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Here are 1-3 brief analogies to describe State Street:

• The 'Amazon Web Services' for institutional finance, providing the critical infrastructure like asset custody, accounting, and data solutions for investment firms globally.
• Similar to BlackRock (iShares) or Vanguard, they are a major global asset manager, especially known for their SPDR Exchange Traded Funds (ETFs).
• Think of them as the 'FedEx or UPS' for the world's financial assets, securely holding, moving, and accounting for trillions in securities for other financial institutions.

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• Investment Servicing: Providing custody, fund administration, accounting, and record-keeping services for institutional investors' assets.
• Investment Management: Offering a range of investment strategies, including ETFs, mutual funds, and custom solutions, through State Street Global Advisors (SSGA).
• Global Markets: Delivering foreign exchange, securities finance, and other trading and treasury solutions for institutional clients.

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Major Customers of State Street (STT)

State Street (NYSE: STT) primarily sells its services to **other companies (business-to-business)**, serving a wide array of institutional clients globally. Its core business revolves around providing investment servicing, investment management, and investment research and trading solutions.

Due to the nature of its diversified institutional business, State Street's revenue is derived from a broad base of clients rather than a small number of specific "major named customers" that individually account for a disproportionate share of its revenue. However, to address the request for customer companies, below are the primary categories of companies that constitute State Street's customer base, along with examples of public companies within those categories that typically utilize such services. It is important to note that these are *examples* of the types of organizations that are State Street's clients, rather than a definitive list of its individually named "major customers."

Categories of Customer Companies:

• Asset Managers / Investment Managers: These firms manage investment portfolios for their clients, including mutual funds, exchange-traded funds (ETFs), hedge funds, and private equity funds. State Street provides services such as custody, fund accounting, transfer agency, and middle-office outsourcing.
  • Examples of public companies in this category (who could be clients):
    • BlackRock (NYSE: BLK)
    • T. Rowe Price Group (NASDAQ: TROW)
    • Invesco (NYSE: IVZ)
• Pension Funds: Both public and corporate pension plans rely on State Street for various services related to managing their vast retirement savings, including global custody, investment operations, and performance reporting.
  • Examples (these are typically not public companies, but major institutional clients):
    • California Public Employees' Retirement System (CalPERS)
    • State Teachers Retirement System of Ohio (STRS Ohio)
• Insurance Companies: These firms manage large investment portfolios to meet their liabilities and often utilize State Street for investment servicing, including custody, accounting, and compliance reporting.
  • Examples of public companies in this category:
    • MetLife (NYSE: MET)
    • Prudential Financial (NYSE: PRU)
    • AIG (NYSE: AIG)
• Official Institutions: This category includes sovereign wealth funds, central banks, and government agencies responsible for managing significant public assets. They often require sophisticated custody, investment management, and advisory services.
  • Examples (these are typically not public companies):
    • Government Pension Fund Global (Norway)
    • Abu Dhabi Investment Authority (ADIA)
• Endowments and Foundations: Non-profit organizations, educational institutions, and charitable foundations that manage endowed funds for long-term support. State Street assists them with asset servicing, investment management, and risk analytics.
  • Examples (these are typically not public companies):
    • Harvard University Endowment
    • Bill & Melinda Gates Foundation Trust

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• Microsoft (MSFT)
• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)
• BlackRock, Inc. (BLK)

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Ronald P. O'Hanley is the Chairman and Chief Executive Officer of State Street Corporation. He joined State Street in 2015, initially as president and CEO of State Street Global Advisors, the company's investment management arm. Prior to State Street, Mr. O'Hanley was president of asset management and corporate services for Fidelity Investments from 2010 to 2014, where he was responsible for all asset management organizations and corporate functions. Before Fidelity, he served as president and CEO of BNY Mellon Asset Management in Boston and was vice chairman of Bank of New York Mellon Corporation from 1997 to 2010. He also oversaw Bank of New York Mellon's activities in Asia. Prior to the 2007 merger of Bank of New York and Mellon Financial Corporation, he was vice-chairman of Mellon Financial Corporation and president and CEO of Mellon Asset Management. From 1986 to 1997, Mr. O'Hanley was with McKinsey & Company, Inc., where he was elected a partner in 1992, founded the investment management practice worldwide, and co-founded and co-led the firm's North American personal financial services practice.

John F. Woods is the Executive Vice President and Chief Financial Officer for State Street Corporation, a role he assumed in late August 2025. He is responsible for Treasury, Controllership, Tax, Financial Planning & Analysis, Business Unit Finance, Investor Relations, Mergers & Acquisitions, and Corporate Strategy, as well as Corporate Services including Procurement and Real Estate. Before joining State Street, Mr. Woods was the CFO and Vice Chairman of Citizens Financial Group. Prior to Citizens, he held various finance leadership roles at Mitsubishi UFJ Financial Group, including CFO of MUFG Americas Holdings Corporation and CFO of MUFG Union Bank. He also held financial leadership positions at JPMorgan Chase, including CFO of Home Lending, and began his career at Arthur Andersen, where he became a partner in the financial and risk consulting group.

Donna Milrod is the Executive Vice President and Chief Product Officer at State Street, where she leads the strategy, value propositions, and growth of the Asset Servicing businesses, including Digital Asset Solutions. She also leads the Global Client Coverage team. Ms. Milrod has over 25 years of experience in banking and financial services. Before joining State Street, she served as deputy chief executive officer for Deutsche Bank's North America business, where she was responsible for North America clients and revenue. She was also a senior advisor to both Broadridge and McKinsey & Company. Earlier, Ms. Milrod was with the Depository Trust and Clearing Corporation (DTCC), serving on the Management Committee and as head of DTCC Solutions, where she led global strategy and business development, and was previously the chief administrative officer leading operations and finance. She has served as an independent board director of Orion Innovation, a privately held technology services company.

Brenda Lyons is the Executive Vice President and Global Head of Corporate Secretarial and Administration Services at State Street. She joined State Street in 2007 and has held numerous executive positions within the Investment Services business, including global head of the Investment Services Product organization and head of Fund Administration. Prior to State Street, Ms. Lyons was a managing director with Deutsche Asset Management, where she served as president of the Scudder Mutual Funds. After leaving Deutsche Asset Management, she started a consulting practice. She also previously served as President of DWS Strategic Income Trust and Assistant Treasurer and Senior Vice President at Deutsche Investment Management Americas Inc.

Andrew Erickson is the Chief Productivity Officer and Head of State Street's International business. In this role, he oversees State Street's Global Delivery, Global Operations division, and Global Transformation Office, and is responsible for leading enterprise-wide change and the international business. He has been with State Street for almost 30 years, holding various management positions in Business Development, Relationship Management, Operations, and Information Technology across the United States, Australia, New Zealand, Japan, and Hong Kong. He previously served as the head of Global Services worldwide, head of Global Services in the Americas, and head of Global Services business in Asia Pacific. Mr. Erickson also served as the president and representative director of State Street Trust and Banking Co., Limited. Before joining State Street, he worked for Westpac Banking Corporation and Sun Life Insurance.

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The key risks to State Street's (STT) business include:

1. Economic and Market Volatility: State Street's financial performance and a significant portion of its fee revenue are highly sensitive to global economic uncertainty and market volatility. Fluctuations in geopolitical tensions, trade policies, interest rates, and overall market levels can directly impact client investment behavior and the valuation of assets under custody and management, leading to variability in the company's financial results.
2. Regulatory Changes and Compliance: Operating within the heavily regulated financial services industry, State Street faces ongoing and evolving regulatory challenges. Compliance with these complex and often costly regulations is crucial, as non-compliance can result in significant penalties, operational disruptions, and reputational damage.
3. Competitive Pressure and Technology Investment Costs: The financial services sector is characterized by intense competition, which places continuous pressure on pricing and service offerings. To remain competitive and meet evolving client demands, State Street must make substantial and ongoing investments in technology and business capabilities, which contribute to increased operational costs. This dynamic can impact profitability and requires careful cost control.

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The emergence and increasing adoption of distributed ledger technology (DLT) for asset servicing, custody, and settlement presents a clear emerging threat to State Street. DLT has the potential to fundamentally transform traditional financial market infrastructure by enabling peer-to-peer transactions, instant settlement, and reduced reliance on intermediaries. This could disintermediate State Street's core investment servicing businesses, including custody, fund administration, and securities lending. Such a shift could lead to significant fee compression, reduced demand for traditional services, and the rise of new competitors built on DLT-native infrastructure, thereby eroding State Street's competitive moat and revenue streams in its largest business segment.

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State Street Corporation (STT) operates primarily across three main divisions: Global Services (encompassing asset servicing, custody, and fund administration), Global Advisors (investment management, including ETFs), and Global Markets (trading and research). The addressable market sizes for its main products and services are as follows:

• Asset Servicing: The global asset servicing market was valued at $83.7 billion in 2022 and is projected to reach $264.6 billion by 2032, growing at a CAGR of 12.5% from 2023 to 2032. North America dominated the asset servicing market share in 2022.

• Fund Administration: The global fund administration services market size was valued at $12.8 billion in 2024 and is forecasted to reach $23.6 billion by 2033, growing at a CAGR of 7.1%. North America is expected to maintain its leadership position in this market, with Europe being the second-largest market, valued at approximately $3.7 billion in 2024.

• Custody Services: The global custody service market was valued at $45.19 billion in 2024 and is projected to reach $69.31 billion by 2029, with a compound annual growth rate (CAGR) of 9.1%. North America was the largest region in the custody service market in 2024.

• Investment Management: The global investment management market is projected to expand from $986.78 billion in 2021 to $2,487.64 billion by 2033, demonstrating a robust CAGR of 8.01%. North America remains the dominant market powerhouse.

• ETF Management: The global ETF industry reached a record $17.34 trillion in assets under management (AUM) at the end of July 2025. In 2024, total assets in ETFs globally stood at $14.7 trillion. The ETF market size is forecast to increase by $17.94 billion at a CAGR of 20.2% between 2024 and 2029. North America is estimated to contribute 44% to the growth of the global market during this forecast period.

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1. Growth in Investment Servicing and New Business Wins: State Street anticipates sustained revenue growth through significant new business wins in its investment servicing segment. The company has reported strong Assets Under Custody and Administration (AUC/A) wins, with a robust pipeline of future servicing fee revenue. For instance, in Q3 2024, State Street generated $466 billion in new AUC/A wins and $84 million in new servicing fee revenue wins, the highest for the year. The company targets $350 million to $400 million in new servicing fee wins for 2025. The servicing fee pipeline remains strong, with $4.0 trillion in AUC/A yet to be installed as of Q2 2025. This momentum, driven by net new business and increased client activity, is expected to continue contributing to servicing fee growth.
2. Expansion and Adoption of the Alpha Platform and Front Office Solutions: The Alpha platform is identified as a key growth driver for State Street, integrating front, middle, and back-office services. Revenue from front office software and data, a strategic focus area, has shown significant growth, increasing by 27% year-over-year in Q2 2025. Annual recurring revenue (ARR) from software-as-a-service (SaaS) client conversions and implementations also grew approximately 10% year-over-year. The company has secured new Alpha mandates, indicating continued client adoption of this integrated solution.
3. Strong Performance and Net Inflows in Global Advisors (ETFs and Cash Franchises): State Street's Global Advisors business, particularly its ETF and Cash franchises, is expected to drive revenue growth through record net inflows. The company achieved record quarterly net inflows of $100 billion in Q3 2024, supported by its Cash business. Period-end Assets Under Management (AUM) exceeded $5 trillion for the first time in Q2 2025, with quarterly net inflows over $80 billion, primarily from ETFs and institutional business. State Street Global Advisors also launched a new ETF in February 2025 to expand access to investment-grade private credit markets.
4. Growth in Global Markets' FX Trading Services and Securities Finance: State Street's Global Markets franchise continues to benefit from increased client penetration, leading to strong revenue growth in FX trading services and securities finance. In Q2 2025, foreign exchange trading services revenue was up 27% year-over-year, driven by higher trading volumes and improved spreads. Securities finance revenue also increased by 17% year-over-year due to higher client lending balances. This strong performance in trading-related businesses is a consistent contributor to fee revenue growth.
5. Strategic Acquisitions and Market Expansion: State Street is actively pursuing strategic acquisitions and partnerships to enhance its global footprint and service capabilities. A notable example is the acquisition of Mizuho Financial Group's global custody businesses, announced in February 2025, aimed at strengthening its services, particularly for Japanese institutional investors. These strategic plays are designed to diversify revenue streams and meet evolving client needs in key markets.

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Share Repurchases

• State Street authorized a new share repurchase program of up to $5 billion in January 2024, with no set expiration date. Approximately $3.6 million of this authorization remained available as of March 31, 2025.
• In 2024, State Street repurchased approximately $1.3 billion of its common stock.
• The company repurchased $3.781 billion in 2023 and $1.5 billion in 2022.

Share Issuance

• State Street issued $850 million of Series J Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock in July 2024.
• In February 2025, State Street issued $750 million of Series K Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock.
• The company issued $1.5 billion in preferred stock and redeemed $1.0 billion of Series D and Series F preferred stock in 2024.

Inbound Investments

No large inbound investments made in State Street by third-parties were identified within the provided timeframe.

Outbound Investments

• State Street Investment Management made a strategic minority investment in Coller Capital, a private market secondaries manager, in November 2025 to expand into private markets.
• In February 2025, State Street announced a deal to acquire global custody and related businesses outside of Japan from Mizuho Financial Group, Inc., expected to close in late 2025.
• State Street agreed to acquire Brown Brothers Harriman & Co.'s investor-services business for $3.5 billion in cash in September 2021, though this deal was mutually dropped in November 2022 due to regulatory scrutiny.

Capital Expenditures

Specific dollar values for State Street Corporation's capital expenditures for the last 3-5 years were not readily available in the provided information. However, the company has emphasized a multi-year strategy involving investments in service excellence, client relationships, technology, and product and people capabilities. In 2024, the company's total expenses decreased, with higher business investments offset by productivity savings.