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8-K

State Street Corp (STT)

8-K 2024-04-12 For: 2024-04-12
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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): April 12, 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 No.) One Congress Street
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Boston Massachusetts 02114
(Address of principal executive offices, and Zip Code) Registrant’s telephone number, including area code: (617) 786-3000
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________________

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.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 April 12, 2024, State Street Corporation issued a news release announcing its results of operations for the first-quarter of 2024. Copies of that news release and accompanying first-quarter 2024 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 April 12, 2024, State Street Corporation made available a slide presentation providing highlights of its first-quarter 2024 results of operations and related information as of March 31, 2024, which is being made available in connection with an April 12, 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 April 12, 2024, announcing its first-quarter 2024 results of operations and accompanying first-quarter 2024 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 first-quarter 2024 results of operations and related information, which is being made available in connection with an April 12, 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 datedApril 12, 2024, announcing its first-quarter 2024 results of operations (this Exhibit 99.1 is furnished, not filed)
99.2 State Street's first-quarter 2024 financial information addendum (this Exhibit 99.2 is furnished, not filed)
99.3 Slide presentation providing highlights of State Street's first-quarter 2024 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
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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: April 12, 2024

Document

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

Boston, MA… April 12, 2024 News Release

STATE STREET REPORTS FIRST QUARTER 2024 EPS OF $1.37; $1.69 EXCLUDING NOTABLE ITEMS(a)
% changes noted below reflect year-over-year 1Q comparisons

TOTAL FEE REVENUE UP 4% WITH MANAGEMENT FEES UP 12% AND FRONT OFFICE SOFTWARE AND DATA REVENUE UP 32%

BUSINESS MOMENTUM:

•NEW INVESTMENT SERVICING AUC/A WINS OF $474 BILLION

•RECORD $43.9 TRILLION OF AUC/A AND RECORD $4.3 TRILLION OF AUM AT QUARTER-END

FEE OPERATING LEVERAGE OF -2% POINTS REFLECTING NOTABLE ITEMS; POSITIVE FEE OPERATING LEVERAGE OF 3% POINTS, EXCLUDING NOTABLE ITEMS

Ron O'Hanley, Chairman and Chief Executive Officer: "We continued to execute on our strategic priorities to grow fee revenue and invest in our business while diligently managing our overall expense base, and returning capital to our shareholders, which enabled us to achieve positive fee operating leverage and strong EPS performance in the first quarter, excluding notable items."<br><br><br><br>O'Hanley added: "Fee revenue growth, on a year-over-year basis, reflected robust performance across our Global Advisors and Front office solutions businesses, which, along with growth in Servicing fees, more than offset lower trading revenues as volatility remained muted. Our Alpha platform continued to resonate with clients and we reported two new Alpha mandate wins in the quarter."<br><br><br><br>O'Hanley concluded: "I am encouraged by our strong start to the year and remain confident in the trajectory of our business. We will continue to focus on driving positive fee operating leverage through fee revenue growth, innovation, automation, and productivity while maintaining our strong balance sheet position."

FINANCIAL HIGHLIGHTS

(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted) 1Q24 4Q23 1Q23 % QoQ % YoY
Income statement:
Total fee revenue $ 2,422 $ 2,365 $ 2,335 2 % 4 %
Net interest income 716 678 766 6 (7)
Total revenue 3,138 3,043 3,101 3 1
Provision for credit losses 27 20 44 35 (39)
Total expenses 2,513 2,822 2,369 (11) 6
Net income 463 210 549 nm (16)
Financial ratios and other metrics:
Diluted earnings per share (EPS) $ 1.37 $ 0.55 $ 1.52 nm (10) %
Return on average common equity (ROE) 7.7 % 3.1 % 9.3 % 4.6 % pts (1.6) % pts
Pre-tax margin 19.1 6.6 22.2 12.5 % pts (3.1) % pts
AUC/A ($ billions)(1) $ 43,912 $ 41,810 $ 37,635 5 % 17 %
AUM ($ billions)(1) 4,336 4,128 3,618 5 20

(1) As of period-end.

(a) See "1Q24 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

1Q24 HIGHLIGHTS

(All comparisons are to 1Q23, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end increased 17% to $43.9 trillion, largely driven by higher quarter-end market levels, net new business and client flows

•Investment Management AUM as of quarter-end increased 20% to $4.3 trillion, reflecting higher quarter-end market levels and net inflows

New business and strategy execution(a)

•New wins in 1Q24

◦New servicing fee revenue wins: New servicing fee revenue wins of $67 million, primarily related to Back office wins across Asset Managers and Alternatives client segments in North America and Europe

◦AUC/A wins: New servicing AUC/A wins of $474 billion, with the majority from the Asset Managers segment in both North America and Europe

•To be installed in future periods as of 1Q24

◦Servicing fee revenue to be installed: Quarter-end servicing fee revenue of $291 million to be installed in future periods

◦AUC/A to be installed: Quarter-end AUC/A of $2.6 trillion to be installed in future periods

•State Street Alpha®: Alpha reported 2 new mandate wins in 1Q24, including the second win associated with Alpha for Private Markets. 3 Alpha clients went live in 1Q24, bringing the total to 21 live mandates to-date

•Front Office Software and Data: Continued momentum in SaaS client implementations and conversions increased annual recurring revenue (ARR) to $326 million, up 19%

•Global Markets: Completed the acquisition of CF Global Trading, strengthening State Street's outsourced trading services capabilities in Europe

Revenue

•Total revenue increased 1%, reflecting higher Fee revenue, partially offset by lower Net interest income (NII)

•Fee revenue increased 4%, reflecting higher Management fees, Front office software and data revenue, and Servicing fees, partially offset by lower Securities finance and FX trading services revenues

◦Servicing fees increased 1%

◦Management fees increased 12%

◦FX trading services decreased 3%

◦Securities finance decreased 12%

◦Software and processing fees increased 25%

Expenses

•Total expenses increased 6%, primarily driven by a $130 million notable item representing the increased FDIC special assessment. Excluding notable items(b), total expenses increased 1%, reflecting continued business investments, largely offset by productivity savings

◦Compensation and employee benefits decreased 3%

◦Non-compensation expense increased 17%. Excluding notable items,(b) non-compensation expense increased 5%

(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) 1Q24 4Q23 1Q23
FDIC special assessment(a) $ (130) $ (387) $ —
Net repositioning charges(b) — (203) —
Other notable items (net)(c) — (30) —
Total notable items (pre-tax) $ (130) $ (620) $ —
Income tax impact from notable items (31) (156) —
EPS impact $ (0.32) $ (1.49) $ —

Capital and liquidity

•Standardized common equity tier 1 (CET1) ratio at quarter-end of 11.1% decreased 1% point compared to 1Q23, 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 decreased 0.5% points compared to 4Q23, primarily driven by the expected normalization of risk-weighted assets (RWA)

•Liquidity coverage ratio (LCR) for State Street Corporation was approximately 107%, and LCR for State Street Bank and Trust was approximately 130%

•In 1Q24, State Street returned a total of $308 million of capital to common shareholders, consisting of $100 million of common share repurchases and declared common stock dividends of $208 million (or $0.69 per share)

(a) FDIC special assessment of $130 million in 1Q24 and $387 million in 4Q23 reflected in Other expenses.

(b) 4Q23 net repositioning charges of $203 million represents $182 million related to Compensation and employee benefits and $21 million related to Occupancy costs.

(c) 4Q23 Other notable items (net) of $30 million represents $41 million in Information Systems and Communications and $4 million in Other expenses, primarily associated with operating model changes, partially offset by Acquisition and restructuring benefit of $15 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) 1Q24 4Q23 1Q23 % QoQ % YoY
Assets under Custody and/or Administration (AUC/A)(1)(2) $ 43,912 $ 41,810 $ 37,635 5.0 % 16.7 %
Assets under Management (AUM)(2) 4,336 4,128 3,618 5.0 19.8
Market Indices:(3)
S&P 500 EOP 5,254 4,770 4,109 10.1 27.9
S&P 500 Daily Average 4,993 4,465 4,000 11.8 24.8
MSCI EAFE EOP 2,349 2,236 2,093 5.1 12.2
MSCI EAFE Daily Average 2,263 2,077 2,060 9.0 9.9
MSCI Emerging Markets EOP 1,043 1,024 990 1.9 5.4
MSCI Emerging Markets Daily Average 1,010 964 997 4.8 1.3
MSCI ACWI EOP 784 727 647 7.8 21.2
MSCI ACWI Daily Average 749 679 634 10.3 18.1
Bloomberg Global Aggregate Bond Index EOP 462 471 459 (2.1) 0.5
Bloomberg Global Aggregate Bond Index Daily Average 461 446 455 3.4 1.3
Foreign Exchange Volatility Indices:(3)
CBOE Volatility Index (VIX) Daily Average 13.7 15.3 20.7 (10.3) (33.7)
JPM G7 Volatility Index Daily Average 7.3 7.8 10.3 (7.0) (29.4)
JPM Emerging Market Volatility Index Daily Average 6.9 8.1 10.9 (14.5) (36.8)
Specials Volumes:
S&P Global Industry Specials Average Volumes 7,114 7,540 10,503 (5.6) (32.3)
Average Foreign Exchange Rate:
EUR vs. USD 1.086 1.076 1.073 0.9 1.2
GBP vs. USD 1.268 1.242 1.216 2.1 4.3

(1) Includes quarter-end assets under custody of $32,159 billion, $30,615 billion and $28,153 billion, as of 1Q24, 4Q23, and 1Q23, respectively.

(2) As of period-end.

(3) The index names listed in the table are service marks of their respective owners. S&P Global Specials Volumes sourced from S&P Global Market Intelligence.

INDUSTRY FLOW DATA

The following table represents industry flow data.

(Dollars in billions) 1Q24 4Q23 3Q23 2Q23 1Q23
North America - (US Domiciled) Morningstar Direct Market Data:(1)(2)
Long Term Funds $ (2) $ (207) $ (111) $ (113) $ (58)
Money Market (9) 154 132 175 445
ETF 190 265 110 136 79
Total Flows(3) $ 179 $ 212 $ 131 $ 198 $ 466
EMEA - Morningstar Direct Market Data:(1)(4)
Long Term Funds $ — $ (66) $ (40) $ (13) $ 47
Money Market 56 130 47 13 27
ETF 53 51 31 27 38
Total Flows(3) $ 109 $ 115 $ 38 $ 27 $ 112

(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) 1Q24 data for North America includes actuals for January and February 2024 and Morningstar estimates for March 2024.

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

(4) 1Q24 data for Europe is on a rolling three-month basis for December 2023 through February 2024, 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) 1Q24 4Q23 1Q23 % QoQ % YoY
Assets Under Custody and/or Administration(1)
By product classification:
Collective funds, including ETFs $ 14,694 $ 14,070 $ 12,748 4.4 % 15.3 %
Mutual funds 11,552 11,009 10,077 4.9 14.6
Pension products 8,800 8,352 7,871 5.4 11.8
Insurance and other products 8,866 8,379 6,939 5.8 27.8
Total Assets Under Custody and/or Administration $ 43,912 $ 41,810 $ 37,635 5.0 % 16.7 %
By asset class:
Equities $ 25,909 $ 24,317 $ 20,966 6.5 % 23.6 %
Fixed-income 11,368 11,043 10,645 2.9 6.8
Short-term and other investments(2) 6,635 6,450 6,024 2.9 10.1
Total Assets Under Custody and/or Administration $ 43,912 $ 41,810 $ 37,635 5.0 % 16.7 %

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

(2) Short-term and other investments includes derivatives, cash and cash equivalents and other instruments.

INVESTMENT MANAGEMENT AUM

The following tables present 1Q24 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 December 31, 2023 $ 2,513 $ 609 $ 467 $ 310 $ 229 $ 4,128
Net asset flows:
Long-term institutional(2) (3) (23) — 14 (7) (19)
ETF 2 3 — — (4) 1
Cash fund — — 9 — — 9
Total flows, net $ (1) $ (20) $ 9 $ 14 $ (11) $ (9)
Market appreciation/(depreciation) 220 (4) 6 12 15 249
Foreign exchange impact (20) (7) (1) (1) (3) (32)
Total market and foreign exchange impact $ 200 $ (11) $ 5 $ 11 $ 12 $ 217
Ending balance as of March 31, 2024 $ 2,712 $ 578 $ 481 $ 335 $ 230 $ 4,336

(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) 1Q24 4Q23 3Q23 2Q23 1Q23
Beginning balance $ 4,128 $ 3,687 $ 3,797 $ 3,618 $ 3,481
Net asset flows:
Long-term institutional(1) (19) 6 (30) 1 (16)
ETF 1 68 (1) 27 (6)
Cash fund 9 29 41 10 (4)
Total flows, net $ (9) $ 103 $ 10 $ 38 $ (26)
Market appreciation/(depreciation) 249 300 (96) 153 161
Foreign exchange impact (32) 38 (24) (12) 2
Total market and foreign exchange impact $ 217 $ 338 $ (120) $ 141 $ 163
Ending balance $ 4,336 $ 4,128 $ 3,687 $ 3,797 $ 3,618

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

REVENUE

(Dollars in millions) 1Q24 4Q23 1Q23 % QoQ % YoY
Back office servicing fees $ 1,136 $ 1,128 $ 1,131 0.7 % 0.4 %
Middle office services 92 84 86 9.5 7.0
Servicing fees 1,228 1,212 1,217 1.3 0.9
Management fees 510 479 457 6.5 11.6
Foreign exchange trading services 331 307 342 7.8 (3.2)
Securities finance 96 97 109 (1.0) (11.9)
Front office software and data 144 179 109 (19.6) 32.1
Lending related and other fees 63 58 56 8.6 12.5
Software and processing fees 207 237 165 (12.7) 25.5
Other fee revenue 50 33 45 51.5 11.1
Total fee revenue $ 2,422 $ 2,365 $ 2,335 2.4 % 3.7 %
Net interest income 716 678 766 5.6 % (6.5) %
Total Revenue $ 3,138 $ 3,043 $ 3,101 3.1 % 1.2 %
Net interest margin (FTE)(1) 1.13 % 1.16 % 1.31 % (0.03) % pts (0.18) % pts

(1) 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 1Q23, primarily from higher average market levels, partially offset by pricing headwinds, lower client activity/adjustments including changes in client asset mix, and a previously disclosed client transition. Servicing fees increased 1% compared to 4Q23, mainly due to higher average market levels, partially offset by lower client activity/adjustments including changes in client asset mix, and pricing headwinds.

Management fees increased 12% compared to 1Q23, primarily due to higher average market levels and net inflows from prior periods, partially offset by the impacts of a strategic ETF product suite repricing initiative. Management fees increased 6% compared to 4Q23, mainly driven by higher average market levels and net inflows from prior periods, partially offset by lower performance fees.

Foreign exchange trading services decreased 3% compared to 1Q23, mainly due to lower spreads associated with subdued FX volatility, partially offset by higher volumes. Foreign exchange trading services increased 8% compared to 4Q23, primarily reflecting higher volumes and Direct FX spreads.

Securities finance decreased 12% compared to 1Q23, mainly due to lower Agency balances and lower spreads primarily due to muted industry specials activity. Securities finance decreased 1% compared to 4Q23, primarily due to lower spreads, partially offset by higher balances.

Software and processing fees increased 25% compared to 1Q23, mainly driven by higher Front office software and data revenue associated with CRD. Software and processing fees decreased 13% compared to 4Q23, primarily due to lower On-premises renewals in Front office software and data, partially offset by higher Lending related and other fees.

•Front office software and data increased 32% compared to 1Q23, primarily reflecting continued SaaS implementations and conversions, which drove Professional services and Software-enabled revenue growth. Front office software and data decreased 20% compared to 4Q23, primarily due to lower On-premises renewals and installations

•Lending related and other fees increased 13% compared to 1Q23 and increased 9% compared to 4Q23

Other fee revenue increased $5 million compared to 1Q23, primarily due to a tax credit investment

accounting change, partially offset by lower positive fair value adjustments on equity investments. Other fee revenue increased $17 million compared to 4Q23, primarily driven by the absence of the impact of the Argentine peso devaluation.

Net interest income decreased 7% compared to 1Q23, largely due to deposit mix shift and lower average non-interest-bearing deposit balances, partially offset by the impact of higher average interest rates, client lending growth, and investment portfolio positions. Compared to 4Q23, NII increased 6%, primarily driven by higher investment securities yields, average interest-bearing deposits and loan growth, partially offset by a decline in non-interest-bearing deposits.

Total revenues were positively impacted by currency translation by $8 million and $10 million compared to 1Q23 and 4Q23, respectively.

PROVISION FOR CREDIT LOSSES

(Dollars in millions) 1Q24 4Q23 1Q23 % QoQ % YoY
Allowance for credit losses:
Beginning balance $ 150 $ 134 $ 121 11.9 % 24.0 %
Provision for credit losses 27 20 44 35.0 (38.6)
Charge-offs (31) (4) (3) nm nm
Ending Balance $ 146 $ 150 $ 162 (2.7) % (9.9) %

Total provision for credit losses decreased $17 million compared to 1Q23, reflecting the absence of an episodic provision associated with industry support for a U.S. financial institution. Total provision for credit losses increased $7 million compared to 4Q23, reflecting an increase in loan loss reserves associated with commercial real estate. Charge-offs were $31 million in 1Q24, largely related to a single property in the commercial real estate portfolio.

EXPENSES

(Dollars in millions) 1Q24 4Q23 1Q23 % QoQ % YoY
Compensation and employee benefits $ 1,252 $ 1,247 $ 1,292 0.4 % (3.1) %
Information systems and communications 432 473 414 (8.7) 4.3
Transaction processing services 248 242 239 2.5 3.8
Occupancy 103 128 94 (19.5) 9.6
Acquisition and restructuring costs — (15) — nm —
Amortization of other intangible assets 60 59 60 1.7 —
Other 418 688 270 (39.2) 54.8
Total Expenses $ 2,513 $ 2,822 $ 2,369 (10.9) % 6.1 %
Total expenses, excluding notable items(1) $ 2,383 $ 2,202 $ 2,369 8.2 % 0.6 %
Effective tax rate 22.5 % (4.4) % 20.2 % 26.9 % pts 2.3 % pts

(1) See "1Q24 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.

Compensation and employee benefits decreased 3% compared to 1Q23, mainly due to lower incentive compensation, salaries and contractor spend. Compared to 4Q23, Compensation and employee benefits remained flat, largely due to the absence of repositioning charges in the prior quarter and reflecting seasonal expenses. Excluding notable items(a), Compensation and employee benefits increased 18% compared to 4Q23, largely driven by seasonal expenses.

Information systems and communications increased 4% compared to 1Q23, reflecting higher technology and infrastructure investments, partially offset by optimization savings and vendor savings initiatives. Compared to 4Q23, Information systems and communications decreased 9%, reflecting the absence of notable items in the prior quarter. Excluding notable items,(a) Information systems and communications was flat compared to 4Q23.

(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.

Transaction processing services increased 4% compared to 1Q23, mainly reflecting higher revenue-related broker fees, and increased 2% compared to 4Q23, primarily due to higher revenue-related sub-custody costs.

Occupancy increased 10% compared to 1Q23, mainly associated with consolidating an operations joint venture in India and other real estate costs, partially offset by footprint optimization. Compared to 4Q23, Occupancy decreased 20%, primarily due to the absence of repositioning charges in the prior quarter. Excluding notable items,(a) Occupancy decreased 4% compared to 4Q23, primarily driven by footprint optimization, partially offset by an operations joint venture consolidation in India.

Other expenses increased $148 million compared to 1Q23, primarily driven by a $130 million notable item representing the increased FDIC special assessment. Excluding notable items(a), Other expenses increased $18 million compared to 1Q23, primarily due to the timing of foundation funding. Compared to 4Q23, Other expenses decreased $270 million, largely reflecting a decrease in notable items. Excluding notable items(a), Other expenses decreased $9 million compared to 4Q23, primarily reflecting lower marketing spend, partially offset by the timing of foundation funding.

Total expenses were negatively impacted by currency translation of $9 million compared to both 1Q23 and 4Q23.

TAXES

The effective tax rate of 22.5% in 1Q24 increased from 20.2% in 1Q23 and (4.4)% in 4Q23, primarily due to the absence of higher discrete benefits in the prior periods as well as the impact of notable items in 4Q23.

(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) 1Q24 4Q23 1Q23
Basel III Standardized Approach:
Common equity tier 1 ratio (CET1) 11.1 % 11.6 % 12.1 %
Tier 1 capital ratio 13.2 13.4 13.8
Total capital ratio 14.9 15.2 15.2
Basel III Advanced Approaches:
Common equity tier 1 ratio (CET1) 11.7 12.1 13.0
Tier 1 capital ratio 13.9 13.9 14.8
Total capital ratio 15.6 15.7 16.0
Tier 1 leverage ratio 5.4 5.5 6.0
Supplementary leverage ratio 6.5 6.2 6.8
Liquidity coverage ratio (LCR) (1) 107 % 106 % 108 %
LCR - State Street Bank and Trust (1) 130 % 122 % 124 %

(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 11.1% decreased 1% point compared to 1Q23, 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 decreased 0.5% points compared to 4Q23, primarily driven by the expected normalization of RWA.

Tier 1 leverage ratio at quarter-end of 5.4 decreased 0.6% points compared to 1Q23, primarily driven by higher average assets. Tier 1 leverage ratio decreased 0.1% points compared to 4Q23, primarily driven by higher average assets, partially offset by higher Tier 1 capital.

Liquidity coverage ratio (LCR) for State Street Corporation was approximately 107%, down 1% point compared to 1Q23, and up 1% point from 4Q23. LCR for State Street Bank and Trust was approximately 130%.

(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, April 12, 2024, at 10:00 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 14320217.

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 14320217 and the Playback Passcode is 320217 #. 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 1Q24, State Street expects to publish its updates during the period beginning today and ending on or about May 10, 2024 and on or about May 15, 2024 for the liquidity coverage ratio.

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 $43.9 trillion in assets under custody and/or administration and $4.3 trillion* in assets under management as of March 31, 2024, 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 March 31, 2024 includes approximately $66 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, which may include anticipated servicing-related revenues associated with acquisitions or structured transactions, 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, consents or assignments, 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 CRD for Private Markets 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 $273 million, $315 million, and $326 million in 1Q23, 4Q23, and 1Q24, 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 1Q24. 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. 1Q24 data for North America (US domiciled) includes Morningstar actuals for January and February 2024 and Morningstar estimates for March 2024.

◦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. 1Q24 data for Europe is on a rolling three-month basis for December 2023 through February 2024, 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 and growth pressures, monetary policy tightening, 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 those related to digital assets and artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased operational, model and other risks;

•Our business may be negatively affected by our failure to update and maintain our technology infrastructure, or otherwise meet the increasing resiliency expectations of our clients and regulators, or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure;

•Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation;

•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 global operations and clients that can be adversely impacted by disruptions in key global 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 or market conditions have led, and were they to occur in the future could further lead, to reduced levels of client deposits and resulting decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios;

•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 requirements and considerations, including capital, credit and liquidity;

•We face extensive and changing government 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;

•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 sustainability or ESG practices;

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

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

•Shifting and maintaining operational activities to non-U.S. jurisdictions, changing our operating model and outsourcing to, or insourcing from, third parties 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, such as cyber-attacks or other 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 increased operational risk, pricing and performance risk;

•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, financial condition, operating results and regulatory compliance;

•Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools;

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

•We may incur losses or face negative impacts on our business as a result of unforeseen events including terrorist attacks, natural disasters, climate change, pandemics, global conflicts, an abrupt banking crisis and other geopolitical events which may have a negative impact on our business and operations.

Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2023 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.

14

Document

Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
March 31, 2024
Table of Contents
GAAP-Basis Financial Information:
4-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
Selected Average Balances by Currency - Rates Earned and Paid 7
Investment Portfolio Holdings by Asset Class 8
Investment Portfolio Non-U.S. Investments 10
Assets Under Custody and/or Administration 11
Assets Under Management 12
Industry Flow Data by Asset Class 13
Line of Business Information 14
Allowance for Credit Losses 15
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information 16
Reconciliation of Pre-tax Margin Excluding Notable Items 19
Reconciliations of Constant Currency FX Impacts 20
Capital:
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity 21
Regulatory Capital 22
This financial information should be read in conjunction with State Street's news release dated April 12, 2024.
STATE STREET CORPORATION
--- --- --- --- --- --- --- --- --- --- --- --- ---
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted) 2020 2021 2022 2023
Year ended December 31:
Total fee revenue $ 9,499 $ 10,012 $ 9,606 $ 9,480
Net interest income 2,200 1,905 2,544 2,759
Other income 4 110 (2) (294)
Total revenue 11,703 12,027 12,148 11,945
Provision for credit losses 88 (33) 20 46
Total expenses 8,716 8,889 8,801 9,583
Income before income tax expense 2,899 3,171 3,327 2,316
Income tax expense 479 478 553 372
Net income 2,420 2,693 2,774 1,944
Net income available to common shareholders $ 2,257 $ 2,572 $ 2,660 $ 1,821
Per common share:
Diluted earnings per common share $ 6.32 $ 7.19 $ 7.19 $ 5.58
Average diluted common shares outstanding (in thousands) 357,106 357,962 370,109 326,568
Cash dividends declared per common share $ 2.08 $ 2.18 $ 2.40 $ 2.64
Closing price per share of common stock (at year end) 72.78 93.00 77.57 77.46
Average balance sheet:
Investment securities $ 109,175 $ 111,730 $ 111,929 $ 105,765
Total assets 269,334 299,743 286,430 274,696
Total deposits 193,225 235,404 222,874 205,111
Ratios and other metrics:
Return on average common equity 10.0 % 10.7 % 11.1 % 8.2 %
Pre-tax margin 24.8 26.4 27.4 19.4
Pre-tax margin, excluding notable items(1) 26.3 27.6 28.4 26.4
Net interest margin, fully taxable-equivalent basis 0.97 0.74 1.03 1.20
Common equity tier 1 ratio(2)(3) 12.3 14.3 13.6 11.6
Tier 1 capital ratio(2)(3) 14.4 16.1 15.4 13.4
Total capital ratio(2)(3) 15.3 17.5 16.8 15.2
Tier 1 leverage ratio(2) 6.4 6.1 6.0 5.5
Supplementary leverage ratio(2) 8.1 7.4 7.0 6.2
Assets under custody and/or administration (in trillions) $ 38.79 $ 43.68 $ 36.74 $ 41.81
Assets under management (in trillions) 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
(Dollars in millions, except per share amounts, or where otherwise noted) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Fee revenue:
Back office servicing fees $ 1,131 $ 1,164 $ 1,138 $ 1,128 $ 1,136 0.4 % 0.7 %
Middle office services 86 95 96 84 92 7.0 9.5
Servicing fees 1,217 1,259 1,234 1,212 1,228 0.9 1.3
Management fees 457 461 479 479 510 11.6 6.5
Foreign exchange trading services 342 303 313 307 331 (3.2) 7.8
Securities finance 109 117 103 97 96 (11.9) (1.0)
Front office software and data 109 162 130 179 144 32.1 (19.6)
Lending related and other fees 56 59 58 58 63 12.5 8.6
Software and processing fees 165 221 188 237 207 25.5 (12.7)
Other fee revenue 45 58 44 33 50 11.1 51.5
Total fee revenue 2,335 2,419 2,361 2,365 2,422 3.7 2.4
Net interest income:
Interest income 2,027 2,232 2,328 2,593 2,889 42.5 11.4
Interest expense 1,261 1,541 1,704 1,915 2,173 72.3 13.5
Net interest income 766 691 624 678 716 (6.5) 5.6
Other income:
Gains (losses) related to investment securities, net — — (294) — — — —
Total other income — — (294) — — — —
Total revenue 3,101 3,110 2,691 3,043 3,138 1.2 3.1
Provision for credit losses 44 (18) — 20 27 (38.6) 35.0
Expenses:
Compensation and employee benefits 1,292 1,123 1,082 1,247 1,252 (3.1) 0.4
Information systems and communications 414 405 411 473 432 4.3 (8.7)
Transaction processing services 239 235 241 242 248 3.8 2.5
Occupancy 94 103 101 128 103 9.6 (19.5)
Acquisition and restructuring costs — — — (15) — — nm
Amortization of other intangible assets 60 60 60 59 60 — 1.7
Other 270 286 285 688 418 54.8 (39.2)
Total expenses 2,369 2,212 2,180 2,822 2,513 6.1 (10.9)
Income before income tax expense 688 916 511 201 598 (13.1) nm
Income tax expense 139 153 89 (9) 135 (2.9) nm
Net income $ 549 $ 763 $ 422 $ 210 $ 463 (15.7) nm
STATE STREET CORPORATION
--- --- --- --- --- --- --- --- --- --- --- --- ---
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
Quarters % Change
(Dollars in millions, except per share amounts, or where otherwise noted) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Adjustments to net income:
Dividends on preferred stock $ (23) $ (37) $ (24) $ (38) $ (45) (95.7) % (18.4) %
Earnings allocated to participating securities (1) — — — — nm —
Net income available to common shareholders $ 525 $ 726 $ 398 $ 172 $ 418 (20.4) nm
Per common share:
Basic earnings $ 1.54 $ 2.20 $ 1.27 $ 0.56 $ 1.38 (10.4) nm
Diluted earnings 1.52 2.17 1.25 0.55 1.37 (9.9) nm
Average common shares outstanding (in thousands):
Basic 341,106 329,383 313,147 306,198 301,991 (11.5) (1.4)
Diluted 345,472 333,540 317,329 310,419 305,943 (11.4) (1.4)
Cash dividends declared per common share $ 0.63 $ 0.63 $ 0.69 $ 0.69 $ 0.69 9.5 —
Closing price per share of common stock (as of quarter end) 75.69 73.18 66.96 77.46 77.32 2.2 (0.2)
Book value per common share $ 67.69 $ 69.01 $ 70.14 $ 72.27 $ 72.85 7.6 0.8
Tangible book value per common share(1) 42.34 42.68 43.07 44.22 45.06 6.4 1.9
Balance sheet averages:
Investment securities $ 107,089 $ 107,550 $ 104,995 $ 103,474 $ 101,318 (5.4) (2.1)
Total assets 277,492 274,972 267,727 278,659 298,570 7.6 7.1
Total deposits 210,320 205,831 197,869 206,544 218,892 4.1 6.0
Ratios and other metrics:
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Effective tax rate % 16.7 % 17.4 % (4.4) % 22.5 % 2.3 % pts 26.9 % pts
Return on average common equity 13.0 7.3 3.1 7.7 (1.6) 4.6
Return on average tangible common equity(2) 18.0 16.5 13.6 12.4 (2.2) (1.2)
Pre-tax margin 29.5 19.0 6.6 19.1 (3.1) 12.5
Pre-tax margin, excluding notable items(3) 29.5 27.0 27.0 23.2 1.0 (3.8)
Net interest margin, fully taxable-equivalent basis 1.19 1.12 1.16 1.13 (0.18) (0.03)
Common equity tier 1 ratio(4)(5) 11.8 11.0 11.6 11.1 (1.0) (0.5)
Tier 1 capital ratio(4)(5) 13.6 12.7 13.4 13.2 (0.6) (0.2)
Total capital ratio(4)(5) 14.9 14.0 15.2 14.9 (0.3) (0.3)
Tier 1 leverage ratio(4) 5.8 5.8 5.5 5.4 (0.6) (0.1)
Supplementary leverage ratio(4) 6.4 6.3 6.2 6.5 (0.3) 0.3
End-of-period securities on loan(6) 362,438 $ 290,515 $ 280,408 $ 293,331 $ 339,940 (6.2) % 15.9 %
Assets under custody and/or administration (in billions) 39,589 40,017 41,810 43,912 16.7 5.0
Assets under management (in billions) 3,797 3,687 4,128 4,336 19.8 5.0
(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 March 31, 2024 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 355,150 million, 298,145 million, 283,855 million and 283,048 million in the first, second, third and fourth quarters of 2023, respectively, and 301,247 million in the first quarter of 2024.
nm Denotes not meaningful

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
% Change
(Dollars in millions, except per share amounts) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Assets:
Cash and due from banks $ 3,698 $ 3,930 $ 4,009 $ 4,047 $ 3,413 (7.7) % (15.7) %
Interest-bearing deposits with banks, net 87,935 86,048 76,756 87,665 125,486 42.7 43.1
Securities purchased under resale agreements 1,134 1,668 1,816 6,692 7,489 nm 11.9
Trading account assets 695 715 725 773 760 9.4 (1.7)
Investment securities:
Investment securities available-for-sale, net 42,841 43,046 41,546 44,526 48,640 13.5 9.2
Investment securities held-to-maturity, net(1) 65,027 63,510 61,956 57,117 52,914 (18.6) (7.4)
Total investment securities 107,868 106,556 103,502 101,643 101,554 (5.9) (0.1)
Loans 33,916 34,123 35,436 36,631 38,635 13.9 5.5
Allowance for credit losses on loans(2) 115 120 119 135 135 17.4 —
Loans, net 33,801 34,003 35,317 36,496 38,500 13.9 5.5
Premises and equipment, net(3) 2,337 2,349 2,334 2,399 2,479 6.1 3.3
Accrued interest and fees receivable 3,570 3,732 3,874 3,806 4,014 12.4 5.5
Goodwill 7,530 7,544 7,487 7,611 7,582 0.7 (0.4)
Other intangible assets 1,493 1,435 1,363 1,320 1,258 (15.7) (4.7)
Other assets 40,755 46,581 47,232 44,806 45,468 11.6 1.5
Total assets $ 290,816 $ 294,561 $ 284,415 $ 297,258 $ 338,003 16.2 13.7
Liabilities:
Deposits:
Non-interest-bearing $ 45,856 $ 36,455 $ 35,824 $ 32,569 $ 37,367 (18.5) 14.7
Interest-bearing - U.S. 108,623 122,676 118,561 121,738 148,485 36.7 22.0
Interest-bearing - Non-U.S. 69,152 63,185 58,616 66,663 66,032 (4.5) (0.9)
Total deposits(4) 223,631 222,316 213,001 220,970 251,884 12.6 14.0
Securities sold under repurchase agreements 3,695 4,294 3,097 1,867 3,576 (3.2) 91.5
Other short-term borrowings 8 53 8 3,660 11,541 nm nm
Accrued expenses and other liabilities 22,427 26,516 26,124 28,123 26,823 19.6 (4.6)
Long-term debt 16,305 17,178 18,564 18,839 19,746 21.1 4.8
Total liabilities 266,066 270,357 260,794 273,459 313,570 17.9 14.7
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding 742 742 742 742 — nm nm
Series F, 2,500 shares issued and outstanding 247 247 247 247 — nm nm
Series G, 5,000 shares issued and outstanding 493 493 493 493 493 — —
Series H, 5,000 shares issued and outstanding 494 494 494 494 494 — —
Series I, 15,000 shares issued and outstanding — — — — 1,481 nm nm
Common stock, 1 par, 750,000,000 shares authorized(5)(6) 504 504 504 504 504 — —
Surplus 10,724 10,729 10,735 10,741 10,724 — (0.2)
Retained earnings 27,342 27,808 27,993 27,957 28,166 3.0 0.7
Accumulated other comprehensive income (loss) (3,272) (3,258) (3,045) (2,354) (2,369) 27.6 (0.6)
Treasury stock, at cost(7) (12,524) (13,555) (14,542) (15,025) (15,060) (20.2) (0.2)
Total shareholders' equity 24,750 24,204 23,621 23,799 24,433 (1.3) 2.7
Total liabilities and equity $ 290,816 $ 294,561 $ 284,415 $ 297,258 $ 338,003 16.2 13.7
(1) Fair value of investment securities held-to-maturity $ 59,139 $ 56,863 $ 54,121 $ 51,503 $ 46,823
(2) Total allowance for credit losses including off-balance sheet commitments 162 136 134 150 146
(3) Accumulated depreciation for premises and equipment 5,918 6,035 6,148 6,062 6,193
(4) Average total deposits 210,320 205,831 197,869 206,544 218,892
(5) Common stock shares issued 503,879,642 503,879,642 503,879,642 503,879,642 503,879,642
(6) Total common shares outstanding 336,461,072 322,101,110 308,583,511 301,944,043 301,504,470
(7) Treasury stock shares 167,418,570 181,778,532 195,296,131 201,935,599 202,375,172
nm Denotes not meaningful

All values are in US Dollars.

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.
% Change
2Q23 3Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
(Dollars in millions; fully-taxable equivalent basis) 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 77,220 3.37 % $ 69,079 4.05 % $ 62,514 4.40 % $ 70,873 4.69 % $ 90,230 4.45 % 16.8 % 27.3 %
Securities purchased under resale agreements(2) 18.94 1,634 19.82 1,639 15.75 2,138 16.56 6,118 10.97 nm nm
Trading account assets — 704 — 728 — 745 — 767 — 15.0 3.0
Investment securities:
Investment securities available-for-sale, net 3.31 43,409 3.76 42,341 4.39 43,537 4.84 46,497 4.93 10.4 6.8
Investment securities held-to-maturity, net 1.97 64,141 1.99 62,654 2.00 59,937 2.05 54,821 2.14 (15.6) (8.5)
Total investment securities 2.50 107,550 2.71 104,995 2.97 103,474 3.23 101,318 3.42 (5.4) (2.1)
Loans(3) 4.80 34,235 5.18 34,525 5.65 36,887 5.72 37,747 5.82 12.6 2.3
Other interest-earning assets 5.71 18,783 6.09 18,089 6.60 18,117 6.59 18,153 6.92 4.4 0.2
Total interest-earning assets 3.46 231,985 3.86 222,490 4.16 232,234 4.43 254,333 4.57 7.1 9.5
Cash and due from banks 3,893 3,742 4,418 4,608 26.6 4.3
Other non-interest-earning assets 39,094 41,495 42,007 39,629 9.1 (5.7)
Total assets 277,492 $ 274,972 $ 267,727 $ 278,659 $ 298,570 7.6 7.1
Liabilities:
Interest-bearing deposits:
U.S. 105,261 3.00 % $ 109,015 3.48 % $ 110,343 3.83 % $ 116,077 4.06 % $ 129,846 4.22 % 23.4 11.9
Non-U.S.(4) 1.07 64,838 1.54 58,808 1.80 60,856 2.11 62,087 1.80 (6.4) 2.0
Total interest-bearing deposits(4) 2.25 173,853 2.75 169,151 3.13 176,933 3.39 191,933 3.44 11.8 8.5
Securities sold under repurchase agreements 0.84 4,266 1.25 3,908 0.61 3,048 0.70 3,122 5.06 (29.2) 2.4
Federal funds purchased — — — — — 1 5.48 — — nm nm
Other short-term borrowings 3.78 1,965 4.11 324 2.68 1,183 3.11 8,314 4.85 nm nm
Long-term debt 4.64 16,735 5.00 18,117 5.33 18,663 5.43 18,944 5.44 19.4 1.5
Other interest-bearing liabilities 13.49 3,595 11.74 4,267 11.37 4,606 11.66 4,430 12.29 43.9 (3.8)
Total interest-bearing liabilities 2.61 200,414 3.09 195,767 3.45 204,434 3.72 226,743 3.85 15.5 10.9
Non-interest-bearing deposits(5) 31,978 28,718 29,611 26,959 (30.3) (9.0)
Other non-interest-bearing liabilities 18,195 19,516 20,855 20,233 14.4 (3.0)
Preferred shareholders' equity 1,976 1,976 1,976 2,785 40.9 40.9
Common shareholders' equity 22,409 21,750 21,783 21,850 (4.5) 0.3
Total liabilities and shareholders' equity 277,492 $ 274,972 $ 267,727 $ 278,659 $ 298,570 7.6 7.1
Total deposits 210,320 $ 205,831 $ 197,869 $ 206,544 $ 218,892 4.1 6.0
Excess of rate earned over rate paid 0.86 % 0.77 % 0.70 % 0.71 % 0.72 %
Net interest margin 1.31 % 1.19 % 1.12 % 1.16 % 1.13 %
Net interest income, fully taxable-equivalent basis $ 768 $ 691 $ 626 $ 679 $ 717
Tax-equivalent adjustment (2) — (2) (1) (1)
Net interest income, GAAP-basis(4) $ 766 $ 691 $ 624 $ 678 $ 716
(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 117 billion, 140 billion, 138 billion and 167 billion in the first, second, third and fourth quarters of 2023, respectively, and approximately 172 billion in the first quarter of 2024. Excluding the impact of netting, the average interest rates would be approximately 0.26%, 0.23%, 0.19% and 0.21% in the first, second, third and fourth quarters of 2023, respectively, and approximately 0.38% in the first quarter of 2024.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately 33,422 million, 34,124 million, 34,407 million and 36,771 million in the first, second, third and fourth quarters of 2023 and approximately 37,626 million in the first quarter of 2024.
(4) Average rates includes the impact of FX swap expense of approximately (5) million, 22 million, 24 million and 13 million in the first, second, third and fourth quarters of 2023, respectively, and approximately (49) million in the first quarter of 2024. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 2.26%, 2.70%, 3.07% and 3.36% in the first, second, third and fourth quarters of 2023, respectively, and approximately 3.54% in the first quarter of 2024.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)
Other Total
(Dollars in millions, except where otherwise noted) Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates
Interest-bearing deposits with banks 5.54 % 3.83 % 5.11 % $ 13,590 1.70 % $ 90,230 4.45 %
Total investment securities 3.45 8,901 2.55 4,161 3.87 6,951 3.94 101,318 3.42
Loans 5.86 5,450 5.45 1,105 7.02 593 4.52 37,747 5.82
Total other interest-earning assets(2) 8.14 111 3.99 63 5.90 2,202 3.41 25,038 7.70
Total interest-earning assets 4.98 3.77 4.87 $ 23,336 2.61 $ 254,333 4.57
Total interest-bearing deposits(3)(4) 4.45 2.20 1.78 $ 19,457 (0.15) $ 191,933 3.44
Central Bank Rate(5) 5.50 4.00 5.25
Other Total
(Dollars in millions, except where otherwise noted) Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates
Interest-bearing deposits with banks 5.55 % 4.05 % 5.12 % $ 10,309 2.74 % $ 70,873 4.69 %
Total investment securities 3.27 8,694 2.31 4,245 3.20 6,737 3.81 103,474 3.23
Loans 5.67 5,197 5.82 1,223 6.95 633 4.80 36,887 5.72
Total other interest-earning assets(2) 7.95 201 4.22 54 5.62 2,389 3.23 21,000 7.37
Total interest-earning assets 4.68 3.87 4.61 $ 20,068 3.21 $ 232,234 4.43
Total interest-bearing deposits(3)(4) 4.32 2.07 1.59 $ 20,727 1.19 $ 176,933 3.39
Central Bank Rate(5) 5.50 4.00 5.25
Other Total
(Dollars in millions, except where otherwise noted) Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates
Interest-bearing deposits with banks 4.74 % 2.32 % 3.69 % $ 13,586 1.72 % $ 77,220 3.37 %
Total investment securities 2.68 9,038 1.12 3,834 1.78 7,607 2.40 107,089 2.50
Loans 4.91 4,902 4.12 1,041 5.16 760 4.97 33,517 4.80
Total other interest-earning assets(2) 7.04 369 4.37 126 4.17 1,593 2.72 19,703 6.62
Total interest-earning assets 3.95 2.29 3.24 $ 23,546 2.12 $ 237,529 3.46
Total interest-bearing deposits(3)(4) 3.23 0.90 0.82 $ 21,626 0.49 $ 171,617 2.25
Central Bank Rate(5) 4.69 2.41 3.85
(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 , European Central Bank Deposit Facility Rate for , and the Bank of England's Bank Rate for .

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
Quarters
1Q23 2Q23 3Q23 4Q23 1Q24
(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
Available-for-sale investment securities:
Government & agency securities $ 23.1 2.74 % $ 24.0 3.20 % $ 23.2 3.82 % $ 23.1 4.25 % $ 25.1 4.44 %
Asset-backed securities 5.9 4.43 5.8 5.06 5.9 5.63 6.6 5.67 6.9 5.61
Student loans 0.1 7.04 0.1 6.46 0.1 6.82 0.1 6.87 0.1 7.42
Credit cards 0.1 5.40 0.1 5.78 0.1 6.26 0.1 6.35 0.1 6.24
Auto & equipment 0.6 2.74 0.4 3.41 0.6 4.06 0.8 4.22 0.9 4.51
Non-U.S. residential mortgage backed securities 1.6 4.00 1.6 4.45 1.5 5.10 1.7 5.07 2.0 5.24
Collateralized loan obligation 3.2 4.91 3.3 5.60 3.4 6.18 3.6 6.30 3.6 6.08
Other 0.3 3.36 0.4 4.12 0.2 3.91 0.3 4.78 0.2 4.72
Mortgage-backed securities 2.2 3.72 2.9 4.53 3.7 4.88 4.7 5.52 5.6 5.44
Agency MBS 2.2 3.72 2.9 4.53 3.7 4.88 4.7 5.52 5.6 5.44
CMBS 6.9 4.60 6.6 5.26 6.1 5.73 5.9 5.88 5.6 5.81
Corporate bonds 2.3 2.39 2.4 2.65 2.2 3.05 2.5 4.18 2.7 4.34
Covered bonds — 0.65 — 0.69 — 0.66 — 0.65 — 3.63
Municipal bonds 0.5 2.91 0.6 0.89 0.5 3.29 0.4 3.41 0.2 2.78
Clipper tax-exempt bonds 0.3 4.40 0.2 4.67 0.2 4.45 0.1 4.45 0.1 4.41
Other 0.9 2.83 0.9 1.79 0.5 3.93 0.2 10.19 0.3 8.51
Total available-for-sale portfolio $ 42.1 3.31 $ 43.4 3.76 $ 42.3 4.39 $ 43.5 4.84 $ 46.5 4.93
1Q23 2Q23 3Q23 4Q23 1Q24
(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
Held-to-maturity investment securities:
Government & agency securities $ 18.8 0.88 % $ 18.9 0.88 % $ 18.5 0.87 % $ 16.9 0.92 % $ 12.7 0.96 %
Asset-backed securities 3.8 5.37 3.7 5.73 3.5 6.02 3.4 6.19 3.1 6.15
Student loans 3.8 5.37 3.7 5.73 3.5 6.02 3.4 6.19 3.1 6.15
Mortgage-backed securities 37.1 2.23 36.3 2.22 35.4 2.21 34.4 2.22 33.8 2.25
Agency MBS 37.1 2.23 36.3 2.21 35.4 2.20 34.4 2.22 33.8 2.24
Non-agency MBS — 16.04 — 18.87 — 20.90 — (12.34) — 47.98
CMBS 5.3 1.93 5.2 1.94 5.3 1.94 5.2 1.93 5.2 1.93
Total held-for-maturity portfolio $ 65.0 1.97 $ 64.1 1.99 $ 62.7 2.00 $ 59.9 2.05 $ 54.8 2.14
Total investment securities $ 107.1 2.50 $ 107.5 2.71 $ 105.0 2.97 $ 103.4 3.23 $ 101.3 3.42
STATE STREET CORPORATION
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS (continued)
(Dollars in billions, or where otherwise noted) AAA AA A BBB <BBB NR Fair Value % Total Net Unrealized Pre-tax MTM Gain/(Loss)<br><br>(In millions)(1) Fixed Rate/<br><br>Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities % 35 % 20 % — % — % 1 % — % $ 27.0 55.6 % $ (192) 90% /10%
Asset-backed securities 92 8 — — — — 7.1 14.6 (1) 0% / 100%
Student loans 14 77 9 — — — 0.1 1.4 1
Credit cards 100 — — — — — 0.1 1.4 1
Auto & equipment 72 28 — — — — 0.9 12.7 —
Non-U.S. residential mortgage backed securities 96 4 — — — — 2.0 28.2 (1)
Collateralized loan obligation 100 — — — — — 3.7 52.1 (3)
Other 56 44 — — — — 0.3 4.2 1
Mortgage-backed securities — — — — — — 5.8 11.9 (56) 99% / 1%
Agency MBS — — — — — — 5.8 100.0 (56)
CMBS 4 — — — — — 5.5 11.3 (62) 4% / 96%
Corporate bonds — 20 60 20 — — 2.5 5.1 12 85% / 15%
Covered bonds 100 — — — — — — — (1) 21% / 79%
Municipal bonds 47 53 — — — — 0.2 0.5 (2) 100% / 0%
Clipper tax-exempt bonds 2 84 14 — — — 0.1 0.2 (1) 0% / 100%
Other — 66 34 — — — 0.4 0.8 (15) 95% / 5%
Total available-for-sale portfolio % 34 % 14 % 3 % 1 % 1 % — % $ 48.6 100.0 % $ (318) 68% / 32%
Fair Value 22.8 $ 16.4 $ 6.9 $ 1.7 $ 0.6 $ 0.2 $ —
AAA AA A BBB <BBB NR Amortized Cost % Total Net Unrealized Pre-tax MTM Gain/(Loss)<br><br>(In millions)(1) Fixed Rate/<br><br>Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities % 19 % 19 % — % 7 % — % — % $ 11.1 21.0 % $ (314) 100% / 0%
Asset-backed securities 26 72 — — 2 — 3.1 5.9 (39) 5% / 95%
Student loans 26 72 — — 2 — 3.1 100.0 (39)
Mortgage-backed securities — — — — — — 33.5 63.3 (5,017) 100% / 0%
Agency MBS — — — — — — 33.5 100.0 (5,034)
Non-agency MBS 8 3 15 24 3 47 — — 17
CMBS — — — — — — 5.2 9.8 (723) 97% / 3%
Total held-for-maturity portfolio % 6 % 8 % — % 1 % — % — % $ 52.9 100.0 % $ (6,093) 94% / 6%
Amortized Cost 44.8 $ 2.9 $ 4.3 $ — $ 0.8 $ 0.1 $ —
Total Investment Securities(3) $ 101.5 82% / 18%
(1) At March 31, 2024, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of 234 million, after-tax unrealized loss on securities held-to-maturity of 4,492 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of 490 million.
(2) At March 31, 2024, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately 28 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 March 31, 2024, approximately 85% of our investment portfolio was held in HQLA.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS
Investment Securities
(Dollars in billions) Average Rating Gov't/Agency(1)(2) ABS<br>FRMBS ABS<br>All Other Corporate Bonds Other
Available-for-sale:
Canada 3.9 AA $ 3.2 $ — $ — $ 0.4 $ 0.3
United Kingdom AA 1.0 0.7 0.1 0.3 —
Australia AAA 0.2 0.9 0.1 0.4 —
Germany AA 1.1 — 0.4 0.1 —
France AA 0.4 — 0.9 0.2 —
Netherlands AA — 0.3 0.2 0.1 —
Austria AA 0.4 — 0.1 — —
Italy AA 0.1 0.1 0.2 — —
Hong Kong AA 0.3 — — — —
Sweden A — — — 0.3 —
Brazil BB 0.2 — — — —
Singapore AAA 0.2 — — — —
Spain A 0.1 — 0.1 — —
Republic of Korea AA 0.2 — — — —
Other AAA 7.9 — 0.1 0.5 —
Total Non-U.S. Investments(3) 22.1 $ 15.3 $ 2.0 $ 2.2 $ 2.3 $ 0.3
U.S. Investments
Total available-for-sale 48.6
Investment Securities
(Dollars in billions) Average Rating Gov't/Agency(1)(2) ABS<br>FRMBS ABS<br>All Other Corporate Bonds Other
Held-to-maturity:
Spain 0.8 BBB $ 0.8 $ — $ — $ — $ —
Belgium AA 0.4 — — — —
France AA 0.4 — — — —
Ireland AA 0.4 — — — —
Germany AA 0.2 — — — —
Austria AA 0.2 — — — —
Finland AA 0.1 — — — —
Canada AA 0.1 — — — —
Other AAA 2.5 — — — —
Total Non-U.S. Investments(3) 5.1 $ 5.1 $ — $ — $ — $ —
U.S. Investments
Total held-for-maturity 52.9
Total Investment Portfolio 101.5
(1) Sovereign debt is reflected in the government / agency column.
(2) As of March 31, 2024, other non-U.S. investments include supranational bonds of 7.9 billion in AFS securities and 2.4 billion in HTM securities.
(3) Country of collateral used except for corporates where country of issuer is used.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
Quarters % Change
(Dollars in billions) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs $ 12,748 $ 13,210 $ 13,145 $ 14,070 $ 14,694 15.3 % 4.4 %
Mutual funds 10,077 10,438 10,313 11,009 11,552 14.6 4.9
Pension products 7,871 8,037 8,255 8,352 8,800 11.8 5.4
Insurance and other products 6,939 7,904 8,304 8,379 8,866 27.8 5.8
Total Assets Under Custody and/or Administration $ 37,635 $ 39,589 $ 40,017 $ 41,810 $ 43,912 16.7 5.0
By Asset Class:
Equities $ 20,966 $ 22,454 $ 22,971 $ 24,317 $ 25,909 23.6 6.5
Fixed-income 10,645 10,812 10,688 11,043 11,368 6.8 2.9
Short-term and other investments(2) 6,024 6,323 6,358 6,450 6,635 10.1 2.9
Total Assets Under Custody and/or Administration $ 37,635 $ 39,589 $ 40,017 $ 41,810 $ 43,912 16.7 5.0
By Geographic Location(3):
Americas $ 27,599 $ 28,220 $ 28,237 $ 29,951 $ 31,610 14.5 5.5
Europe/Middle East/Africa 7,396 8,658 8,987 8,913 9,207 24.5 3.3
Asia/Pacific 2,640 2,711 2,793 2,946 3,095 17.2 5.1
Total Assets Under Custody and/or Administration $ 37,635 $ 39,589 $ 40,017 $ 41,810 $ 43,912 16.7 5.0
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs $ 10,935 $ 11,331 $ 11,250 $ 12,101 $ 12,717 16.3 5.1
Mutual funds 8,157 8,447 8,364 8,905 9,309 14.1 4.5
Pension products 6,355 6,485 6,679 6,825 7,235 13.8 6.0
Insurance and other products 2,706 2,778 2,820 2,784 2,898 7.1 4.1
Total Assets Under Custody $ 28,153 $ 29,041 $ 29,113 $ 30,615 $ 32,159 14.2 5.0
By Geographic Location(3):
Americas $ 21,019 $ 21,708 $ 21,578 $ 22,904 $ 24,241 15.3 5.8
Europe/Middle East/Africa 5,039 5,153 5,273 5,302 5,380 6.8 1.5
Asia-Pacific 2,095 2,180 2,262 2,409 2,538 21.1 5.4
Total Assets Under Custody $ 28,153 $ 29,041 $ 29,113 $ 30,615 $ 32,159 14.2 5.0
(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Short-term and other investments includes derivatives, cash and cash equivalents and other instruments.
(3) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(4) 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) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active $ 60 $ 59 $ 53 $ 47 $ 51 (15.0) % 8.5 %
Passive 2,153 2,288 2,161 2,466 2,662 23.6 7.9
Total Equity 2,213 2,347 2,214 2,513 2,713 22.6 8.0
Fixed-Income:
Active 85 84 80 71 27 (68.2) (62.0)
Passive 490 505 506 538 550 12.2 2.2
Total Fixed-Income 575 589 586 609 577 0.3 (5.3)
Cash(1) 375 390 434 467 481 28.3 3.0
Multi-Asset-Class Solutions:
Active 28 25 20 21 23 (17.9) 9.5
Passive 203 220 222 289 312 53.7 8.0
Total Multi-Asset-Class Solutions 231 245 242 310 335 45.0 8.1
Alternative Investments(2):
Active 35 38 21 11 11 (68.6) —
Passive 189 188 190 218 219 15.9 0.5
Total Alternative Investments 224 226 211 229 230 2.7 0.4
Total Assets Under Management $ 3,618 $ 3,797 $ 3,687 $ 4,128 $ 4,336 19.8 5.0
By Geographic Location:
North America $ 2,648 $ 2,785 $ 2,702 $ 3,029 $ 3,155 19.1 4.2
Europe/Middle East/Africa 521 553 534 602 671 28.8 11.5
Asia-Pacific 449 459 451 497 510 13.6 2.6
Total Assets Under Management $ 3,618 $ 3,797 $ 3,687 $ 4,128 $ 4,336 19.8 5.0
(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) $ 73 $ 70 $ 66 $ 73 $ 74 1.4 % 1.4 %
Equity 841 919 886 1,038 1,131 34.5 9.0
Fixed-Income 141 142 142 156 155 9.9 (0.6)
Multi-Asset 1 1 1 1 1 — —
Total Exchange-Traded Funds $ 1,056 $ 1,132 $ 1,095 $ 1,268 $ 1,361 28.9 7.3
(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
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EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS
(Dollars in billions) Quarters
1Q23 2Q23 3Q23 4Q23 1Q24
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
Long Term Funds(3) $ (57.5) $ (113.4) $ (111.4) $ (207.4) $ (2.3)
Money Market 445.1 175.4 132.4 154.4 (8.9)
ETF 78.7 136.2 110.2 265.2 190.4
Total Flows $ 466.3 $ 198.2 $ 131.2 $ 212.2 $ 179.2
EMEA-Morningstar Direct Market Data(1)(4)
Long Term Funds(3) $ 47.4 $ (13.2) $ (40.2) $ (66.3) $ (0.4)
Money Market 26.6 13.4 47.4 130.4 56.0
ETF 37.7 27.1 30.5 50.7 53.2
Total Flows $ 111.7 $ 27.3 $ 37.7 $ 114.8 $ 108.8
(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 first quarter of 2024 data for North America (US domiciled) includes Morningstar actuals for January and February 2024 and Morningstar estimates for March 2024.
(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 first quarter of 2024 data for Europe is on a rolling three month basis for December 2023 through February 2024, sourced by Morningstar.
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION
Three Months Ended,
Investment Servicing % Change Investment Management % Change Other(1) % Change Total % Change
(Dollars in millions) 1Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23 1Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23 1Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23 1Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Servicing fees $ 1,217 $ 1,212 $ 1,228 0.9 % 1.3 % $ — $ — $ — — % — % $ — $ — $ — — % — % $ 1,217 $ 1,212 $ 1,228 0.9 % 1.3 %
Management fees — — — — — 457 479 510 11.6 6.5 — — — — — 457 479 510 11.6 6.5
Foreign exchange trading services 321 265 308 (4.0) 16.2 21 42 23 9.5 (45.2) — — — — — 342 307 331 (3.2) 7.8
Securities finance 103 92 90 (12.6) (2.2) 6 5 6 — 20.0 — — — — — 109 97 96 (11.9) (1.0)
Software and processing fees 165 237 207 25.5 (12.7) — — — — — — — — — — 165 237 207 25.5 (12.7)
Other fee revenue 28 21 43 53.6 nm 17 12 7 (58.8) (41.7) — — — — — 45 33 50 11.1 51.5
Total fee revenue 1,834 1,827 1,876 2.3 2.7 501 538 546 9.0 1.5 — — — — — 2,335 2,365 2,422 3.7 2.4
Net interest income 762 671 711 (6.7) 6.0 4 7 5 25.0 (28.6) — — — — — 766 678 716 (6.5) 5.6
Total revenue 2,596 2,498 2,587 (0.3) 3.6 505 545 551 9.1 1.1 — — — — — 3,101 3,043 3,138 1.2 3.1
Provision for credit losses 44 20 27 (38.6) 35.0 — — — — — — — — — — 44 20 27 (38.6) 35.0
Total expenses 1,978 1,787 1,963 (0.8) 9.8 386 414 420 8.8 1.4 5 621 130 nm nm 2,369 2,822 2,513 6.1 (10.9)
Income before income tax expense $ 574 $ 691 $ 597 4.0 (13.6) $ 119 $ 131 $ 131 10.1 — $ (5) $ (621) $ (130) nm nm $ 688 $ 201 $ 598 (13.1) nm
Pre-tax margin 22.1 % 27.7 % 23.1 % 1.0 % (4.6) % pts 23.6 % 24.0 % 23.8 % 0.2 % (0.2) % pts 22.2 % 6.6 % 19.1 % (3.1) % 12.5 % 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
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EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
Quarters % Change
(Dollars in millions) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Allowance for credit losses:
Beginning balance $ 121 $ 162 $ 136 $ 134 $ 150 24.0 % 11.9 %
Provision for credit losses (funded commitments) 21 12 1 20 31 47.6 55.0
Provision for credit losses (unfunded commitments) (7) (1) (1) — (4) (42.9) nm
Provision for credit losses (investment securities and all other) 30 (29) — — — nm —
Total provision 44 (18) — 20 27 (38.6) 35.0
Charge-offs (3) (8) (2) (4) (31) nm nm
Ending balance(1) $ 162 $ 136 $ 134 $ 150 $ 146 (9.9) (2.7)
Allowance for credit losses:
Loans $ 115 $ 120 $ 119 $ 135 $ 135 17.4 —
Investment securities 2 — 1 1 1 (50.0) —
Unfunded (off-balance sheet) commitments 16 15 14 14 10 (37.5) (28.6)
All other 29 1 — — — nm —
Ending balance(1) $ 162 $ 136 $ 134 $ 150 $ 146 (9.9) (2.7)
(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
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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
(Dollars in millions) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Fee Revenue:
Total fee revenue, GAAP-basis $ 2,335 $ 2,419 $ 2,361 $ 2,365 $ 2,422 3.7 % 2.4 %
Total fee revenue, excluding notable items $ 2,335 $ 2,419 $ 2,361 $ 2,365 $ 2,422 3.7 2.4
Total Revenue:
Total revenue, GAAP-basis $ 3,101 $ 3,110 $ 2,691 $ 3,043 $ 3,138 1.2 % 3.1 %
Less: Notable items:
(Gains) losses related to investment securities, net(1) — — 294 — — — —
Total revenue, excluding notable items $ 3,101 $ 3,110 $ 2,985 $ 3,043 $ 3,138 1.2 3.1
Expenses:
Total expenses, GAAP-basis $ 2,369 $ 2,212 $ 2,180 $ 2,822 $ 2,513 6.1 % (10.9) %
Less: Notable items:
Acquisition and restructuring costs(2) — — — 15 — — nm
Repositioning charges(3) — — — (203) — — nm
FDIC special assessment(4) — — — (387) (130) nm (66.4)
Other notable items(5) — — — (45) — — nm
Total expenses, excluding notable items 2,369 2,212 2,180 2,202 2,383 0.6 8.2
Seasonal expenses (181) — — — (162) (10.5) nm
Total expenses, excluding notable items and seasonal expenses $ 2,188 $ 2,212 $ 2,180 $ 2,202 $ 2,221 1.5 0.9
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis $ 2,335 $ 2,419 $ 2,361 $ 2,365 $ 2,422 3.7 % 2.4 %
Total expenses, GAAP-basis 2,369 2,212 2,180 2,822 2,513 6.1 (10.9)
Fee operating leverage, GAAP-basis(6) (2.4) % pts 13.3 % pts
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above) $ 2,335 $ 2,419 $ 2,361 $ 2,365 $ 2,422 3.7 % 2.4 %
Total expenses, excluding notable items (as reconciled above) 2,369 2,212 2,180 2,202 2,383 0.6 8.2
Fee operating leverage, excluding notable items(7) 3.1 % pts (5.8) % pts
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis $ 3,101 $ 3,110 $ 2,691 $ 3,043 $ 3,138 1.2 % 3.1 %
Total expenses, GAAP-basis 2,369 2,212 2,180 2,822 2,513 6.1 (10.9)
Operating leverage, GAAP-basis(8) (4.9) % pts 14.0 % pts
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above) $ 3,101 $ 3,110 $ 2,985 $ 3,043 $ 3,138 1.2 % 3.1 %
Total expenses, excluding notable items (as reconciled above) 2,369 2,212 2,180 2,202 2,383 0.6 8.2
Operating leverage, excluding notable items(9) 0.6 % pts (5.1) % pts
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
Quarters % Change
(Dollars in millions, except earnings per share, or where otherwise noted) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Income before income tax expense:
Income before income tax expense GAAP-basis A $ 688 $ 916 $ 511 $ 201 $ 598 (13.1) % nm
Less: Notable items
(Gains) losses related to investment securities, net(1) — — 294 — —
Acquisition and restructuring costs(2) — — — (15) —
Repositioning charges(3) — — — 203 —
FDIC special assessment(4) — — — 387 130
Other notable items(5) — — — 45 —
Income before income tax expense, excluding notable items B $ 688 $ 916 $ 805 $ 821 $ 728 5.8 % (11.3) %
Net Income:
Net Income GAAP-basis $ 549 $ 763 $ 422 $ 210 $ 463 (15.7) % nm
Less: Notable items
(Gains) losses related to investment securities, net(1) — — 294 — —
Acquisition and restructuring costs(2) — — — (15) —
Repositioning charges(3) — — — 203 —
FDIC special assessment(4) — — — 387 130
Other notable items(5) — — — 45 —
Tax impact of notable items — — (79) (156) (31)
Net Income, excluding notable items $ 549 $ 763 $ 637 $ 674 $ 562 2.4 % (16.6) %
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis $ 525 $ 726 $ 398 $ 172 $ 418 (20.4) % nm
Less: Notable items
(Gains) losses related to investment securities, net(1) — — 294 — —
Acquisition and restructuring costs(2) — — — (15) —
Repositioning charges(3) — — — 203 —
FDIC special assessment(4) — — — 387 130
Other notable items(5) — — — 45 —
Tax impact of notable items — — (79) (156) (31)
Net Income Available to Common Shareholders, excluding notable items $ 525 $ 726 $ 613 $ 636 $ 517 (1.5) % (18.7) %
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis $ 1.52 $ 2.17 $ 1.25 $ 0.55 $ 1.37 (9.9) % nm
Less: Notable items
(Gains) losses related to investment securities, net(1) — — 0.68 — —
Acquisition and restructuring costs(2) — — — (0.04) —
Repositioning charges(3) — — — 0.50 —
FDIC special assessment(4) — — — 0.94 0.32
Other notable items(5) — — — 0.09 —
Diluted earnings per share, excluding notable items $ 1.52 $ 2.17 $ 1.93 $ 2.04 $ 1.69 11.2 % (17.2) %
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
% Change
(Dollars in millions, except earnings per share, or where otherwise noted) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24<br> vs. <br>1Q23 1Q24<br> vs. <br>4Q23
Pre-tax Margin:
Pre-tax margin, GAAP-basis 22.2 % 29.5 % 19.0 % 6.6 % 19.1 % (3.1) % pts 12.5 % pts
Less: Notable items
(Gains) losses related to investment securities, net(1) — — 8.0 — —
Acquisition and restructuring costs(2) — — — (0.5) —
Repositioning charges(3) — — — 6.7 —
FDIC special assessment(4) — — — 12.7 4.1
Other notable items(5) — — — 1.5 —
Pre-tax margin, excluding notable items 22.2 % 29.5 % 27.0 % 27.0 % 23.2 % 1.0 (3.8)
Return on Average Common Equity:
Return on average common equity, GAAP-basis 9.3 % 13.0 % 7.3 % 3.1 % 7.7 % (1.6) % pts 4.6 % pts
Less: Notable items
(Gains) losses related to investment securities, net(1) — — 5.4 — —
Acquisition and restructuring costs(2) — — — (0.3) —
Repositioning charges(3) — — — 3.7 —
FDIC special assessment(4) — — — 7.0 2.4
Other notable items(5) — — — 0.9 —
Tax impact of notable items — — (1.5) (2.8) (0.6)
Return on average common equity, excluding notable items 9.3 % 13.0 % 11.2 % 11.6 % 9.5 % 0.2 (2.1)
Effective Tax Rate:
Effective tax rate, GAAP-basis 20.2 % 16.7 % 17.4 % (4.4) % 22.5 % 2.3 % pts 26.9 % pts
Less: Notable items
(Gains) losses related to investment securities, net(1) — — 3.5 — —
Acquisition and restructuring costs(2) — — — (0.5) —
Repositioning charges(3) — — — 7.3 —
FDIC special assessment(4) — — — 13.9 0.3
Other notable items(5) — — — 1.6 —
Effective tax rate, excluding notable items 20.2 % 16.7 % 20.9 % 17.9 % 22.8 % 2.6 4.9
(1) Loss on the sale of investment securities of 294 million related to the repositioning of certain investment securities.
(2) Acquisition and restructuring costs related to the BBH Investor Services acquisition transaction that State Street is no longer pursuing.
(3) 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.
(4) In 2024 and 2023, FDIC special assessment of 130 million and 387 million, respectively, reflected in other expenses.
(5) Charges of 41 million in information systems and communications and 4 million, net, in other expenses, primarily associated with operating model changes.
(6) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(7) 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.
(8) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(9) 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

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS
(Dollars in millions) 2020 2021 2022 2023
Total revenue:
Total revenue, GAAP-basis $ 11,703 $ 12,027 $ 12,148 $ 11,945
Less: Fees revenue — — (23) —
Less: Total other income — (111) — —
Add: (Gains) losses related to investment securities, net — — — 294
Total revenue, excluding notable items 11,703 11,916 12,125 12,239
Provision for credit losses 88 (33) 20 46
Total expenses:
Total expenses, GAAP-basis 8,716 8,889 8,801 9,583
Less: Notable expense items:
Acquisition and restructuring costs (50) (65) (65) 15
Deferred incentive compensation expense acceleration — (147) — —
Legal and other 9 (18) — —
Repositioning (charges) / release (133) 3 (70) (203)
FDIC special assessment — — — (387)
Other notable items — — — (45)
Total expenses, excluding notable items 8,542 8,662 8,666 8,963
Income before income tax expense, excluding notable items $ 3,073 $ 3,287 $ 3,439 $ 3,230
Income before income tax expense, GAAP-basis $ 2,899 $ 3,171 $ 3,327 $ 2,316
Pre-tax margin, excluding notable items 26.3 % 27.6 % 28.4 % 26.4 %
Pre-tax margin, GAAP-basis 24.8 26.4 27.4 19.4
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis QTD Comparison Currency Translation Impact Excluding Currency Impact % Change Constant Currency
(Dollars in millions) 4Q23 1Q24 1Q24 vs. 1Q23 1Q24 vs. 4Q23 1Q24 vs. 1Q23 1Q24 vs. 4Q23 1Q24 vs. 1Q23 1Q24 vs. 4Q23
GAAP-Basis Results:
Fee revenue:
Back office servicing fees 1,131 $ 1,128 $ 1,136 $ 2 $ 3 $ 1,134 $ 1,133 0.3 % 0.4 %
Middle office services 84 92 1 1 91 91 5.8 8.3
Servicing fees 1,212 1,228 3 4 1,225 1,224 0.7 1.0
Management fees 479 510 (1) 1 511 509 11.8 6.3
Foreign exchange trading services 307 331 — — 331 331 (3.2) 7.8
Securities finance 97 96 — — 96 96 (11.9) (1.0)
Front office software and data 179 144 1 — 143 144 31.2 (19.6)
Lending related and other fees 58 63 — — 63 63 12.5 8.6
Software and processing fees 237 207 1 — 206 207 24.8 (12.7)
Other fee revenue 33 50 — — 50 50 11.1 51.5
Total fee revenue 2,365 2,422 3 5 2,419 2,417 3.6 2.2
Net interest income 678 716 5 5 711 711 (7.2) 4.9
Total revenue 3,101 $ 3,043 $ 3,138 $ 8 $ 10 $ 3,130 $ 3,128 0.9 2.8
Expenses:
Compensation and employee benefits 1,292 $ 1,247 $ 1,252 $ 6 $ 6 $ 1,246 $ 1,246 (3.6) (0.1)
Information systems and communications 473 432 1 1 431 431 4.1 (8.9)
Transaction processing services 242 248 1 1 247 247 3.3 2.1
Occupancy 128 103 1 1 102 102 8.5 (20.3)
Acquisition and restructuring costs (15) — — — — — nm nm
Amortization of other intangible assets 59 60 — — 60 60 — 1.7
Other 688 418 — — 418 418 54.8 (39.2)
Total expenses 2,369 $ 2,822 $ 2,513 $ 9 $ 9 $ 2,504 $ 2,504 5.7 (11.3)
Total expenses, excluding notable items - Non-GAAP 2,369 $ 2,202 $ 2,383 $ 9 $ 9 $ 2,374 $ 2,374 0.2 7.8
Total non-compensation expenses, excluding notable items - Non-GAAP(1) 1,137 1,131 3 3 1,128 1,128 4.7 (0.8)
(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 1,252 million in the first quarter of 2024, 1,065 million in the fourth quarter of 2023 and 1,292 million in the first quarter of 2023.
nm Denotes not meaningful

All values are in US Dollars.

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) 1Q23 2Q23 3Q23 4Q23 1Q24
Tangible common equity - period end:
Total shareholders' equity $ 24,750 $ 24,204 $ 23,621 $ 23,799 $ 24,433
Less:
Preferred stock 1,976 1,976 1,976 1,976 2,468
Common shareholders' equity 22,774 22,228 21,645 21,823 21,965
Less:
Goodwill 7,530 7,544 7,487 7,611 7,582
Other intangible assets 1,493 1,435 1,363 1,320 1,258
Plus related deferred tax liabilities 496 499 497 461 460
Tangible common shareholders' equity - Non-GAAP $ 14,247 $ 13,748 $ 13,292 $ 13,353 $ 13,585
Tangible common equity - average:
Average common shareholders' equity $ 22,875 $ 22,409 $ 21,750 $ 21,783 $ 21,850
Less:
Average goodwill 7,505 7,536 7,540 7,561 7,589
Average other intangible assets 1,516 1,462 1,402 1,336 1,287
Plus related deferred tax liabilities 495 497 498 479 460
Average tangible common shareholders' equity - Non-GAAP $ 14,349 $ 13,908 $ 13,306 $ 13,365 $ 13,434
Net income available to common shareholders $ 525 $ 726 $ 398 $ 172 $ 418
Total common shares outstanding - period end (in thousands) 336,461 322,101 308,584 301,944 301,504
Return on tangible common equity - Non-GAAP 14.6 % 18.0 % 16.5 % 13.6 % 12.4 %
Book value per common share $ 67.69 $ 69.01 $ 70.14 $ 72.27 $ 72.85
Tangible book value per common share - Non-GAAP 42.34 42.68 43.07 44.22 45.06
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
Basel III Advanced Approaches(1) Basel III Standardized Approach(2)
(Dollars in millions) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q23 2Q23 3Q23 4Q23 1Q24
Ratios and Supporting Calculations:
Common equity tier 1 capital A $ 14,029 $ 13,496 $ 13,004 $ 12,971 $ 13,167 $ 14,029 $ 13,496 $ 13,004 $ 12,971 $ 13,167
Total risk-weighted assets B 108,296 106,521 106,846 107,453 112,161 115,582 114,022 118,008 111,703 118,613
Common equity tier 1 risk-based capital ratio A/B 13.0 % 12.7 % 12.2 % 12.1 % 11.7 % 12.1 % 11.8 % 11.0 % 11.6 % 11.1 %
Tier 1 capital C $ 16,005 $ 15,472 $ 14,980 $ 14,947 $ 15,636 $ 16,005 $ 15,472 $ 14,980 $ 14,947 $ 15,636
Tier 1 risk-based capital ratio C/B 14.8 % 14.5 % 14.0 % 13.9 % 13.9 % 13.8 % 13.6 % 12.7 % 13.4 % 13.2 %
Total capital D $ 17,374 $ 16,854 $ 16,357 $ 16,817 $ 17,505 $ 17,535 $ 16,982 $ 16,488 $ 16,967 $ 17,651
Total risk-based capital ratio D/B 16.0 % 15.8 % 15.3 % 15.7 % 15.6 % 15.2 % 14.9 % 14.0 % 15.2 % 14.9 %
Tier 1 capital E $ 16,005 $ 15,472 $ 14,980 $ 14,947 $ 15,636 $ 16,005 $ 15,472 $ 14,980 $ 14,947 $ 15,636
Leverage exposure(3) F 268,747 266,240 259,086 269,807 289,772 268,747 266,240 259,086 269,807 289,772
Tier 1 leverage ratio E/F 6.0 % 5.8 % 5.8 % 5.5 % 5.4 % 6.0 % 5.8 % 5.8 % 5.5 % 5.4 %
On-and off-balance sheet leverage exposure $ 244,049 $ 249,353 $ 246,948 $ 248,371 $ 249,668 $ 244,049 $ 249,353 $ 246,948 $ 248,371 $ 249,668
Less: regulatory deductions (8,745) (8,732) (8,641) (8,852) (8,798) (8,745) (8,732) (8,641) (8,852) (8,798)
Total leverage exposure for SLR G 235,304 240,621 238,307 239,519 240,870 235,304 240,621 238,307 239,519 240,870
Supplementary leverage ratio(4) E/G 6.8 % 6.4 % 6.3 % 6.2 % 6.5 % 6.8 % 6.4 % 6.3 % 6.2 % 6.5 %
(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 March 31, 2024 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 March 31, 2024 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.

22

stt1q24earningspresentat

1 NYSE: STT April 12, 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 first quarter 2024 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. No other information on our website is 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 All comparisons are to corresponding prior year period unless otherwise noted Financial performance • EPS of $1.37, down (10)%; $1.69 ex-notable items, up 11%A • Total revenue of $3.1B, up 1% YoY – Fee revenue up 4%, reflecting higher Management fees, Front office software and data revenue, and Servicing fees, partially offset by lower Securities finance and FX trading services revenues – NII down (7)% largely due to a deposit mix shift and lower average non-interest-bearing deposit balances, partially offset by the impact of higher average interest rates, client lending growth, and investment portfolio positions • Total expenses of $2.5B, up 6%, primarily driven by a $130M notable item representing the increased FDIC special assessment – Up 1% ex-notables, as continued business investments were largely offset by productivity savingsA • Operating leverage of (4.9)%pts; 0.6%pts ex-notablesA – Fee operating leverage of (2.4)%pts; 3.1%pts ex-notablesA Business momentum Investment Servicing • New servicing fee revenue wins of $67M primarily related to Back office wins across Asset Managers and Alternatives client segments in North America and Europe1 • Record AUC/A of $43.9T at quarter-end; AUC/A wins of $474B and AUC/A yet to be installed of $2.6T2 • State Street Alpha® reported 2 new Alpha mandates, including our second win associated with Alpha for Private Markets2 • ARR for Front office software solutions of $326M, up 19%, driven by continued SaaS client implementations and conversions3 • Completed the acquisition of CF Global Trading, strengthening State Street’s outsourced trading services capabilities in Europe Investment Management • Record AUM of $4.3T at quarter-end, with continued market share gains in U.S. Low Cost ETFs2 Transformation • Closed the second consolidation of an operations joint venture in India, advancing our productivity and transformation effortsB Balance sheet and capital • CET1 ratio of 11.1% at quarter end4 • Returned $308M of capital in 1Q24, consisting of $100M in common share repurchases and $208M of declared common stock dividends A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. B Consolidation occurred on April 1, 2024. Refer to the Appendix included with this presentation for endnotes 1 to 23.

4 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. B FDIC special assessment of $387M in 4Q23 and $130M in 1Q24 reflected in Other expenses. C 4Q23 net repositioning charges of $203M represents $182M related to Compensation and employee benefits and $21M related to Occupancy costs. D 4Q23 Other notable items (net) of $30M represents $41M in Information Systems and Communications and $4M in Other expenses, primarily associated with operating model changes, partially offset by Acquisition and restructuring benefit of $15M. Financial results 1Q23 4Q23 1Q24 FDIC special assessmentB - ($387) ($130) Net repositioning chargesC - (203) - Other notable items (net)D - (30) - Total notable items (pre-tax) - ($620) ($130) Income tax impact from notable items - (156) (31) EPS impact - ($1.49) ($0.32) ($M, except EPS data) Quarters Notable items (GAAP; $M, except EPS data, or where otherwise noted) 1Q23 4Q23 1Q24 4Q23 1Q23 Revenue: Back office servicing fees $1,131 $1,128 $1,136 1% 0% Middle office services 86 84 92 10 7 Servicing fees 1,217 1,212 1,228 1 1 Management fees 457 479 510 6 12 Foreign exchange trading services 342 307 331 8 (3) Securities finance 109 97 96 (1) (12) Front office software and data 109 179 144 (20) 32 Lending related and other fees 56 58 63 9 13 Software and processing fees 165 237 207 (13) 25 Other fee revenue 45 33 50 52 11 Total fee revenue 2,335 2,365 2,422 2 4 Net interest income 766 678 716 6 (7) Total revenue $3,101 $3,043 $3,138 3% 1% Provision for credit losses 44 20 27 35% (39)% Total expenses $2,369 $2,822 $2,513 (11)% 6% Net income before income taxes $688 $201 $598 nm (13)% Net income $549 $210 $463 nm (16)% Diluted earnings per share $1.52 $0.55 $1.37 nm (10)% Return on average common equity 9.3% 3.1% 7.7% 4.6%pts (1.6)%pts Pre-tax margin 22.2% 6.6% 19.1% 12.5%pts (3.1)%pts Tax rate 20.2% (4.4%) 22.5% 26.9%pts 2.3%pts Ex-notable items, non-GAAP A: Total revenue $3,101 $3,043 $3,138 3% 1% Total expenses $2,369 $2,202 $2,383 8% 1% EPS $1.52 $2.04 $1.69 (17)% 11% Return on average common equity 9.3% 11.6% 9.5% (2.1)%pts 0.2%pts Pre-tax margin 22.2% 27.0% 23.2% (3.8)%pts 1.0%pts Tax Rate 20.2% 17.9% 22.8% 4.9%pts 2.6%pts Quarters %∆

5 AUC/A ($T, as of period-end) 2 Market indices5 • Up 17% YoY largely driven by higher quarter-end market levels, net new business and client flows • Up 5% QoQ primarily due to higher quarter-end market levels and client flows • Up 20% YoY reflecting higher quarter- end market levels and net inflows • Up 5% QoQ primarily due to higher quarter-end market levels AUM ($B, as of period-end) 2 +5% +5% $37.6 $41.8 $43.9 1Q23 4Q23 1Q24 1Q23 4Q23 1Q24 $3,618 $4,128 $4,336 +17% +20% A Line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 23. Select industry flows6 1Q23 4Q23 1Q24 Long Term Funds $(58) $(207) $(2) Money Market 445 154 (9) ETF 79 265 190 North America Total 466 212 179 EMEA Total 112 115 109 Total flowsA ($B) 4Q23 1Q23 Equity & Bond Indices: EOP 10% 28% Daily Avg 12 25 EOP 5 12 Daily Avg 9 10 EOP 2 5 Daily Avg 5 1 EOP 8 21 Daily Avg 10 18 EOP (2) 0 Daily Avg 3 1 Volatility Indices: VIX Daily Avg (10)% (34)% JPM G7 FX Daily Avg (7) (29) JPM EM FX Daily Avg (15) (37) Specials Volumes: S&P Global Industry Specials Avg Volumes (6)% (32)% (% change) 1Q24 vs S&P 500 MSCI EAFE MSCI EM MSCI ACWI Bloomberg Global Agg

6 Servicing fees of $1,228M up 1% YoY and QoQA • Up 1% YoY primarily from higher average market levels, partially offset by pricing headwinds, lower client activity/adjustments including changes in client asset mix, and a previously disclosed client transition • Up 1% QoQ mainly due to higher average market levels, partially offset by lower client activity/adjustments including changes in client asset mix, and pricing headwinds Servicing fees ($M) 1Q24 performance 1,131 1,164 1,138 1,128 1,136 86 1Q23 95 2Q23 96 3Q23 84 4Q23 92 1Q24 $1,217 $1,259 $1,234 $1,212 $1,228 $3,101 $3,110 $2,691 $3,043 $3,138 YoY +1% QoQ +3% Total revenue Asset Services business momentum • New 1Q24 servicing fee revenue wins of $67M primarily related to Back office wins across Asset Managers and Alternatives client segments in North America and Europe1 • $291M of servicing fee revenue to be installed as of quarter-end, up $71M YoY and $21M QoQ1,2 • $474B in new servicing AUC/A wins, with the majority from the Asset Managers segment in both North America and Europe2 A Servicing fees were positively impacted by currency translation both YoY and QoQ by $3M and $4M, respectively. Refer to the Appendix included with this presentation for endnotes 1 to 23. +1% +1% Back office servicing fees Middle office services Flat +7% YoY % $112 $141 $149 $501 $474 3,647 2,365 2,255 2,302 2,576 68 39 91 103 67 Performance indicators AUC/A wins2 ($B) AUC/A to be installed2 ($B) Servicing fee rev. wins1 ($M)

7 • ETFs: Overall flows were relatively flat, while SPDR® Portfolio U.S. Low-Cost suite experienced positive net inflows of $13B and sustained market share gains with record AUM of ~$200B • Institutional: Net outflows primarily driven by a single client; continued momentum in U.S. Defined Contribution with record AUM of ~$730B • Cash: Strong net inflows of $9B, marking the fourth consecutive quarter of positive net inflows for our Cash business Management fees ($M) 1Q24 performance Management fees of $510M up 12% YoY and 6% QoQA • Up 12% YoY primarily due to higher average market levels and net inflows from prior periods, partially offset by the impacts of a strategic ETF product suite repricing initiative • Up 6% QoQ mainly driven by higher average market levels and net inflows from prior periods, partially offset by lower performance fees Performance indicators ($B) 2 1Q23 2Q23 3Q23 4Q23 1Q24 $457 $461 $479 $479 $510 Investment Management business momentum2 +6% AUM $3,618 $3,797 $3,687 $4,128 $4,336 Net flows (QoQ) (26) 38 10 103 (9) A Management fees were negatively impacted by currency translation YoY by $1M and positively impacted by currency translation QoQ by $1M. Refer to the Appendix included with this presentation for endnotes 1 to 23. +12% $3,101 $3,110 $2,691 $3,043 $3,138 YoY +1% QoQ +3% Total revenue

8 Markets, Software & processing, and Other fees ($M) 45 58 44 33 50 165 221 188 237 207 109 117 103 97 96 342 303 313 307 331 1Q23 2Q23 3Q23 4Q23 1Q24 $661 $699 $648 $674 $684 FX trading Securities finance Software & processing (3)% (12)% +25% YoY % Other fees7 +11% • FX trading services of $331M – Down (3)% YoY mainly due to lower spreads associated with subdued FX volatility, partially offset by higher volumes – Up 8% QoQ primarily reflecting higher volumes and Direct FX spreads • Securities finance of $96M – Down (12)% YoY mainly due to lower Agency balances and lower spreads primarily due to muted industry specials activity – Down (1)% QoQ primarily due to lower spreads, partially offset by higher balances • Software and processing fees of $207M – Up 25% YoY mainly driven by higher Front office software and data revenue associated with CRD – Down (13)% QoQ primarily due to lower On-premises renewals in Front office software and data, partially offset by higher Lending related and other fees • Other fee revenue of $50M7 – Increased $5M YoY primarily due to a tax credit investment accounting change, partially offset by lower positive fair value adjustments on equity investments8 – Increased $17M QoQ primarily driven by the absence of the impact of the Argentine peso devaluation $3,101 $3,110 $2,691 $3,043 $3,138 YoY +1% QoQ +3% Total Revenue 1Q24 performance Refer to the Appendix included with this presentation for endnotes 1 to 23.

9 • 1Q24 ARR increased 19% YoY driven by 20+ SaaS client implementations and conversions since 1Q23 • Reported 2 new Alpha mandates, including our second win associated with Alpha for Private Markets2 • 3 mandates went live in 1Q24, bringing the total to 21 live mandates 78 82 85 89 94 22 29 27 33 31 47 52 1Q23 2Q23 14 3Q23 4Q23 15 1Q24 $109 $162 $130 $179 $144 Refer to the Appendix included with this presentation for endnotes 1 to 23. -20% +32% • Up 32% YoY primarily due to continued SaaS implementations and conversions, driving Professional services and Software-enabled revenue growth • Down (20)% QoQ primarily driven by lower On-premises renewals and installations ($M) 1Q23 4Q23 1Q24 Front office metrics New bookings11 $2 $32 $10 ARR3 273 315 326 Uninstalled revenue backlog12 100 100 102 Middle office metric Uninstalled revenue backlog13 104 102 106 Alpha metrics # of mandate wins2 1 4 2 Live mandates to-date 12 18 21 Professional services Software- enabled (incl. SaaS)10 On-premises10 25% YoY Growth Business momentum Front office software and data ($M) 9 Future growth driven by Front, Middle and Alpha 1Q24 performance 6 $3,101 $3,110 $2,691 $3,043 $3,138 YoY +1% QoQ +3% Total revenue

10 NII and NIM ($M) 14 Average balance sheet highlights ($B) A A Line items are rounded. Refer to the Appendix included with this presentation for endnotes 1 to 23. 1Q23 2Q23 3Q23 4Q23 1Q24 Total assets $277 $275 $268 $279 $299 Cash15 81 73 66 75 95 Investment portfolio 107 108 105 103 101 HTM % (EOP) 60% 60% 60% 56% 52% Duration (EOP) 16 2.8 2.7 2.7 2.7 2.7 Loans 34 34 35 37 38 Total deposits $210 $206 $198 $207 $219 % Operational 17 75% 75% 75% 74% 73% NIM14 (FTE, %) 1.31% 1.19% 1.12% 1.16% 1.13% 1Q23 2Q23 3Q23 4Q23 1Q24 $766 $691 $624 $678 $716 +6% -7% • Assets increased 8% YoY and 7% QoQ primarily due to an increase in total deposits and higher balance sheet funding • Deposits increased 4% YoY and 6% QoQ mainly driven by growth in client balances, partially offset by a reduction in non-interest-bearing deposits • Down (7)% YoY largely due to deposit mix shift and lower average non- interest-bearing deposit balances, partially offset by the impact of higher average interest rates, client lending growth, and investment portfolio positions • Up 6% QoQ primarily driven by higher investment securities yields, average interest-bearing deposits and loan growth, partially offset by a decline in average non-interest-bearing deposits Average assets and liabilities1Q24 performance $3,101 $3,110 $2,691 $3,043 $3,138 YoY +1% QoQ +3% Total revenue

11 $2,369 $2,822 $2,513 42,786 46,451 45,871 Expenses of $2,383M up 1% YoY and 8% QoQA • Compensation and employee benefits of $1,252M19 – Down (3)% YoY mainly due to lower incentive compensation, salaries and contractor spend – Up 18% QoQ largely driven by seasonal expensesB • Information systems and communications of $432M19 – Up 4% YoY primarily due to higher technology and infrastructure investments, partially offset by optimization savings and vendor savings initiatives • Transaction processing services of $248M – Up 4% YoY primarily reflecting higher revenue-related broker fees – Up 2% QoQ mainly due to higher revenue-related sub-custody costs • Occupancy of $103M19 – Up 10% YoY mainly associated with consolidating an operations JV in India and other real estate costs, partially offset by footprint optimization – Down (4)% QoQ primarily driven by footprint optimization, partially offset by an operations JV consolidation in India • Other of $348M18,19 – Up 5% YoY primarily due to the timing of foundation funding – Down (2)% QoQ primarily reflecting lower marketing spend, partially offset by the timing of foundation funding GAAP Expenses Headcount 330 356 348 239 242 248 414 432 432 1,292 1,065 1,252 1Q23 4Q23 1Q24 $2,369 $2,202 $2,383 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. Total expenses on both a GAAP and ex-notables basis were negatively impacted by currency translation of $9M on YoY and QoQ basis. B 1Q23 and 1Q24 include $181M and $162M, respectively, of seasonal expenses. Refer to the Appendix included with this presentation for endnotes 1 to 23. Comp. & benefits Info. sys. Tran. processing Other18 Occupancy 10310794 YoY +6% QoQ -11% +1% +8% YoY +7% QoQ -1% Expenses (Ex-notable items, non-GAAP, $M)A 1Q24 performance (Ex-notable items, non-GAAP, $M)A • From 4Q23 onwards, ~4,500 headcount was included with the consolidation of one of STT’s operations JVs in India. The associated headcount costs were previously reflected in the Comp & employee benefits line.

12 Capital and liquidity highlights Capital ($B unless otherwise noted, capital metrics as of period-end) 1Q23 4Q23 1Q24 Standardized CET1 CET1 capital $14.0 $13.0 $13.2 Risk weighted assets 116 112 119 Tier 1 leverage Tier 1 capital 16.0 14.9 15.6 Leverage exposure22 269 270 290 OCI impact of investment portfolio on regulatory capital23 0.2 0.4 0.2 Tier 1 leverage 6.0% 5.8% 5.8% 5.5% 5.4% 1Q23 2Q23 3Q23 4Q23 1Q24 Minimum ratio4.0% STT Target Range5.25-5.75% • 1Q24 standardized CET1 ratio at quarter-end of 11.1% decreased (0.5)%pts QoQ primarily driven by the expected normalization of RWA • 1Q24 Tier 1 leverage ratio of 5.4% decreased (0.1)%pts QoQ primarily driven by higher average assets, partially offset by higher Tier 1 capital • Returned $308M of capital in 1Q24 consisting of $100M of common share repurchases and $208M of declared common stock dividends Refer to the Appendix included with this presentation for endnotes 1 to 23. CET1 (Standardized) 12.1% 11.8% 11.0% 11.6% 11.1% 4.5% 2.5% 1Q23 2Q23 3Q23 4Q23 1Q24 SCB20 Minimum ratio8 .0 % 10-11% G-SIB surcharge1.0% Ratios (%, as of period-end) 4 State Street Bank and Trust LCR 21 Requirement Requirement Requirement 124% 120% 120% 122% 130% 100% 1Q23 2Q23 3Q23 4Q23 1Q24 STT Target Range

13

14 1Q24 line of business performance 15 Reconciliation of notable items 16 Reconciliation of constant currency impacts 17 Endnotes 18 Forward-looking statements 20 Non-GAAP measures 21 Definitions 22

15 1,876 State StreetAInvestment Servicing Total revenue 762 711 1,834 1,876 1Q23 1Q24 $2,596M $2,587M Pre-tax income Fee revenue NII Pre-tax margin 22.1% 23.1% +1.0%pts YoY % ∆ +2% -7% Flat +4% Investment Management Total revenueB 1Q23 1Q24 $505M $551M Pre-tax income Pre-tax margin 23.6% 23.8% +0.2%pts 1Q23 1Q24 $119M $131M YoY % ∆ +9% +10% Total revenue ex-notable itemsC 766 716 2,335 2,422 1Q23 1Q24 $3,101M $3,138M Pre-tax income ex-notable itemsC Fee revenue NII Pre-tax margin ex-notable items C 22.2% 23.2% +1.0%pts YoY % ∆ +4% -7% +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 1Q23 and 1Q24 Total revenue includes $4M and $5M in NII, respectively. 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. 1Q23 1Q24 $574M $597M 1Q23 1Q24 $688M $728M

16 A Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses. B 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. C Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses. D 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 (Dollars in millions, unless noted otherwise) 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24 vs. 1Q23 1Q24 vs. 4Q23 Total fee revenue, GAAP-basis 2,335$ 2,419$ 2,361$ 2,365$ 2,422$ 3.7% 2.4% Total fee revenue, excluding notable items 2,335 2,419 2,361 2,365 2,422 3.7% 2.4% Total revenue, GAAP-basis 3,101 3,110 2,691 3,043 3,138 1.2% 3.1% Less: Notable items: (Gains) losses related to investment securities, net 294 Total revenue, excluding notable items 3,101 3,110 2,985 3,043 3,138 1.2% 3.1% Total expenses, GAAP basis 2,369 2,212 2,180 2,822 2,513 6.1% (10.9)% Less: Notable items: Acquisition and restructuring costs 15 Repositioning charges (203) FDIC special assessment (387) (130) Impairments and other (45) Total expenses, excluding notable items 2,369 2,212 2,180 2,202 2,383 0.6% 8.2% Seasonal expenses (181) (162) Total expenses, excluding notable items and seasonal expense items 2,188$ 2,212$ 2,180$ 2,202$ 2,221$ 1.5% 0.9% Fee operating leverage, GAAP-basis (%pts)A -2.4% pts 13.3% pts Fee operating leverage, excluding notable items (%pts)B 3.1% pts -5.8% pts Operating leverage, GAAP-basis (%pts)C -4.9% pts 14.0% pts Operating leverage, excluding notable items (%pts)D 0.6% pts -5.1% pts Pre-tax margin, GAAP-basis (%) 22.2% 29.5% 19.0% 6.6% 19.1% -3.1% pts 12.5% pts Notable items as reconciled above (%) - - 8.0% 20.4% 4.1% Pre-tax margin, excluding notable items (%) 22.2% 29.5% 27.0% 27.0% 23.2% 1.0% pts -3.8% pts Net income available to common shareholders, GAAP-basis 525$ 726$ 398$ 172$ 418$ (20.4)% nm Notable items as reconciled above: pre-tax 294 620 130 Tax impact on notable items as reconciled above (79) (156) (31) Net income available to common shareholders, excluding notable items 525$ 726$ 613$ 636$ 517$ (1.5)% (18.7)% Diluted EPS, GAAP-basis 1.52$ 2.17$ 1.25$ 0.55$ 1.37$ (9.9)% nm Notable items as reconciled above 0.68 1.49 0.32 Diluted EPS, excluding notable items 1.52$ 2.17$ 1.93$ 2.04$ 1.69$ 11.2% (17.2)% % Change

17A Other includes Other expenses and Amortization of intangible assets. Reconciliation of Constant Currency FX Impacts (Dollars in millions) 1Q23 4Q23 1Q24 1Q24 vs. 1Q23 1Q24 vs. 4Q23 1Q24 vs. 1Q23 1Q24 vs. 4Q23 1Q24 vs. 1Q23 1Q24 vs. 4Q23 Non-GAAP basis Total revenue, excluding notable items $ 3,101 $ 3,043 $ 3,138 $ 8 $ 10 $ 3,130 $ 3,128 0.9% 2.8% Compensation and employee benefits, excluding notable items $ 1,292 $ 1,065 $ 1,252 $ 6 $ 6 $ 1,246 $ 1,246 (3.6)% 17.0% Information systems and communications, excluding notable items 414 432 432 1 1 431 431 4.1% (0.2)% Transaction processing services, excluding notable items 239 242 248 1 1 247 247 3.3% 2.1% Occupancy, excluding notable items 94 107 103 1 1 102 102 8.5% (4.7)% Other expenses, excluding notable itemsA 330 356 348 - - 348 348 5.5% (2.2)% Total expenses, excluding notable items $ 2,369 $ 2,202 $ 2,383 $ 9 $ 9 $ 2,374 $ 2,374 0.2% 7.8% Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency

18 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, which may include anticipated servicing- related revenues associated with acquisitions or structured transactions, 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, consents or assignments, 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. Front office software and data annual recurring revenue (ARR), an operating metric, is calculated by annualizing current quarter revenue for CRD and CRD for Private Markets 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. 4. 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 1Q23 to 1Q24. Refer to the Addendum for descriptions of these ratios. March 31, 2024 capital ratios are presented as of quarter-end and are preliminary estimates. 5. The index names listed are service marks of their respective owners. S&P Global Specials Volumes sourced from S&P Global Market Intelligence. 6. 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. 1Q24 data for North America (U.S. domiciled) includes Morningstar actuals for January and February 2024 and Morningstar estimates for March 2024. 1Q24 data for EMEA is on a rolling three month basis for December 2023 through February 2024. 7. Other fee revenue primarily consists of income from equity method investments, certain tax-advantaged investments and market-related adjustments. 8. 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. 9. Front office software and data revenue primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services. Includes Other revenue of $3M in 1Q23, $4M in 2Q23 and 3Q23, $5M in 4Q23 and $4M in 1Q24. Revenue line items may not sum to total due to rounding. 10. 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. 11. Front office bookings represent signed ARR contract values for CRD, CRD for Private Markets, 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. 12. Represents expected ARR from signed client contracts that are scheduled to be largely installed over the next 24 months for CRD, CRD for Private Markets 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. 13. 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. 14. 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.

19 15. Includes Cash and due from banks and Interest-bearing deposits with banks. 16. Duration as of period end and based on the total investment portfolio. 17. Calculated as Operational deposits divided by Total deposits, in the respective periods. 18. Other, excluding notable items, includes Other expenses and Amortization of intangible assets. 19. Compensation and employee benefits expenses in 4Q23 included a notable item related to repositioning charges of $182M. Excluding this notable item, 1Q24 adjusted Compensation and employee benefits expenses of $1,252M was up 18% compared to 4Q23 adjusted Compensation and employee benefits expenses of $1,065M. Occupancy expenses in 4Q23 included a notable item related to repositioning charges of $21M. Excluding this notable item, 1Q24 adjusted Occupancy expenses of $103M was down (4)% compared to 4Q23 adjusted Occupancy expenses of $107M. Information Systems & Communications expenses in 4Q23 included notable items related to operating model changes of $41M. Excluding these notable items, 1Q24 adjusted Information Systems & Communications expenses of $432M was flat compared to 4Q23 adjusted Information Systems & Communications expenses of $432M. Other expenses in 1Q24 and 4Q23 included notable items related to the FDIC Special Assessment of $130M and $387M, respectively; Other expenses in 4Q23 also included notable items related Acquisition and restructuring costs of $(15)M, and charges related to operating model changes of $4M. Excluding these notable items, 1Q24 adjusted Other expenses of $348M was down (2)% compared to 4Q23 adjusted Other expenses of $356M, and up 5% compared to 1Q23 Other expenses of $330M. 20. The SCB of 2.5% effective on October 1, 2023 is calculated based upon the results of the CCAR 2023 exam. 21. State Street Corporation LCR in 1Q24 increased 1%pt QoQ to ~107%; 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. 22. Leverage exposure is equal to average consolidated assets less applicable Tier 1 leverage capital reductions under regulatory standards. 23. OCI impact of investment portfolio on regulatory capital is a sub-component within GAAP AOCI.

20 This Presentation 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 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, actions taken by central banks to address inflationary and growth pressures, monetary policy tightening, periods of significant volatility in valuations and liquidity or other disruptions in the markets for equity, fixed income and other asset classes globally or within specific markets; Our development and completion of new products and services, including State Street Alpha® and those related to digital assets and artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased operational, model and other risks; Our business may be negatively affected by our failure to update and maintain our technology infrastructure, or otherwise meet the increasing resiliency expectations of our clients and regulators, or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure; Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation; Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, including the consolidation of one 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 global operations and clients that can be adversely impacted by disruptions in key global 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 or market conditions have led, and were they to occur in the future could further lead, to reduced levels of client deposits and resulting decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios; 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 requirements and considerations, including capital, credit and liquidity; 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; 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 sustainability or 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 businesses may be negatively affected by adverse publicity or other reputational harm; Shifting and maintaining operational activities to non-U.S. jurisdictions, changing our operating model and outsourcing to, or insourcing from, third parties 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' information technology systems or facilities, such as cyber-attacks or other 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; 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, financial condition, operating results and regulatory compliance; Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investments pools or are restricted in redeeming their interests in investment pools; The impacts of climate change, and regulatory responses, and disclosure requirements related to such risks, could adversely affect us; and We may incur losses or face negative impacts on our business as a result of unforeseen events including terrorist attacks, natural disasters, climate change, pandemics, global conflicts, an abrupt banking crisis and other geopolitical events which may have a negative impact on our business and operations. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2023 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.

21 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”.

22 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 CCAR Comprehensive Capital Analysis and Review CET1 ratio Common equity tier 1 ratio CRD Charles River Development 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 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 FTE Fully taxable-equivalent 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 MSCI Morgan Stanley Capital International 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 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 Seasonal expenses Seasonal deferred incentive compensation expenses for retirement-eligible employees and payroll taxes SEC Securities Exchange Commission 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

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