Total other income	(1)		(1)		—		—		—		—		(294)		—		nm			nm			(2)		(294)		nm
Total revenue	3,081		2,953		2,959		3,155		3,101		3,110		2,691		3,043		(3.5)			13.1			12,148		11,945		(1.7)
Provision for credit losses	—		10		—		10		44		(18)		—		20		100.0			nm			20		46		nm
Expenses:
Compensation and employee benefits	1,232		1,046		1,042		1,108		1,292		1,123		1,082		1,247		12.5			15.2			4,428		4,744		7.1
Information systems and communications	423		392		399		416		414		405		411		473		13.7			15.1			1,630		1,703		4.5
Transaction processing services	264		240		227		240		239		235		241		242		0.8			0.4			971		957		(1.4)
Occupancy	95		96		97		106		94		103		101		128		20.8			26.7			394		426		8.1
Acquisition and restructuring costs	9		12		13		31		—		—		—		(15)		nm			nm			65		(15)		nm
Amortization of other intangible assets	61		60		58		59		60		60		60		59		—			(1.7)			238		239		0.4
Other	243		262		274		296		270		286		285		688		nm			nm			1,075		1,529		42.2
Total expenses	2,327		2,108		2,110		2,256		2,369		2,212		2,180		2,822		25.1			29.4			8,801		9,583		8.9
Income before income tax expense	754		835		849		889		688		916		511		201		(77.4)			(60.7)			3,327		2,316		(30.4)
Income tax expense	150		88		159		156		139		153		89		(9)		nm			nm			553		372		(32.7)
Net income	$	604	$	747	$	690	$	733	$	549	$	763	$	422	$	210	(71.4)			(50.2)			$	2,774	$	1,944	(29.9)


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)

	Quarters																	% Change				Year-to-Date				% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23		2022		2023		YTD2023 vs. YTD2022
Adjustments to net income:
Dividends on preferred stock		$	(20)	$	(35)	$	(21)	$	(36)	$	(23)	$	(37)	$	(24)	$	(38)	(5.6)	%	(58.3)	%	$	(112)	$	(122)	(8.9)	%
Earnings allocated to participating securities		(1)		—		—		(1)		(1)		—		—		—		nm		nm		(2)		(1)		(50.0)
Net income available to common shareholders		$	583	$	712	$	669	$	696	$	525	$	726	$	398	$	172	(75.3)		(56.8)		$	2,660	$	1,821	(31.5)

Per common share:
Basic earnings		$	1.59	$	1.94	$	1.82	$	1.94	$	1.54	$	2.20	$	1.27	0.56		(71.1)		(55.9)		$	7.28	$	5.65	(22.4)
Diluted earnings		1.57		1.91		1.80		1.91		1.52		2.17		1.25		0.55		(71.2)		(56.0)		7.19		5.58		(22.4)
Average common shares outstanding (in thousands):
Basic		366,542		367,375		367,789		359,200		341,106		329,383		313,147		306,198		(14.8)		(2.2)		365,214		322,337		(11.7)
Diluted		372,037		372,123		372,418		363,923		345,472		333,540		317,329		310,419		(14.7)		(2.2)		370,109		326,568		(11.8)
Cash dividends declared per common share		$	0.57	$	0.57	$	0.63	$	0.63	$	0.63	$	0.63	$	0.69	$	0.69	9.5		—		$	2.40	$	2.64	10.0
Closing price per share of common stock (as of quarter end)		87.12		61.65		60.81		77.57		75.69		73.18		66.96		77.46		(0.1)		15.7		77.57		77.46		(0.1)
Book value per common share		$	66.05	$	64.72	$	64.33	$	66.51	$	67.69	$	69.01	$	70.14	$	72.27	8.7		3.0		$	66.51	$	72.27	8.7
Tangible book value per common share(1)		42.00		41.25		41.41		42.03		42.34		42.68		43.07		44.22		5.2		2.7		42.03		44.22		5.2
Balance sheet averages:
Investment securities		$	119,286	$	113,929	$	108,875	$	105,804	$	107,089	$	107,550	$	104,995	$	103,474	(2.2)		(1.4)		$	111,929	$	105,765	(5.5)
Total assets		295,010		291,435		275,168		284,346		277,492		274,972		267,727		278,659		(2.0)		4.1		286,430		274,696		(4.1)
Total deposits		233,268		228,417		213,302		216,799		210,320		205,831		197,869		206,544		(4.7)		4.4		222,874		205,111		(8.0)








Ratios and other metrics:
Effective tax rate	19.9		%	10.5		%	18.7		%	17.6		%	20.2		%	16.7		%	17.4		%	(4.4)		%	(22.0)	%	pts	(21.8)	%	pts	16.6		%	16.1		%	(0.5)	%	pts
Return on average common equity	9.5			12.1			11.2			11.8			9.3			13.0			7.3			3.1			(8.7)			(4.2)			11.1			8.2			(2.9)
Return on average tangible common equity(2)	14.7			17.3			17.3			17.7			14.6			18.0			16.5			13.6			(4.1)			(2.9)			17.4			13.3			(4.1)
Pre-tax margin	24.5			28.3			28.7			28.2			22.2			29.5			19.0			6.6			(21.6)			(12.4)			27.4			19.4			(8.0)
Pre-tax margin, excluding notable items(3)	24.8			28.7			29.1			30.9			22.2			29.5			27.0			27.0			(3.9)			—			28.4			26.4			(2.0)
Net interest margin, fully taxable-equivalent basis	0.80			0.94			1.11			1.29			1.31			1.19			1.12			1.16			(0.13)			0.04			1.03			1.20			0.17
Common equity tier 1 ratio(4)(5)	11.9			12.9			13.2			13.6			12.1			11.8			11.0			11.6			(2.0)			0.6			13.6			11.6			(2.0)
Tier 1 capital ratio(4)(5)	13.4			14.6			14.9			15.4			13.8			13.6			12.7			13.4			(2.0)			0.7			15.4			13.4			(2.0)
Total capital ratio(4)(5)	14.8			15.9			16.2			16.8			15.2			14.9			14.0			15.2			(1.6)			1.2			16.8			15.2			(1.6)
Tier 1 leverage ratio(4)	5.9			6.0			6.4			6.0			6.0			5.8			5.8			5.5			(0.5)			(0.3)			6.0			5.5			(0.5)
Supplementary leverage ratio(4)	6.7			6.6			7.1			7.0			6.8			6.4			6.3			6.2			(0.8)			(0.1)			7.0			6.2			(0.8)
End-of-period securities on loan(6)	$	412,162		$	358,972		$	353,108		$	362,395		$	362,438		$	290,515		$	280,408		$	293,331		(19.1)	%		4.6	%		$	362,395		$	293,331		(19.1)	%
Assets under custody and/or administration (in billions)	41,724			38,180			35,688			36,743			37,635			39,589			40,017			41,810			13.8			4.5			36,743			41,810			13.8
Assets under management (in billions)	4,022			3,475			3,265			3,481			3,618			3,797			3,687			4,128			18.6			12.0			3,481			4,128			18.6


(1) Tangible book value per common share is calculated by dividing the period end tangible common equity (non-GAAP) by the total common shares outstanding at period end. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by average tangible common equity (non-GAAP). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(3) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of December 31, 2023 are estimates.
(5) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
(6) Average securities on loan were $397,522 million, $386,734 million, $365,883 million and $355,298 million in the first, second, third and fourth quarters of 2022, respectively, and $355,150 million, $298,145 million, $283,855 million and $283,048 million in the first, second, third and fourth quarters of 2023, respectively.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION

	As of																	% Change
(Dollars in millions, except per share amounts)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		4Q23 vs. 4Q22		4Q23 vs. 3Q23
Assets:
Cash and due from banks		$	2,976	$	3,515	$	2,748	$	3,970	$	3,698	$	3,930	$	4,009	$	4,047	1.9	%	0.9	%
Interest-bearing deposits with banks, net		104,010		91,360		99,199		101,593		87,935		86,048		76,756		87,665		(13.7)		14.2
Securities purchased under resale agreements		803		5,203		1,308		5,215		1,134		1,668		1,816		6,692		28.3		nm
Trading account assets		754		728		685		650		695		715		725		773		18.9		6.6
Investment securities:
Investment securities available-for-sale, net		74,348		45,454		40,986		40,579		42,841		43,046		41,546		44,526		9.7		7.2

Investment securities held-to-maturity, net(1)		45,203		64,261		65,232		64,700		65,027		63,510		61,956		57,117		(11.7)		(7.8)
Total investment securities		119,551		109,715		106,218		105,279		107,868		106,556		103,502		101,643		(3.5)		(1.8)
Loans		35,141		33,565		36,113		32,150		33,916		34,123		35,436		36,631		13.9		3.4
Allowance for credit losses on loans(2)		86		95		97		97		115		120		119		135		39.2		13.4
Loans, net		35,055		33,470		36,016		32,053		33,801		34,003		35,317		36,496		13.9		3.3
Premises and equipment, net(3)		2,229		2,240		2,283		2,315		2,337		2,349		2,334		2,399		3.6		2.8
Accrued interest and fees receivable		3,446		3,403		3,526		3,434		3,570		3,732		3,874		3,806		10.8		(1.8)
Goodwill		7,582		7,465		7,351		7,495		7,530		7,544		7,487		7,611		1.5		1.7
Other intangible assets		1,744		1,654		1,568		1,544		1,493		1,435		1,363		1,320		(14.5)		(3.2)
Other assets		44,200		41,470		42,666		37,902		40,755		46,581		47,232		44,806		18.2		(5.1)
Total assets		$	322,350	$	300,223	$	303,568	$	301,450	$	290,816	$	294,561	$	284,415	$	297,258	(1.4)		4.5
Liabilities:
Deposits:
Non-interest-bearing		$	61,797	$	55,062	$	55,894	$	46,755	$	45,856	$	36,455	$	35,824	$	32,569	(30.3)		(9.1)
Interest-bearing - U.S.		104,962		107,262		105,021		111,384		108,623		122,676		118,561		121,738		9.3		2.7
Interest-bearing - Non-U.S.		84,284		79,589		77,321		77,325		69,152		63,185		58,616		66,663		(13.8)		13.7
Total deposits(4)		251,043		241,913		238,236		235,464		223,631		222,316		213,001		220,970		(6.2)		3.7
Securities sold under repurchase agreements		4,277		951		4,250		1,177		3,695		4,294		3,097		1,867		58.6		(39.7)
Federal funds purchased		—		—		—		—		—		—		—		1,000		nm		nm
Other short-term borrowings		18		73		109		2,097		8		53		8		2,660		26.8		nm
Accrued expenses and other liabilities		26,866		17,989		21,326		22,525		22,427		26,516		26,124		28,123		24.9		7.7
Long-term debt		13,922		13,530		13,999		14,996		16,305		17,178		18,564		18,839		25.6		1.5
Total liabilities		296,126		274,456		277,920		276,259		266,066		270,357		260,794		273,459		(1.0)		4.9
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding		742		742		742		742		742		742		742		742		—		—
Series F, 2,500 shares issued and outstanding		247		247		247		247		247		247		247		247		—		—
Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493		493		493		—		—
Series H, 5,000 shares issued and outstanding		494		494		494		494		494		494		494		494		—		—
Common stock, $1 par, 750,000,000 shares authorized(5)(6)		504		504		504		504		504		504		504		504		—		—
Surplus		10,762		10,757		10,760		10,730		10,724		10,729		10,735		10,741		0.1		0.1
Retained earnings		25,612		26,115		26,552		27,028		27,342		27,808		27,993		27,957		3.4		(0.1)
Accumulated other comprehensive income (loss)		(2,698)		(3,687)		(4,268)		(3,711)		(3,272)		(3,258)		(3,045)		(2,354)		36.6		22.7
Treasury stock, at cost(7)		(9,932)		(9,898)		(9,876)		(11,336)		(12,524)		(13,555)		(14,542)		(15,025)		(32.5)		(3.3)
Total shareholders' equity		26,224		25,767		25,648		25,191		24,750		24,204		23,621		23,799		(5.5)		0.8
Total liabilities and equity		$	322,350	$	300,223	$	303,568	$	301,450	$	290,816	$	294,561	$	284,415	$	297,258	(1.4)		4.5


(1) Fair value of investment securities held-to-maturity		$	42,834	$	60,103	$	58,320	$	57,913	$	59,139	$	56,863	$	54,121	$	51,503
(2) Total allowance for credit losses including off-balance sheet commitments		107		114		114		121		162		136		134		150
(3) Accumulated depreciation for premises and equipment		5,530		5,652		5,772		5,745		5,918		6,035		6,148		6,062
(4) Average total deposits		233,268		228,417		213,302		216,799		210,320		205,831		197,869		206,544
(5) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(6) Total common shares outstanding		367,114,788		367,619,353		367,967,505		349,024,167		336,461,072		322,101,110		308,583,511		301,944,043
(7) Treasury stock shares		136,764,854		136,260,289		135,912,137		154,855,475		167,418,570		181,778,532		195,296,131		201,935,599
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																												% Change
	1Q22					2Q22					3Q22					4Q22					1Q23					2Q23					3Q23					4Q23					4Q23 vs. 4Q22		4Q23 vs. 3Q23
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average balance
Assets:
Interest-bearing deposits with banks, net	$	76,741	0.05		%	$	76,531	0.36		%	$	68,918	1.16		%	$	83,809	2.66		%	$	77,220	3.37		%	$	69,079	4.05		%	$	62,514	4.40		%	$	70,873	4.69		%	(15.4)	%	13.4	%
Securities purchased under resale agreements(2)	3,150		1.31			2,022		7.47			1,470		15.55			1,843		17.72			1,643		18.94			1,634		19.82			1,639		15.75			2,138		16.56			16.0		30.4
Trading account assets	761		—			746		0.01			701		—			677		—			667		—			704		—			728		—			745		—			10.0		2.3
Investment securities:
Investment securities available-for-sale, net	75,226		0.83			54,767		0.91			43,956		1.62			40,980		2.67			42,101		3.31			43,409		3.76			42,341		4.39			43,537		4.84			6.2		2.8
Investment securities held-to-maturity, net	44,060		1.56			59,162		1.55			64,919		1.67			64,824		1.89			64,988		1.97			64,141		1.99			62,654		2.00			59,937		2.05			(7.5)		(4.3)
Total investment securities	119,286		1.10			113,929		1.24			108,875		1.65			105,804		2.19			107,089		2.50			107,550		2.71			104,995		2.97			103,474		3.23			(2.2)		(1.4)
Loans(3)	34,407		2.03			35,826		2.23			35,069		2.90			35,159		3.90			33,517		4.80			34,235		5.18			34,525		5.65			36,887		5.72			4.9		6.8
Other interest-earning assets	23,767		0.08			22,199		0.83			20,877		2.63			16,635		4.63			17,393		5.71			18,783		6.09			18,089		6.60			18,117		6.59			8.9		0.2
Total interest-earning assets	258,112		0.82			251,253		1.13			235,910		1.86			243,927		2.87			237,529		3.46			231,985		3.86			222,490		4.16			232,234		4.43			(4.8)		4.4
Cash and due from banks	4,018					3,829					3,461					3,311					3,639					3,893					3,742					4,418					33.4		18.1
Other non-interest-earning assets	32,880					36,353					35,797					37,108					36,324					39,094					41,495					42,007					13.2		1.2
Total assets	$	295,010				$	291,435				$	275,168				$	284,346				$	277,492				$	274,972				$	267,727				$	278,659				(2.0)		4.1
Liabilities:
Interest-bearing deposits:
U.S.	$	100,073	0.02		%	$	97,273	0.26		%	$	94,636	1.09		%	$	101,056	2.20		%	$	105,261	3.00		%	$	109,015	3.48		%	$	110,343	3.83		%	$	116,077	4.06		%	14.9		5.2
Non-U.S.(4)	83,556		(0.32)			80,055		(0.20)			72,202		0.22			71,736		0.82			66,356		1.07			64,838		1.54			58,808		1.80			60,856		2.11			(15.2)		3.5
Total interest-bearing deposits(4)	183,629		(0.14)			177,328		0.05			166,838		0.71			172,792		1.62			171,617		2.25			173,853		2.75			169,151		3.13			176,933		3.39			2.4		4.6
Securities sold under repurchase agreements	2,279		(0.02)			4,486		0.26			3,814		0.23			3,933		0.93			4,409		0.84			4,266		1.25			3,908		0.61			3,048		0.70			(22.5)		(22.0)
Federal funds purchased	—		—			7		0.70			—		—			—		—			119		4.70			—		—			—		—			142		4.92			nm		nm
Short-term borrowings	872		—			673		0.73			430		0.01			2,756		3.54			1,159		3.72			1,965		4.11			324		2.68			1,042		2.81			(62.2)		nm
Long-term debt	14,265		1.82			13,702		2.12			13,958		2.78			14,601		3.87			15,865		4.64			16,735		5.00			18,117		5.33			18,663		5.43			27.8		3.0
Other interest-bearing liabilities	2,881		1.50			2,518		3.31			2,536		6.43			2,967		11.84			3,078		13.49			3,595		11.74			4,267		11.37			4,606		11.66			55.2		7.9
Total interest-bearing liabilities	203,926		0.02			198,714		0.24			187,576		0.93			197,049		1.95			196,247		2.61			200,414		3.09			195,767		3.45			204,434		3.72			3.7		4.4
Non-interest-bearing deposits(5)	49,639					51,089					46,464					44,007					38,703					31,978					28,718					29,611					(32.7)		3.1
Other non-interest-bearing liabilities	14,678					15,969					15,453					17,835					17,691					18,195					19,516					20,855					16.9		6.9
Preferred shareholders' equity	1,976					1,976					1,976					1,976					1,976					1,976					1,976					1,976					—		—
Common shareholders' equity	24,791					23,687					23,699					23,479					22,875					22,409					21,750					21,783					(7.2)		0.2
Total liabilities and shareholders' equity	$	295,010				$	291,435				$	275,168				$	284,346				$	277,492				$	274,972				$	267,727				$	278,659				(2.0)		4.1

Total deposits	$	233,268				$	228,417				$	213,302				$	216,799				$	210,320				$	205,831				$	197,869				$	206,544				(4.7)		4.4

Excess of rate earned over rate paid			0.80		%			0.89		%			0.92		%			0.91		%			0.86		%			0.77		%			0.70		%			0.71		%
Net interest margin			0.80		%			0.94		%			1.11		%			1.29		%			1.31		%			1.19		%			1.12		%			1.16		%
Net interest income, fully taxable-equivalent basis			$	512				$	587				$	662				$	793				$	768				$	691				$	626				$	679
Tax-equivalent adjustment			(3)					(3)					(2)					(2)					(2)					—					(2)					(1)
Net interest income, GAAP-basis(4)			$	509				$	584				$	660				$	791				$	766				$	691				$	624				$	678

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $55 billion, $71 billion, $73 billion and $85 billion in the first, second, third and fourth quarters of 2022, respectively, and approximately $117 billion, $140 billion, $138 billion and $167 billion in the first, second, third and fourth quarters of 2023, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.07%, 0.21%, 0.31% and 0.38% in the first, second, third and fourth quarters of 2022, respectively, and approximately 0.26%, 0.23%, 0.19% and 0.21% in the first, second, third and fourth quarters of 2023, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $34,320 million, $35,741 million, $34,974 million and $35,063 million in the first, second, third and fourth quarters of 2022 and approximately $33,422 million, $34,124 million, $34,407 million and $36,771 million in the first, second, third and fourth quarters of 2023, respectively.
(4) Average rates includes the impact of FX swap expense of approximately ($13) million, ($3) million, $16 million and $20 million in the first, second, third and fourth quarters of 2022, respectively, and approximately ($5) million, $22 million, $24 million and $13 million in the first, second, third and fourth quarters of 2023, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately (0.11)%, 0.06%, 0.68% and 1.58% in the first, second, third and fourth quarters of 2022, respectively, and approximately 2.26%, 2.70%, 3.07% and 3.36% in the first, second, third and fourth quarters of 2023, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2022 and 2023, adjusted for applicable state income taxes, net of related federal benefit.
			Year-to-Date														% Change
			2022							2023							YTD2023 vs YTD2022
(Dollars in millions; fully-taxable equivalent basis)	Average balance				Average rates			Average balance				Average rates			Average balance
Assets:
Interest-bearing deposits with banks, net	$	76,498			1.10		%	$	69,883			4.11		%	(8.6)	%
Securities purchased under resale agreements(2)	2,116				8.88			1,764				17.67			(16.6)
Trading account assets	721				0.01			711				—			(1.4)
Investment securities:
Investment securities available-for-sale, net	53,613				1.37			42,850				4.08			(20.1)
Investment securities held-to-maturity, net	58,316				1.68			62,915				2.01			7.9
Total investment securities	111,929				1.53			105,765				2.85			(5.5)
Loans(3)	35,117				2.77			34,800				5.35			(0.9)
Other interest-earning assets	20,850				1.84			18,098				6.25			(13.2)
Total interest-earning assets	247,231				1.66			231,021				3.98			(6.6)
Cash and due from banks	3,652							3,925							7.5
Other non-interest-earning assets	35,547							39,750							11.8
Total assets	$	286,430						$	274,696						(4.1)
Liabilities:
Interest-bearing deposits:
U.S.	$	98,252			0.90			$	110,204			3.61			12.2
Non-U.S.(4)	76,842				0.10			62,689				1.62			(18.4)
Total interest-bearing deposits(4)	175,094				0.55			172,893				2.89			(1.3)
Securities sold under repurchase agreements	3,633				0.39			3,904				0.87			7.5
Federal funds purchased	—				—			65				4.82			nm
Short-term borrowings	1,188				2.18			1,120				3.60			(5.7)
Long-term debt	14,132				2.66			17,355				5.12			22.8
Other interest-bearing liabilities	2,725				5.91			3,891				11.96			42.8
Total interest-bearing liabilities	196,772				0.78			199,228				3.22			1.2
Non-interest-bearing deposits(5)	47,780							32,218							(32.6)
Other non-interest-bearing liabilities	15,992							19,073							19.3
Preferred shareholders' equity	1,976							1,976							—
Common shareholders' equity	23,910							22,201							(7.1)
Total liabilities and shareholders' equity	$	286,430						$	274,696						(4.1)

Total deposits			$	222,874						$	205,111						(8.0)


Excess of rate earned over rate paid					0.87		%					0.75		%
Net interest margin					1.03		%					1.20		%
Net interest income, fully taxable-equivalent basis					$	2,554						$	2,764
Tax-equivalent adjustment					(10)							(5)
Net interest income, GAAP-basis(4)					$	2,544						$	2,759

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $71 billion and $140 billion as of December 31, 2022 and 2023, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.26% and 0.22% for the years ended December 31, 2022 and 2023, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of December 31, 2022 and 2023 was approximately $35,026 million and $34,689 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately $20 million and $54 million for the year ended December 31, 2022 and 2023, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 0.54% and 2.86% for the years ended December 31, 2022 and 2023, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)

	4Q23
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	34,767	5.55	%	$	19,626	4.05	%	$	6,171	5.12	%	$	10,309	2.74	%	$	70,873	4.69	%
Total investment securities	83,798		3.27		8,694		2.31		4,245		3.20		6,737		3.81		103,474		3.23
Loans	29,834		5.67		5,197		5.82		1,223		6.95		633		4.80		36,887		5.72
Total other interest-earning assets(2)	18,356		7.95		201		4.22		54		5.62		2,389		3.23		21,000		7.37
Total interest-earning assets	$	166,755	4.68		$	33,718	3.87		$	11,693	4.61		$	20,068	3.21		$	232,234	4.43

Total interest-bearing deposits(3)(4)	$	113,890	4.32		$	31,306	2.07		$	11,010	1.59		$	20,727	1.19		$	176,933	3.39

Central Bank Rate(5)			5.50				4.00				5.25

	3Q23
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	28,645	5.34	%	$	17,752	3.79	%	$	5,805	5.14	%	$	10,312	2.41	%	$	62,514	4.40	%
Total investment securities	84,506		3.10		8,815		1.81		4,773		2.80		6,901		2.90		104,995		2.97
Loans	27,770		5.67		5,139		5.28		1,061		7.00		555		5.86		34,525		5.65
Total other interest-earning assets(2)	18,226		7.57		162		3.47		56		5.69		2,012		3.14		20,456		7.10
Total interest-earning assets	$	159,147	4.45		$	31,868	3.48		$	11,695	4.35		$	19,780	2.75		$	222,490	4.16

Total interest-bearing deposits(3)(4)	$	107,999	4.07		$	29,215	1.67		$	11,385	1.29		$	20,552	1.22		$	169,151	3.13

Central Bank Rate(5)			5.43				3.73				5.16

	4Q22
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	35,603	3.88	%	$	27,282	1.31	%	$	10,049	2.70	%	$	10,875	2.02	%	$	83,809	2.66	%
Total investment securities	87,006		2.37		7,639		0.63		3,472		1.37		7,687		2.14		105,804		2.19
Loans	28,281		4.07		4,651		2.83		1,378		3.62		849		4.40		35,159		3.90
Total other interest-earning assets(2)	17,088		6.22		541		(1.74)		114		4.02		1,412		2.74		19,155		5.72
Total interest-earning assets	$	167,978	3.36		$	40,113	1.31		$	15,013	2.48		$	20,823	2.20		$	243,927	2.87

Total interest-bearing deposits(3)(4)	$	100,189	2.39		$	34,254	0.43		$	15,411	0.44		$	22,938	0.85		$	172,792	1.62

Central Bank Rate(5)			3.84				1.38				2.82

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Average total other interest-earning assets include securities purchased under resale agreements, trading account assets and other interest-earning assets. Refer to average statement of condition - rates earned and paid - full taxable-equivalent basis for details.
(3) Average rates for interest-bearing deposit balances denominated in U.S. dollars include both client and wholesale deposits.
(4) FX swap costs for interest-bearing deposits are included in other currencies.
(5) Central Bank Rate represents the quarterly average Federal Funds Target Rate for USD, European Central Bank Deposit Facility Rate for EUR, and the Bank of England's Bank Rate for GBP.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS

	Quarters
	1Q22				2Q22				3Q22				4Q22				1Q23				2Q23				3Q23				4Q23
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Available-for-sale investment securities:
Government & agency securities	$	42.9	0.72	%	$	30.3	0.73	%	$	23.5	1.33	%	$	21.9	2.16	%	$	23.1	2.74	%	$	24.0	3.20	%	$	23.2	3.82	%	$	23.1	4.25	%
Asset-backed securities	6.7		0.79		6.7		1.22		6.2		2.21		5.9		3.68		5.9		4.43		5.8		5.06		5.9		5.63		6.6		5.67
Student loans	0.2		1.43		0.2		2.25		0.1		3.62		0.1		5.39		0.1		7.04		0.1		6.46		0.1		6.82		0.1		6.87
Credit cards	0.1		0.93		0.1		1.57		0.1		3.03		0.1		4.58		0.1		5.40		0.1		5.78		0.1		6.26		0.1		6.35
Auto & equipment	1.0		(0.01)		0.9		0.16		0.7		0.56		0.7		1.82		0.6		2.74		0.4		3.41		0.6		4.06		0.8		4.22
Non-U.S. residential mortgage backed securities	2.1		0.78		2.1		1.08		1.9		2.16		1.7		3.35		1.6		4.00		1.6		4.45		1.5		5.10		1.7		5.07
Collateralized loan obligation	3.2		1.06		3.2		1.59		3.1		2.63		3.1		4.23		3.2		4.91		3.3		5.60		3.4		6.18		3.6		6.30
Other	0.1		(0.37)		0.2		0.37		0.3		0.87		0.2		2.25		0.3		3.36		0.4		4.12		0.2		3.91		0.3		4.78
Mortgage-backed securities	9.8		1.62		3.4		1.22		1.9		1.71		1.8		3.17		2.2		3.72		2.9		4.53		3.7		4.88		4.7		5.52
Agency MBS	9.8		1.62		3.4		1.22		1.9		1.71		1.8		3.17		2.2		3.72		2.9		4.53		3.7		4.88		4.7		5.52

CMBS	9.2		0.40		8.9		0.59		8.2		1.72		7.5		3.24		6.9		4.60		6.6		5.26		6.1		5.73		5.9		5.88
Corporate bonds	3.9		1.02		2.8		1.32		2.1		1.53		2.1		1.87		2.3		2.39		2.4		2.65		2.2		3.05		2.5		4.18
Covered bonds	0.1		0.58		0.1		0.64		—		0.64		—		0.66		—		0.65		—		0.69		—		0.66		—		0.65
Municipal bonds	0.6		2.72		0.6		2.87		0.6		2.83		0.9		3.43		0.5		2.91		0.6		0.89		0.5		3.29		0.4		3.41
Clipper tax-exempt bonds	0.5		4.07		0.4		4.41		0.4		4.25		0.3		4.36		0.3		4.40		0.2		4.67		0.2		4.45		0.1		4.45
Other	1.6		0.86		1.5		0.98		1.1		1.17		0.6		2.55		0.9		2.83		0.9		1.79		0.5		3.93		0.2		10.19
Total available-for-sale portfolio	$	75.3	0.83		$	54.7	0.91		$	44.0	1.62		$	41.0	2.67		$	42.1	3.31		$	43.4	3.76		$	42.3	4.39		$	43.5	4.84

	1Q22				2Q22				3Q22				4Q22				1Q23				2Q23				3Q23				4Q23
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Held-to-maturity investment securities:
Government & agency securities	$	3.5	1.24	%	$	13.7	0.72	%	$	18.0	0.80	%	$	18.0	0.84	%	$	18.8	0.88	%	$	18.9	0.88	%	$	18.5	0.87	%	$	16.9	0.92	%
Asset-backed securities	4.9		1.05		4.5		1.67		4.3		3.04		4.1		4.48		3.8		5.37		3.7		5.73		3.5		6.02		3.4		6.19
Student loans	4.9		1.05		4.5		1.67		4.3		3.04		4.1		4.48		3.8		5.37		3.7		5.73		3.5		6.02		3.4		6.19


Mortgage-backed securities	30.6		1.67		35.9		1.84		37.4		1.90		37.6		2.12		37.1		2.23		36.3		2.22		35.4		2.21		34.4		2.22
Agency MBS	30.6		1.66		35.8		1.84		37.4		1.90		37.6		2.12		37.1		2.23		36.3		2.21		35.4		2.20		34.4		2.22
Non-agency MBS	—		12.22		0.1		4.45		—		13.21		—		14.43		—		16.04		—		18.87		—		20.90		—		(12.34)
CMBS	5.0		1.53		5.1		1.71		5.2		1.80		5.1		1.87		5.3		1.93		5.2		1.94		5.3		1.94		5.2		1.93

Total held-for-maturity portfolio	$	44.0	1.56		$	59.2	1.55		$	64.9	1.67		$	64.8	1.89		$	65.0	1.97		$	64.1	1.99		$	62.7	2.00		$	59.9	2.05

Total investment securities	$	119.3	1.10		$	113.9	1.24		$	108.9	1.65		$	105.8	2.19		$	107.1	2.50		$	107.5	2.71		$	105.0	2.97		$	103.4	3.23


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS (continued)

	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Fair Value		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities	35		%	39		%	21		%	3		%	1		%	1		%	—		%	$	23.4	52.6	%	$	(185)	89% / 11%
Asset-backed securities	—			91			9			—			—			—			—			6.7		15.1		(17)		0% / 100%
Student loans	—			14			86			—			—			—			—			0.1		1.5		1
Credit cards	—			100			—			—			—			—			—			0.1		1.5		—
Auto & equipment	—			67			33			—			—			—			—			0.8		11.9		—
Non-U.S. residential mortgage backed securities	—			94			5			—			—			1			—			1.9		28.4		(4)
Collateralized loan obligation	—			100			—			—			—			—			—			3.5		52.2		(14)
Other	—			57			43			—			—			—			—			0.3		4.5		—
Mortgage-backed securities	100			—			—			—			—			—			—			5.2		11.7		(33)		99% / 1%
Agency MBS	100			—			—			—			—			—			—			5.2		100.0		(33)

CMBS	96			4			—			—			—			—			—			5.8		13.0		(85)		4% / 96%
Corporate bonds	—			—			19			61			20			—			—			2.7		6.1		15		86% / 14%
Covered bonds	—			100			—			—			—			—			—			—		—		(1)		100% / 0%
Municipal bonds	—			46			54			—			—			—			—			0.2		0.4		—		100% / 0%
Clipper tax-exempt bonds	—			2			84			14			—			—			—			0.1		0.2		(1)		0% / 100%
Other	—			1			56			43			—			—			—			0.4		0.9		(20)		95% / 5%
Total available-for-sale portfolio	43		%	35		%	14		%	6		%	1		%	1		%	—		%	$	44.5	100.0	%	$	(327)	65% / 35%

Fair Value	$	19.1		$	15.6		$	6.4		$	2.5		$	0.6		$	0.3		$	—

	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Amortized Cost		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities	60		%	16		%	18		%	—		%	6		%	—		%	—		%	$	14.3	25.0	%	$	(309)	100% / 0%
Asset-backed securities	—			26			72			—			—			2			—			3.3		5.8		(59)		5% / 95%
Student loans	—			26			72			—			—			2			—			3.3		100.0		(59)


Mortgage-backed securities	100			—			—			—			—			—			—			34.3		60.1		(4,552)		100% / 0%
Agency MBS	100			—			—			—			—			—			—			34.3		100.0		(4,570)
Non-agency MBS	—			8			2			15			24			3			48			—		—		18
CMBS	100			—			—			—			—			—			—			5.2		9.1		(695)		97% / 3%

Total held-for-maturity portfolio	84		%	6		%	9		%	—		%	1		%	—		%	—		%	$	57.1	100.0	%	$	(5,615)	94% / 6%

Amortized Cost	$	48.0		$	3.3		$	4.9		$	—		$	0.8		$	0.1		$	—

Total Investment Securities(3)																						$	101.6					81% / 19%


(1) At December 31, 2023, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $236 million, after-tax unrealized loss on securities held-to-maturity of $4,055 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $519 million.
(2) At December 31, 2023, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $30 million or 0.03% of the total portfolio.
(3) State Street has a highly liquid balance sheet, with more than half of total assets deemed HQLA. Based upon fair value as of December 31, 2023, approximately 86% of our investment portfolio was held in HQLA.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS

				Investment Securities
(Dollars in billions)	Fair Value		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Other
Available-for-sale:
Canada	$	4.0	AA	$	3.3	$	—	$	—	$	0.4	$	0.3
United Kingdom	2.1		AA	1.2		0.6		0.1		0.2		—
Australia	1.8		AAA	0.5		0.8		0.1		0.4		—
Germany	1.4		AA	0.9		—		0.4		0.1		—
France	1.4		AA	0.2		—		0.9		0.3		—
Japan	0.8		A	0.7		—		—		0.1		—
Netherlands	0.7		AA	—		0.4		0.2		0.1		—
Italy	0.4		AA	0.1		0.1		0.2		—		—


Austria	0.3		AA	0.3		—		—		—		—
Sweden	0.3		A	—		—		—		0.3		—
Brazil	0.3		BB	0.3		—		—		—		—
Singapore	0.2		AAA	0.2		—		—		—		—
Spain	0.2		AA	0.1		—		0.1		—		—
Republic of Korea	0.2		AA	0.2		—		—		—		—
Other	7.7		AAA	7.1		—		0.1		0.5		—
Total Non-U.S. Investments(3)	$	21.8		$	15.1	$	1.9	$	2.1	$	2.4	$	0.3
U.S. Investments	22.7
Total available-for-sale	$	44.5
				Investment Securities
(Dollars in billions)	Amortized Cost		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Other
Held-to-maturity:
Spain	$	0.8	BBB	$	0.8	$	—	$	—	$	—	$	—
Belgium	0.5		AA	0.5		—		—		—		—
France	0.5		AA	0.5		—		—		—		—
Ireland	0.4		AA	0.4		—		—		—		—
Netherlands	0.2		AAA	0.2		—		—		—		—
Austria	0.2		AA	0.2		—		—		—		—
Germany	0.2		AA	0.2		—		—		—		—

Finland	0.1		AA	0.1		—		—		—		—
Canada	0.1		AA	0.1		—		—		—		—
Other	2.7		AAA	2.7		—		—		—		—
Total Non-U.S. Investments(3)	$	5.7		$	5.7	$	—	$	—	$	—	$	—
U.S. Investments	51.4
Total held-for-maturity	$	57.1

Total Investment Portfolio	$	101.6


(1) Sovereign debt is reflected in the government / agency column.
(2) As of December 31, 2023, other non-U.S. investments include supranational bonds of $6.8 billion in AFS securities and $2.7 billion in HTM securities.
(3) Country of collateral used except for corporates where country of issuer is used.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION

	Quarters																% Change
(Dollars in billions)	1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	15,140	$	13,609	$	11,649	$	12,261	$	12,748	$	13,210	$	13,145	$	14,070	14.8	%	7.0	%
Mutual funds	10,825		9,642		9,289		9,610		10,077		10,438		10,313		11,009		14.6		6.7
Pension products	8,191		7,764		7,669		7,734		7,871		8,037		8,255		8,352		8.0		1.2
Insurance and other products	7,568		7,165		7,081		7,138		6,939		7,904		8,304		8,379		17.4		0.9
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635	$	39,589	$	40,017	$	41,810	13.8		4.5
By Asset Class:
Equities	$	25,249	$	21,953	$	19,889	$	20,575	$	20,966	$	22,454	$	22,971	$	24,317	18.2		5.9
Fixed-income	11,303		10,716		10,150		10,318		10,645		10,812		10,688		11,043		7.0		3.3
Short-term and other investments	5,172		5,511		5,649		5,850		6,024		6,323		6,358		6,450		10.3		1.4
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635	$	39,589	$	40,017	$	41,810	13.8		4.5
By Geographic Location(2):
Americas	$	31,027	$	28,207	$	26,051	$	26,981	$	27,599	$	28,220	$	28,237	$	29,951	11.0		6.1
Europe/Middle East/Africa	8,103		7,498		6,990		7,136		7,396		8,658		8,987		8,913		24.9		(0.8)
Asia/Pacific	2,594		2,475		2,647		2,626		2,640		2,711		2,793		2,946		12.2		5.5
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635	$	39,589	$	40,017	$	41,810	13.8		4.5
Assets Under Custody(3)
By Product Classification:
Collective funds, including ETFs	$	13,107	$	11,669	$	9,932	$	10,464	$	10,935	$	11,331	$	11,250	$	12,101	15.6		7.6
Mutual funds	8,833		7,869		7,594		7,811		8,157		8,447		8,364		8,905		14.0		6.5
Pension products	6,576		6,215		6,204		6,247		6,355		6,485		6,679		6,825		9.3		2.2
Insurance and other products	2,931		2,856		2,748		2,714		2,706		2,778		2,820		2,784		2.6		(1.3)
Total Assets Under Custody	$	31,447	$	28,609	$	26,478	$	27,236	$	28,153	$	29,041	$	29,113	$	30,615	12.4		5.2
By Geographic Location(2):
Americas	$	23,655	$	21,389	$	19,581	$	20,246	$	21,019	$	21,708	$	21,578	$	22,904	13.1		6.1
Europe/Middle East/Africa	5,786		5,309		4,818		4,931		5,039		5,153		5,273		5,302		7.5		0.5
Asia-Pacific	2,006		1,911		2,079		2,059		2,095		2,180		2,262		2,409		17.0		6.5
Total Assets Under Custody	$	31,447	$	28,609	$	26,478	$	27,236	$	28,153	$	29,041	$	29,113	$	30,615	12.4		5.2

(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(3) Assets under custody are a component of assets under custody and/or administration presented above.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters																% Change
(Dollars in billions)	1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	67	$	62	$	53	$	54	$	60	$	59	$	53	$	47	(13.0)	%	(11.3)	%
Passive	2,463		2,024		1,890		2,074		2,153		2,288		2,161		2,466		18.9		14.1
Total Equity	2,530		2,086		1,943		2,128		2,213		2,347		2,214		2,513		18.1		13.5
Fixed-Income:
Active	98		89		79		83		85		84		80		71		(14.5)		(11.3)
Passive	503		461		439		471		490		505		506		538		14.2		6.3
Total Fixed-Income	601		550		518		554		575		589		586		609		9.9		3.9
Cash(1)	393		403		410		376		375		390		434		467		24.2		7.6
Multi-Asset-Class Solutions:
Active	33		29		25		28		28		25		20		21		(25.0)		5.0
Passive	196		173		167		181		203		220		222		289		59.7		30.2
Total Multi-Asset-Class Solutions	229		202		192		209		231		245		242		310		48.3		28.1
Alternative Investments(2):
Active	51		42		35		35		35		38		21		11		(68.6)		(47.6)
Passive	218		192		167		179		189		188		190		218		21.8		14.7
Total Alternative Investments	269		234		202		214		224		226		211		229		7.0		8.5
Total Assets Under Management	$	4,022	$	3,475	$	3,265	$	3,481	$	3,618	$	3,797	$	3,687	$	4,128	18.6		12.0
By Geographic Location:
North America	$	2,878	$	2,525	$	2,396	$	2,544	$	2,648	$	2,785	$	2,702	$	3,029	19.1		12.1
Europe/Middle East/Africa	593		521		474		511		521		553		534		602		17.8		12.7
Asia-Pacific	551		429		395		426		449		459		451		497		16.7		10.2
Total Assets Under Management	$	4,022	$	3,475	$	3,265	$	3,481	$	3,618	$	3,797	$	3,687	$	4,128	18.6		12.0



(1) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.

Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments(2)	$	84	$	77	$	63	$	67	$	73	$	70	$	66	$	73	9.0	%	10.6	%

Equity	940		791		734		817		841		919		886		1,038		27.1		17.2
Fixed-Income	134		130		121		134		141		142		142		156		16.4		9.9
Multi-Asset	1		1		1		1		1		1		1		1		—		—
Total Exchange-Traded Funds	$	1,159	$	999	$	919	$	1,019	$	1,056	$	1,132	$	1,095	$	1,268	24.4		15.8

(1) Exchange-traded funds are a component of assets under management presented above.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS

(Dollars in billions)			Quarters
			1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
	Long Term Funds(3)		$	(66.7)	$	(277.9)	$	(193.0)	$	(352.6)	$	(57.5)	$	(113.4)	$	(111.4)	$	(207.5)
	Money Market		(143.4)		(35.1)		(26.0)		147.7		445.1		175.4		132.4		167.7
	ETF		181.2		93.2		109.9		192.5		78.7		136.2		110.2		265.2
		Total Flows	$	(28.9)	$	(219.8)	$	(109.1)	$	(12.4)	$	466.3	$	198.2	$	131.2	$	225.4

EMEA-Morningstar Direct Market Data(1)(4)
	Long Term Funds(3)		$	9.7	$	(79.5)	$	(94.1)	$	(6.2)	$	47.4	$	(13.2)	$	(40.2)	$	(72.9)
	Money Market		(68.9)		(7.3)		(11.0)		185.3		26.6		13.4		47.4		98.8
	ETF		45.4		16.0		(8.6)		26.5		37.7		27.1		30.5		40.0
		Total Flows	$	(13.8)	$	(70.8)	$	(113.7)	$	205.6	$	111.7	$	27.3	$	37.7	$	65.9

(1) Source: Morningstar Direct. The data includes long-term mutual funds, ETF’s and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database.
(2) The fourth quarter of 2023 data for North America (US domiciled) includes Morningstar actuals for October and November 2023 and Morningstar estimates for December 2023.
(3) The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes.
(4) The fourth quarter of 2023 data for Europe is on a rolling three month basis for September 2023 through November 2023, sourced by Morningstar.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION

	Three Months Ended,
	Investment Servicing										% Change							Investment Management										% Change						Other(1)									% Change				Total									% Change
(Dollars in millions)	4Q22			3Q23			4Q23				4Q23 vs. 4Q22			4Q23 vs. 3Q23				4Q22				3Q23			4Q23			4Q23 vs. 4Q22		4Q23 vs. 3Q23				4Q22			3Q23				4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23		4Q22			3Q23			4Q23			4Q23 vs. 4Q22		4Q23 vs. 3Q23
Servicing fees	$	1,203		$	1,234		$	1,212			0.7		%	(1.8)		%		$	—			$	—		$	—		—%		—%				$	—		$	—			$	—	—	%	—	%	$	1,203		$	1,234		$	1,212		0.7	%	(1.8)	%
Management fees	—			—			—				—			—				457				479			479			4.8		—				—			—				—		—		—		457			479			479			4.8		—
Foreign exchange trading services	323			278			265				(18.0)			(4.7)				21				35			42			100.0		20.0				23			—				—		nm		—		367			313			307			(16.3)		(1.9)
Securities finance	97			98			92				(5.2)			(6.1)				6				5			5			(16.7)		—				—			—				—		—		—		103			103			97			(5.8)		(5.8)
Software and processing fees	216			188			237				9.7			26.1				—				—			—			—		—				—			—				—		—		—		216			188			237			9.7		26.1
Other fee revenue	—			41			21				—			(48.8)				18				3			12			(33.3)		nm				—			—				—		—		—		18			44			33			83.3		(25.0)
Total fee revenue	1,839			1,839			1,827				(0.7)			(0.7)				502				522			538			7.2		3.1				23			—				—		nm		—		2,364			2,361			2,365			—		0.2
Net interest income	791			620			671				(15.2)			8.2				—				4			7			nm		75.0				—			—				—		—		—		791			624			678			(14.3)		8.7
Total other income	—			—			—				—			—				—				—			—			—		—				—			(294)				—		nm		nm		—			(294)			—			—		nm
Total revenue	2,630			2,459			2,498				(5.0)			1.6				502				526			545			8.6		3.6				23			(294)				—		nm		nm		3,155			2,691			3,043			(3.5)		13.1
Provision for credit losses	10			—			20				100.0			nm				—				—			—			—		—				—			—				—		—		—		10			—			20			100.0		nm
Total expenses	1,808			1,798			1,787				(1.2)			(0.6)				345				379			414			20.0		9.2				103			3				621		nm		nm		2,256			2,180			2,822			25.1		29.4
Income before income tax expense	$	812		$	661		$	691			(14.9)			4.5				$	157			$	147		$	131		(16.6)		(10.9)				$	(80)		$	(297)			$	(621)	nm		nm		$	889		$	511		$	201		(77.4)		(60.7)
Pre-tax margin	30.9		%	26.9		%	27.7		%		(3.2)		%	0.8		%	pts	31.3		%		27.9		%	24.0		%	(7.3)	%	(3.9)		%	pts														28.2		%	19.0		%	6.6		%	(21.6)	%	(12.4)	%	pts

	Year Ended December 31,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2022			2023			YTD2023 vs. YTD2022				2022			2023				YTD2023 vs. YTD2022				2022			2023			YTD2023 vs. YTD2022		2022				2023			YTD2023 vs. YTD2022
Servicing fees	$	5,087		$	4,922		(3.2)		%		$	—		$	—			nm				$	—		$	—		—	%	$	5,087			$	4,922		(3.2)		%
Management fees	—			—			—				1,939			1,876				(3.2)				—			—			—		1,939				1,876			(3.2)
Foreign exchange trading services	1,271			1,140			(10.3)				82			125				52.4				23			—			nm		1,376				1,265			(8.1)
Securities finance	397			402			1.3				19			24				26.3				—			—			—		416				426			2.4
Software and processing fees	789			811			2.8				—			—				—				—			—			—		789				811			2.8
Other fee revenue	46			145			nm				(47)			35				nm				—			—			—		(1)				180			nm
Total fee revenue	7,590			7,420			(2.2)				1,993			2,060				3.4				23			—			nm		9,606				9,480			(1.3)
Net interest income	2,551			2,740			7.4				(7)			19				nm				—			—			—		2,544				2,759			8.5
Total other income	(2)			—			nm				—			—				—				—			(294)			nm		(2)				(294)			nm
Total revenue	10,139			10,160			0.2				1,986			2,079				4.7				23			(294)			nm		12,148				11,945			(1.7)
Provision for loan losses	20			46			nm				—			—				—				—			—			—		20				46			nm
Total expenses	7,260			7,413			2.1				1,396			1,540				10.3				145			630			nm		8,801				9,583			8.9
Income before income tax expense	$	2,859		$	2,701		(5.5)				$	590		$	539			(8.6)				$	(122)		$	(924)		nm		$	3,327			$	2,316		(30.4)
Pre-tax margin	28.2		%	26.6		%	(1.6)		%	pts	29.7		%	25.9		%		(3.8)		%	pts									27.4		%		19.4		%	(8.0)		%	pts

(1) Represents amounts that are not allocated to a specific line of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES

	Quarters																	% Change
(Dollars in millions)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23
Allowance for credit losses:
Beginning balance		$	108	$	107	$	114	$	114	$	121	$	162	$	136	$	134	17.5	%	(1.5)	%
Provision for credit losses (funded commitments)		—		11		3		2		21		12		1		20		nm		nm
Provision for credit losses (unfunded commitments)		—		(1)		(3)		8		(7)		(1)		(1)		—		nm		nm
Provision for credit losses (investment securities and all other)		—		—		—		—		30		(29)		—		—		—		—
Total provision		—		10		—		10		44		(18)		—		20		100.0		nm
Charge-offs		(1)		(3)		—		(3)		(3)		(8)		(2)		(4)		33.3		100.0

Ending balance(1)		$	107	$	114	$	114	$	121	$	162	$	136	$	134	$	150	24.0		11.9

Allowance for credit losses:
Loans		$	86	$	95	$	97	$	97	$	115	$	120	$	119	$	135	39.2		13.4
Investment securities		2		1		1		2		2		—		1		1		(50.0)		—
Unfunded (off-balance sheet) commitments		19		18		16		23		16		15		14		14		(39.1)		—
All other		—		—		—		(1)		29		1		—		—		nm		—
Ending balance(1)		$	107	$	114	$	114	$	121	$	162	$	136	$	134	$	150	24.0		11.9


(1) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.

	Quarters																	% Change						Year-to-Date				% Change
(Dollars in millions)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22			4Q23 vs. 3Q23			2022		2023		YTD2023 vs. YTD2022
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,573	$	2,370	$	2,299	$	2,364	$	2,335	$	2,419	$	2,361	$	2,365	—	%		0.2	%		$	9,606	$	9,480	(1.3)	%
Less: Fee revenue(1)		—		—		—		(23)		—		—		—		—		nm			—			(23)		—		—

Total fee revenue, excluding notable items		$	2,573	$	2,370	$	2,299	$	2,341	$	2,335	$	2,419	$	2,361	$	2,365	1.0			0.2			$	9,583	$	9,480	(1.1)

Total Revenue:
Total revenue, GAAP-basis		$	3,081	$	2,953	$	2,959	$	3,155	$	3,101	$	3,110	$	2,691	$	3,043	(3.5)	%		13.1	%		$	12,148	$	11,945	(1.7)	%
Less: Notable items:
Fee revenue(1)		—		—		—		(23)		—		—		—		—		nm			—			(23)		—		nm
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		294		—		—			nm			—		294		nm
Total revenue, excluding notable items		$	3,081	$	2,953	$	2,959	$	3,132	$	3,101	$	3,110	$	2,985	$	3,043	(2.8)			1.9			$	12,125	$	12,239	0.9

Expenses:
Total expenses, GAAP-basis		$	2,327	$	2,108	$	2,110	$	2,256	$	2,369	$	2,212	$	2,180	$	2,822	25.1	%		29.4	%		$	8,801	$	9,583	8.9	%
Less: Notable items:
Acquisition and restructuring costs(3)		(9)		(12)		(13)		(31)		—		—		—		15		nm			nm			(65)		15		nm


Repositioning charges(4)(5)		—		—		—		(70)		—		—		—		(203)		nm			nm			(70)		(203)		nm
FDIC special assessment(6)		—		—		—		—		—		—		—		(387)		nm			nm			—		(387)		nm
Other notable items(7)		—		—		—		—		—		—		—		(45)		nm			nm			—		(45)		nm
Total expenses, excluding notable items		2,318		2,096		2,097		2,155		2,369		2,212		2,180		2,202		2.2			1.0			8,666		8,963		3.4
Seasonal expenses		(208)		—		—		—		(181)		—		—		—		—			nm			(208)		(181)		(13.0)
Total expenses, excluding notable items and seasonal expenses		$	2,110	$	2,096	$	2,097	$	2,155	$	2,188	$	2,212	$	2,180	$	2,202	2.2			1.0			$	8,458	$	8,782	3.8

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,573	$	2,370	$	2,299	$	2,364	$	2,335	$	2,419	$	2,361	$	2,365	—	%		0.2	%		$	9,606	$	9,480	(1.3)	%
Total expenses, GAAP-basis		2,327		2,108		2,110		2,256		2,369		2,212		2,180		2,822		25.1			29.4			8,801		9,583		8.9
Fee operating leverage, GAAP-basis(8)																		(25.1)	%	pts	(29.2)	%	pts					(10.2)	%	pts

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,573	$	2,370	$	2,299	$	2,341	$	2,335	$	2,419	$	2,361	$	2,365	1.0	%		0.2	%		$	9,583	$	9,480	(1.1)	%
Total expenses, excluding notable items (as reconciled above)		2,318		2,096		2,097		2,155		2,369		2,212		2,180		2,202		2.2			1.0			8,666		8,963		3.4
Fee operating leverage, excluding notable items(9)																		(1.2)	%	pts	(0.8)	%	pts					(4.5)	%	pts

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	3,081	$	2,953	$	2,959	$	3,155	$	3,101	$	3,110	$	2,691	$	3,043	(3.5)	%		13.1	%		$	12,148	$	11,945	(1.7)	%
Total expenses, GAAP-basis		2,327		2,108		2,110		2,256		2,369		2,212		2,180		2,822		25.1			29.4			8,801		9,583		8.9
Operating leverage, GAAP-basis(10)																		(28.6)	%	pts	(16.3)	%	pts					(10.6)	%	pts

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	3,081	$	2,953	$	2,959	$	3,132	$	3,101	$	3,110	$	2,985	$	3,043	(2.8)	%		1.9	%		$	12,125	$	12,239	0.9	%
Total expenses, excluding notable items (as reconciled above)		2,318		2,096		2,097		2,155		2,369		2,212		2,180		2,202		2.2			1.0			8,666		8,963		3.4
Operating leverage, excluding notable items(11)																		(5.0)	%	pts	0.9	%	pts					(2.5)	%	pts


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters																	% Change				Year-to-Date				% Change
(Dollars in millions, except earnings per share, or where otherwise noted)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23		2022		2023		YTD2023 vs. YTD2022
Income before income tax expense:
Income before income tax expense GAAP-basis	A	$	754	$	835	$	849	$	889	$	688	$	916	$	511	$	201	(77.4)	%	(60.7)	%	$	3,327	$	2,316	(30.4)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—		—		—		—						(23)		—
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		294		—						—		294
Acquisition and restructuring costs(3)		9		12		13		31		—		—		—		(15)						65		(15)
Repositioning charges(4)(5)		—		—		—		70		—		—		—		203						70		203
FDIC special assessment(6)		—		—		—		—		—		—		—		387						—		387
Other notable items(7)		—		—		—		—		—		—		—		45						—		45
Income before income tax expense, excluding notable items	B	$	763	$	847	$	862	$	967	$	688	$	916	$	805	$	821	(15.1)		2.0		$	3,439	$	3,230	(6.1)


Net Income:
Net Income GAAP-basis		$	604	$	747	$	690	$	733	$	549	$	763	$	422	$	210	(71.4)	%	(50.2)	%	$	2,774	$	1,944	(29.9)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—		—		—		—						(23)		—
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		294		—						—		294
Acquisition and restructuring costs(3)		9		12		13		31		—		—		—		(15)						65		(15)
Repositioning charges(4)(5)		—		—		—		70		—		—		—		203						70		203
FDIC special assessment(6)		—		—		—		—		—		—		—		387						—		387
Other notable items(7)		—		—		—		—		—		—		—		45						—		45
Tax impact of notable items		(2)		(3)		(3)		(21)		—		—		(79)		(156)						(29)		(235)
Net Income, excluding notable items		$	611	$	756	$	700	$	790	$	549	$	763	$	637	$	674	(14.7)		5.8		$	2,857	$	2,623	(8.2)

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	583	$	712	$	669	$	696	$	525	$	726	$	398	$	172	(75.3)	%	(56.8)	%	$	2,660	$	1,821	(31.5)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—		—		—		—						(23)		—
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		294		—						—		294
Acquisition and restructuring costs(3)		9		12		13		31		—		—		—		(15)						65		(15)
Repositioning charges(4)(5)		—		—		—		70		—		—		—		203						70		203
FDIC special assessment(6)		—		—		—		—		—		—		—		387						—		387
Other notable items(7)		—		—		—		—		—		—		—		45						—		45

Tax impact of notable items		(2)		(3)		(3)		(21)		—		—		(79)		(156)						(29)		(235)
Net Income Available to Common Shareholders, excluding notable items		$	590	$	721	$	679	$	753	$	525	$	726	$	613	$	636	(15.5)		3.8		$	2,743	$	2,500	(8.9)

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.57	$	1.91	$	1.80	$	1.91	$	1.52	$	2.17	$	1.25	$	0.55	(71.2)	%	(56.0)	%	$	7.19	$	5.58	(22.4)	%
Less: Notable items
Fee revenue(1)		—		—		—		(0.05)		—		—		—		—						(0.05)		—
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		0.68		—						—		0.66
Acquisition and restructuring costs(3)		0.02		0.03		0.02		0.07		—		—		—		(0.04)						0.13		(0.03)
Repositioning charges(4)(5)		—		—		—		0.14		—		—		—		0.50						0.14		0.47
FDIC special assessment(6)		—		—		—		—		—		—		—		0.94						—		0.89
Other notable items(7)		—		—		—		—		—		—		—		0.09						—		0.09

Diluted earnings per share, excluding notable items		$	1.59	$	1.94	$	1.82	$	2.07	$	1.52	$	2.17	$	1.93	$	2.04	(1.4)		5.7		$	7.41	$	7.66	3.4


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters									% Change						Year-to-Date		% Change
(Dollars in millions, except earnings per share, or where otherwise noted)		1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	4Q23 vs. 4Q22			4Q23 vs. 3Q23			2022	2023	YTD2023 vs. YTD2022
Pre-tax Margin:
Pre-tax margin, GAAP-basis		24.5%	28.3%	28.7%	28.2%	22.2%	29.5%	19.0%	6.6%	(21.6)	%	pts	(12.4)	%	pts	27.4%	19.4%	(8.0)	%	pts
Less: Notable items
Fee revenue(1)		—	—	—	(0.5)	—	—	—	—							(0.1)	—
(Gains) losses related to investment securities, net(2)		—	—	—	—	—	—	8.0	—							—	2.3
Acquisition and restructuring costs(3)		0.3	0.4	0.4	1.0	—	—	—	(0.5)							0.5	(0.1)
Repositioning charges(4)(5)		—	—	—	2.2	—	—	—	6.7							0.6	1.6
FDIC special assessment(6)		—	—	—	—	—	—	—	12.7							—	3.0
Other notable items(7)		—	—	—	—	—	—	—	1.5							—	0.2
Pre-tax margin, excluding notable items		24.8%	28.7%	29.1%	30.9%	22.2%	29.5%	27.0%	27.0%	(3.9)			—			28.4%	26.4%	(2.0)

Return on Average Common Equity:
Return on average common equity, GAAP-basis		9.5%	12.1%	11.2%	11.8%	9.3%	13.0%	7.3%	3.1%	(8.7)	%	pts	(4.2)	%	pts	11.1%	8.2%	(2.9)	%	pts
Less: Notable items
Fee revenue(1)		—	—	—	(0.4)	—	—	—	—							(0.1)	—
(Gains) losses related to investment securities, net(2)		—	—	—	—	—	—	5.4	—							—	1.3
Acquisition and restructuring costs(3)		0.2	0.1	0.2	0.5	—	—	—	(0.3)							0.3	(0.1)
Repositioning charges(4)(5)		—	—	—	1.1	—	—	—	3.7							0.3	0.9
FDIC special assessment(6)		—	—	—	—	—	—	—	7.0							—	1.7
Other notable items(7)		—	—	—	—	—	—	—	0.9							—	0.3

Tax impact of notable items		—	—	—	(0.3)	—	—	(1.5)	(2.8)							(0.1)	(1.0)
Return on average common equity, excluding notable items		9.7%	12.2%	11.4%	12.7%	9.3%	13.0%	11.2%	11.6%	(1.1)			0.4			11.5%	11.3%	(0.2)

Effective Tax Rate:
Effective tax rate, GAAP-basis		19.9%	10.5%	18.7%	17.6%	20.2%	16.7%	17.4%	(4.4)%	(22.0)	%	pts	(21.8)	%	pts	16.6%	16.1%	(0.5)	%	pts
Less: Notable items
Fee revenue(1)		—	—	—	(0.2)	—	—	—	—							(0.1)	—
(Gains) losses related to investment securities, net(2)		—	—	—	—	—	—	3.5	—							—	0.9
Acquisition and restructuring costs(3)		0.1	0.3	0.1	0.3	—	—	—	(0.5)							0.2	—
Repositioning charges(4)(5)		—	—	—	0.6	—	—	—	7.3							0.2	0.6
FDIC special assessment(6)		—	—	—	—	—	—	—	13.9							—	1.1
Other notable items(7)		—	—	—	—	—	—	—	1.6							—	0.1
Effective tax rate, excluding notable items		20.0%	10.8%	18.8%	18.3%	20.2%	16.7%	20.9%	17.9%	(0.4)			(3.0)			16.9%	18.8%	1.9









(1) Amount in 2022 consists of a $23 million revenue-related recovery related to settlement proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.
(2) Loss on the sale of investment securities of $294 million related to the repositioning of certain investment securities.
(3) Acquisition and restructuring costs related to the BBH Investor Services acquisition transaction that State Street is no longer pursuing.

(4) Amount in 2023 includes $182 million of compensation and benefits expenses related to workforce rationalization, and $21 million of occupancy charges related to real estate footprint optimization.
(5) Amount in 2022 includes $50 million of compensation and benefits expenses primarily related to streamlining the Investment Services organization, and $20 million of occupancy charges related to real estate footprint optimization.
(6) FDIC special assessment of $387 million, reflected in other expenses.
(7) Charges of $41 million in information systems and communications and $4 million, net, in other expenses, primarily associated with operating model changes.
(8) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(9) Calculated as the period-over-period change in total fee revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
(10) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(11) Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS

(Dollars in millions)			2019			2020			2021			2022			2023
Total revenue:
Total revenue, GAAP-basis			$	11,756		$	11,703		$	12,027		$	12,148		$	11,945
		Less: Fees revenue	—			—			—			(23)			—
		Less: Total other income	(44)			—			(111)			—			—

		Add: (Gains) losses related to investment securities, net	—			—			—			—			294

Total revenue, excluding notable items			11,712			11,703			11,916			12,125			12,239

Provision for credit losses			10			88			(33)			20			46
Total expenses:
Total expenses, GAAP-basis			9,034			8,716			8,889			8,801			9,583
	Less: Notable expense items:
		Acquisition and restructuring costs	(77)			(50)			(65)			(65)			15
		Deferred incentive compensation expense acceleration	—			—			(147)			—			—
		Legal and other	(172)			9			(18)			—			—
		Repositioning (charges) / release	(110)			(133)			3			(70)			(203)
		FDIC special assessment	—			—			—			—			(387)
		Other notable items	—			—			—			—			(45)
Total expenses, excluding notable items			8,675			8,542			8,662			8,666			8,963
Income before income tax expense, excluding notable items			$	3,027		$	3,073		$	3,287		$	3,439		$	3,230

Income before income tax expense, GAAP-basis			$	2,712		$	2,899		$	3,171		$	3,327		$	2,316

Pre-tax margin, excluding notable items			25.8		%	26.3		%	27.6		%	28.4		%	26.4		%
Pre-tax margin, GAAP-basis			23.1			24.8			26.4			27.4			19.4


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS

GAAP-Basis QTD Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q22		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23			4Q23 vs. 4Q22		4Q23 vs. 3Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	1,115	$	1,138	$	1,128	$	11	$	(4)		$	1,117	$	1,132	0.2	%	(0.5)	%
Middle office services	88		96		84		1		—			83		84		(5.7)		(12.5)
Servicing fees	1,203		1,234		1,212		12		(4)			1,200		1,216		(0.2)		(1.5)
Management fees	457		479		479		3		(1)			476		480		4.2		0.2
Foreign exchange trading services	367		313		307		—		—			307		307		(16.3)		(1.9)
Securities finance	103		103		97		—		—			97		97		(5.8)		(5.8)
Front office software and data	159		130		179		1		—			178		179		11.9		37.7
Lending related and other fees	57		58		58		—		—			58		58		1.8		—
Software and processing fees	216		188		237		1		—			236		237		9.3		26.1
Other fee revenue	18		44		33		—		—			33		33		nm		(25.0)
Total fee revenue	2,364		2,361		2,365		16		(5)			2,349		2,370		(0.6)		0.4
Net interest income	791		624		678		13		(4)			665		682		(15.9)		9.3
Total other income	—		(294)		—		—		—			—		—		nm		nm
Total revenue	$	3,155	$	2,691	$	3,043	$	29	$	(9)		$	3,014	$	3,052	(4.5)		13.4

Expenses:
Compensation and employee benefits	$	1,108	$	1,082	$	1,247	$	16	$	—		$	1,231	$	1,247	11.1		15.2
Information systems and communications	416		411		473		1		—			472		473		13.5		15.1
Transaction processing services	240		241		242		2		(1)			240		243		—		0.8
Occupancy	106		101		128		3		—			125		128		17.9		26.7
Acquisition and restructuring costs	31		—		(15)		—		—			(15)		(15)		nm		nm
Amortization of other intangible assets	59		60		59		1		—			58		59		(1.7)		(1.7)
Other	296		285		688		3		—			685		688		nm		nm
Total expenses	$	2,256	$	2,180	$	2,822	$	26	$	(1)		$	2,796	$	2,823	23.9		29.5

Total expenses, excluding notable items - Non-GAAP	$	2,155	$	2,180	$	2,202	$	26	$	(1)		$	2,176	$	2,203	1.0		1.1
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,097		1,098		1,137		10		(1)			1,127		1,138		2.7		3.6


GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2022		2023		YTD2023 vs.YTD2022		2023		YTD2023 vs. YTD2022
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	4,714	$	4,561	$	10	$	4,551	(3.5)		%
Middle office services	373		361		1		360		(3.5)
Servicing fees	5,087		4,922		11		4,911		(3.5)
Management fees	1,939		1,876		3		1,873		(3.4)
Foreign exchange trading services	1,376		1,265		—		1,265		(8.1)
Securities finance	416		426		(1)		427		2.6
Front office software and data	550		580		1		579		5.3
Lending related and other fees	239		231		—		231		(3.3)
Software and processing fees	789		811		1		810		2.7
Other fee revenue	(1)		180		—		180		nm
Total fee revenue	9,606		9,480		14		9,466		(1.5)
Net interest income	2,544		2,759		20		2,739		7.7
Total other income	(2)		(294)		—		(294)		nm
Total revenue	$	12,148	$	11,945	$	34	$	11,911	(2.0)

Expenses:
Compensation and employee benefits	$	4,428	$	4,744	$	(1)	$	4,745	7.2
Information systems and communications	1,630		1,703		—		1,703		4.5
Transaction processing services	971		957		1		956		(1.5)
Occupancy	394		426		2		424		7.6
Acquisition and restructuring costs	65		(15)		—		(15)		nm
Amortization of other intangible assets	238		239		1		238		—
Other	1,075		1,529		4		1,525		41.9
Total expenses	$	8,801	$	9,583	$	7	$	9,576	8.8

Total expenses, excluding notable items - Non-GAAP	$	8,666	$	8,963	$	7	$	8,956	3.3
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	4,288		4,401		8		4,393		2.4

(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits, excluding notable items. Compensation and benefits, excluding notable items were $1,065 million in the fourth quarter of 2023, $1,082 million in the third quarter of 2023 and $1,058 million in the fourth quarter of 2022.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF TANGIBLE BOOK VALUE PER SHARE AND RETURN ON TANGIBLE COMMON EQUITY

The tangible book value per common share (TBVPS) and return on tangible common equity (ROTCE) are ratios that management believes provides context about State Street's use of equity. The TBVPS ratio is calculated by dividing the period end tangible common equity by total common shares outstanding. The ROTCE ratio is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by average tangible common equity. Period end and average tangible common equity reflected in the TBVPS and ROTCE ratios, are both non-GAAP measures which reduce period end and average common shareholders' equity, by period end and average goodwill and other intangible assets, net of related deferred taxes. Since there is no authoritative requirement to calculate the TBVPS and ROTCE ratios, our TBVPS and ROTCE ratios are not necessarily comparable to similar measures disclosed or used by other companies in the financial services industry. TBVPS and ROTCE are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of these ratios are provided within the Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity within this addendum.
	Quarters
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q22			2Q22			3Q22			4Q22			1Q23			2Q23			3Q23			4Q23
Tangible common equity - period end:
Total shareholders' equity	$	26,224		$	25,767		$	25,648		$	25,191		$	24,750		$	24,204		$	23,621		$	23,799
Less:
Preferred stock	1,976			1,976			1,976			1,976			1,976			1,976			1,976			1,976
Common shareholders' equity	24,248			23,791			23,672			23,215			22,774			22,228			21,645			21,823
Less:
Goodwill	7,582			7,465			7,351			7,495			7,530			7,544			7,487			7,611
Other intangible assets	1,744			1,654			1,568			1,544			1,493			1,435			1,363			1,320
Plus related deferred tax liabilities	497			491			486			493			496			499			497			461
Tangible common shareholders' equity - Non-GAAP	$	15,419		$	15,163		$	15,239		$	14,669		$	14,247		$	13,748		$	13,292		$	13,353

Tangible common equity - average:
Average common shareholders' equity	$	24,791		$	23,687		$	23,699		$	23,479		$	22,875		$	22,409		$	21,750		$	21,783
Less:
Average goodwill	7,599			7,501			7,405			7,422			7,505			7,536			7,540			7,561
Average other intangible assets	1,782			1,693			1,607			1,553			1,516			1,462			1,402			1,336
Plus related deferred tax liabilities	499			494			488			490			495			497			498			479
Average tangible common shareholders' equity - Non-GAAP	$	15,909		$	14,987		$	15,175		$	14,994		$	14,349		$	13,908		$	13,306		$	13,365

Net income available to common shareholders	$	583		$	712		$	669		$	696		$	525		$	726		$	398		$	172
Total common shares outstanding - period end (in thousands)	367,115			367,619			367,968			349,024			336,461			322,101			308,584			301,944

Return on tangible common equity - Non-GAAP	14.7		%	17.3		%	17.3		%	17.7		%	14.6		%	18.0		%	16.5		%	13.6		%
Book value per common share	$	66.05		$	64.72		$	64.33		$	66.51		$	67.69		$	69.01		$	70.14		$	72.27
Tangible book value per common share - Non-GAAP	42.00			41.25			41.41			42.03			42.34			42.68			43.07			44.22


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

		Basel III Advanced Approaches(1)																								Basel III Standardized Approach(2)
(Dollars in millions)		1Q22			2Q22			3Q22			4Q22			1Q23			2Q23			3Q23			4Q23			1Q22			2Q22			3Q22			4Q22			1Q23			2Q23			3Q23			4Q23
Ratios and Supporting Calculations:







Common equity tier 1 capital	A	$	15,026		$	14,882		$	15,126		$	14,547		$	14,029		$	13,496		$	13,004		$	12,971		$	15,026		$	14,882		$	15,126		$	14,547		$	14,029		$	13,496		$	13,004		$	12,971
Total risk-weighted assets	B	114,969			110,447			107,771			105,359			108,296			106,521			106,846			107,453			126,725			115,404			114,682			107,227			115,582			114,022			118,008			111,703
Common equity tier 1 risk-based capital ratio	A/B	13.1		%	13.5		%	14.0		%	13.8		%	13.0		%	12.7		%	12.2		%	12.1		%	11.9		%	12.9		%	13.2		%	13.6		%	12.1		%	11.8		%	11.0		%	11.6		%

Tier 1 capital	C	$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472		$	14,980		$	14,947		$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472		$	14,980		$	14,947
Tier 1 risk-based capital ratio	C/B	14.8		%	15.3		%	15.9		%	15.7		%	14.8		%	14.5		%	14.0		%	13.9		%	13.4		%	14.6		%	14.9		%	15.4		%	13.8		%	13.6		%	12.7		%	13.4		%

Total capital	D	$	18,588		$	18,239		$	18,482		$	17,899		$	17,374		$	16,854		$	16,357		$	16,817		$	18,693		$	18,352		$	18,594		$	18,019		$	17,535		$	16,982		$	16,488		$	16,967
Total risk-based capital ratio	D/B	16.2		%	16.5		%	17.1		%	17.0		%	16.0		%	15.8		%	15.3		%	15.7		%	14.8		%	15.9		%	16.2		%	16.8		%	15.2		%	14.9		%	14.0		%	15.2		%

Tier 1 capital	E	$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472		$	14,980		$	14,947		$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472		$	14,980		$	14,947
Leverage exposure(3)	F	285,788			282,526			266,622			275,678			268,747			266,240			259,086			269,807			285,788			282,526			266,622			275,678			268,747			266,240			259,086			269,807
Tier 1 leverage ratio	E/F	5.9		%	6.0		%	6.4		%	6.0		%	6.0		%	5.8		%	5.8		%	5.5		%	5.9		%	6.0		%	6.4		%	6.0		%	6.0		%	5.8		%	5.8		%	5.5		%

On-and off-balance sheet leverage exposure		$	264,616		$	263,538		$	250,070		$	246,017		$	244,049		$	249,353		$	246,948		$	248,371		$	264,616		$	263,538		$	250,070		$	246,017		$	244,049		$	249,353		$	246,948		$	248,371
Less: regulatory deductions		(9,222)			(8,909)			(8,546)			(8,668)			(8,745)			(8,732)			(8,641)			(8,852)			(9,222)			(8,909)			(8,546)			(8,668)			(8,745)			(8,732)			(8,641)			(8,852)
Total leverage exposure for SLR	G	255,394			254,629			241,524			237,349			235,304			240,621			238,307			239,519			255,394			254,629			241,524			237,349			235,304			240,621			238,307			239,519
Supplementary leverage ratio(4)	E/G	6.7		%	6.6		%	7.1		%	7.0		%	6.8		%	6.4		%	6.3		%	6.2		%	6.7		%	6.6		%	7.1		%	7.0		%	6.8		%	6.4		%	6.3		%	6.2		%

(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Capital ratios as of December 31, 2023 are estimates.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule. Capital ratios as of December 31, 2023 are estimates.
(3) Leverage exposure is equal to average consolidated total assets less applicable Tier 1 capital deductions.
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S. G-SIB, we must maintain a 2% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.

1 NYSE: STT January 19, 2024 Exhibit 99.3

2 This presentation (and the conference call accompanying it) includes certain highlights of, and also material supplemental to, State Street Corporation’s news release announcing its fourth quarter and full year 2023 financial results. That news release contains a more detailed discussion of many of the matters described in this presentation and is accompanied by an Addendum with detailed financial tables. This presentation (and the conference call accompanying it) is designed to be reviewed together with that news release and that Addendum, which are available on State Street’s website, at http://investors.statestreet.com, and are incorporated herein by reference. This presentation (and the conference call accompanying it) contains forward-looking statements as defined by United States securities laws. These statements are not guarantees of future performance, are inherently uncertain, are based on assumptions that are difficult to predict and have a number of risks and uncertainties. The forward-looking statements in this presentation speak only as of the time this presentation is first furnished to the SEC on a Current Report on Form 8-K, and State Street does not undertake efforts to revise forward- looking statements. See “Forward-looking statements” in the Appendix for more information, including a description of certain factors that could affect future results and outcomes. Certain financial information in this presentation is presented on both a GAAP basis and on a basis that excludes or adjusts one or more items from GAAP. The latter basis is a non-GAAP presentation. Refer to the Appendix for explanations of our non-GAAP financial measures and to the Addendum for reconciliations of our non-GAAP financial information.

3 Financial performance • EPS of $5.58, down (22)%; $7.66 ex-notables, up 3%A • Total revenue of $11.9B, down (2)%; up 1% ex-notablesA • Expenses of $9.6B, up 9%; up 3% ex-notablesA • Returned $4.6B of capital in 2023, consisting of $3.8B in common share repurchases and $837M of declared common stock dividends – Declared a 10% increase in per share quarterly common stock dividend in 2Q23 Business momentum Investment Servicing • $301M of Servicing fee revenue wins demonstrates strengthened Investment Services capabilities to drive organic fee revenue growth1 – AUC/A wins of over $900B2 • 7 new State Street Alpha® mandates, including our first Alpha for Private Markets mandate; 18 Alpha clients live as of year-end 2023 • Enhanced Alpha’s value proposition with the release of two significant upgrades to the Fixed Income portfolio management module Global Markets • Recognized for 4 awards in the Euromoney 2023 FX Awards including Best FX Bank for Real Money Clients3 • Named Best FX Trading Platform in the Financial News 2023 Trading and Tech Awards3 Investment Management • Record Cash net inflows of $76B in 2023, as well as record ETF and Institutional Money Market Fund AUM as of year-end 20232 • Expanded market share both in U.S. Low Cost ETFs and Institutional Money Market funds4 Productivity efforts • Completed consolidation of one of State Street’s operations joint ventures in India, aimed at lowering operating costs and enhancing client service, and announced plans for a second joint venture consolidation • Continuing firm-wide productivity efforts achieved gross savings of ~$300M, partially self-funding investments5 • Incrementally invested ~$400M in the business, including product enhancements and technology-driven automation5 All comparisons are to FY2022 unless otherwise noted A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 29.

4 All comparisons are to corresponding prior year period unless otherwise noted Financial performance • EPS of $0.55, down (71)%; $2.04 ex-notable items, down (1)%A • Total revenue of $3.0B, down (4)%; down (3)% ex-notablesA – Fee revenue flat; up 1% ex-notables, reflecting higher Management fees, Front office software and data revenue, Servicing fees, and Other fee revenue, partially offset by lower FX Trading and Securities finance revenuesA – NII down (14)% reflecting lower average non-interest-bearing deposit balances and deposit mix shift, partially offset by the impact of higher interest rates • Total expenses of $2.8B, up 25% including notable items totaling $620M, primarily related to the FDIC special assessment of $387M, and repositioning actions to enable future productivity and efficiencies starting in 2024 – Up 2% ex-notables, as continued business investments and higher salaries were partially offset by productivity savingsA Business momentum Investment Servicing • New servicing fee revenue wins of $103M primarily reflecting new business wins in Back office custody including Private Markets1 • AUC/A wins of $501B; AUC/A yet to be installed of $2.3T at quarter-end2 • State Street Alpha® reported 4 new Alpha mandates2 • ARR for Front office software solutions of $315M, up 16%, driven by SaaS client implementations and conversions6 Investment Management • Record $103B of total net inflows, primarily driven by strength in ETFs and Cash2 Balance sheet and capital • CET1 ratio of 11.6% at quarter end7 • Returned $709M of capital in 4Q23, consisting of $500M in common share repurchases and $209M of declared common stock dividends • New authorization to repurchase common shares of up to $5B, with no set expiration date8 A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 29.

5 FDIC special assessment of $387M • $387M related to the special assessment from the FDIC reflected in Other expenses Net repositioning charges of $203M • $182M related to Compensation and employee benefits primarily from workforce rationalization • $21M related to Occupancy costs associated with real estate footprint optimization Other notable items net expenses of $30M • $30M primarily associated with operating model changes A Refer to the Addendum for further details on notable items for FY2022 and FY2023. B 4Q22 repositioning charges of $70M represents $50M related to Compensation and employee benefits and $20M related to Occupancy costs. C Loss on sale related to the investment portfolio repositioning recorded in Other income line in 3Q23. D 4Q22 Other notable items include acquisition and restructuring costs of $31M, partially offset by revenue-related recovery of $23M. 4Q22 3Q23 4Q23 FDIC special assessment - - ($387) Net repositioning chargesB ($70) - (203) Investment portfolio repositioningC - ($294) - Other notable items (net)D (8) - (30) Total notable items (pre-tax) ($78) ($294) ($620) Income tax impact from notable items (21) (79) (156) EPS impact ($0.16) ($0.68) ($1.49) ($M, except EPS data) QuartersA

6A These are non-GAAP presentations; refer to the Appendix for further explanations of non-GAAP measures. 4Q22 3Q23 4Q23 3Q23 4Q22 2022 2023 %∆ Revenue: Back office servicing fees $1,115 $1,138 $1,128 (1)% 1% $4,714 $4,561 (3)% Middle office services 88 96 84 (13) (5) 373 361 (3) Servicing fees 1,203 1,234 1,212 (2) 1 5,087 4,922 (3) Management fees 457 479 479 - 5 1,939 1,876 (3) Foreign exchange trading services 367 313 307 (2) (16) 1,376 1,265 (8) Securities finance 103 103 97 (6) (6) 416 426 2 Front office software and data 159 130 179 38 13 550 580 5 Lending related and other fees 57 58 58 - 2 239 231 (3) Software and processing fees 216 188 237 26 10 789 811 3 Other fee revenue 18 44 33 (25) 83 (1) 180 nm Total fee revenue 2,364 2,361 2,365 0 0 9,606 9,480 (1) Net interest income 791 624 678 9 (14) 2,544 2,759 8 Other income - (294) - nm nm (2) (294) nm Total revenue $3,155 $2,691 $3,043 13% (4)% $12,148 $11,945 (2)% Provision for credit losses 10 - 20 nm 100% 20 46 nm Total expenses $2,256 $2,180 $2,822 29% 25% $8,801 $9,583 9% Net income before income taxes $889 $511 $201 (61)% (77)% $3,327 $2,316 (30)% Net income $733 $422 $210 (50)% (71)% $2,774 $1,944 (30)% Diluted earnings per share $1.91 $1.25 $0.55 (56)% (71)% $7.19 $5.58 (22)% Return on average common equity 11.8% 7.3% 3.1% (4.2)%pts (8.7)%pts 11.1% 8.2% (2.9)%pts Pre-tax margin 28.2% 19.0% 6.6% (12.4)%pts (21.6)%pts 27.4% 19.4% (8.0)%pts Tax rate 17.6% 17.4% (4.4%) (21.8)%pts (22.0)%pts 16.6% 16.1% (0.5)%pts Ex-notable items, non-GAAP A: Total revenue $3,132 $2,985 $3,043 2% (3)% $12,125 $12,239 1% Total expenses $2,155 $2,180 $2,202 1% 2% $8,666 $8,963 3% EPS $2.07 $1.93 $2.04 6% (1)% $7.41 $7.66 3% Pre-tax margin 30.9% 27.0% 27.0% - (3.9)%pts 28.4% 26.4% (2.0)%pts Tax Rate 18.3% 20.9% 17.9% (3.0)%pts (0.4)%pts 16.9% 18.8% 1.9%pts (GAAP; $M, except EPS data, or where otherwise noted) Quarters %∆ Full Year

7 3Q23 4Q22 Equity & Bond Indices: EOP 11% 24% Daily Avg 0 16 EOP 10 15 Daily Avg (2) 12 EOP 7 7 Daily Avg (3) 5 EOP 11 20 Daily Avg (1) 14 EOP 8 6 Daily Avg (0) 2 Volatility Indices: EOP (29)% (43)% Daily Avg 2 (39) EOP 1 (24) Daily Avg (4) (31) EOP (6) (26) Daily Avg (7) (32) MSCI EM MSCI ACWI Bloomberg Global Agg VIX JPM G7 JPM EM (% change) 4Q23 vs S&P 500 MSCI EAFE AUC/A ($T, as of period-end) 2 Market indices9 • Up 14% YoY and 4% QoQ largely driven by higher quarter-end market levels and net new business • Up 19% YoY and 12% QoQ reflecting higher quarter-end market levels and net inflows AUM ($B, as of period-end) 2 +12% +4% $36.7 $40.0 $41.8 4Q22 3Q23 4Q23 4Q22 3Q23 4Q23 $3,481 $3,687 $4,128 +14% +19% A Line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 29. Select industry flows10 4Q22 3Q23 4Q23 Long Term Funds $(353) $(111) $(208) Money Market 148 132 168 ETF 193 110 265 North America Total (12) 131 225 EMEA Total 206 38 66 ($B) Total flowsA

8 Servicing fees of $1,212M up 1% YoY and down (2)% QoQ; flat YoY ex-FXA • Up 1% YoY primarily from higher average equity market levels, partially offset by pricing headwinds, lower client activity/adjustments, and a previously disclosed client transition • Down (2)% QoQ mainly due to pricing headwinds and a previously disclosed client transition, partially offset by higher client activity/adjustments Servicing fees ($M) 4Q23 performance 1,115 1,131 1,164 1,138 1,128 88 4Q22 86 1Q23 95 2Q23 96 3Q23 84 4Q23 $1,203 $1,217 $1,259 $1,234 $1,212 $3,155 $3,101 $3,110 $2,691 $3,043 YoY -4% QoQ +13% Total revenue Investment Services business momentum • New 4Q23 servicing fee revenue wins of $103M primarily related to Back office custody, including Private Markets, which contributed to total FY2023 fee revenue wins of $301M1,2 • $270M of servicing fee revenue to be installed as of quarter-end, up $57M YoY and $15M QoQ1,2 • $501B in new servicing AUC/A wins, with the majority from Asset Managers and Alternatives segments2 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Servicing fees were positively impacted by currency translation YoY by $12M and negatively impacted by currency translation QoQ by $4M. Refer to the Appendix included with this presentation for endnotes 1 to 29. +1% -2% Back office servicing fees Middle office services +1% (5)% YoY % $434 $112 $141 $149 $501 3,608 3,647 2,365 2,255 2,302 63 68 39 91 103 Performance indicators AUC/A wins2 ($B) AUC/A to be installed2 ($B) Servicing fee rev. wins1 ($M)

9 • ETFs: Record net inflows of $68B, driven by record net inflows into SPY, as well as net inflows into SPDR® Portfolio U.S. Low-Cost suite • Institutional: Experienced net inflows of $6B primarily driven by Defined Contribution products • Cash: Net inflows of $29B primarily into Money Market funds, which contributed to record total FY2023 Cash net inflows of $76B and Institutional Money Market Fund market share gains4 Management fees ($M) 4Q23 performance Management fees of $479M up 5% YoY and flat QoQ; up 4% YoY ex-FXA • Up 5% YoY primarily due to higher average equity market levels, partially offset by a previously described shift of certain management fees into NII and the impacts of a strategic ETF product suite repricing initiative11 • Flat QoQ mainly driven by higher performance fees offset by a previously described shift of certain management fees into NII and the impacts of a strategic ETF product suite repricing initiative11 Performance indicators ($B) 2 4Q22 1Q23 2Q23 3Q23 4Q23 $457 $457 $461 $479 $479 Investment Management business momentum2 Flat AUM $3,481 $3,618 $3,797 $3,687 $4,128 Net flows (QoQ) (17) (26) 38 10 103 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Management fees were positively impacted by currency translation YoY by $3M. Refer to the Appendix included with this presentation for endnotes 1 to 29. $3,155 $3,101 $3,110 $2,691 $3,043Total revenue YoY -4% QoQ +13% +5%

10 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 29. Markets, Software & processing, and Other fees (Ex-notable items, non-GAAP, $M)A 45 58 44 33 216 165 221 188 237 103 109 117 103 97 344 342 303 313 307 18 4Q22 1Q23 2Q23 3Q23 4Q23 $681 $661 $699 $648 $674 FX trading12 Securities finance Software & processing (11)% (6)% +10% YoY % Other fees13 nm • FX trading services of $307M – Down (11)% YoY mainly due to lower spreads associated with subdued FX volatility, partially offset by higher volumes – Down (2)% QoQ primarily reflecting lower Direct FX revenues driven by muted volatility • Securities finance of $97M – Down (6)% YoY mainly due to lower Agency balances, partially offset by higher Agency spreads and Prime Services revenue – Down (6)% QoQ primarily due to lower spreads • Software and processing fees of $237M – Up 10% YoY mainly driven by higher Front office software and data revenue associated with CRD – Up 26% QoQ primarily due to On-premises renewals in Front office software and data • Other fee revenue of $33M13 – Increased $15M YoY primarily due to a tax credit investment accounting change, partially offset by the impact of the Argentine peso devaluation14 – Decreased $(11)M QoQ primarily driven by the impact of the Argentine peso devaluation, partially offset by higher market-related adjustments $3,155 $3,101 $3,110 $2,691 $3,043 YoY -4% QoQ +13% Total Revenue (GAAP) 4Q23 performance

11 • Record quarter for Front office new bookings at $32M16 • 4Q23 ARR increased 16% YoY driven by 20+ SaaS client implementations and conversions • Reported 4 new Alpha mandates • Enhanced Alpha’s value proposition with the release of a significant upgrade to the Fixed Income portfolio management module in 4Q23 81 78 82 85 89 22 29 27 33 59 47 52 16 4Q22 1Q23 2Q23 14 3Q23 4Q23 $159 $109 $162 $130 $179 A Front office software and data revenue primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services. Includes Other revenue of $3M in 4Q22 and 1Q23, $4M in 2Q23 and 3Q23, and $5M in 4Q23. Revenue line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 29. +38% +13% • Up 13% YoY primarily due to continued SaaS implementations and conversions, driving Professional services and Software-enabled revenue growth • Up 38% QoQ primarily driven by higher On-premises renewals and installations ($M) 4Q22 3Q23 4Q23 Front office metrics New bookings16 $21 $10 $32 ARR6 272 299 315 Uninstalled revenue backlog17 97 88 100 Middle office metric Uninstalled revenue backlog18 104 83 102 Alpha metrics # of mandate wins 2 2 4 Live mandates to-date 12 15 18 Professional services Software- enabled (incl. SaaS)15 On-premises15 26% YoY Growth Business momentum Front office software and data ($M) A Future growth driven by Front, Middle and Alpha 4Q23 performance 6 $3,155 $3,101 $3,110 $2,691 $3,043 YoY -4% QoQ +13% Total revenue

12 NII and NIM ($M) 19 Average balance sheet highlights ($B) A A Line items are rounded. Refer to the Appendix included with this presentation for endnotes 1 to 29. 4Q22 1Q23 2Q23 3Q23 4Q23 Total assets $284 $277 $275 $268 $279 Cash20 87 81 73 66 75 Investment portfolio 106 107 108 105 103 HTM % (EOP) 61% 60% 60% 60% 56% Duration (EOP) 21 2.6 2.8 2.7 2.7 2.7 Loans 35 34 34 35 37 Total deposits $217 $210 $206 $198 $207 % Operational 22 73% 75% 75% 75% 74% NIM19 (FTE, %) 1.29% 1.31% 1.19% 1.12% 1.16% 4Q22 1Q23 2Q23 3Q23 4Q23 $791 $766 $691 $624 $678 +9% -14% • Assets declined (2)% YoY and increased 4% QoQ • Deposits declined (5)% YoY and increased 4% QoQ – Non-interest-bearing deposits increased 3% QoQ • Down (14)% YoY largely due to lower average non-interest-bearing deposit balances and deposit mix shift, partially offset by the impact of higher average interest rates • Up 9% QoQ primarily driven by the full quarter impact of the 3Q23 investment portfolio repositioning, higher average international interest rates, and loan growth Average assets and liabilities4Q23 performance $3,155 $3,101 $3,110 $2,691 $3,043 YoY -4% QoQ +13% Total revenue

13 $2,256 $2,180 $2,822 42,226 46,936 42,352 46,771 46,451 Expenses of $2,202M up 2% YoY and 1% QoQ; up 1% YoY ex-FXA • Compensation and employee benefits of $1,065M – Up 1% YoY mainly due to higher salaries and employee benefits, partially offset by lower contractor spend and performance-based incentive compensation – Down (2)% QoQ largely driven by lower contractor spend, partially offset by higher salaries and performance-based incentive compensation • Information systems and communications of $432M – Up 4% YoY and 5% QoQ primarily due to higher technology and infrastructure investments, partially offset by optimization savings and vendor savings initiatives • Transaction processing services of $242M – Up 1% YoY mainly reflecting higher broker fees • Occupancy of $107M – Up 24% YoY mainly reflecting the absence of a prior-period episodic sale-leaseback transaction – Up 6% QoQ primarily due to an expansion of the international real estate footprint and absence of prior-period one-time vendor credits • Other of $356M24 – Up 3% QoQ primarily due to higher marketing and professional services GAAP Expenses Headcount 355 345 356 240 241 242 416 411 432 1,058 1,082 1,065 4Q22 3Q23 4Q23 $2,155 $2,180 $2,202 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Total expenses on both a GAAP and ex-notables basis were negatively impacted by currency translation of $26M on YoY basis. Refer to the Appendix included with this presentation for endnotes 1 to 29. Comp. & benefits Info. sys. Tran. processing Other23,24 Occupancy 10710186 YoY +25% QoQ +29% +2% +1% YoY +10% QoQ +10% Expenses (Ex-notable items, non-GAAP, $M)A 4Q23 performance (Ex-notable items, non-GAAP, $M)A • Reported headcount in 4Q23 reflects the consolidation of one of STT’s operations JVs in India; associated headcount cost previously reflected in Comp & employee benefits line Pro-forma25 YoY -1% QoQ -1%

14 Capital and liquidity highlights Capital ($B unless otherwise noted, capital metrics as of period-end) 4Q22 3Q23 4Q23 Standardized CET1 CET1 capital $14.5 $13.0 $13.0 Risk weighted assets 107 118 112 Tier 1 leverage Tier 1 capital 16.5 15.0 14.9 Leverage exposure28 276 259 270 OCI impact of investment portfolio on regulatory capital29 0.2 0.3 0.4 Tier 1 leverage 6.0% 6.0% 5.8% 5.8% 5.5% 4Q22 1Q23 2Q23 3Q23 4Q23 Minimum ratio4.0% STT Target Range5.25-5.75% • 4Q23 standardized CET1 ratio at quarter-end of 11.6% increased 0.6%pts QoQ primarily driven by episodically lower RWA and an improvement in AOCI, partially offset by the continuation of common share repurchases • 4Q23 Tier 1 leverage ratio of 5.5% decreased (0.3)%pts QoQ primarily driven by higher average balance sheet levels and the continuation of common share repurchases • Returned $709M of capital in 4Q23 consisting of $500M of common share repurchases and $209M of declared common stock dividends • New authorization to repurchase common shares of up to $5B, with no set expiration date8 Refer to the Appendix included with this presentation for endnotes 1 to 29. CET1 (Standardized) 13.6% 12.1% 11.8% 11.0% 11.6% 4.5% 2.5% 4Q22 1Q23 2Q23 3Q23 4Q23 SCB26 Minimum ratio8 .0 % 10-11% G-SIB surcharge1.0% Ratios (%, as of period-end) 7 State Street Bank and Trust LCR 27 Requirement Requirement Requirement 120% 124% 120% 120% 122% 100% 4Q22 1Q23 2Q23 3Q23 4Q23 STT Target Range

15 FY2023 Review FY2024 OutlookA Operating Environment • Low single digit average global equity markets growth • Fed Funds rate reached 5.50%, ECB rate reached 4.00%, BOE rate reached 5.25% • Muted FX volatility and specials activity • Expect global equity markets flat to December 2023 EOP which translates to average global equity markets up ~10% YoY • Interest rate outlook largely aligns with forward curve as of year-end 2023; expect 5 rate cuts with ending rates of 4.25% for Fed Funds, 2.75% for ECB and 4.00% for BOE Fee Revenue (ex-notables)B • (1)% YoY ▼ Weaker servicing and management fee revenues ▼ Weaker FX trading services from muted FX volatility ▲ Front office and data revenue growth of 5% ▲ Securities finance revenue growth of 2% • ~3-4% YoY; positive fee operating leverage ▲ Growth in servicing and management fees driven by higher market levels and business momentum ▲ Strong growth in Front office software and data revenue ▲ Modest increase in FX volatility supports slightly higher FX trading services revenue NII • 8.5% YoY ▲ Central bank rate hikes ▲ Loan growth ▼ Decline in deposits and deposit rotation • ~(10)% YoY ▼ NIB deposit outlook – Stabilization in the back half of 2024 ▼ Rate cuts beginning in March with the Fed, ECB, and BOE each cutting rates by 125bps in 2024 ▲ Increased loan growth Expenses (ex-notables)B • 3.4% YoY ▲ Optimization savings ▼ Investments and variable costs • ~2.5% YoY ▲ Optimization savings ▼ Investments and variable costs A Outlook, in particular fee revenue and NII, are, among other things, dependent on macroeconomic factors, including, but not limited to, the impacts from changes in interest rates, as well as equity and fixed income markets (which are highly uncertain). Outlook does not reflect items outside of the normal course of business. B Financial metrics ex-notable items (e.g. items outside of the normal course of business) are non-GAAP measures; refer to the Appendix for a reconciliation of ex-notable items/currency translation (for FY2023 results) and further explanations of non-GAAP measures.

16 FY2023 ~1% Merit ~1-2% Variable costs ~4-5% Investments ~(5-6)% Productivity savings ~0.5% Currency translation FY2024E +~2.5% Expenses and Productivity PlansA • Expect 5th consecutive year of business growth-focused investments fully or partially offset by productivity and expense transformation • Planned acceleration of investments supporting Alpha, Private Markets and International Custody business to deliver higher new business sales growth • Additional productivity savings planned for FY2024 (~$500M) compared to FY2023 (~$300M), driven by further operating model simplification, process re-engineering and automation as well as resource optimization $8,963M Expense outlook Ex-notables, non-GAAPA A Outlook does not reflect items outside of the normal course of business. Financial metrics ex-notable items (e.g. items outside of the normal course of business) are non-GAAP measures; refer to the Appendix for a reconciliation of ex-notable items/currency translation for (FY2023 results) and further explanations of non-GAAP measures. Capital Return • Total payout ratio of ~100% ► New authorization to repurchase common shares of up to $5.0B, with no expiration date8 Effective Tax Rate • 21-22% ~1.7x vs. FY2023

18 4Q23 line of business performance 19 FY2023 line of business performance 20 Reconciliation of notable items 21 Reconciliation of constant currency impacts 22 Endnotes 23 Forward-looking statements 25 Non-GAAP measures 26 Definitions 27

19 1,827 State StreetAInvestment Servicing Total revenue 791 671 1,839 , 4Q22 4Q23 $2,630M $2,498M Pre-tax income Fee revenue NII Pre-tax margin 30.9% 27.7% -3.2%pts YoY % ∆ -1% -15% -5% -15% Investment Management Total revenueB 4Q22 4Q23 $502M $545M Pre-tax income Pre-tax margin 31.3% 24.0% -7.3%pts 4Q22 4Q23 $157M $131M YoY % ∆ +9% -17% Total revenue ex-notable itemsC 791 678 2,341 2,365 4Q22 4Q23 $3,132M $3,043M Pre-tax income ex-notable itemsC Fee revenue NII Pre-tax margin ex-notable items C 30.9% 27.0% -3.9%pts YoY % ∆ +1% -14% -3% -15% A State Street includes line of business results from Investment Servicing, Investment Management, and Other. Refer to the Addendum for further line of business information. B 4Q23 Total revenue includes $7M in NII. C This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. 4Q22 4Q23 $812M $691M 4Q22 4Q23 $967M $821M

20 7,420 State StreetAInvestment Servicing Total revenueB 2,551 2,740 7,590 7,420 2022 2023 $10,139M $10,160M Pre-tax income Fee revenue NII Pre-tax margin 28.2% 26.6% -1.6%pts YoY % ∆ -2% +7% Flat -6% Investment Management Total revenueC 2022 2023 $1,986M $2,079M Pre-tax income Pre-tax margin 29.7% 25.9% -3.8%pts 2022 2023 $590M $539M YoY % ∆ +5% -9% Total revenue ex-notable itemsD 2,544 2,759 9,583 9,480 2022 2023 $12,125M $12,239M Pre-tax income ex-notable itemsD Fee revenue NII Pre-tax margin ex-notable items D 28.4% 26.4% -2.0%pts YoY % ∆ -1% +8% +1% -6% A State Street includes line of business results from Investment Servicing, Investment Management, and Other. Refer to the Addendum for further line of business information. B 2022 Total revenue includes $(2)M in Other income. C 2022 and 2023 Total revenue includes $(7)M and $19M in NII, respectively. D This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. 2022 2023 $2,859M $2,701M 2022 2023 $3,439M $3,230M

21 A Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses. B Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items. Quarterly reconciliation % Change (Dollars in millions, unless noted otherwise) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 4Q23 vs. 4Q22 4Q23 vs. 3Q23 2022 2023 YTD 2023 vs. YTD 2022 Total revenue, GAAP-basis 3,081$ 2,953$ 2,959$ 3,155$ 3,101$ 3,110$ 2,691$ 3,043$ (3.5)% 13.1% 12,148$ 11,945$ (1.7)% Less: Notable items: Fee revenue (23) (23) (Gains) losses related to investment securities, net 294 294 Total revenue, excluding notable items 3,081 2,953 2,959 3,132 3,101 3,110 2,985 3,043 (2.8)% 1.9% 12,125 12,239 0.9% Total expenses, GAAP basis 2,327 2,108 2,110 2,256 2,369 2,212 2,180 2,822 25.1% 29.4% 8,801 9,583 8.9% Less: Notable items: Acquisition and restructuring costs (9) (12) (13) (31) 15 (65) 15 Repositioning charges (70) (203) (70) (203) FDIC special assessment (387) (387) Impairments and other (45) (45) Total expenses, excluding notable items 2,318 2,096 2,097 2,155 2,369 2,212 2,180 2,202 2.2% 1.0% 8,666 8,963 3.4% Seasonal expenses (208) (181) (208) (181) Total expenses, excluding notable items and seasonal expense items 2,110$ 2,096$ 2,097$ 2,155$ 2,188$ 2,212$ 2,180$ 2,202$ 2.2% 1.0% 8,458$ 8,782$ 3.8% Operating leverage, GAAP-basis (%pts)A -28.6% pts -16.3% pts -10.6% pts Operating leverage, excluding notable items (%pts)B -5.0% pts 0.9% pts -2.5% pts Pre-tax margin, GAAP-basis (%) 24.5% 28.3% 28.7% 28.2% 22.2% 29.5% 19.0% 6.6% -21.6% pts -12.4% pts 27.4% 19.4% -8.0% pts Notable items as reconciled above (%) 0.3% 0.4% 0.4% 2.7% 8.0% 20.4% 1.0% 7.0% Pre-tax margin, excluding notable items (%) 24.8% 28.7% 29.1% 30.9% 22.2% 29.5% 27.0% 27.0% -3.9% pts 0.0% pts 28.4% 26.4% -2.0% pts Net income available to common shareholders, GAAP-basis 583$ 712$ 669$ 696$ 525$ 726$ 398$ 172$ (75.3)% (56.8)% 2,660$ 1,821$ (31.5)% Notable items as reconciled above: pre-tax 9 12 13 78 294 620 112 914 Tax impact on notable items as reconciled above (2) (3) (3) (21) (79) (156) (29) (235) Net income available to common shareholders, excluding notable items 590$ 721$ 679$ 753$ 525$ 726$ 613$ 636$ (15.5)% 3.8% 2,743$ 2,500$ (8.9)% Diluted EPS, GAAP-basis 1.57$ 1.91$ 1.80$ 1.91$ 1.52$ 2.17$ 1.25$ 0.55$ (71.2)% (56.0)% 7.19$ 5.58$ (22.4)% Notable items as reconciled above 0.02 0.03 0.02 0.16 0.68 1.49 0.22 2.08 Diluted EPS, excluding notable items 1.59$ 1.94$ 1.82$ 2.07$ 1.52$ 2.17$ 1.93$ 2.04$ (1.4)% 5.7% 7.41$ 7.66$ 3.4% % Change Year-to-Date

22Refer to the Appendix included with this presentation for endnotes 1 to 29. Reconciliation of Constant Currency FX Impacts (Dollars in millions) 4Q22 3Q23 4Q23 4Q23 vs. 4Q22 4Q23 vs. 3Q23 4Q23 vs. 4Q22 4Q23 vs. 3Q23 4Q23 vs. 4Q22 4Q23 vs. 3Q23 Non-GAAP basis Total revenue, excluding notable items $ 3,132 $ 2,985 $ 3,043 $ 29 $ (9) $ 3,014 $ 3,052 (3.8)% 2.2% Compensation and employee benefits, excluding notable items $ 1,058 $ 1,082 $ 1,065 $ 16 $ - $ 1,049 $ 1,065 (0.9)% (1.6)% Information systems and communications, excluding notable items 416 411 432 1 - 431 432 3.6% 5.1% Transaction processing services, excluding notable items 240 241 242 2 (1) 240 243 - 0.8% Occupancy, excluding notable items 86 101 107 3 - 104 107 20.9% 5.9% Other expenses, excluding notable items23 355 345 356 4 - 352 356 (0.8)% 3.2% Total expenses, excluding notable items $ 2,155 $ 2,180 $ 2,202 $ 26 $ (1) $ 2,176 $ 2,203 1.0% 1.1% Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency

23 1. Servicing fee revenue wins/backlog represents estimates of future annual revenue associated with new servicing engagements State Street determines to be won during the current reporting period based upon factors assessed at the time the engagement is determined by State Street to be won, including asset volumes, number of transactions, accounts and holdings, terms and expected strategy. These and other relevant factors influencing projected servicing fees upon asset implementation/onboarding will change from time to time prior to, upon and following asset implementation/onboarding, among other reasons, due to varying market levels and factors and client and investor activity and preferences. Servicing fee/backlog estimates are not updated to reflect those changes, regardless of the magnitude or direction of, or reason for, any change. Servicing fee revenue wins in any period are highly variable and include estimated fees attributable to both (1) services to be provided for new estimated AUC/A reflected in new asset servicing wins for the period (with AUC/A to be onboarded in the future) and (2) additional services to be provided for AUC/A already included in our end-of period AUC/A (i.e., for which other services are currently provided); and the magnitude of one source of servicing fee revenue wins relative to the other (i.e., (1) relative to (2)) will vary from period to period. Therefore, for these and other reasons, comparisons of estimated servicing fee revenue wins to estimated new asset servicing AUC/A wins for any period will not produce reliable fee per AUC/A estimates. No servicing fees are recognized until the point in the future when we begin performing the associated services with respect to the relevant AUC/A. See also endnote 2 below in reference to considerations applicable to pending servicing engagements, which similarly apply to engagements for which reported servicing fee revenue wins/backlog are attributable. 2. New asset servicing mandates, including announced Alpha front-to-back investment servicing clients, may be subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals, the failure to complete any of which will prevent the relevant mandate from being installed and serviced. New asset servicing mandates and servicing assets remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new asset servicing mandates and reflected in servicing assets remaining to be installed in the period in which the client provides its permission. Servicing mandates, servicing assets remaining to be installed in future periods and servicing fee revenues remaining to be installed in future periods are presented on a gross basis and therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant. New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new asset servicing and asset management mandates may be reflected in our AUC/A and AUM as of any particular date specified. Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month. Generally, our servicing fee revenues are affected by several factors, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels. Levels of AUC/A, AUC/A to be installed, Servicing fee wins to be installed and AUM are always presented as of the end of the relevant period, unless otherwise specifically noted. 3. State Street was recognized in Euromoney Magazine’s 2023 FX Awards across four categories: Best FX Bank for Real Money Clients, Best FX Bank for Research, Best FX Venue for Real Money Clients, and Best FX Bank Sales. State Street FX Connect was voted by a panel of independent judges and editorial staff as the Best Foreign Exchange Trading Platform in the Financial News 2023 Excellence in Trading & Tech Awards. 4. Quartile performance data provided by iMoneyNet. Market share based on Global Institutional Money Market Funds and sourced from Money Fund Analyzer, a service provided by iMoneyNet as of the end of December 2023. 5. Company-wide productivity achieved gross savings of ~$300M based on an expenses ex-notable items basis for the comparison between FY2023 and FY2022. FY2023 expenses ex-notable items of $8,963M was up 3% compared to FY2022 expenses ex-notable items of $8,666M. The change is primarily driven by incremental investments of ~$400M and variable costs of ~$45M, offset by gross savings worth ~$300M. Financial metrics ex-notable items are non-GAAP measures. For further details on explanations and reconciliations of our non-GAAP measures, refer to Reconciliation of notable items and Non-GAAP measures included in the Appendix 6. Front office software and data annual recurring revenue (ARR), an operating metric, is calculated by annualizing current quarter revenue for CRD and Mercatus and includes the annualized amount of most software-enabled revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. Front office software and data ARR does not include software-enabled brokerage revenue, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from On-premises software. 7. Unless otherwise noted, all capital ratios referenced on this slide and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company. All capital ratios are as of quarter end. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized approach ratios were binding for 4Q22 to 4Q23. Refer to the Addendum for descriptions of these ratios. December 31, 2023 capital ratios are presented as of quarter-end and are preliminary estimates. 8. Share purchases under our common share repurchase programs may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be consistent over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and financial performance, investment opportunities, market conditions, regulatory considerations including the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time. The amount and timing of each dividend declared on our common stock is subject to the approval of our Board of Directors. 9. The index names listed are service marks of their respective owners. 10. Data presented for indicative purposes. Morningstar data includes long-term mutual funds, ETFs and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database. The long-term fund flows reported by Morningstar in North America are composed of U.S. domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. 4Q23 data for North America (U.S. domiciled) includes Morningstar actuals for October and November 2023 and Morningstar estimates for December 2023. 4Q23 data for EMEA is on a rolling three month basis for September 2023 through November 2023. 11. Shift of a portion of Management fees into NII associated with management fees that is now recognized as NII for certain U.S. ETFs with unique structures. 12. FX trading services in 4Q22 included notable items related to a revenue-related recovery of $23M. 13. Other fee revenue primarily consists of income from equity method investments, certain tax-advantaged investments and market-related adjustments.

24 14. In March 2023, the Financial Accounting Standards Board issued new accounting guidance that expands the use of proportional amortization accounting to other types of tax credit investments regardless of the tax credit program from which the income tax credits are received. We adopted the new standard in the second quarter of 2023, effective January 1, 2023 for renewable energy production tax credit investments under the modified retrospective approach. The impact of adoption resulted in an increase in Other fee revenue, an increase in Tax expense and was not material to net income. 15. On-premises revenue is revenue derived from locally installed software. Software-enabled revenue includes SaaS, maintenance and support revenue, FIX, brokerage, and value-add services. The revenue recognition pattern for On-premises installations differs from software-enabled revenue. 16. Front office bookings represent signed ARR contract values for CRD, Mercatus, Alpha Data Platform, and Alpha Data Services excluding bookings with affiliates, including SSGA. Front office revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. 17. Represents expected ARR from signed client contracts that are scheduled to be largely installed over the next 24 months for CRD, Mercatus and Alpha Data Services. It includes SaaS revenue, as well as maintenance and support revenue, and excludes the one-time impact of On-premises license revenue, revenue generated from FIX, brokerage, value-add services, and professional services as well as revenue from affiliates. 18. Represents expected annual revenue from signed client contracts that are scheduled to be largely installed over the next 24 months. This amount of expected revenue is estimated based on factors present on or about the time the contract was signed (and is not updated based on subsequent developments, including changes in assets, market valuations and scope). It does not include professional services revenue or revenue from affiliates. 19. NII is presented on a GAAP-basis. NIM is presented on a fully taxable-equivalent (FTE) basis, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of NII FTE-basis to NII GAAP-basis on the Average Statement of Condition. 20. Includes Cash and due from banks and Interest-bearing deposits with banks. 21. Duration as of period end and based on the total investment portfolio. 22. Calculated as Operational deposits divided by Total deposits, in the respective periods. 23. Other, excluding notable items, includes Other expenses and Amortization of intangible assets. 24. Compensation and employee benefits expenses in 4Q23 and 4Q22 included notable items related to repositioning charges of $182M and $50M, respectively. Excluding this notable item, 4Q23 adjusted Compensation and employee benefits of $1,065M was up 1% compared to 4Q22 adjusted Compensation and employee benefits of $1,058M and down (2)% compared to 3Q23 Compensation and employee benefits of $1,082M. Occupancy expenses in 4Q23 and 4Q22 included notable items related to repositioning charges of $21M and $20M, respectively. Excluding these notable items, 4Q23 adjusted Occupancy of $107M was up 24% compared to 4Q22 adjusted Occupancy of $86M and up 6% compared to 3Q23 Occupancy expenses of $101M. Information Systems & Communications expenses in 4Q23 included notable items related to operating model changes of $41M. Excluding these notable items, 4Q23 adjusted Information Systems & Communications of $432M was up 4% compared to 4Q22 Information Systems & Communications of $416M and up 5% compared to 3Q23 Information Systems & Communications of $411M. Other expenses in 4Q23 included notable items related to an FDIC Special Assessment of $387M, Acquisition and restructuring costs of $(15)M, and charges related to operating model changes of $4M. Excluding these notable items, 4Q23 adjusted Other expense of $356M was flat compared to 4Q22 Other expenses of $355M and up 3% compared to 3Q23 Other expenses of $345M. 25. Pro-forma headcount reflects estimated total headcount for 4Q22 and 3Q23 as if the headcount of the India JV that was consolidated in 4Q23 had been included in those prior periods and is based on headcount in the JV at the end of those respective periods. 26. The SCB of 2.5% effective on October 1, 2023 is calculated based upon the results of the CCAR 2023 exam. 27. State Street Corporation LCR in 4Q23 decreased (3)%pts QoQ to ~106%; State Street Bank and Trust's (SSBT) LCR is significantly higher than State Street Corporation's (SSC) LCR, primarily due to application of the transferability restriction in the U.S. LCR Final Rule to the calculation of SSC’s LCR. This restriction limits the amount of HQLA held at SSC’s principal banking subsidiary, SSBT and available for the calculation of SSC’s LCR to the amount of net cash outflows of SSBT. This transferability restriction does not apply in the calculation of SSBT’s LCR, and therefore SSBT’s LCR reflects the full benefit of all of its HQLA holdings. LCR for 4Q22, as presented, was revised in 1Q23 from prior reporting to reflect corrections to maturity dates, increasing the amount of encumbered securities collateral associated with certain repurchase agreements. 28. Leverage exposure is equal to average consolidated assets less applicable Tier 1 leverage capital reductions under regulatory standards. 29. OCI impact of investment portfolio on regulatory capital is a sub-component within GAAP AOCI.

25 This presentation (and the conference call referenced herein) contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth and sales prospects, capital management, business, financial and capital condition, results of operations, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “priority,” “will,” “expect,” “intend,” “aim,” “outcome,” “future,” “strategy,” “pipeline,” “trajectory,” “target,” “guidance,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “trend,” 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 time subsequent to the time this Presentation is first issued. Important factors that may affect future results and outcomes include, but are not limited to: 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; 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 Israel-Hamas war, ongoing war in Ukraine, major political elections globally, actions taken by central banks to address inflationary pressures, monetary policy tightening, challenging conditions in global equity markets, periods of significant volatility in valuations and liquidity or other disruptions in the markets for equity, fixed income and other assets classes globally or within specific markets; Our development and completion of new products and services, including State Street Alpha® and State Street Digital®, and the enhancement of our infrastructure required to meet increased regulatory and client expectations for resiliency and the systems and process re-engineering necessary to achieve improved productivity and reduced operating risk, involve costs, risks and dependencies on third parties; Our business may be negatively affected by our failure to update and maintain our technology infrastructure or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure; Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, including the consolidation of our operations joint ventures in India, pose risks for our business; and 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. We have significant international operations and clients that can be adversely impacted by disruptions in European and Asian 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, increases in prevailing interest rates have, and could further, lead to reduced levels of client deposits and resulting decreases in our NII; 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; 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. Our business and capital-related activities, including common share repurchases, may be adversely affected by regulatory capital, credit (counterparty and otherwise) and liquidity standards and considerations; We face extensive and changing governmental regulation in the jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies; We are subject to enhanced external oversight as a result of the resolution of prior regulatory or governmental matters; 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 ESG practices; Our efforts to improve our billing processes and practices are ongoing and may result in the identification of additional billing errors; 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; 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; 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 The transition away from LIBOR may result in additional costs and increased risk exposure. Our internal control environment may be inadequate, fail or be circumvented, and operational risks could adversely affect our business and consolidated results of operations; Shifting operational activities to non-U.S. jurisdictions, changing our operating model and outsourcing to, or insourcing from, third parties portions of our operations may expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements; Attacks or unauthorized access to our or our business partners’ or clients’ information technology systems or facilities, or disruptions to our or their operations, could result in significant costs, reputational damage and impacts on our business activities; Long-term contracts and customizing service delivery for clients expose us to pricing and performance risk; Our businesses may be negatively affected by adverse publicity or other reputational harm; We may not be able to protect our intellectual property or may infringe upon the rights of third parties; The quantitative models we use to manage our business may contain errors that could adversely impact our business and regulatory compliance; Our reputation and business prospects may be damaged if our clients incur substantial losses or are restricted in redeeming their interests in investment pools that we sponsor or manage; The impacts of climate change, and regulatory responses to such risks, could adversely affect us; and We may incur losses as a result of unforeseen events including terrorist attacks, natural disasters, the emergence of a new pandemic, abrupt banking crisis or acts of embezzlement. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2022 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 Presentation should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this Presentation is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

26 In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as “expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, may also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. Refer to the Addendum for reconciliations of our non-GAAP financial information. To access the Addendum go to http://investors.statestreet.com and click on “Filings & Reports – Quarterly Results”.

27 ACWI All Country World Index AOCI Accumulated other comprehensive income ARR Annual recurring revenue AUC/A Assets under custody and/or administration AUM Assets under management Bloomberg Global Aggregate Bloomberg Global Aggregate represents Bloomberg Global Aggregate Bond Index BOE Bank of England Bps Basis points, with one basis point representing one hundredth of one percent CCAR Comprehensive Capital Analysis and Review CET1 ratio Common equity tier 1 ratio CRD Charles River Development ECB European Central Bank EAFE Europe, Australia, and Far East EM Emerging markets EMEA Europe, Middle East and Africa EOP End of period EPS Earnings per share ESG Environmental, Social, and Governance ETF Exchange-traded fund FDIC Federal Deposit Insurance Corporation Fed The Federal Reserve System Fee operating leverage Rate of growth of total fee revenue less the rate of growth of total expenses, relative to the successive prior year period, as applicable FIX The Charles River Network's FIX Network Service (CRN) is an end-to-end trade execution and support service facilitating electronic trading between Charles River's asset management and broker clients Front office uninstalled revenue backlog Represents the annualized recurring revenue from signed client contracts that are scheduled to be fully installed over the next 24 months for CRD, Mercatus and Alpha Data Services. It includes SaaS revenue as well as maintenance and support revenue and excludes the one-time impact of on-premises license revenue, revenue generated from FIX, brokerage, value-add services, and professional services as well as revenue from affiliates FX Foreign exchange FY Full-year GAAP Generally accepted accounting principles in the United States G-SIB Global systemically important bank HQLA High Quality Liquid Assets HTM Held-to-maturity JPM G7 JP Morgan G7 Volatility Index JPM EM JP Morgan Emerging Market Bond Index JV Joint venture LIBOR London Inter-Bank Offered Rate LCR Liquidity Coverage Ratio Lending related and other Lending related and other fees primarily consist of fee revenue associated with State Street’s fund finance, leveraged loans, municipal finance, insurance and stable value wrap businesses Middle office uninstalled revenue backlog Represents the annualized recurring revenue from signed client contracts that are scheduled to be fully installed over the next 24 months. It does not include professional services revenue or revenue from affiliates MSCI Morgan Stanley Capital International Net income before income taxes (NIBT) Income before income tax expense Net interest income (NII) Income earned on interest bearing assets less interest paid on interest bearing liabilities Net interest margin (NIM) (FTE) Fully taxable-equivalent (FTE) Net interest income divided by average total interest-earning assets nm Not meaningful NYSE New York Stock Exchange OCI Other comprehensive income On-premises On-premises revenue as recognized in Front office software and data Operating leverage Rate of growth of total revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable Payout ratio Total payout ratio is equal to common stock dividends and common stock purchases as a percentage of net income available to common shareholders Pre-tax margin Income before income tax expense divided by total revenue Operational deposits Client cash deposits that are required for or related to the underlying transaction activity of their accounts, and accordingly, are historically more stable than other transient cash deposits %Pts Percentage points is the difference from one percentage value subtracted from another Quarter-over-Quarter (QoQ) Sequential quarter comparison RWA Risk weighted assets SaaS Software as a service SCB Stress capital buffer SEC Securities Exchange Commission SPY SPDR® S&P 500® ETF Trust SPDR Standard and Poor's Depository Receipt SSC State Street Corporation SSGA State Street Global Advisors VIX Chicago Board Options Exchange's CBOE Volatility Index Year-over-Year (YoY) Current period compared to the same period a year ago YTD Year-to-date

Cover page Entities	Jan. 19, 2024
Cover [Abstract]
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Registrant Name	State Street Corp
City Area Code	(617)
Entity Address, Address Line One	One Congress Street
Entity Central Index Key	0000093751
Document Type	8-K
Entity Incorporation, State or Country Code	MA
Document Period End Date	Jan. 19, 2024
Soliciting Material	false
Written Communications	false
Entity File Number	001-07511
Entity Tax Identification Number	04-2456637
Entity Address, City or Town	Boston
Pre-commencement Tender Offer	false
Entity Address, State or Province	MA
Local Phone Number	786-3000
Entity Address, Postal Zip Code	02114
Pre-commencement Issuer Tender Offer	false

Cover page Entity listing	Jan. 19, 2024
Series G Preferred Stock, Depository Share [Member]
Class of Stock [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share
Trading Symbol	STT.PRG
Security Exchange Name	NYSE
Series D Preferred Stock, Depository Share [Member]
Class of Stock [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, without par value per share
Trading Symbol	STT.PRD
Security Exchange Name	NYSE
Common Stock [Member]
Class of Stock [Line Items]
Title of 12(b) Security	Common stock, $1 par value per share
Trading Symbol	STT
Security Exchange Name	NYSE