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8-K

State Street Corp (STT)

8-K 2022-10-18 For: 2022-10-18
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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): October 18, 2022

______________________

State Street Corporation

(Exact name of registrant as specified in its charter)

____________________

Massachusetts 001-07511 04-2456637
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification Number) One Lincoln Street
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Boston Massachusetts 02111
(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.PRD New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, without par value per share
Depositary Shares, each representing a 1/4,000th ownership interest in a share of STT.PRG New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Item 2.02.    Results of Operations and Financial Condition.

On October 18, 2022, State Street Corporation issued a news release announcing its results of operations for the third-quarter of 2022. Copies of that news release and accompanying third-quarter 2022 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 October 18, 2022, State Street Corporation made available a slide presentation providing highlights of its third-quarter 2022 results of operations and related information as of September 30, 2022, which is being made available in connection with a October 18, 2022 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 October 18, 2022, announcing its third-quarter 2022 results of operations and accompanying third-quarter 2022 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 third-quarter 2022 results of operations and related information, which is being made available in connection with a October 18, 2022 investor conference call, is furnished herewith as Exhibit 99.3 and is incorporated by reference in Item 7.01 hereof.

Exhibit No. Description
99.1 State Street's news release dated October 18, 2022, announcing its third-quarter 2022 results of operations (this Exhibit 99.1 is furnished, not filed)
99.2 State Street's third-quarter 2022 financial information addendum (this Exhibit 99.2 is furnished, not filed)
99.3 Slide presentation providing highlights of State Street's third-quarter 2022 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: October 18, 2022

Document

Exhibit 99.1<br>State Street Corporation <br>One Lincoln Street<br>Boston, MA 02111<br>NYSE: STT <br>         www.statestreet.com

Boston, MA… October 18, 2022 News Release

STATE STREET REPORTS THIRD QUARTER 2022 EPS OF $1.80; $1.82<br><br>EXCLUDING NOTABLE ITEMS(a)
% changes noted below reflect year-over-year 3Q comparisons

STRONG NET INTEREST INCOME GROWTH OF 36%

COST DISCIPLINE CONTRIBUTED TO FLAT EXPENSES

PRE-TAX MARGIN OF 28.7%

INTEND TO REPURCHASE APPROXIMATELY $1 BILLION OF COMMON STOCK IN FOURTH QUARTER 2022

Ron O'Hanley, Chairman and Chief Executive Officer: "Our third-quarter results reflect the continued strength and resiliency of our business model in an increasingly challenging environment. We delivered strong net interest income growth, which enabled us to partially offset fee revenue headwinds from significantly weaker equity and fixed income markets. Operating expenses were well-controlled, as we carefully manage inflationary pressures, and invest in our people and innovative solutions for our clients, resulting in a healthy pre-tax margin for the quarter."<br><br><br><br>O'Hanley concluded: "Our continued strong results generated excess capital, which we are committed to returning to our shareholders as evidenced by our intention to repurchase approximately $1 billion of common stock in the fourth quarter of 2022. This plan for significant share repurchases, coupled with the recently announced 10% per share increase in our quarterly common stock dividend underscores our earnings strength."

FINANCIAL HIGHLIGHTS

(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted) 3Q22 2Q22 3Q21 % QoQ % YoY
Income statement:
Total fee revenue $ 2,299 $ 2,370 $ 2,504 (3) % (8) %
Net interest income 660 584 487 13 36
Total revenue 2,959 2,953 2,990 — (1)
Provision for credit losses — 10 (2) nm nm
Total expenses 2,110 2,108 2,116 — —
Net income 690 747 714 (8) (3)
Financial ratios and other metrics:
Diluted earnings per share (EPS) $ 1.80 $ 1.91 $ 1.96 (6) % (8) %
Return on average common equity (ROE) 11.2 % 12.1 % 11.6 % (0.9) % pts (0.4) % pts
Pre-tax margin 28.7 28.3 29.3 0.4 % pts (0.6) % pts
AUC/A ($ billions)(1) $ 35,688 $ 38,180 $ 43,337 (7) % (18) %
AUM ($ billions)(1) 3,265 3,475 3,862 (6) (15)

(1) As of period-end.

(a) See "3Q22 Highlights" in this news release for a listing of notable items. Results excluding notable items and/or currency translation impact 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

3Q22 HIGHLIGHTS

(all comparisons are to 3Q21, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end decreased 18% to $35.7 trillion, primarily driven by lower market levels, a previously disclosed client transition and the impact of currency translation, partially offset by new business installations

•Investment Management AUM as of quarter-end decreased 15% to $3.3 trillion, mainly reflecting lower market levels, Institutional net outflows and the impact of currency translation, partially offset by ETF and Cash net inflows

New business and strategy execution

•$233 billion of Investment Servicing mandates announced in 3Q22; quarter-end servicing assets to be installed in future periods of $3.4 trillion

◦New mandates driven by broad based wins across Asset Managers, Alternatives and Asset Owners, including expanded relationships with 2 existing State Street AlphaSM clients

◦$350 billion of AUC/A onboarded in 3Q22 across key client segments and geographies, with over two-thirds attributable to Alpha

•Investment Management Cash franchise continued to gain market share, with 3Q22 QoQ net inflows of $5 billion(a)

•Momentum across Front office software and data with annual recurring revenue (ARR) of $267 million, up 20%(b)

Revenue

•Fee revenue decreased 8%, largely reflecting lower average market levels, as well as the impact of currency translation, partially offset by higher FX trading services revenue

◦Servicing fees decreased 12%, or down 9% excluding currency translation(c)

◦Management fees decreased 10%, or down 7% excluding currency translation(c)

◦FX trading services increased 14%

◦Securities finance increased 4%

◦Software and processing fees increased 2%

•Net interest income (NII) increased 36%, reflecting rising global interest rates across the yield curve

Expenses

•Total expenses were flat, primarily reflecting continued productivity and optimization savings and the benefit from currency translation, which was offset by continued business investments and higher wages, marketing and travel costs

◦Compensation and employee benefits decreased 1%, or up 3% excluding currency translation(c)

◦Non-compensation expense increased 1%, or up 3% excluding currency translation(c)

(a) Sourced from Money Fund Analyzer, a service provided by iMoneyNet as of September 2022.

(b) See the endnotes included in the "In This News Release" section for explanations of Front office software and data annual recurring revenue (ARR).

(c) Results excluding notable items and/or currency translation impact are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures as well as the impact of currency translation on the respective line items.

Notable items

(Dollars in millions, except EPS amounts) 3Q22 2Q22 3Q21
Acquisition and restructuring costs (13) (12) (18)
EPS impact $ (0.02) $ (0.03) $ (0.04)

Capital

•Standardized common equity tier 1 (CET1) of 13.2% decreased 0.3% points compared to 3Q21 and increased 0.3% points compared to 2Q22, primarily reflecting higher retained earnings and well controlled risk weighted assets (RWA)

•Tier 1 leverage ratio of 6.4% increased 0.1% points and 0.4% points compared to 3Q21 and 2Q22, respectively

•ROE of 11.2% decreased 0.4% points and 0.9% points compared to 3Q21 and 2Q22, respectively

•Capital return:

◦In 3Q22, State Street returned a total of $232 million of capital to shareholders through declared common dividends of $0.63 per share

◦Intend to repurchase approximately $1 billion of common stock in 4Q22

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) 3Q22 2Q22 3Q21 % QoQ % YoY
Assets under Custody and/or Administration (AUC/A)(1)(2) $ 35,688 $ 38,180 $ 43,337 (6.5) % (17.7) %
Assets under Management (AUM)(2) 3,265 3,475 3,862 (6.0) (15.5)
Market Indices:(3)
S&P 500 Daily Average 3,980 4,106 4,422 (3.1) (10.0)
S&P 500 EOP 3,586 3,785 4,308 (5.3) (16.8)
MSCI EAFE Daily Average 1,848 1,998 2,338 (7.5) (21.0)
MSCI EAFE EOP 1,661 1,846 2,281 (10.0) (27.2)
MSCI Emerging Markets Daily Average 975 1,055 1,295 (7.6) (24.7)
MSCI Emerging Markets EOP 876 1,001 1,253 (12.5) (30.1)
Barclays Capital Global Aggregate Bond Index EOP 427 458 536 (6.8) (20.3)
Foreign Exchange Volatility Indices:(3)
JPM G7 Volatility Index Daily Average 11.0 9.7 6.0 13.6 82.7
JPM Emerging Market Volatility Index Daily Average 12.0 12.0 8.7 (0.4) 37.4
Average Foreign Exchange Rate:
EUR vs. USD 1.007 1.065 1.179 (5.4) (14.6)
GBP vs. USD 1.177 1.256 1.378 (6.3) (14.6)

(1) Includes EOP assets under custody of $26,478 billion, $28,609 billion and $32,364 billion, as of 3Q22, 2Q22, and 3Q21, respectively.

(2) As of period-end.

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

INDUSTRY FLOW DATA

The following table represents industry flow data.

(Dollars in billions) 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21
North America - (US Domiciled) Morningstar Direct Market Data:(1)(2)
Long Term Funds $ (194) $ (278) $ (67) $ 102 $ 150 $ 196
Money Market (24) (35) (143) 201 15 33
ETF 110 93 181 157 77 123
Total Flows(3) $ (109) $ (220) $ (29) $ 459 $ 242 $ 351
EMEA - Morningstar Direct Market Data:(1)(4)
Long Term Funds $ (89) $ (80) $ 10 $ 155 $ 192 $ 226
Money Market 12 (7) (69) 110 (4) (10)
ETF (3) 16 45 35 37 51
Total Flows(3) $ (80) $ (71) $ (14) $ 299 $ 225 $ 267

(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) 3Q22 data for North America includes actuals for July and August 2022 and Morningstar estimates for September 2022.

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

(4) 3Q22 data for Europe is on a rolling three month basis for June 2022 through August 2022, 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) 3Q22 2Q22 3Q21 % QoQ % YoY
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs $ 11,649 $ 13,609 $ 15,159 (14.4) % (23.2) %
Mutual funds 9,289 9,642 11,505 (3.7) (19.3)
Pension products 7,669 7,764 8,497 (1.2) (9.7)
Insurance and other products 7,081 7,165 8,176 (1.2) (13.4)
Total Assets Under Custody and/or Administration $ 35,688 $ 38,180 $ 43,337 (6.5) % (17.7) %
By Financial Instrument:
Equities $ 19,889 $ 21,953 $ 25,350 (9.4) % (21.5) %
Fixed-income 10,150 10,716 12,808 (5.3) (20.8)
Short-term and other investments 5,649 5,511 5,179 2.5 9.1
Total Assets Under Custody and/or Administration $ 35,688 $ 38,180 $ 43,337 (6.5) % (17.7) %

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

INVESTMENT MANAGEMENT AUM

The following tables present 3Q22 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 June 30, 2022 $ 2,086 $ 550 $ 403 $ 202 $ 234 $ 3,475
Net asset flows:
Long-term institutional(2) (2) 6 — 3 (7) —
ETF (9) 2 — — (7) (14)
Cash fund — — 5 — — 5
Total flows, net $ (11) $ 8 $ 5 $ 3 $ (14) $ (9)
Market appreciation/(depreciation) (104) (32) 4 (11) (12) (155)
Foreign exchange impact (28) (8) (2) (2) (6) (46)
Total market and foreign exchange impact $ (132) $ (40) $ 2 $ (13) $ (18) $ (201)
Ending balance as of September 30, 2022 $ 1,943 $ 518 $ 410 $ 192 $ 202 $ 3,265

(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) 3Q22 2Q22 1Q22 4Q21 3Q21
Beginning balance $ 3,475 $ 4,022 $ 4,138 $ 3,862 $ 3,897
Net asset flows:
Long-term institutional(1) — (69) 14 28 (6)
ETF (14) (8) 17 50 13
Cash fund 5 15 20 1 (12)
Total flows, net $ (9) $ (62) $ 51 $ 79 $ (5)
Market appreciation/(depreciation) (155) (417) (153) 208 (12)
Foreign exchange impact (46) (68) (14) (11) (18)
Total market and foreign exchange impact $ (201) $ (485) $ (167) $ 197 $ (30)
Ending balance $ 3,265 $ 3,475 $ 4,022 $ 4,138 $ 3,862

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

REVENUE

(Dollars in millions) 3Q22 2Q22 3Q21 % QoQ % YoY
Back office servicing fees $ 1,126 $ 1,205 $ 1,289 (6.6) % (12.6) %
Middle office services 93 92 102 1.1 (8.8)
Servicing fees 1,219 1,297 1,391 (6.0) (12.4)
Management fees 472 490 526 (3.7) (10.3)
Foreign exchange trading services 319 331 279 (3.6) 14.3
Securities finance 110 107 106 2.8 3.8
Front office software and data 127 126 116 0.8 9.5
Lending related and other fees 57 62 64 (8.1) (10.9)
Software and processing fees 184 188 180 (2.1) 2.2
Other fee revenue (5) (43) 22 88.4 nm
Total fee revenue $ 2,299 $ 2,370 $ 2,504 (3.0) % (8.2) %
Net interest income 660 584 487 13.0 % 35.5 %
Other income — (1) (1) nm nm
Total Revenue $ 2,959 $ 2,953 $ 2,990 0.2 % (1.0) %
Net interest margin (FTE)(a) 1.11 % 0.94 % 0.76 % 17 bps 35 bps

Servicing fees decreased 12% compared to 3Q21, primarily driven by lower average market levels, lower client activity/adjustments, normal pricing headwinds and the impact of currency translation, partially offset by net new business. Servicing fees decreased 6% compared to 2Q22, mainly due to lower client activity/adjustments and average market levels, as well as the impact of currency translation.

•Back office servicing fees decreased 13% and 7% compared to 3Q21 and 2Q22, respectively (generally consistent with total servicing fees above)

•Middle office services decreased 9% compared to 3Q21, largely reflecting lower client activity/adjustments, but increased 1% compared to 2Q22

Management fees decreased 10% compared to 3Q21, largely reflecting lower average market levels, a previously reported client-specific pricing adjustment and the impact of currency translation, partially offset by the absence of the impact of money market fee waivers and ETF and Cash net inflows. Management fees decreased 4% compared to 2Q22, largely due to lower average market levels and the impact of currency translation.

Foreign exchange trading services increased 14% compared to 3Q21, primarily reflecting higher FX spreads, partially offset by lower client FX volumes. Foreign exchange trading services decreased 4% compared to 2Q22, mainly due to lower client FX volumes.

Securities finance increased 4% compared to 3Q21, largely from higher spreads, partially offset by lower Agency and Enhanced Custody balances. Securities finance increased 3% compared to 2Q22, primarily driven by higher Agency spreads.

Software and processing fees increased 2% compared to 3Q21, primarily driven by higher Front office software and data revenue associated with CRD, partially offset by lower lending fees. Software and processing fees decreased 2% compared to 2Q22, primarily driven by lower lending fees.

•Front office software and data increased 9% compared to 3Q21, primarily driven by higher software-enabled revenue related to new client implementations and continued SaaS client conversions. Front office software and data increased 1% compared to 2Q22, largely driven by higher software-enabled revenue, partially offset by lower professional services revenue

Other fee revenue decreased $27 million compared to 3Q21, largely due to negative market-related adjustments and lower fair value adjustments on equity investments. Other fee revenue increased $38 million compared to 2Q22, mainly reflecting fewer negative market-related adjustments.

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

Net interest income (NII) increased 36% and 13% compared to 3Q21 and 2Q22, respectively, primarily driven by higher short-term interest rates from U.S. and international central bank rate hikes, partially offset by lower client deposits.

Total revenues were adversely impacted by currency translation by $83 million and $32 million when compared to 3Q21 and 2Q22, respectively.

EXPENSES

(Dollars in millions) 3Q22 2Q22 3Q21 % QoQ % YoY
Compensation and employee benefits $ 1,042 $ 1,046 $ 1,054 (0.4) % (1.1) %
Information systems and communications 399 392 406 1.8 (1.7)
Transaction processing services 227 240 253 (5.4) (10.3)
Occupancy 97 96 102 1.0 (4.9)
Acquisition and restructuring costs 13 12 18 8.3 (27.8)
Amortization of other intangible assets 58 60 62 (3.3) (6.5)
Other 274 262 221 4.6 24.0
Total Expenses $ 2,110 $ 2,108 $ 2,116 0.1 % (0.3) %
Total expenses, excluding notable items(a) $ 2,097 $ 2,096 $ 2,098 — % — %
Effective tax rate 18.7 % 10.5 % 18.5 % 820 bps 20 bps

Compensation and employee benefits decreased 1% compared to 3Q21, mainly driven by the impact of currency translation, partially offset by higher headcount and higher merit increases. Compensation and employee benefits were flat compared to 2Q22 as lower contractor spend and the impact of currency translation were offset by higher incentive compensation and additional headcount.

Information systems and communications decreased 2% compared to 3Q21, largely due to productivity and vendor savings initiatives, partially offset by technology and infrastructure investments. Information systems and communications increased 2% compared to 2Q22, primarily due to the absence of prior period episodic credits.

Transaction processing services decreased 10% compared to 3Q21, mainly reflecting lower sub-custody costs. Transaction processing services decreased 5% compared to 2Q22, largely reflecting lower market data costs.

Occupancy decreased 5% compared to 3Q21, mainly reflecting the impact of currency translation. Occupancy increased 1% compared to 2Q22 primarily due to higher maintenance costs.

Acquisition and restructuring costs decreased 28% compared to 3Q21, primarily due to the absence of acquisition costs related to the acquisition of Charles River Development. Acquisition and restructuring costs increased 8% compared to 2Q22, mainly reflecting costs associated with the proposed acquisition of BBH Investor Services.

Other expenses increased 24% compared to 3Q21, largely reflecting higher marketing, travel costs and Foundation funding. Other expenses increased 5% compared to 2Q22, primarily due to higher professional fees and marketing costs.

Total expenses on both a GAAP and excluding notables basis were positively impacted by currency translation by $76 million and $35 million when compared to 3Q21 and 2Q22, respectively.

(a) See "3Q22 Highlights" in this news release for a listing of notable items. Results excluding notable items and/or currency translation impact are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.as well as the impact of currency translation on the respective line items.

TAXES

The effective tax rate of 18.7% was relatively flat compared to 3Q21, but increased 8.2% points compared to 2Q22, primarily attributable to the absence of prior quarter discrete benefits.

CAPITAL AND LIQUIDITY

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

(As of period end) 3Q22 2Q22 3Q21
Basel III Standardized Approach:
Common equity tier 1 ratio (CET1) 13.2 % 12.9 % 13.5 %
Tier 1 capital ratio 14.9 14.6 15.2
Total capital ratio 16.2 15.9 16.6
Basel III Advanced Approaches:
Common equity tier 1 ratio (CET1) 14.0 13.5 13.8
Tier 1 capital ratio 15.9 15.3 15.5
Total capital ratio 17.1 16.5 16.9
Tier 1 leverage ratio 6.4 6.0 6.3
Supplementary leverage ratio 7.1 6.6 7.5
Liquidity coverage ratio 106 % 106 % 105 %

Standardized capital ratios were binding for all periods included above.

CET1 ratio (standardized) decreased 0.3% points compared to 3Q21, primarily driven by lower accumulated other comprehensive income (AOCI) from higher interest rates, partially offset by higher retained earnings and lower RWA. CET1 ratio (standardized) increased 0.3% points compared to 2Q22, primarily reflecting higher retained earnings and well controlled RWA.

Tier 1 leverage ratio increased 0.1% points compared to 3Q21. Tier 1 leverage ratio increased 0.4% points compared to 2Q22 primarily due to a decrease in balance sheet size and higher retained earnings.

Liquidity coverage ratio (LCR) for State Street Corporation was approximately 106%, up 1% points from 3Q21 and flat compared to 2Q22. LCR for State Street Bank and Trust was approximately 116%.

INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE

State Street will webcast an investor conference call today, Tuesday, October 18, 2022, at 11:00 a.m. ET, available at http://investors.statestreet.com. The conference call will also be available via telephone, at (888) 396-8049. The Conference ID# is 91853150.

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 91853150 and the Playback Passcode is 853150 #.

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 Relations--Investor News & Events" and under the title “Events and 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 ratio, 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 3Q22, State Street expects to publish its updates during the period beginning today and ending on or about November 9, 2022 and on or about November 14, 2022 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 $35.7 trillion in assets under custody and/or administration and $3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of September 30, 2022 includes approximately $55 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:

•State Street’s existing common share repurchase program authorization runs through the end of 2022. 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 ratable 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, the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time. The amount and timing of each dividend declared on our common stock is subject to the approval of our Board of Directors.

•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.

•New asset servicing mandates, including announced front-to-back investment servicing clients, may be subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals. 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 and servicing assets 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, including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. We provide a range of services to our clients, including core custody services, accounting, reporting and administration and middle office services, and the nature and mix of services provided affects our servicing fees. The basis for fees will differ across regions and clients. The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues are also affected by such pressures today. 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 generally are affected by our level of AUM and differ based upon the nature, type and investment strategy of the investment product. Management fee revenue is more sensitive to market valuations than servicing fee revenue, as a higher proportion of the underlying services provided, and the associated management fees earned, are dependent on equity and fixed-income security valuations. Additional factors, such as the relative mix of assets managed, may have a significant effect on our management fee revenue. While certain management fees are directly determined by the values of AUM and the investment strategies employed, management fees may reflect other factors, including performance fee arrangements, as well as our relationship pricing for clients.

•Front office software and data ARR, an operating metric, is calculated by annualizing current quarter revenue for CRD and Mercatus and includes the annualized amount of most software-enabled revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. ARR does not include software-enabled brokerage revenue and revenue from affiliates. Front office software and data ARR was $222 million, $251 million, and $267 million in 3Q21, 2Q22, and 3Q22, 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, or State Street Bank. 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 3Q22. 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.

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

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

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

•"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" denoted 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.

•"Libor" denotes London Inter-Bank Offered Rate; "Euribor" denotes Euro Inter-Bank Offered Rate.

•"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. 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, 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.

◦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. 3Q22 data for North America (US domiciled) includes Morningstar actuals for July and August 2022 and Morningstar estimates for September 2022.

◦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. 3Q22 data for Europe is on a rolling three month basis for June 2022 through August 2022, sourced by Morningstar.

FORWARD LOOKING STATEMENTS

This News Release (and the conference call referenced herein) contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, proposed acquisition of the Brown Brothers Harriman (BBH) Investor Services business, dividend and stock purchase programs, governmental and regulatory initiatives and developments, expense reduction programs, new client business, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” "intend," "target," “guidance,” “expect,” “priority,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any 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:

•The consummation of our planned acquisition of the BBH Investor Services business is subject to the receipt of regulatory approvals and the satisfaction of other closing conditions, the failure or delay of which may prevent or further delay the consummation of the acquisition;

•We are engaged in ongoing dialogue with US and international banking regulators regarding the prolonged regulatory review process for our proposed acquisition of Brown Brothers Harriman’s Investor Services business. The current regulatory environment for M&A transactions involving G-SIBs is challenging. We have developed with BBH proposed modifications to the transaction, including changes to the operating model and legal entity structure, a reduction to the purchase price and changes to regulatory approvals required to consummate the transaction. We anticipate that a modified transaction would be somewhat more complex and include a delay in timing and amount of deal synergies, resulting in a slower path to accretion. While discussions with regulators on the proposed modified transaction are ongoing, the likelihood of a successful outcome is increasingly uncertain. There can be no assurance that a mutually acceptable modified transaction will be agreed and entered into, or as to the timing or outcome of any regulatory approvals and other closing conditions for a modified transaction. The modifications to the transaction remain subject to review and approval by both BBH’s partners and our Board of Directors. The Sale and Purchase Agreement allows each of State Street and BBH, the right to terminate the transaction upon written notice without a contractual penalty at any time;

•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;

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

•Our business may be negatively affected by our failure to update and maintain our technology infrastructure;

•The COVID-19 pandemic continues to exacerbate certain risks and uncertainties for our business;

•Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of our acquisitions, 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 could be adversely affected by geopolitical, economic and market conditions, including, for example, as a result of the ongoing war in Ukraine, challenging conditions in global equity markets, and recent disruptions impacting the UK gilts market;

•We have significant International operations, and disruptions in European and Asian economies could have an adverse effect on our consolidated results of operations or financial condition;

•Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets;

•Our business activities expose us to interest rate risk;

•We assume significant credit risk to counterparties, who may also have substantial financial dependencies with other financial institutions, and these credit exposures and concentrations could expose us to financial loss;

•Our fee revenue represents a significant portion of our consolidated revenue and is subject to decline based on, among other factors, market and currency declines, investment activities of our clients and their business mix;

•If we are unable to effectively manage our capital and liquidity, our consolidated 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 capital and liquidity standards required as a result of capital stress testing;

•We face extensive and changing government regulation in the jurisdictions in which we operate, which may increase our costs and compliance risks;

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

•Our businesses may be adversely affected by government enforcement and litigation;

•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 financial statements;

•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;

•The transition away from LIBOR may result in additional costs and increased risk exposure;

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

•Cost shifting to non-U.S. jurisdictions and outsourcing may expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings;

•Attacks or unauthorized access to our information technology systems or facilities, or those of the third parties with which we do business, or disruptions to our or their continuous operations, could result in significant costs, reputational damage and impacts on our business activities;

•Long-term contracts expose us to pricing and performance risk;

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

•We may not be able to protect our intellectual property;

•The quantitative models we use to manage our business may contain errors that could result in material harm;

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

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

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

Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2021 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 (and the conference call referenced herein) 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.

13

Document

Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
September 30, 2022
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
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date 7
Selected Average Balances by Currency - Rates Earned and Paid 8
Investment Portfolio Holdings by Asset Class 9
Investment Portfolio Non-U.S. Investments 11
Assets Under Custody and/or Administration 12
Assets Under Management 13
Industry Flow Data by Asset Class 14
Line of Business Information 15
Allowance for Credit Losses 16
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information 17
Reconciliation of Pre-tax Margin Excluding Notable Items 20
Reconciliations of Constant Currency FX Impacts 21
Capital:
Reconciliation of Tangible Common Equity Ratio 22
Regulatory Capital 23
This financial information should be read in conjunction with State Street's news release dated October 18, 2022.
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted) 2018 2019 2020 2021
Year ended December 31:
Total fee revenue $ 9,454 $ 9,147 $ 9,499 $ 10,012
Net interest income 2,671 2,566 2,200 1,905
Other income 6 43 4 110
Total revenue 12,131 11,756 11,703 12,027
Provision for credit losses 15 10 88 (33)
Total expenses 9,015 9,034 8,716 8,889
Income before income tax expense 3,101 2,712 2,899 3,171
Income tax expense 508 470 479 478
Net income 2,593 2,242 2,420 2,693
Net income available to common shareholders $ 2,404 $ 2,009 $ 2,257 $ 2,572
Per common share:
Diluted earnings per common share $ 6.39 $ 5.38 $ 6.32 $ 7.19
Average diluted common shares outstanding (in thousands) 376,476 373,666 357,106 357,962
Cash dividends declared per common share $ 1.78 $ 1.98 $ 2.08 $ 2.18
Closing price per share of common stock (at year end) 63.07 79.10 72.78 93.00
Average balance sheet:
Investment securities $ 88,070 $ 91,768 $ 109,175 $ 111,730
Total assets 223,385 223,334 269,334 299,743
Total deposits 161,408 158,262 193,225 235,404
Ratios and other metrics:
Return on average common equity 12.1 % 9.4 % 10.0 % 10.7 %
Pre-tax margin 25.6 23.1 24.8 26.4
Pre-tax margin, excluding notable items(1) 28.8 25.8 26.3 27.6
Net interest margin, fully taxable-equivalent basis 1.47 1.42 0.97 0.74
Common equity tier 1 ratio(2)(3)(4) 11.7 11.7 12.3 14.3
Tier 1 capital ratio(2)(3)(4) 15.5 14.5 14.4 16.1
Total capital ratio(2)(3)(4) 16.3 15.6 15.3 17.5
Tier 1 leverage ratio(2)(3) 7.2 6.9 6.4 6.1
Supplementary leverage ratio(2)(3) 6.3 6.1 8.1 7.4
Assets under custody and/or administration (in trillions) $ 31.62 $ 34.36 $ 38.79 $ 43.68
Assets under management (in trillions) 2.51 3.12 3.47 4.14
(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. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
(3) Under the applicable bank regulatory rules, we are not required to and, accordingly, did not revise previously-filed reported capital metrics and ratios following the change in accounting for LIHTC.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.
STATE STREET CORPORATION
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
Quarters % Change Year-to-Date % Change
(Dollars in millions, except per share amounts, or where otherwise noted) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22 2021 2022 YTD2022<br> vs. <br>YTD2021
Fee revenue:
Back office servicing fees $ 1,266 $ 1,290 $ 1,289 $ 1,272 $ 1,268 $ 1,205 $ 1,126 (12.6) % (6.6) % $ 3,845 $ 3,599 (6.4) %
Middle office services 103 104 102 105 100 92 93 (8.8) 1.1 309 285 (7.8)
Servicing fees 1,369 1,394 1,391 1,377 1,368 1,297 1,219 (12.4) (6.0) 4,154 3,884 (6.5)
Management fees 493 504 526 530 520 490 472 (10.3) (3.7) 1,523 1,482 (2.7)
Foreign exchange trading services 346 286 279 300 359 331 319 14.3 (3.6) 911 1,009 10.8
Securities finance 99 109 106 102 96 107 110 3.8 2.8 314 313 (0.3)
Front office software and data 96 148 116 124 138 126 127 9.5 0.8 360 391 8.6
Lending related and other fees 64 63 64 63 63 62 57 (10.9) (8.1) 191 182 (4.7)
Software and processing fees 160 211 180 187 201 188 184 2.2 (2.1) 551 573 4.0
Other fee revenue 16 10 22 15 29 (43) (5) nm 88.4 48 (19) nm
Total fee revenue 2,483 2,514 2,504 2,511 2,573 2,370 2,299 (8.2) (3.0) 7,501 7,242 (3.5)
Net interest income:
Interest income 471 467 487 483 521 704 1,101 nm 56.4 1,425 2,326 63.2
Interest expense 4 — — (1) 12 120 441 — nm 4 573 nm
Net interest income 467 467 487 484 509 584 660 35.5 13.0 1,421 1,753 23.4
Other income:
Gains (losses) related to investment securities, net — — (1) 58 (1) (1) — nm nm (1) (2) nm
Other income — 53 — — — — — — — 53 — nm
Total other income — 53 (1) 58 (1) (1) — nm nm 52 (2) nm
Total revenue 2,950 3,034 2,990 3,053 3,081 2,953 2,959 (1.0) 0.2 8,974 8,993 0.2
Provision for credit losses (9) (15) (2) (7) — 10 — nm nm (26) 10 nm
Expenses:
Compensation and employee benefits 1,242 1,077 1,054 1,181 1,232 1,046 1,042 (1.1) (0.4) 3,373 3,320 (1.6)
Information systems and communications 421 398 406 436 423 392 399 (1.7) 1.8 1,225 1,214 (0.9)
Transaction processing services 270 263 253 238 264 240 227 (10.3) (5.4) 786 731 (7.0)
Occupancy 109 100 102 133 95 96 97 (4.9) 1.0 311 288 (7.4)
Acquisition and restructuring costs 10 11 18 26 9 12 13 (27.8) 8.3 39 34 (12.8)
Amortization of other intangible assets 58 63 62 62 61 60 58 (6.5) (3.3) 183 179 (2.2)
Other 222 199 221 254 243 262 274 24.0 4.6 642 779 21.3
Total expenses 2,332 2,111 2,116 2,330 2,327 2,108 2,110 (0.3) 0.1 6,559 6,545 (0.2)
Income before income tax expense 627 938 876 730 754 835 849 (3.1) 1.7 2,441 2,438 (0.1)
Income tax expense 108 175 162 33 150 88 159 (1.9) 80.7 445 397 (10.8)
Net income $ 519 $ 763 $ 714 $ 697 $ 604 $ 747 $ 690 (3.4) (7.6) $ 1,996 $ 2,041 2.3
STATE STREET CORPORATION
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
Quarters % Change Year-to-Date % Change
(Dollars in millions, except per share amounts, or where otherwise noted) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22 2021 2022 YTD2022<br> vs. <br>YTD2021
Adjustments to net income:
Dividends on preferred stock(1) $ (30) $ (34) $ (21) $ (34) $ (20) $ (35) $ (21) — % (40.0) % $ (85) $ (76) (10.6) %
Earnings allocated to participating securities — (1) — (1) (1) — — — — (1) (1) —
Net income available to common shareholders $ 489 $ 728 $ 693 $ 662 $ 583 $ 712 $ 669 (3.5) (6.0) $ 1,910 $ 1,964 2.8
Per common share:
Basic earnings $ 1.39 $ 2.11 $ 1.99 $ 1.81 $ 1.59 $ 1.94 $ 1.82 (8.5) (6.2) $ 5.49 $ 5.35 (2.6)
Diluted earnings 1.37 2.07 1.96 1.78 1.57 1.91 1.80 (8.2) (5.8) 5.40 5.28 (2.2)
Average common shares outstanding (in thousands):
Basic 350,743 345,889 347,718 365,798 366,542 367,375 367,789 5.8 0.1 348,106 367,240 5.5
Diluted 355,690 351,582 353,494 371,685 372,037 372,123 372,418 5.4 0.1 353,376 372,194 5.3
Cash dividends declared per common share $ 0.52 $ 0.52 $ 0.57 $ 0.57 $ 0.57 $ 0.57 $ 0.63 10.5 10.5 $ 1.61 $ 1.77 9.9
Closing price per share of common stock (as of quarter end) 84.01 82.28 84.72 93.00 87.12 61.65 60.81 (28.2) (1.4) 84.72 60.81 (28.2)
Balance sheet averages:
Investment securities $ 107,809 $ 111,481 $ 113,635 $ 113,906 $ 119,286 $ 113,929 $ 108,875 (4.2) (4.4) $ 110,997 $ 113,992 2.7
Total assets 296,328 308,195 291,459 303,007 295,010 291,435 275,168 (5.6) (5.6) 298,643 287,132 (3.9)
Total deposits 226,232 242,310 233,266 239,680 233,268 228,417 213,302 (8.6) (6.6) 233,962 224,922 (3.9)
Ratios and other metrics:
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Effective tax rate % 18.6 % 18.5 % 4.6 % 19.9 % 10.5 % 18.7 % 20 bps 820 bps 18.2 % 16.3 % (190) bps
Return on average common equity 12.6 11.6 10.3 9.5 12.1 11.2 (40) (90) 10.8 10.9 10
Return on tangible common equity(2) 17.3 17.3 15.7 14.7 17.3 17.3 — — 17.6 17.1 (50)
Pre-tax margin 30.9 29.3 23.9 24.5 28.3 28.7 (60) 40 27.2 27.1 (10)
Pre-tax margin, excluding notable items(3) 29.7 29.9 28.1 24.8 28.7 29.1 (80) 40 27.4 27.5 10
Net interest margin, fully taxable-equivalent basis 0.71 0.76 0.73 0.80 0.94 1.11 35 17 0.74 0.95 21
Common equity tier 1 ratio(4)(5) 11.2 13.5 14.3 11.9 12.9 13.2 (30) 30 13.5 13.2 (30)
Tier 1 capital ratio(4)(5) 12.9 15.2 16.1 13.4 14.6 14.9 (30) 30 15.2 14.9 (30)
Total capital ratio(4)(5) 14.3 16.6 17.5 14.8 15.9 16.2 (40) 30 16.6 16.2 (40)
Tier 1 leverage ratio(4) 5.2 6.3 6.1 5.9 6.0 6.4 10 40 6.3 6.4 10
Supplementary leverage ratio(4) 6.7 7.5 7.4 6.7 6.6 7.1 (40) 50 7.5 7.1 (40)
End-of-period securities on loan(6) 451,913 $ 437,094 $ 417,142 $ 400,940 $ 412,162 $ 358,972 $ 353,108 (15.4) % (1.6) % $ 417,142 $ 353,108 (15.4) %
Assets under custody and/or administration (in billions) 42,597 43,337 43,678 41,724 38,180 35,688 (17.7) (6.5) 43,337 35,688 (17.7)
Assets under management (in billions) 3,897 3,862 4,138 4,022 3,475 3,265 (15.5) (6.0) 3,862 3,265 (15.5)
(1) We redeemed an aggregate of 500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of 100,000 per share (equivalent to 1,000 per depositary share) plus all declared and unpaid dividends on March 15, 2021. The difference between the redemption value and the net carrying value of approximately 5 million resulted in an EPS impact of approximately (.02) per share in the first quarter of 2021.
(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.
(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 September 30, 2022 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 429,991 million, 457,604 million, 418,111 million and 412,403 million in the first, second, third and fourth quarters of 2021, respectively, and 397,522 million, 386,734 million and 365,883 million in the first, second and third quarters of 2022.
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, 2021 June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22
Assets:
Cash and due from banks $ 4,552 $ 4,619 $ 4,606 $ 3,631 $ 2,976 $ 3,515 $ 2,748 (40.3) % (21.8) %
Interest-bearing deposits with banks 107,554 113,347 107,553 106,358 104,010 91,360 99,199 (7.8) 8.6
Securities purchased under resale agreements 5,238 3,997 2,847 3,012 803 5,203 1,308 (54.1) (74.9)
Trading account assets 786 721 720 758 754 728 685 (4.9) (5.9)
Investment securities:
Investment securities available-for-sale 60,512 67,497 70,279 73,399 74,348 45,454 40,986 (41.7) (9.8)
Investment securities held-to-maturity purchased under money market liquidity facility(1) 201 — — — — — — — —
Investment securities held-to-maturity(2) 46,261 45,182 43,346 42,430 45,203 64,261 65,232 50.5 1.5
Total investment securities 106,974 112,679 113,625 115,829 119,551 109,715 106,218 (6.5) (3.2)
Loans 31,585 30,704 32,797 32,532 35,141 33,565 36,113 10.1 7.6
Allowance for loan losses(3) 118 100 95 87 86 95 97 2.1 2.1
Loans, net 31,467 30,604 32,702 32,445 35,055 33,470 36,016 10.1 7.6
Premises and equipment, net(4) 2,143 2,169 2,191 2,261 2,229 2,240 2,283 4.2 1.9
Accrued interest and fees receivable 3,302 3,358 3,407 3,278 3,446 3,403 3,526 3.5 3.6
Goodwill 7,629 7,629 7,650 7,621 7,582 7,465 7,351 (3.9) (1.5)
Other intangible assets 2,007 1,933 1,887 1,816 1,744 1,654 1,568 (16.9) (5.2)
Other assets 45,233 45,472 45,951 37,615 44,200 41,470 42,666 (7.1) 2.9
Total assets $ 316,885 $ 326,528 $ 323,139 $ 314,624 $ 322,350 $ 300,223 $ 303,568 (6.1) 1.1
Liabilities:
Deposits:
Non-interest-bearing $ 57,079 $ 61,742 $ 64,885 $ 56,461 $ 61,797 $ 55,062 $ 55,894 (13.9) 1.5
Interest-bearing - U.S. 108,372 111,291 108,909 102,985 104,962 107,262 105,021 (3.6) (2.1)
Interest-bearing - Non-U.S. 79,442 90,936 85,579 95,589 84,284 79,589 77,321 (9.6) (2.8)
Total deposits(5) 244,893 263,969 259,373 255,035 251,043 241,913 238,236 (8.1) (1.5)
Securities sold under repurchase agreements 587 658 637 1,575 4,277 951 4,250 567.2 346.9
Short-term borrowings under money market liquidity facility 200 — — — — — — — —
Other short-term borrowings 642 635 549 128 18 73 109 (80.1) 49.3
Accrued expenses and other liabilities 31,722 23,067 22,288 17,048 26,866 17,989 21,326 (4.3) 18.6
Long-term debt 13,836 13,032 12,978 13,475 13,922 13,530 13,999 7.9 3.5
Total liabilities 291,880 301,361 295,825 287,261 296,126 274,456 277,920 (6.1) 1.3
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding 742 742 742 742 742 742 742 — —
Series F, 2,500 shares issued and outstanding 247 247 247 247 247 247 247 — —
Series G, 5,000 shares issued and outstanding 493 493 493 493 493 493 493 — —
Series H, 5,000 shares issued and outstanding 494 494 494 494 494 494 494 — —
Common stock, 1 par, 750,000,000 shares authorized(6)(7) 504 504 504 504 504 504 504 — —
Surplus 10,227 10,246 10,763 10,787 10,762 10,757 10,760 — —
Retained earnings 23,751 24,300 24,785 25,238 25,612 26,115 26,552 7.1 1.7
Accumulated other comprehensive income (loss) (418) (422) (682) (1,133) (2,698) (3,687) (4,268) 525.8 15.8
Treasury stock, at cost(8) (11,035) (11,437) (10,032) (10,009) (9,932) (9,898) (9,876) (1.6) (0.2)
Total shareholders' equity 25,005 25,167 27,314 27,363 26,224 25,767 25,648 (6.1) (0.5)
Total liabilities and equity $ 316,885 $ 326,528 $ 323,139 $ 314,624 $ 322,350 $ 300,223 $ 303,568 (6.1) 1.1
(1) Fair value of Investment securities held-to-maturity purchased under money market liquidity facility $ 201 $ — $ — $ — $ — $ — $ —
(2) Fair value of investment securities held-to-maturity 46,752 45,685 43,728 42,271 42,834 60,103 58,320
(3) Total allowance for credit losses including off-balance sheet commitments 135 121 117 108 107 114 114
(4) Accumulated depreciation for premises and equipment 4,960 5,108 5,235 5,391 5,530 5,652 5,772
(5) Average total deposits 226,232 242,310 233,266 239,680 233,268 228,417 213,302
(6) Common stock shares issued 503,879,642 503,879,642 503,879,642 503,879,642 503,879,642 503,879,642 503,879,642
(7) Total common shares outstanding 348,032,982 343,503,114 365,629,173 365,982,820 367,114,788 367,619,353 367,967,505
(8) Treasury stock shares 155,846,660 160,376,528 138,250,469 137,896,822 136,764,854 136,260,289 135,912,137

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
2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22
(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 rates Average balance Average rates Average balance Average balance
Assets:
Interest-bearing deposits with banks 95,235 (0.04) % $ 99,438 (0.02) % $ 79,375 — % $ 86,154 (0.01) % $ 76,741 0.05 % $ 76,531 0.36 % $ 68,918 1.16 % (13.2) % (9.9) %
Securities purchased under resale agreements(2) 0.88 3,958 0.28 4,061 0.65 4,191 0.69 3,150 1.31 2,022 7.47 1,470 15.55 (63.8) (27.3)
Trading account assets — 729 — 733 0.02 747 0.01 761 — 746 0.01 701 — (4.4) (6.0)
Investment securities:
Investment securities available-for-sale 0.95 66,225 0.88 69,621 0.86 71,134 0.83 75,226 0.83 54,767 0.91 43,956 1.62 (36.9) (19.7)
Investment securities held-to-maturity 1.54 45,243 1.47 44,014 1.47 42,772 1.45 44,060 1.56 59,162 1.55 64,919 1.67 47.5 9.7
Investment securities held-to-maturity purchased under money market liquidity facility 1.35 13 1.28 — — — — — — — — — — — —
Total investment securities 1.21 111,481 1.12 113,635 1.10 113,906 1.06 119,286 1.10 113,929 1.24 108,875 1.65 (4.2) (4.4)
Loans(3) 2.05 29,471 2.14 32,035 2.08 34,425 2.00 34,407 2.03 35,826 2.23 35,069 2.90 9.5 (2.1)
Other interest-earning assets 0.10 20,939 0.07 24,662 0.08 25,418 0.07 23,767 0.08 22,199 0.83 20,877 2.63 (15.3) (6.0)
Total interest-earning assets 0.76 266,016 0.71 254,501 0.76 264,841 0.73 258,112 0.82 251,253 1.13 235,910 1.86 (7.3) (6.1)
Cash and due from banks 5,594 5,103 4,998 4,018 3,829 3,461 (32.2) (9.6)
Other assets 36,585 31,855 33,168 32,880 36,353 35,797 12.4 (1.5)
Total assets 296,328 $ 308,195 $ 291,459 $ 303,007 $ 295,010 $ 291,435 $ 275,168 (5.6) (5.6)
Liabilities:
Interest-bearing deposits:
U.S. 100,974 0.01 % $ 110,269 — % $ 104,575 0.02 % $ 103,547 — % $ 100,073 0.02 % $ 97,273 0.26 % $ 94,636 1.09 % (9.5) (2.7)
Non-U.S.(4) (0.37) 83,248 (0.32) 82,230 (0.33) 84,525 (0.31) 83,556 (0.32) 80,055 (0.20) 72,202 0.22 (12.2) (9.8)
Total interest-bearing deposits(4) (0.16) 193,517 (0.14) 186,805 (0.13) 188,072 (0.14) 183,629 (0.14) 177,328 0.05 166,838 0.71 (10.7) (5.9)
Securities sold under repurchase agreements 0.05 477 (0.02) 332 — 847 (0.05) 2,279 (0.02) 4,486 0.26 3,814 0.23 1,048.8 (15.0)
Short-term borrowings under money market liquidity facility 1.21 13 1.25 — — — — — — — — — — — —
Other short-term borrowings 0.14 893 0.27 837 0.17 659 0.28 872 — 680 0.73 430 0.01 (48.6) (36.8)
Long-term debt 1.74 13,461 1.60 13,021 1.59 13,243 1.62 14,265 1.82 13,702 2.12 13,958 2.78 7.2 1.9
Other interest-bearing liabilities 0.73 5,682 0.80 5,461 0.78 5,943 0.71 2,881 1.50 2,518 3.31 2,536 6.43 (53.6) 0.7
Total interest-bearing liabilities 0.01 214,043 — 206,456 — 208,764 — 203,926 0.02 198,714 0.24 187,576 0.93 (9.1) (5.6)
Non-interest bearing deposits(5) 48,793 46,461 51,608 49,639 51,089 46,464 — (9.1)
Other liabilities 20,131 12,775 15,266 14,678 15,969 15,453 21.0 (3.2)
Preferred shareholders' equity 1,976 1,976 1,976 1,976 1,976 1,976 — —
Common shareholders' equity 23,252 23,791 25,393 24,791 23,687 23,699 (0.4) 0.1
Total liabilities and shareholders' equity 296,328 $ 308,195 $ 291,459 $ 303,007 $ 295,010 $ 291,435 $ 275,168 (5.6) (5.6)
Total deposits 226,232 $ 242,310 $ 233,266 $ 239,680 $ 233,268 $ 228,417 $ 213,302 (8.6) (6.6)
Excess of rate earned over rate paid 0.75 % 0.71 % 0.76 % 0.73 % 0.80 % 0.89 % 0.92 %
Net interest margin 0.75 % 0.71 % 0.76 % 0.73 % 0.80 % 0.94 % 1.11 %
Net interest income, fully taxable-equivalent basis $ 471 $ 470 $ 490 $ 487 $ 512 $ 587 $ 662
Tax-equivalent adjustment (4) (3) (3) (3) (3) (3) (2)
Net interest income, GAAP-basis(4) $ 467 $ 467 $ 487 $ 484 $ 509 $ 584 $ 660
(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 87 billion, 62 billion, 52 billion and 48 billion in the first, second, third and fourth quarters 2021, respectively, and approximately 55 billion, 71 billion and 73 billion in the first, second and third quarters of 2022. Excluding the impact of netting, the average interest rates would be approximately 0.04%, 0.02%, 0.05% and 0.06% in the first, second, third and fourth quarters of 2021, respectively, and approximately 0.07%, 0.21% and 0.31% in the first, second and third quarters of 2022.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately 27,904 million, 29,352 million, 31,935 million and 34,331 million in the first, second, third and fourth quarters of 2021 and approximately 34,320 million, 35,741 million and 34,974 million in the first, second and third quarters of 2022.
(4) Average rates includes the impact of FX swap expense of approximately (21) million, (16) million, (16) million and (14) million in the first, second, third and fourth quarters of 2021, respectively, and approximately (13) million, (3) million and 16 million in the first, second and third quarters of 2022. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately (0.11)%, (0.10)%, (0.10)% and (0.11)% in the first, second, third and fourth quarters of 2021, respectively, and approximately (0.11)%, 0.06% and 0.68% in the first, second and third quarters of 2022.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2021 and 2022, adjusted for applicable state income taxes, net of related federal benefit.
Year-to-Date % Change
2021 2022 YTD2022 vs YTD2021
(Dollars in millions; fully-taxable equivalent basis) Average rates Average balance Average rates Average balance
Assets:
Interest-bearing deposits with banks 91,291 (0.02) % $ 74,034 0.51 % (18.9) %
Securities purchased under resale agreements(2) 0.61 2,208 6.39 (47.4)
Trading account assets 0.01 736 0.01 (2.4)
Investment securities:
Investment securities available-for-sale 0.89 57,868 1.06 (11.0)
Investment securities held-to-maturity 1.49 56,124 1.60 23.3
Investment securities held-to-maturity purchased under money market liquidity facility 1.35 — — (100.0)
Total investment securities 1.14 113,992 1.32 2.7
Loans(3) 2.09 35,103 2.39 17.6
Other interest-earning assets 0.08 22,271 1.14 4.5
Total interest-earning assets 0.74 248,344 1.26 (3.9)
Cash and due from banks 3,767 (25.8)
Other assets 35,021 (0.4)
Total assets 298,643 $ 287,132 (3.9)
Liabilities:
Interest-bearing deposits:
U.S. 105,286 0.01 $ 97,307 0.45 (7.6)
Non-U.S.(4) (0.34) 78,563 (0.11) (3.4)
Total interest-bearing deposits(4) (0.14) 175,870 0.20 (5.8)
Securities sold under repurchase agreements 0.02 3,532 0.19 482.8
Short-term borrowings under money market liquidity facility 1.21 — — (100.0)
Other short-term borrowings 0.20 660 0.25 (20.7)
Long-term debt 1.64 13,974 2.24 4.0
Other interest-bearing liabilities 0.77 2,643 3.66 (50.4)
Total interest-bearing liabilities — 196,679 0.39 (5.1)
Non-interest bearing deposits(5) 49,052 3.6
Other liabilities 15,370 (16.5)
Preferred shareholders' equity 1,976 (6.4)
Common shareholders' equity 24,055 2.2
Total liabilities and shareholders' equity 298,643 $ 287,132 (3.9)
Total deposits $ 233,962 $ 224,922 (3.9)
Excess of rate earned over rate paid 0.74 % 0.87 %
Net interest margin 0.74 % 0.95 %
Net interest income, fully taxable-equivalent basis $ 1,431 $ 1,761
Tax-equivalent adjustment (10) (8)
Net interest income, GAAP-basis(4) $ 1,421 $ 1,753
(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 62 billion and 66 billion as of September 30, 2021 and 2022, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.04% and 0.21% for the nine months ended September 30, 2021 and 2022, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of September 30, 2021 and 2022 was approximately 29,745 million and 35,014 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately (53) million and nil for the nine months ended September 30, 2021 and 2022, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were (0.10)% and 0.20% for the nine months ended September 30, 2021 and 2022, respectively.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)
3Q22
Other Total
(Dollars in millions, or where otherwise noted) Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates
Interest-bearing deposits with banks 2.33 % 0.01 % 1.51 % $ 10,919 1.16 % $ 68,918 1.16 %
Total investment securities 89,212 1.80 7,836 0.31 3,674 1.13 8,153 1.53 108,875 1.65
Loans 28,485 3.02 4,558 1.84 1,226 3.13 800 4.18 35,069 2.90
Total other interest-earning assets(2) 21,356 3.48 157 (0.47) 13 10.64 1,522 2.35 23,048 3.38
Total interest-earning assets 2.30 0.28 1.56 $ 21,394 1.49 $ 235,910 1.86
Total interest-bearing deposits(3)(4) 1.18 (0.25) 0.36 $ 23,763 0.42 $ 166,838 0.71
2Q22
Other Total
(Dollars in millions, or where otherwise noted) Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates
Interest-bearing deposits with banks 0.95 % (0.46) % 0.89 % $ 12,680 0.55 % $ 76,531 0.36 %
Total investment securities 91,195 1.35 9,426 0.32 4,499 1.03 8,809 1.22 113,929 1.24
Loans 29,083 2.28 4,681 1.73 1,167 2.40 895 3.06 35,826 2.23
Total other interest-earning assets(2) 22,994 1.39 106 — 8 5.51 1,859 0.83 24,967 1.34
Total interest-earning assets 1.44 (0.03) 1.06 $ 24,243 0.96 $ 251,253 1.13
Total interest-bearing deposits(3)(4) 0.35 (0.54) 0.14 $ 25,947 (0.25) $ 177,328 0.05
3Q21
Other Total
(Dollars in millions, or where otherwise noted) Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates Average Balance Average Rates
Interest-bearing deposits with banks 0.32 % (0.44) % 0.09 % $ 18,971 0.13 % $ 79,375 — %
Total investment securities 87,108 1.26 13,128 0.28 4,011 0.75 9,388 0.89 113,635 1.10
Loans 25,989 2.10 3,921 1.93 1,493 1.71 632 2.91 32,035 2.08
Total other interest-earning assets(2) 28,539 0.16 63 (0.87) 15 (0.26) 839 0.16 29,456 0.15
Total interest-earning assets 1.07 0.01 0.36 $ 29,830 0.43 $ 254,501 0.76
Total interest-bearing deposits(3)(4) 0.09 (0.56) — $ 29,237 (0.43) $ 186,805 (0.13)
(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.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
Quarters
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
(Dollars in billions, or where otherwise noted) Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate
Available-for-sale investment securities:
Government & agency securities $ 28.5 0.44 % $ 32.5 0.53 % $ 36.1 0.59 % $ 38.8 0.63 % $ 42.9 0.72 % $ 30.3 0.73 % $ 23.5 1.33 %
Asset-backed securities 7.9 0.86 9.1 0.84 9.4 0.88 7.6 0.82 6.7 0.79 6.7 1.22 6.2 2.21
Student loans 0.3 0.94 0.3 1.19 0.2 1.18 0.2 1.25 0.2 1.43 0.2 2.25 0.1 3.62
Credit cards 0.1 0.88 0.1 0.87 0.1 0.86 0.1 0.87 0.1 0.93 0.1 1.57 0.1 3.03
Auto & equipment 1.1 0.03 1.3 (0.01) 1.3 0.03 1.2 (0.02) 1.0 (0.01) 0.9 0.16 0.7 0.56
Non-U.S. residential mortgage backed securities 2.0 0.80 2.1 0.77 2.1 0.74 2.1 0.79 2.1 0.78 2.1 1.08 1.9 2.16
Collateralized loan obligation 4.2 1.16 5.2 1.10 5.4 1.16 3.8 1.11 3.2 1.06 3.2 1.59 3.1 2.63
Other 0.2 (0.12) 0.1 (0.09) 0.3 (0.07) 0.2 (0.20) 0.1 (0.37) 0.2 0.37 0.3 0.87
Mortgage-backed securities 10.3 1.77 10.7 1.53 9.6 1.54 9.4 1.57 9.8 1.62 3.4 1.22 1.9 1.71
Agency MBS 10.3 1.77 10.7 1.53 9.6 1.54 9.4 1.57 9.8 1.62 3.4 1.22 1.9 1.71
Non-agency MBS — — — — — — — — — — — — — —
CMBS 3.8 0.78 5.6 0.53 6.5 0.50 8.0 0.43 9.2 0.40 8.9 0.59 8.2 1.72
Corporate bonds 5.4 1.33 5.3 1.29 5.0 1.27 4.3 1.29 3.9 1.02 2.8 1.32 2.1 1.53
Covered bonds 0.5 0.22 0.3 0.30 0.2 0.40 0.1 0.57 0.1 0.58 0.1 0.64 — 0.64
Municipal bonds 0.8 2.59 0.8 2.61 0.8 2.62 0.8 2.65 0.6 2.72 0.6 2.87 0.6 2.83
Clipper tax-exempt bonds 0.7 3.76 0.7 3.80 0.6 3.79 0.6 3.83 0.5 4.07 0.4 4.41 0.4 4.25
Other 1.3 0.93 1.2 0.94 1.4 0.93 1.5 0.92 1.6 0.86 1.5 0.98 1.1 1.17
Total available-for-sale portfolio $ 59.2 0.95 $ 66.2 0.88 $ 69.6 0.86 $ 71.1 0.83 $ 75.3 0.83 $ 54.7 0.91 $ 44.0 1.62
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
(Dollars in billions, or where otherwise noted) Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate
Held-to-maturity investment securities:
Government & agency securities $ 6.0 2.10 % $ 5.8 1.97 % $ 5.3 1.73 % $ 4.1 1.56 % $ 3.5 1.24 % $ 13.7 0.72 % $ 18.0 0.80 %
Asset-backed securities 5.0 1.31 5.1 1.22 5.1 1.19 5.1 1.13 4.9 1.05 4.5 1.67 4.3 3.04
Student loans 4.7 1.11 4.8 1.05 4.9 1.03 5.0 0.96 4.9 1.05 4.5 1.67 4.3 3.04
Non-U.S. residential mortgage backed securities 0.3 4.56 0.3 4.14 0.2 4.52 0.1 8.31 — — — — — —
Other — 1.13 — 1.11 — 1.11 — 0.65 — — — — — —
Mortgage-backed securities 31.3 1.51 29.5 1.38 28.7 1.40 28.7 1.43 30.6 1.67 35.9 1.84 37.4 1.90
Agency MBS 31.2 1.51 29.4 1.37 28.7 1.39 28.7 1.41 30.6 1.66 35.8 1.84 37.4 1.90
Non-agency MBS 0.1 4.21 0.1 4.44 — 4.93 — 5.38 — 12.22 0.1 4.45 — 13.21
CMBS 5.0 1.54 4.9 1.61 4.9 1.57 4.9 1.52 5.0 1.53 5.1 1.71 5.2 1.80
Held-to-maturity under money market liquidity facility 1.3 1.35 — 1.28 — — — — — — — — — —
Total held-for-maturity portfolio $ 48.6 1.54 $ 45.3 1.47 $ 44.0 1.47 $ 42.8 1.45 $ 44.0 1.56 $ 59.2 1.55 $ 64.9 1.67
Total investment securities $ 107.8 1.21 $ 111.5 1.12 $ 113.6 1.10 $ 113.9 1.06 $ 119.3 1.10 $ 113.9 1.24 $ 108.9 1.65
STATE STREET CORPORATION
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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 % 37 % 22 % 3 % 1 % 1 % — % $ 21.5 52.5 % $ (764) 89% /11%
Asset-backed securities 92 8 — — — — 5.8 14.3 (104) 0% / 100%
Student loans 6 94 — — — — 0.1 2.3 (1)
Credit cards 100 — — — — — 0.1 1.5 (2)
Auto & equipment 73 27 — — — — 0.6 11.6 (4)
Non-U.S. residential mortgage backed securities 93 6 — — 1 — 1.7 28.4 (18)
Collateralized loan obligation 100 — — — — — 3.1 53.1 (78)
Other 64 36 — — — — 0.2 3.1 (1)
Mortgage-backed securities — — — — — — 1.8 4.4 (85) 98% / 2%
Agency MBS — — — — — — 1.8 100.0 (85)
Non-agency MBS — — — — — — — — —
CMBS 3 — — — — — 7.8 19.0 (136) 0% / 100%
Corporate bonds — 16 46 38 — — 2.1 5.1 (153) 90% / 10%
Covered bonds 100 — — — — — — — (1) 100% / 0%
Municipal bonds 27 72 1 — — — 0.6 1.4 (22) 100% / 0%
Clipper tax-exempt bonds 11 61 15 13 — — 0.4 0.9 (6) 0% / 100%
Other 1 53 46 — — — 1.0 2.4 (106) 94% / 6%
Total available-for-sale portfolio % 34 % 16 % 5 % 2 % 1 % — % $ 41.0 100.0 % $ (1,377) 59% / 41%
Fair Value 17.2 $ 13.8 $ 6.7 $ 2.2 $ 0.9 $ 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 % 15 % 13 % 2 % 4 % 1 % — % $ 17.8 27.3 % $ (621) 100% / 0%
Asset-backed securities 26 72 — 2 — — 4.2 6.5 (103) 4% / 96%
Student loans 26 72 — 2 — — 4.2 100.0 (103)
Non-U.S. residential mortgage backed securities — — — — — — — — —
Other — — — — — — — — —
Mortgage-backed securities — — — — — — 38.0 58.2 (5,368) 100% / 0%
Agency MBS — — — — — — 38.0 100.0 (5,387)
Non-agency MBS — 11 — 31 19 39 — — 19
CMBS 5 — — — — — 5.2 8.0 (820) 92% / 8%
Total held-for-maturity portfolio % 6 % 8 % 1 % 1 % — % — % $ 65.2 100.0 % $ (6,912) 93% / 7%
Amortized Cost 54.6 $ 4.1 $ 5.3 $ 0.4 $ 0.8 $ — $ —
Total investment securities $ 106.2 80% /20%
(1) At September 30, 2022, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of 1,002 million, after-tax unrealized loss on securities held-to-maturity of 5,030 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of 784 million.
(2) At September 30, 2022, fixed-to-floating rate securities had a book value of approximately 43 million or 0.04% of the total portfolio.

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 Covered Bonds Other
Available-for-sale:
Canada 3.6 AA $ 2.7 $ — $ — $ 0.2 $ — $ 0.7
Australia AAA 1.0 0.9 — 0.2 — 0.1
United Kingdom AA 0.7 0.4 0.2 0.1 — —
Germany AA 0.8 — 0.3 — — —
France AAA 0.1 — 0.7 0.1 — 0.1
Hong Kong AA 0.9 — — — — —
Austria AA 0.8 — — — — —
Japan A 0.7 — — — — —
Netherlands AA — 0.2 0.1 0.1 — 0.1
Italy AA 0.1 0.1 0.1 — — —
Spain A 0.1 — 0.1 — — —
Finland AA 0.1 — 0.1 — — —
Brazil BB 0.2 — — — — —
Republic of Korea AA 0.1 — — — — —
Other AAA 5.5 0.1 — 0.3 — —
Total Non-U.S. Investments(3) 19.1 $ 13.8 $ 1.7 $ 1.6 $ 1.0 $ — $ 1.0
U.S. Investments
Total available-for-sale 41.0
Investment Securities
(Dollars in billions) Average Rating Gov't/Agency(1)(2) ABS<br>FRMBS ABS<br>All Other Corporate Bonds Covered Bonds Other
Held-to-maturity:
Spain 0.7 BBB $ 0.7 $ — $ — $ — $ — $ —
Belgium AAA 0.6 — — — — —
France AA 0.6 — — — — —
Ireland A 0.4 — — — — —
Austria AA 0.3 — — — — —
Singapore AAA 0.3 — — — — —
Finland AA 0.2 — — — — —
Netherlands AAA 0.2 — — — — —
Germany AA 0.1 — — — — —
Other AAA 2.7 — — — — —
Total Non-U.S. Investments(3) 6.1 $ 6.1 $ — $ — $ — $ — $ —
U.S. Investments
Total held-for-maturity 65.2
Total Investment Portfolio 106.2
(1) Sovereign debt is reflected in the government / agency column.
(2) As of September 30, 2022, other non-U.S. investments include 5.4 billion supranational bonds in AFS securities and 2.7 billion supranational bonds 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) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs $ 14,052 $ 15,048 $ 15,159 $ 15,722 $ 15,140 $ 13,609 $ 11,649 (23.2) % (14.4) %
Mutual funds 10,439 10,873 11,505 11,575 10,825 9,642 9,289 (19.3) (3.7)
Pension products 7,843 8,291 8,497 8,443 8,191 7,764 7,669 (9.7) (1.2)
Insurance and other products 7,929 8,385 8,176 7,938 7,568 7,165 7,081 (13.4) (1.2)
Total Assets Under Custody and/or Administration $ 40,263 $ 42,597 $ 43,337 $ 43,678 $ 41,724 $ 38,180 $ 35,688 (17.7) (6.5)
By Asset Class:
Equities $ 22,825 $ 24,792 $ 25,350 $ 25,974 $ 25,249 $ 21,953 $ 19,889 (21.5) (9.4)
Fixed-income 13,022 13,079 12,808 12,587 11,303 10,716 10,150 (20.8) (5.3)
Short-term and other investments 4,416 4,726 5,179 5,117 5,172 5,511 5,649 9.1 2.5
Total Assets Under Custody and/or Administration $ 40,263 $ 42,597 $ 43,337 $ 43,678 $ 41,724 $ 38,180 $ 35,688 (17.7) (6.5)
By Geographic Location(2):
Americas $ 29,530 $ 31,280 $ 31,934 $ 32,427 $ 31,027 $ 28,207 $ 26,051 (18.4) (7.6)
Europe/Middle East/Africa 8,256 8,716 8,748 8,599 8,103 7,498 6,990 (20.1) (6.8)
Asia/Pacific 2,477 2,601 2,655 2,652 2,594 2,475 2,647 (0.3) 6.9
Total Assets Under Custody and/or Administration $ 40,263 $ 42,597 $ 43,337 $ 43,678 $ 41,724 $ 38,180 $ 35,688 (17.7) (6.5)
Assets Under Custody(3)
By Product Classification:
Collective funds, including ETFs $ 11,895 $ 12,785 $ 12,881 $ 13,448 $ 13,107 $ 11,669 $ 9,932 (22.9) (14.9)
Mutual funds 8,811 9,188 9,369 9,491 8,833 7,869 7,594 (18.9) (3.5)
Pension products 6,283 6,671 6,798 6,733 6,576 6,215 6,204 (8.7) (0.2)
Insurance and other products 3,145 3,303 3,316 3,173 2,931 2,856 2,748 (17.1) (3.8)
Total Assets Under Custody $ 30,134 $ 31,947 $ 32,364 $ 32,845 $ 31,447 $ 28,609 $ 26,478 (18.2) (7.4)
By Geographic Location(2):
Americas $ 22,715 $ 24,015 $ 24,380 $ 24,864 $ 23,655 $ 21,389 $ 19,581 (19.7) (8.5)
Europe/Middle East/Africa 5,564 5,957 5,994 5,988 5,786 5,309 4,818 (19.6) (9.2)
Asia/Pacific 1,855 1,975 1,990 1,993 2,006 1,911 2,079 4.5 8.8
Total Assets Under Custody $ 30,134 $ 31,947 $ 32,364 $ 32,845 $ 31,447 $ 28,609 $ 26,478 (18.2) (7.4)
(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(3) Assets under custody are a component of assets under custody and/or administration presented above.
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
Quarters % Change
(Dollars in billions) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active $ 84 $ 83 $ 79 $ 80 $ 67 $ 62 $ 53 (32.9) % (14.5) %
Passive 2,198 2,378 2,361 2,594 2,463 2,024 1,890 (19.9) (6.6)
Total Equity 2,282 2,461 2,440 2,674 2,530 2,086 1,943 (20.4) (6.9)
Fixed-Income:
Active 91 100 101 103 98 89 79 (21.8) (11.2)
Passive 463 510 509 520 503 461 439 (13.8) (4.8)
Total Fixed-Income 554 610 610 623 601 550 518 (15.1) (5.8)
Cash(1) 372 381 367 368 393 403 410 11.7 1.7
Multi-Asset-Class Solutions:
Active 34 35 35 34 33 29 25 (28.6) (13.8)
Passive 155 172 174 188 196 173 167 (4.0) (3.5)
Total Multi-Asset-Class Solutions 189 207 209 222 229 202 192 (8.1) (5.0)
Alternative Investments(2):
Active 27 63 58 56 51 42 35 (39.7) (16.7)
Passive 167 175 178 195 218 192 167 (6.2) (13.0)
Total Alternative Investments 194 238 236 251 269 234 202 (14.4) (13.7)
Total Assets Under Management $ 3,591 $ 3,897 $ 3,862 $ 4,138 $ 4,022 $ 3,475 $ 3,265 (15.5) (6.0)
By Geographic Location:
North America $ 2,512 $ 2,749 $ 2,732 $ 2,931 $ 2,878 $ 2,525 $ 2,396 (12.3) (5.1)
Europe/Middle East/Africa 530 570 558 592 593 521 474 (15.1) (9.0)
Asia/Pacific 549 578 572 615 551 429 395 (30.9) (7.9)
Total Assets Under Management $ 3,591 $ 3,897 $ 3,862 $ 4,138 $ 4,022 $ 3,475 $ 3,265 (15.5) (6.0)
(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) $ 69 $ 73 $ 69 $ 72 $ 84 $ 77 $ 63 (8.7) % (18.2) %
Equity 777 844 849 970 940 791 734 (13.5) (7.2)
Fixed-Income 122 128 131 135 134 130 121 (7.6) (6.9)
Multi-Asset — 1 1 1 1 1 1 — —
Total Exchange-Traded Funds $ 968 $ 1,046 $ 1,050 $ 1,178 $ 1,159 $ 999 $ 919 (12.5) (8.0)
(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
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
Long Term Funds(3) $ 165.2 $ 195.7 $ 149.8 $ 101.7 $ (66.7) $ (277.9) $ (194.0)
Money Market 156.4 33.1 15.2 200.8 (143.4) (35.1) (24.4)
ETF 148.4 122.6 77.1 156.5 181.2 93.2 109.9
Total Flows $ 470.0 $ 351.4 $ 242.1 $ 459.0 $ (28.9) $ (219.8) $ (108.5)
EMEA-Morningstar Direct Market Data(1)(4)
Long Term Funds(3) $ 237.0 $ 225.8 $ 192.1 $ 154.6 $ 9.7 $ (79.5) $ (88.7)
Money Market (91.0) (9.8) (4.3) 109.7 (68.9) (7.3) 11.5
ETF 54.2 51.1 36.8 34.7 45.4 16.0 (2.9)
Total Flows $ 200.2 $ 267.1 $ 224.6 $ 299.0 $ (13.8) $ (70.8) $ (80.1)
(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 third quarter of 2022 data for North America (US domiciled) includes Morningstar actuals for July and August 2022 and Morningstar estimates for September 2022.
(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 third quarter of 2022 data for Europe is on a rolling three month basis for June 2022 through August 2022, 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) 3Q21 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22 3Q21 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22 3Q21 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22 3Q21 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22
Servicing fees $ 1,391 $ 1,297 $ 1,219 (12.4) % (6.0) % $ — $ — $ — — % — % $ — $ — $ — — % — % $ 1,391 $ 1,297 $ 1,219 (12.4) % (6.0) %
Management fees — — — — — 526 490 472 (10.3) (3.7) — — — — — 526 490 472 (10.3) (3.7)
Foreign exchange trading services 266 313 293 10.2 (6.4) 13 18 26 100.0 44.4 — — — — — 279 331 319 14.3 (3.6)
Securities finance 103 102 105 1.9 2.9 3 5 5 66.7 — — — — — — 106 107 110 3.8 2.8
Software and processing fees 180 188 184 2.2 (2.1) — — — nm nm — — — — — 180 188 184 2.2 (2.1)
Other fee revenue 28 (12) 12 (57.1) nm (6) (31) (17) nm nm — — — — — 22 (43) (5) nm nm
Total fee revenue 1,968 1,888 1,813 (7.9) (4.0) 536 482 486 (9.3) 0.8 — — — — — 2,504 2,370 2,299 (8.2) (3.0)
Net interest income 491 588 663 35.0 12.8 (4) (4) (3) nm nm — — — — — 487 584 660 35.5 13.0
Total other income (1) (1) — nm nm — — — — — — — — — nm (1) (1) — nm nm
Total revenue 2,458 2,475 2,476 0.7 — 532 478 483 (9.2) 1.0 — — — nm nm 2,990 2,953 2,959 (1.0) 0.2
Provision for credit losses (2) 10 — nm nm — — — — — — — — — — (2) 10 — nm nm
Total expenses 1,755 1,767 1,760 0.3 (0.4) 339 327 335 (1.2) 2.4 22 14 15 nm nm 2,116 2,108 2,110 (0.3) 0.1
Income before income tax expense $ 705 $ 698 $ 716 1.6 2.6 $ 193 $ 151 $ 148 (23.3) (2.0) $ (22) $ (14) $ (15) nm nm $ 876 $ 835 $ 849 (3.1) 1.7
Pre-tax margin 28.7 % 28.2 % 28.9 % 20 70 bps 36.3 % 31.6 % 30.6 % (570) (100) bps 29.3 % 28.3 % 28.7 % (60) 40 bps
Nine Months Ended September 30,
Investment Servicing % Change Investment Management % Change Other(1) % Change Total % Change
(Dollars in millions) 2021 2022 YTD2022<br>vs.<br>YTD2021 2021 2022 YTD2022<br>vs.<br>YTD2021 2021 2022 YTD2022<br>vs.<br>YTD2021 2021 2022 YTD2022<br>vs.<br>YTD2021
Servicing fees $ 4,154 $ 3,884 (6.5) % $ — $ — — % $ — $ — — % $ 4,154 $ 3,884 (6.5) %
Management fees — — — 1,523 1,482 (2.7) — — — 1,523 1,482 (2.7)
Foreign exchange trading services 869 948 9.1 42 61 45.2 — — — 911 1,009 10.8
Securities finance 304 300 (1.3) 10 13 30.0 — — — 314 313 (0.3)
Software and processing fees 551 573 4.0 — — nm — — — 551 573 4.0
Other fee revenue 45 46 nm 3 (65) nm — — — 48 (19) nm
Total fee revenue 5,923 5,751 (2.9) 1,578 1,491 (5.5) — — — 7,501 7,242 (3.5)
Net interest income 1,432 1,760 22.9 (11) (7) (36.4) — — — 1,421 1,753 23.4
Total other income (1) (2) nm — — — 53 — nm 52 (2) nm
Total revenue 7,354 7,509 2.1 1,567 1,484 (5.3) 53 — nm 8,974 8,993 0.2
Provision for loan losses (26) 10 nm — — — — — — (26) 10 nm
Total expenses 5,389 5,452 1.2 1,082 1,051 (2.9) 88 42 (52.3) 6,559 6,545 (0.2)
Income before income tax expense $ 1,991 $ 2,047 2.8 $ 485 $ 433 (10.7) $ (35) $ (42) 20.0 $ 2,441 $ 2,438 (0.1)
Pre-tax margin 27.1 % 27.3 % 20 bps 31.0 % 29.2 % (180) bps 27.2 % 27.1 % (10) bps
(1) Represents costs incurred that are not allocated to a specific line of business, including certain severance and restructuring costs, employee costs, acquisition costs and certain provisions for legal contingencies.
nm Denotes not meaningful
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
Quarters % Change
(Dollars in millions) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22
Allowance for credit losses:
Beginning balance $ 148 $ 135 $ 121 $ 117 $ 108 $ 107 $ 114 (5.8) % 6.5 %
Provision for credit losses (funded commitments) — (19) (3) (7) — 11 2 nm (81.8)
Provision for credit losses (unfunded commitments) (7) 4 1 — — (1) (2) nm nm
Provision for credit losses (investment securities and all other) (2) — — — — — — — —
Total provision (9) (15) (2) (7) — 10 — nm nm
Charge-offs — (1) (1) — (1) (3) — nm nm
Other(1) (4) 2 (1) (2) — — — nm —
Ending balance(2) $ 135 $ 121 $ 117 $ 108 $ 107 $ 114 $ 114 (2.6) —
Allowance for credit losses:
Loans $ 118 $ 100 $ 95 $ 87 $ 86 $ 95 $ 97 2.1 2.1
Investment securities 2 2 2 2 2 1 1 (50.0) —
Unfunded (off-balance sheet) commitments 15 19 20 19 19 18 16 (20.0) (11.1)
All other — — — — — — — — —
Ending balance(2) $ 135 $ 121 $ 117 $ 108 $ 107 $ 114 $ 114 (2.6) —
(1) Consists primarily of FX translation.
(2) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm 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 Year-to-Date % Change
(Dollars in millions) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22 2021 2022 YTD2022<br> vs. <br>YTD2021
Fee Revenue:
Total fee revenue, GAAP-basis $ 2,483 $ 2,514 $ 2,504 $ 2,511 $ 2,573 $ 2,370 $ 2,299 (8.2) % (3.0) % $ 7,501 $ 7,242 (3.5) %
Total fee revenue, excluding notable items $ 2,483 $ 2,514 $ 2,504 $ 2,511 $ 2,573 $ 2,370 $ 2,299 (8.2) (3.0) $ 7,501 $ 7,242 (3.5)
Total Revenue:
Total revenue, GAAP-basis $ 2,950 $ 3,034 $ 2,990 $ 3,053 $ 3,081 $ 2,953 $ 2,959 (1.0) % 0.2 % $ 8,974 $ 8,993 0.2 %
Less: total other income(1) — (53) — (58) — — — nm — (53) — nm
Total revenue, excluding notable items $ 2,950 $ 2,981 $ 2,990 $ 2,995 $ 3,081 $ 2,953 $ 2,959 (1.0) 0.2 $ 8,921 $ 8,993 0.8
Expenses:
Total expenses, GAAP-basis $ 2,332 $ 2,111 $ 2,116 $ 2,330 $ 2,327 $ 2,108 $ 2,110 (0.3) % 0.1 % $ 6,559 $ 6,545 (0.2) %
Less: Notable expense items:
Acquisition and restructuring costs(2) (10) (11) (18) (26) (9) (12) (13) (27.8) 8.3 (39) (34) (12.8)
Repositioning (charges) / release — — — 3 — — — — — — — —
Deferred incentive compensation expense acceleration(3) — — — (147) — — — — — — — —
Legal and other (29) 11 — — — — — — — (18) — nm
Total expenses, excluding notable items 2,293 2,111 2,098 2,160 2,318 2,096 2,097 — — 6,502 6,511 0.1
Seasonal expenses (176) — — — (208) — — — — (176) (208) 18.2
Total expenses, excluding notable items and seasonal expenses $ 2,117 $ 2,111 $ 2,098 $ 2,160 $ 2,110 $ 2,096 $ 2,097 — — $ 6,326 $ 6,303 (0.4)
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis $ 2,483 $ 2,514 $ 2,504 $ 2,511 $ 2,573 $ 2,370 $ 2,299 (8.2) % (3.0) % $ 7,501 $ 7,242 (3.5) %
Total expenses, GAAP-basis 2,332 2,111 2,116 2,330 2,327 2,108 2,110 (0.3) 0.1 6,559 6,545 (0.2)
Fee operating leverage, GAAP-basis (790) bps (310) bps (330) bps
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above) $ 2,483 $ 2,514 $ 2,504 $ 2,511 $ 2,573 $ 2,370 $ 2,299 (8.2) % (3.0) % $ 7,501 $ 7,242 (3.5) %
Total expenses, excluding notable items (as reconciled above) 2,293 2,111 2,098 2,160 2,318 2,096 2,097 — — 6,502 6,511 0.1
Fee operating leverage, excluding notable items (820) bps (300) bps (360) bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis $ 2,950 $ 3,034 $ 2,990 $ 3,053 $ 3,081 $ 2,953 $ 2,959 (1.0) % 0.2 % $ 8,974 $ 8,993 0.2 %
Total expenses, GAAP-basis 2,332 2,111 2,116 2,330 2,327 2,108 2,110 (0.3) 0.1 6,559 6,545 (0.2)
Operating leverage, GAAP-basis (70) bps 10 bps 40 bps
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above) $ 2,950 $ 2,981 $ 2,990 $ 2,995 $ 3,081 $ 2,953 $ 2,959 (1.0) % 0.2 % $ 8,921 $ 8,993 0.8 %
Total expenses, excluding notable items (as reconciled above) 2,293 2,111 2,098 2,160 2,318 2,096 2,097 — — 6,502 6,511 0.1
Operating leverage, excluding notable items (100) bps 20 bps 70 bps
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
Quarters % Change Year-to-Date % Change
(Dollars in millions, except earnings per share, or where otherwise noted) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22 2021 2022 YTD2022<br> vs. <br>YTD2021
Net Income :
Net Income GAAP-basis $ 519 $ 763 $ 714 $ 697 $ 604 $ 747 $ 690 (3.4) % (7.6) % $ 1,996 $ 2,041 2.3 %
Less: Notable items
Total other income(1) — (53) — (58) — — — (53) —
Acquisition and restructuring costs(2) 10 11 18 26 9 12 13 39 34
Repositioning charges / (release) — — — (3) — — — — —
Deferred incentive compensation expense acceleration (3) — — — 147 — — — — —
Legal and other 29 (11) — — — — — 18 —
Tax impact of notable items (10) 16 (5) (29) (2) (3) (3) 1 (8)
Net Income, excluding notable items $ 548 $ 726 $ 727 $ 780 $ 611 $ 756 $ 700 (3.7) (7.4) $ 2,001 $ 2,067 3.3
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis $ 489 $ 728 $ 693 $ 662 $ 583 $ 712 $ 669 (3.5) % (6.0) % $ 1,910 $ 1,964 2.8 %
Less: Notable items
Total other income(1) — (53) — (58) — — — (53) —
Acquisition and restructuring costs(2) 10 11 18 26 9 12 13 39 34
Repositioning charges / (release) — — — (3) — — — — —
Deferred incentive compensation expense acceleration(3) — — — 147 — — — — —
Legal and other 29 (11) — — — — — 18 —
Preferred securities redemption(4) 5 — — — — — — 5 —
Tax impact of notable items (10) 16 (5) (29) (2) (3) (3) 1 (8)
Net Income Available to Common Shareholders, excluding notable items $ 523 $ 691 $ 706 $ 745 $ 590 $ 721 $ 679 (3.8) (5.8) $ 1,920 $ 1,990 3.6
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis $ 1.37 $ 2.07 $ 1.96 $ 1.78 $ 1.57 $ 1.91 $ 1.80 (8.2) % (5.8) % $ 5.40 $ 5.28 (2.2) %
Less: Notable items
Total other income(1) — (0.10) — (0.11) — — — (0.10) —
Acquisition and restructuring costs(2) 0.02 0.02 0.04 0.05 0.02 0.03 0.02 0.08 0.07
Repositioning charges / (release) — — — (0.01) — — — — —
Deferred incentive compensation expense acceleration(3) — — — 0.29 — — — — —
Legal and other 0.06 (0.02) — — — — — 0.04 —
Preferred securities redemption(4) 0.02 — — — — — — 0.01 —
Diluted earnings per share, excluding notable items $ 1.47 $ 1.97 $ 2.00 $ 2.00 $ 1.59 $ 1.94 $ 1.82 (9.0) (6.2) $ 5.43 $ 5.35 (1.5)
Pre-tax Margin:
Pre-tax margin, GAAP-basis 21.3 % 30.9 % 29.3 % 23.9 % 24.5% 28.3% 28.7 % (60) bps 40 bps 27.2% 27.1% (10) bps
Less: Notable items
Total other income(1) — (1.2) — (1.4) — — — (0.4) —
Acquisition and restructuring costs(2) 0.3 0.4 0.6 0.8 0.3 0.4 0.4 0.4 0.4
Repositioning charges — — — — — — — — —
Deferred incentive compensation expense acceleration(3) — — — 4.8 — — — — —
Legal and other 1.0 (0.4) — — — — — 0.2 —
Pre-tax margin, excluding notable items 22.6% 29.7% 29.9% 28.1% 24.8% 28.7% 29.1% (80) 40 27.4% 27.5% 10
STATE STREET CORPORATION
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
% Change Year-to-Date % Change
(Dollars in millions, except earnings per share, or where otherwise noted) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22<br> vs. <br>3Q21 3Q22<br> vs. <br>2Q22 2021 2022 YTD2022<br> vs. <br>YTD2021
Return on Average Common Equity:
Return on average common equity, GAAP-basis 8.4 % 12.6 % 11.6 % 10.3 % 9.5 % 12.1% 11.2% (40) bps (90) bps 10.8% 10.9% 10 bps
Less: Notable items
Total other income(1) — (1.0) — (0.9) — — — (0.3) —
Acquisition and restructuring costs(2) 0.2 0.2 0.3 0.4 0.2 0.1 0.2 0.3 0.2
Repositioning charges — — — — — — — — —
Deferred incentive compensation expense acceleration(3) — — — 2.3 — — — — —
Legal and other 0.5 (0.2) — — — — — 0.1 —
Preferred securities redemption(4) 0.1 — — — — — — — —
Tax impact of notable items (0.2) 0.3 (0.1) (0.5) — — — — —
Return on average common equity, excluding notable items 9.0% 11.9% 11.8% 11.6% 9.7% 12.2% 11.4% (40) (80) 10.9% 11.1% 20
(1) Amount in 2021 consists of 58 million related to the sale of investment securities and 53 million gain on the sale of a majority share of our WMS business.
(2) Acquisition and restructuring costs of approximately 13 million in 3Q22, consisting of acquisition costs primarily related to BBH Investor Services.
(3) Amount in 2021 reflects 142 million related to the acceleration of expenses associated with certain cash settled deferred incentive compensation awards and 5 million related to employee benefits.
(4) We redeemed an aggregate of 500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of 100,000 per share (equivalent to 1,000 per depositary share) plus all declared and unpaid dividends on March 15, 2021.The difference between the redemption value and the net carrying value of approximately 5 million resulted in an EPS impact of approximately (.02) per share in the first quarter of 2021.
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) 2018(1) 2019 2020 2021
Total revenue:
Total revenue, GAAP-basis $ 12,131 $ 11,756 $ 11,703 $ 12,027
Less: Total other income — (44) — (111)
Add: Legal and other 8 — — —
Total revenue, excluding notable items 12,139 11,712 11,703 11,916
Provision for credit losses 15 10 88 (33)
Total expenses:
Total expenses, GAAP-basis 9,015 9,034 8,716 8,889
Less:
Acquisition and restructuring costs (24) (77) (50) (65)
Deferred incentive compensation expense acceleration — — — (147)
Legal and other (42) (172) 9 (18)
Repositioning (charges) / release(1) (324) (110) (133) 3
Total expenses, excluding notable items 8,625 8,675 8,542 8,662
Income before income tax expense, excluding notable items $ 3,499 $ 3,027 $ 3,073 $ 3,287
Income before income tax expense, GAAP-basis $ 3,101 $ 2,712 $ 2,899 $ 3,171
Pre-tax margin, excluding notable items 28.8 % 25.8 % 26.3 % 27.6 %
Pre-tax margin, GAAP-basis 25.6 23.1 24.8 26.4
(1) Includes charges in 2018 that were previously disclosed as "Business exit: Channel Islands".
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency
(Dollars in millions) 3Q21 2Q22 3Q22 3Q22 vs. 3Q21 3Q22 vs. 2Q22 3Q22 vs. 3Q21 3Q22 vs. 2Q22 3Q22 vs. 3Q21 3Q22 vs. 2Q22
GAAP-Basis Results:
Fee revenue:
Back office servicing fees $ 1,289 $ 1,205 $ 1,126 $ (45) $ (16) $ 1,171 $ 1,142 (9.2) % (5.2) %
Middle office services 102 92 93 (3) (1) 96 94 (5.9) 2.2
Servicing fees 1,391 1,297 1,219 (48) (17) 1,267 1,236 (8.9) (4.7)
Management fees 526 490 472 (15) (6) 487 478 (7.4) (2.4)
Foreign exchange trading services 279 331 319 — — 319 319 14.3 (3.6)
Securities finance 106 107 110 (1) (1) 111 111 4.7 3.7
Front office software and data 116 126 127 (1) (1) 128 128 10.3 1.6
Lending related and other fees 64 62 57 (2) — 59 57 (7.8) (8.1)
Software and processing fees 180 188 184 (3) (1) 187 185 3.9 (1.6)
Other fee revenue 22 (43) (5) (1) — (4) (5) nm nm
Total fee revenue 2,504 2,370 2,299 (68) (25) 2,367 2,324 (5.5) (1.9)
Net interest income 487 584 660 (15) (7) 675 667 38.6 14.2
Total other income (1) (1) — — — — — nm nm
Total revenue $ 2,990 $ 2,953 $ 2,959 $ (83) $ (32) $ 3,042 $ 2,991 1.7 1.3
Expenses:
Compensation and employee benefits $ 1,054 $ 1,046 $ 1,042 $ (48) $ (23) $ 1,090 $ 1,065 3.4 1.8
Information systems and communications 406 392 399 (5) (3) 404 402 (0.5) 2.6
Transaction processing services 253 240 227 (8) (4) 235 231 (7.1) (3.8)
Occupancy 102 96 97 (6) (2) 103 99 1.0 3.1
Acquisition and restructuring costs 18 12 13 — — 13 13 (27.8) 8.3
Amortization of other intangible assets 62 60 58 (3) (1) 61 59 (1.6) (1.7)
Other 221 262 274 (6) (2) 280 276 26.7 5.3
Total expenses $ 2,116 $ 2,108 $ 2,110 $ (76) $ (35) $ 2,186 $ 2,145 3.3 1.8
Total expenses, excluding notable items - Non-GAAP $ 2,098 $ 2,096 $ 2,097 $ (76) $ (35) $ 2,173 $ 2,132 3.6 1.7
Total non-compensation expenses, excluding notable items - Non-GAAP(1) $ 1,044 $ 1,050 $ 1,055 $ (28) $ (12) $ 1,083 $ 1,067 3.7 1.6
GAAP-Basis YTD Comparison Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency
(Dollars in millions) 2021 2022 YTD2022 vs.YTD2021 2022 YTD2022 vs. YTD2021
GAAP-Basis Results:
Fee revenue:
Back office servicing fees $ 3,845 $ 3,599 $ (104) $ 3,703 (3.7) %
Middle office services 309 285 (6) 291 (5.8)
Servicing fees 4,154 3,884 (110) 3,994 (3.9)
Management fees 1,523 1,482 (26) 1,508 (1.0)
Foreign exchange trading services 911 1,009 — 1,009 10.8
Securities finance 314 313 (3) 316 0.6
Front office software and data 360 391 (2) 393 9.2
Lending related and other fees 191 182 (2) 184 (3.7)
Software and processing fees 551 573 (4) 577 4.7
Other fee revenue 48 (19) (1) (18) nm
Total fee revenue 7,501 7,242 (144) 7,386 (1.5)
Net interest income 1,421 1,753 (33) 1,786 25.7
Total other income 52 (2) 4 (6) nm
Total revenue $ 8,974 $ 8,993 $ (173) $ 9,166 2.1
Expenses:
Compensation and employee benefits $ 3,373 $ 3,320 $ (98) $ 3,418 1.3
Information systems and communications 1,225 1,214 (11) 1,225 —
Transaction processing services 786 731 (16) 747 (5.0)
Occupancy 311 288 (12) 300 (3.5)
Acquisition and restructuring costs 39 34 — 34 (12.8)
Amortization of other intangible assets 183 179 (6) 185 1.1
Other 642 779 (16) 795 23.8
Total expenses $ 6,559 $ 6,545 $ (159) $ 6,704 2.2
Total expenses, excluding notable items - Non-GAAP $ 6,502 $ 6,511 $ (159) $ 6,670 2.6
Total non-compensation expenses, excluding notable items - Non-GAAP(1) $ 3,129 $ 3,191 $ (61) $ 3,252 3.9
(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits (as shown above).
nm Denotes not meaningful
STATE STREET CORPORATION
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EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO
The tangible common equity, or TCE, ratio is a capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated average common shareholders’ equity by average consolidated total assets, after reducing both amounts by average goodwill and average other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude average cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves. The TCE ratio is not required by GAAP or by banking regulations, but is a metric used by management to evaluate the adequacy of State Street’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Average tangible common equity and adjusted average tangible assets 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 the TCE ratios are provided within the Reconciliation of Tangible Common Equity Ratio within this package.
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
Quarters
(Dollars in millions) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
Average consolidated total assets $ 296,328 $ 308,195 $ 291,459 $ 303,007 $ 295,010 $ 291,435 $ 275,168
Less:
Average goodwill 7,662 7,652 7,621 7,628 7,599 7,501 7,405
Average other intangible assets 1,798 1,987 1,901 1,850 1,782 1,693 1,607
Average cash balances held at central banks in excess of required reserves 92,207 97,257 77,207 83,931 73,339 71,714 63,407
Plus related deferred tax liabilities 489 490 495 499 499 494 488
Average tangible assets A $ 195,150 $ 201,789 $ 205,225 $ 210,097 $ 212,789 $ 211,021 $ 203,237
Average consolidated common shareholders' equity $ 23,583 $ 23,252 $ 23,791 $ 25,393 $ 24,791 $ 23,687 $ 23,699
Less:
Average goodwill 7,662 7,652 7,621 7,628 7,599 7,501 7,405
Average other intangible assets 1,798 1,987 1,901 1,850 1,782 1,693 1,607
Plus related deferred tax liabilities 489 490 495 499 499 494 488
Average tangible common equity B $ 14,612 $ 14,103 $ 14,764 $ 16,414 $ 15,909 $ 14,987 $ 15,175
Average tangible common equity ratio B/A 7.5 % 7.0 % 7.2 % 7.8 % 7.5 % 7.1 % 7.5 %
GAAP-basis:
Net income available to common shareholders $ 489 $ 728 $ 693 $ 662 $ 583 $ 712 $ 669
Return on tangible common equity - Non-GAAP 13.4 % 17.3 % 17.3 % 15.7 % 14.7 % 17.3 % 17.3 %
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) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
Ratios and Supporting Calculations:
Common equity tier 1 capital A $ 13,443 $ 13,691 $ 15,831 $ 15,947 $ 15,026 $ 14,882 $ 15,126 $ 13,443 $ 13,691 $ 15,831 $ 15,947 $ 15,026 $ 14,882 $ 15,126
Total risk-weighted assets B 113,051 116,458 114,878 111,398 114,969 110,447 107,808 124,324 121,922 117,229 111,667 126,725 115,404 114,891
Common equity tier 1 risk-based capital ratio A/B 11.9 % 11.8 % 13.8 % 14.3 % 13.1 % 13.5 % 14.0 % 10.8 % 11.2 % 13.5 % 14.3 % 11.9 % 12.9 % 13.2 %
Tier 1 capital C $ 15,419 $ 15,667 $ 17,807 $ 17,923 $ 17,002 $ 16,858 $ 17,102 $ 15,419 $ 15,667 $ 17,807 $ 17,923 $ 17,002 $ 16,858 $ 17,102
Tier 1 risk-based capital ratio C/B 13.6 % 13.5 % 15.5 % 16.1 % 14.8 % 15.3 % 15.9 % 12.4 % 12.9 % 15.2 % 16.1 % 13.4 % 14.6 % 14.9 %
Total capital D $ 17,220 $ 17,259 $ 19,397 $ 19,511 $ 18,588 $ 18,239 $ 18,482 $ 17,355 $ 17,379 $ 19,514 $ 19,619 $ 18,693 $ 18,352 $ 18,594
Total risk-based capital ratio D/B 15.2 % 14.8 % 16.9 % 17.5 % 16.2 % 16.5 % 17.1 % 14.0 % 14.3 % 16.6 % 17.6 % 14.8 % 15.9 % 16.2 %
Tier 1 capital E $ 15,419 $ 15,667 $ 17,807 $ 17,923 $ 17,002 $ 16,858 $ 17,102 $ 15,419 $ 15,667 $ 17,807 $ 17,923 $ 17,002 $ 16,858 $ 17,102
Leverage exposure(3) F 285,480 298,682 281,952 293,567 285,788 282,526 266,622 285,480 298,682 281,952 293,567 285,788 282,526 266,622
Tier 1 leverage ratio E/F 5.4 % 5.2 % 6.3 % 6.1 % 5.9 % 6.0 % 6.4 % 5.4 % 5.2 % 6.3 % 6.1 % 5.9 % 6.0 % 6.4 %
On-and off-balance sheet leverage exposure 223,451 241,743 246,609 251,879 264,616 263,538 250,140 223,451 241,743 246,609 251,879 264,616 263,538 250,140
Less: regulatory deductions (9,586) (9,500) (9,507) (9,440) (9,222) (8,909) (8,546) (9,586) (9,500) (9,507) (9,440) (9,222) (8,909) (8,546)
Total leverage exposure for SLR G 213,865 232,243 237,102 242,439 255,394 254,394 241,594 213,865 232,243 237,102 242,439 255,394 254,394 241,594
Supplementary leverage ratio(4) E/G 7.2 % 6.7 % 7.5 % 7.4 % 6.7 % 6.6 % 7.1 % 7.2 % 6.7 % 7.5 % 7.4 % 6.7 % 6.6 % 7.1 %
(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 September 30, 2022 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 September 30, 2022 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.

23

stt3q22earningspresentat

October 18, 2022 (NYSE: STT) 3Q 2022 Financial Highlights Exhibit 99.3

2 Preface and forward-looking statements This presentation includes certain highlights of, and also material supplemental to, State Street Corporation’s news release announcing its third quarter 2022 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 is designed to be reviewed together with that news release and that Addendum, which are available on State Street’s website, at http://investors.statestreet.com, and are incorporated herein by reference. This presentation (and the conference call accompanying it) contains forward-looking statements as defined by United States securities laws. These statements are not guarantees of future performance, are inherently uncertain, are based on assumptions that are difficult to predict and have a number of risks and uncertainties. The forward-looking statements in this presentation speak only as of the time this presentation is first furnished to the SEC on a Current Report on Form 8-K, and State Street does not undertake efforts to revise forward-looking statements. See “Forward-looking statements” in the Appendix for more information, including a description of certain factors that could affect future results and outcomes. Certain financial information in this presentation is presented on both a GAAP basis and on a basis that excludes or adjusts one or more items from GAAP. The latter basis is a non-GAAP presentation. Refer to the Appendix for explanations of our non-GAAP financial measures and to the Addendum for reconciliations of our non-GAAP financial information.

3 Financial performance 3Q22 highlights All comparisons are to corresponding prior year period unless noted otherwise • ROE of 11.2% and CET1 ratio of 13.2% at quarter end3 • Returned $232M to shareholders through declared common dividends of $0.63 per share • Intend to repurchase ~$1B of common stock in 4Q224 Balance sheet and capital • EPS of $1.80, down (8)%; $1.82 ex-notable items, down (9)%A • Total revenue of ~$3.0B, down (1)% ‒ Fee revenue down (8)% largely due to lower equity and fixed income market levels, as well as the impact of currency translation, partially offset by higher FX trading services revenue ‒ NII up 36% reflecting rising global interest rates across the yield curve • Total expenses of $2.1B, flat YoY • Pre-tax margin of 28.7%, down (0.6)%pts; 29.1% ex-notables, down (0.8)%ptsA • AUC/A of $35.7T at quarter-end; Servicing wins of $233B and business yet to be installed of $3.4T at quarter-end1 ‒ New mandates driven by broad based wins across client segments, including expanded relationships with 2 existing State Street AlphaSM clients ‒ $350B of AUC/A onboarded in 3Q22 across key client segments, with over two-thirds attributable to Alpha • AUM of $3.3T at quarter-end, with continued QoQ Cash net inflows1 • Momentum across Front office software and data services, with ARR of $267M, up 20% 2 Business momentum A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 17.

4 3Q21 2Q22 3Q22 2Q22 3Q21 Revenue: Back office servicing fees $1,289 $1,205 $1,126 (7)% (13)% (9)% Middle office services 102 92 93 1 (9) (6) Servicing fees 1,391 1,297 1,219 (6) (12) (9) Management fees 526 490 472 (4) (10) (7) Foreign exchange trading services 279 331 319 (4) 14 14 Securities finance 106 107 110 3 4 5 Front office software and data 116 126 127 1 9 10 Lending related and other fees 64 62 57 (8) (11) (8) Software and processing fees 180 188 184 (2) 2 4 Other fee revenue 22 (43) (5) 88 nm nm Total fee revenue 2,504 2,370 2,299 (3) (8) (5) Net interest income 487 584 660 13 36 39 Other income (1) (1) - nm nm nm Total revenue $2,990 $2,953 $2,959 0% (1)% 2% Provision for credit losses ($2) $10 - nm nm Total expenses $2,116 $2,108 $2,110 0% (0)% 3% Net income $714 $747 $690 (8)% (3)% Diluted earnings per share $1.96 $1.91 $1.80 (6)% (8)% Return on average common equity 11.6% 12.1% 11.2% (0.9)%pts (0.4)%pts Pre-tax margin 29.3% 28.3% 28.7% 0.4%pts (0.6)%pts Tax rate 18.5% 10.5% 18.7% 8.2%pts 0.2%pts Ex-notable items, non-GAAP A: Total expenses $2,098 $2,096 $2,097 0% (0)% 4% EPS $2.00 $1.94 $1.82 (6)% (9)% Pre-tax margin 29.9% 28.7% 29.1% 0.4%pts (0.8)%pts (GAAP, $M, except EPS data, or where otherwise noted) Quarters %∆ 3Q21 %∆ ex-currency translationA Summary of 3Q22 financial results A These are non-GAAP presentations; ex-currency translation percentage changes are in reference to the YoY quarterly comparison between 3Q22 and 3Q21 which excludes the impact of changes in foreign currency translation; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Notable items 3Q21 2Q22 3Q22 Acquisition and restructuring costs ($18) ($12) ($13) EPS impact ($0.04) ($0.03) ($0.02) ($M, except EPS data) Quarters

5 AUC/A and AUM levels, markets and flows performance AUC/A and AUM Market indices5 • (18)% decrease from 3Q21 largely driven by: – Lower market levels, a previously disclosed client transition and the impact of currency translation, partially offset by new business installations • (7)% decrease from 2Q22 primarily due to: – Lower market levels, a previously disclosed client transition and the impact of currency translation • (15)% decrease from 3Q21 mainly reflecting: – Lower market levels, Institutional net outflows and the impact of currency translation, partially offset by ETF and Cash net inflows • (6)% decrease from 2Q22 primarily due to: – Lower market levels, ETF net outflows and the impact of currency translation, partially offset by Cash net inflows AUC/A ($T, as of period-end)1 AUM ($B, as of period-end)1 Select industry flows6 -6% -7% $43.3 $38.2 $35.7 3Q21 2Q22 3Q22 2Q223Q21 3Q22 $3,265 $3,862 $3,475 -18% -15% A Line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 17. 2Q22 3Q21 EOP (5)% (17)% Daily Avg (3) (10) EOP (10) (27) Daily Avg (8) (21) EOP (12) (30) Daily Avg (8) (25) (% change) 3Q22 vs S&P 500 MSCI EAFE MSCI EM Barclays Global Agg EOP (7) (20) 3Q21 2Q22 3Q22 Long Term Funds $150 $(278) $(194) Money Market 15 (35) (24) ETF 77 93 110 North America Total 242 (220) (109) EMEA Total 225 (71) (80) ($B) Total flowsA

6 Servicing fees of $1,219M down (12)% YoY and (6)% QoQ; down (9)% YoY and (5)% QoQ ex-FXA • Down (12)% YoY primarily driven by lower average market levels, lower client activity/adjustments, normal pricing headwinds, and the impact of currency translation, partially offset by net new business • Down (6)% QoQ mainly due to lower client activity/adjustments and average market levels, as well as the impact of currency translation Back office servicing fees of $1,126M down (13)% YoY and (7)% QoQ (generally consistent with total servicing fees above); Middle office services of $93M down (9)% YoY largely reflecting lower client activity/adjustments, but up 1% QoQ Revenue: Servicing fees Servicing fees ($M) 3Q22 performance 1,289 1,272 1,268 1,205 1,126 2Q221Q224Q21 102 92 3Q21 105 100 93 $1,219 3Q22 $1,391 $1,377 $1,368 $1,297 $2,990 $3,053 $3,081 $2,953 $2,959 YoY (1)% QoQ flat Total revenue AUC/A wins $1,657 $332 $302 $972 $233 2,733 2,795 2,909 3,632 3,413 AUC/A to be installed AUC/A sales performance indicators ($B) 1 • Servicing fees were negatively impacted by currency translation YoY and QoQ by $48M and $17M, respectively Investment Services business momentum 1 • Deepening existing client relationships and winning new business across client segments and geographies – New mandates driven by broad based wins across Asset Managers, Alternatives and Asset Owners, including expanded relationships with 2 existing Alpha clients – Onboarded $350B of AUC/A across key client segments, with over two- thirds attributable to Alpha • Continued YoY servicing fee momentum in Alternatives despite equity and fixed income market volatility A This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 17. -12% -9% ex-FX A -6% -5% ex-FX A Back office servicing fees Middle office services -13% -9% ex-FX -9% -6% ex-FX YoY %

7 Revenue: Management fees Management fees ($M) 3Q22 performance Management fees of $472M down (10)% YoY and (4)% QoQ; down (7)% YoY and (2)% QoQ ex-FXA • Down (10)% YoY mainly due to lower average market levels, a previously reported client-specific pricing adjustment and the impact of currency translation, partially offset by the absence of the impact of money market fee waivers and ETF and Cash net inflows • Down (4)% QoQ largely reflecting lower average market levels and the impact of currency translation AUM $3,862 $4,138 $4,022 $3,475 $3,265 (5) 79 51 (62) (9) Net flows (QoQ) Performance indicators ($B) 1 • Management fees were negatively impacted by currency translation YoY and QoQ by $15M and $6M, respectively $526 3Q21 $520 2Q224Q21 1Q22 3Q22 $530 $490 $472 Investment Management business momentum 1 • ETFs: Continued ETF QoQ inflows into SPDR® Low-Cost suite and Fixed Income in 3Q22; outflows largely due to an exit of a low yielding Asia- Pacific fund • Institutional: Continued momentum in Defined Contribution with 3Q22 QoQ inflows of $10B, including Target Date franchise of ~$6B • Cash: QoQ net inflows primarily driven by top quartile Government Money Market Funds performance, which contributed to Institutional Money Market Funds market share gains7 A This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 17. $2,990 $3,053 $3,081 $2,953 $2,959 YoY (1)% QoQ flat Total revenue -10% -7% ex-FX A -4% -2% ex-FX A

8 Revenue: Markets, Software and processing, and Other fee revenue Markets, Software & processing, and Other fees ($M) 3Q22 performance 184 180 187 201 110106 102 96 319279 300 359 331 22 188 1Q223Q21 107 2915 4Q21 (43) 2Q22 (5) 3Q22 $587 $604 $685 $583 $608 FX trading Securities finance Software & processing +14% +4% +2% YoY % • FX trading services of $319M – Up 14% YoY primarily reflecting higher FX spreads, partially offset by lower client FX volumes – Down (4)% QoQ mainly due to lower client FX volumes • Securities finance of $110M – Up 4% YoY largely from higher spreads, partially offset by lower Agency and Enhanced Custody balances – Up 3% QoQ primarily driven by higher Agency spreads • Software and processing fees of $184M – Up 2% YoY and down (2)% QoQ Front office software and data of $127M up 9% YoY and 1% QoQ Lending related and other of $57M down (11)% YoY and (8)% QoQ • Other fee revenue of $(5)M A – Decreased $(27)M YoY largely due to negative market-related adjustments and lower fair value adjustments on equity investments – Increased $38M QoQ mainly reflecting fewer negative market- related adjustments Other fees nm $2,990 $3,053 $3,081 $2,953 $2,959 Total revenue YoY (1)% QoQ flat A Other fee revenue primarily consists of income from equity method investments and certain tax-advantaged investments, as well as market-related adjustments.

9 Enterprise solutions enabled by State Street Alpha 66 70 70 74 78 21 16 29 24 20 27 35 36 25 26 $127 1Q224Q213Q21 2Q22 $138 $116 $124 3Q22 $126 A Front office software and data revenue primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services. Includes Other revenue of $2M in each of 3Q21 and 4Q21 and $3M in each of 1Q22 through 3Q22. Revenue line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 17. +1% +9% Front office software and data ($M)A Future growth driven by Front office, Middle office, and Alpha $2,990 $3,053 $3,081 $2,953 $2,959 Total revenue YoY (1)% QoQ flat Front office software and data of $127M up 9% YoY and 1% QoQ • Up 9% YoY primarily driven by higher software-enabled revenue related to new client implementations and continued SaaS client conversions • Up 1% QoQ largely driven by higher software-enabled revenue, partially offset by lower professional services revenue ($M) 3Q21 2Q22 3Q22 Front office metrics New bookings 9 $29 $11 $14 ARR 2 222 251 267 Uninstalled revenue backlog 10 104 91 90 Middle office metric Uninstalled revenue backlog 11 67 92 101 Alpha metrics # of mandate wins 3 1 0 Live mandates to-date 7 12 12 • Front office new bookings of $14M in 3Q22 across client segments including Wealth and Asset Owners • ARR increased 20% YoY in 3Q22 to $267M led by nearly 20 SaaS client implementations • Middle office uninstalled revenue backlog increased 50% YoY; increased 10% QoQ as a result of the Alpha strategy Professional services Software- enabled (incl. SaaS) 8 On-premises 8 12% YoY Growth

10 Revenue: Net interest income NII and NIM ($M)12 Average balance sheet highlights ($B)A Total average assets of $275B down (6)% YoY and QoQ • Total average assets declined (6)% YoY and QoQ primarily due to lower client deposit balances amidst aggressive central bank tightening, lower market and lower AUC/A levels, as well as currency translation impact A Line items are rounded. Refer to the Appendix included with this presentation for endnotes 1 to 17. NII of $660M up 36% YoY and 13% QoQ • Up 36% YoY and 13% QoQ primarily driven by higher short-term interest rates from U.S. and international central bank rate hikes, partially offset by lower client deposits 3Q21 4Q21 1Q22 2Q22 3Q22 Total assets $291 $303 $295 $291 $275 Loans 32 34 34 36 35 Investment portfolio 114 114 119 114 109 HTM % (EOP) 38% 37% 38% 59% 61% Duration (EOP) 13 3.1 2.9 2.8 2.8 2.7 Total deposits $233 $240 $233 $228 $213 $2,990 $3,053 $3,081 $2,953 $2,959 YoY (1)% QoQ flat Total revenue NIM 12 (FTE, %) 0.76% 0.73% 0.80% 0.94% 1.11% 2Q22 $487 3Q223Q21 $484 4Q21 1Q22 $509 $584 $660 +13% +36%

11 Expenses Expenses (Ex-notable items, non-GAAP, $M) A 3Q22 performance (Ex-notable items, non-GAAP)A $2,116 $2,108 $2,110 38,932 40,354 41,354 GAAP Expense Head- count 283 322 332 253 240 227 406 392 399 1,054 1,046 1,042 3Q21 $2,098 3Q222Q22 $2,096 $2,097 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 17. Comp. & benefits Info. sys. Tran. processing Other 14 Occupancy • Total expenses on both a GAAP and ex-notables basis were positively impacted by currency translation YoY and QoQ by $76M and $35M, respectively • Headcount up 6% YoY primarily in global hubs driven by technology investments and in-sourcing, as well as operational support for new business and growth segments Expenses of $2,097M flat YoY and QoQ; up 4% YoY and 2% QoQ ex-FXA • Compensation and employee benefits of $1,042M – Down (1)% YoY mainly due to the impact of currency translation, partially offset by higher headcount and higher merit increases – Flat QoQ as lower contractor spend and the impact of currency translation were offset by higher incentive compensation and additional headcount • Information systems and communications of $399M – Down (2)% YoY largely due to productivity and vendor savings initiatives, partially offset by technology and infrastructure investments – Up 2% QoQ primarily due to the absence of prior period episodic credits • Transaction processing services of $227M – Down (10)% YoY mainly reflecting lower sub-custody costs – Down (5)% QoQ largely reflecting lower market data costs • Occupancy of $97M – Down (5)% YoY primarily due to the impact of currency translation – Up 1% QoQ mainly due to higher maintenance costs • Other of $332M – Up 17% YoY largely reflecting higher marketing, travel costs, and Foundation funding – Up 3% QoQ primarily due to higher professional fees and marketing costs 9796102 YoY flat QoQ flat Flat +4% ex-FX A Flat +2% ex-FX A YoY +6% QoQ +2%

12 Capital ratios Capital ratios 3 (%, as of period-end) Capital highlights Capital ($B unless noted otherwise, capital metrics as of period-end) 3Q21 2Q22 3Q22 Standardized CET1 CET1 capital $15.8 $14.9 $15.1 Risk weighted assets 117 115 115 Tier 1 leverage Tier 1 capital 17.8 16.9 17.1 Leverage exposure 17 282 283 267 OCI impact of investment portfolio on regulatory capital A (0.1) (0.5) (0.2) CET1 (Standardized) Tier 1 leverage 6.3% 6.1% 5.9% 6.0% 6.4% 3Q221Q223Q21 4Q21 2Q22 Target state Minimum ratio4.0% STT Target5.25-5.75% • 3Q22 standardized CET1 ratio at quarter-end of 13.2% increased 0.3%pts QoQ primarily driven by higher retained earnings and well controlled RWA • 3Q22 Tier 1 leverage ratio of 6.4% at quarter-end up 0.4%pts QoQ mainly due to a decrease in balance sheet size and higher retained earnings • Returned $232M to shareholders in 3Q22 through declared common dividends of $0.63 per share • Committed to resuming share repurchases in 4Q22 13.5% 14.3% 11.9% 12.9% 13.2% 4.5% 2.5% 4Q213Q21 1Q22 2Q22 3Q22 A OCI impact of investment portfolio on regulatory capital is a sub-component within GAAP AOCI. Refer to the Appendix included with this presentation for endnotes 1 to 17. SCB 16 Minimum ratio 8 .0 % Target state 10-11% G-SIB surcharge 15 STT Target 1.0%

13 Summary 3Q22 financial review • EPS of $1.80; pre-tax margin of 28.7%; ROE of 11.2% • EPS ex-notable items of $1.82, down (9)%A – Total revenue of ~$3.0B, down (1)% YoY, primarily driven by lower equity and fixed income market levels, as well as the impact of currency translation, partially offset by higher NII and FX trading services revenue – Expenses ex-notables of $2.1B, flat YoY, as continued productivity and optimization savings and the impact of currency translation were offset by continued business investments and higher wages, marketing and travel costsA • Business momentum – New business AUC/A wins of $233B; AUC/A yet to be installed of $3.4T at quarter-end1 – New mandates driven by broad based wins across client segments, including expanded relationships with 2 existing Alpha clients – $3.3T of AUM at quarter-end, with continued QoQ Cash net inflows1 – Momentum across Front office software and data services, with ARR of $267M, up 20% 2 • Capital return – Returned $232M to shareholders through declared common dividends of $0.63 per share – Intend to repurchase ~$1B of common stock in 4Q224 A Financial metrics ex-notable items and ex-currency translation are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 17. All comparisons are to corresponding prior year period unless noted otherwise

14 Appendix 3Q22 line of business performance 15 Reconciliation of notable items 16 Reconciliation of constant currency FX impacts 17 Endnotes 18 Forward-looking statements 19 Non-GAAP measures 20 Definitions 21

15 1,813 State StreetB 3Q22 line of business performance Investment Servicing Total revenueA 491 663 1,968 1,813 3Q21 $2,476M 3Q22 $2,458M Pre-tax income Fee revenue NII Pre-tax margin 28.7% 28.9% 0.2%pt YoY % ∆ -8% +35% +1% +2% Investment Management Total revenue 3Q21 3Q22 $532M $483M Pre-tax income Pre-tax margin 36.3% 30.6% -5.7%pts 3Q21 $193M 3Q22 $148M YoY % ∆ -9% -23% Total revenue ex-notable itemsA, C 487 660 2,504 2,299 $2,959M 3Q21 3Q22 $2,990M Pre-tax income ex-notable itemsC Fee revenue NII Pre-tax margin ex-notable itemsC 29.9% 29.1% -0.8%pt YoY % ∆ -8% +36% -1% -4% A Total revenue also includes Other income of $(1)M in 3Q21. B State Street includes line of business results from Investment Servicing, Investment Management, and Other. Refer to the Addendum for further line of business information. 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. 3Q223Q21 $705M $716M 3Q21 $862M 3Q22 $894M

16 Reconciliation of notable items A Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses. B Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items. Quarterly reconciliation % Change (Dollars in millions, unless noted otherwise) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22 vs. 3Q21 3Q22 vs. 2Q22 2021 2022 YTD 2022 vs. YTD 2021 Total revenue, GAAP-basis 2,950$ 3,034$ 2,990$ 3,053$ 3,081$ 2,953$ 2,959$ (1.0)% 0.2% # 8,974$ 8,993$ 0.2% Less: Other income (53) (58) (53) - Total revenue, excluding notable items 2,950 2,981 2,990 2,995 3,081 2,953 2,959 (1.0)% 0.2% # 8,921 8,993 0.8% Total expenses, GAAP basis 2,332 2,111 2,116 2,330 2,327 2,108 2,110 (0.3)% 0.1% # 6,559 6,545 (0.2)% Less: Notable expense items: Acquisition and restructuring costs (10) (11) (18) (26) (9) (12) (13) 0 (39) (34) Repositioning (charges) / release 3 # - - Deferred compensation expense acceleration (147) - - Legal and other (29) 11 0 (18) - Total expenses, excluding notable items 2,293 2,111 2,098 2,160 2,318 2,096 2,097 - - # 6,502 6,511 0.1% Seasonal expenses (176) (208) (176) (208) Total expenses, excluding notable items and seasonal expense items 2,117$ 2,111$ 2,098$ 2,160$ 2,110$ 2,096$ 2,097$ - - 6,326$ 6,303$ (0.4)% Operating leverage, GAAP-basis (%pts)A (70) bps 10 bps bps 40 bps Operating leverage, excluding notable items (%pts)B (100) 20 70 Pre-tax margin, GAAP-basis (%) 21.3% 30.9% 29.3% 23.9% 24.5% 28.3% 28.7% (60) 40 27.2% 27.1% (10) Notable items as reconciled above (%) 1.3% (1.2%) 0.6% 4.2% 0.3% 0.4% 0.4% 0.2% 0.4% Pre-tax margin, excluding notable items (%) 22.6% 29.7% 29.9% 28.1% 24.8% 28.7% 29.1% (80) 40 27.4% 27.5% 10 Net income available to common shareholders, GAAP-basis 489$ 728$ 693$ 662$ 583$ 712$ 669$ (3.5)% (6.0)% 1,910$ 1,964$ 2.8% Notable items as reconciled above: pre-tax 39 (53) 18 112 9 12 13 4 34 Tax impact on notable items as reconciled above (10) 16 (5) (29) (2) (3) (3) 1 (8) Preferred securities cost 5 5 - Net income available to common shareholders, excluding notable items 523$ 691$ 706$ 745$ 590$ 721$ 679$ (3.8)% (5.8)% 1,920$ 1,990$ 3.6% Diluted EPS, GAAP-basis 1.37$ 2.07$ 1.96$ 1.78$ 1.57$ 1.91$ 1.80$ (8.2)% (5.8)% 5.40$ 5.28$ (2.2)% Notable items as reconciled above 0.10 (0.10) 0.04 0.22 0.02 0.03 0.02 0.03 0.07 Diluted EPS, excluding notable items 1.47$ 1.97$ 2.00$ 2.00$ 1.59$ 1.94$ 1.82$ (9.0)% (6.2)% 5.43$ 5.35$ (1.5)% % Change Year-to-Date

17 Reconciliation of constant currency FX impacts A Other includes Other expenses and Amortization of intangible assets. Reconciliation of Constant Currency FX Impacts (Dollars in millions) 3Q21 2Q22 3Q22 3Q22 vs. 3Q21 3Q22 vs. 2Q22 3Q22 vs. 3Q21 3Q22 vs. 2Q22 3Q22 vs. 3Q21 3Q22 vs. 2Q22 Non-GAAP basis Total revenue, excluding notable items $ 2,990 $ 2,953 $ 2,959 $ (83) $ (32) $ 3,042 $ 2,991 1.7% 1.3% Compensation and employee benefits, excluding notable items $ 1,054 $ 1,046 $ 1,042 $ (48) $ (23) $ 1,090 $ 1,065 3.4% 1.8% Information systems and communications, excluding notable items 406 392 399 (5) (3) 404 402 (0.5)% 2.6% Transaction processing services, excluding notable items 253 240 227 (8) (4) 235 231 (7.1)% (3.8)% Occupancy, excluding notable items 102 96 97 (6) (2) 103 99 1.0% 3.1% Other expenses, excluding notable itemsA 283 322 332 (9) (3) 341 335 20.5% 4.0% Total expenses, excluding notable items $ 2,098 $ 2,096 $ 2,097 $ (76) $ (35) $ 2,173 $ 2,132 3.6% 1.7% Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency

18 Endnotes 1. New asset servicing mandates, including announced front-to-back investment servicing clients, may be subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals. 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 and servicing assets 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 including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. We provide a range of services to our clients, including core custody services, accounting, reporting and administration and middle office services, and the nature and mix of services provided affects our servicing fees. The basis for fees will differ across regions and clients. The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues are also affected by such pressures today. 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 generally are affected by our level of AUM and differ based upon the nature, type and investment strategy of the investment product. Management fee revenue is more sensitive to market valuations than servicing fee revenue, as a higher proportion of the underlying services provided, and the associated management fees earned, are dependent on equity and fixed-income security valuations. Additional factors, such as the relative mix of assets managed, may have a significant effect on our management fee revenue. While certain management fees are directly determined by the values of AUM and the investment strategies employed, management fees may reflect other factors, including performance fee arrangements, as well as our relationship pricing for clients. 2. Front office software and data ARR, an operating metric, is calculated by annualizing current quarter revenue for CRD and Mercatus and includes the annualized amount of most software-enabled revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. Front office software and data ARR does not include software-enabled brokerage revenue and revenue from affiliates. 3. 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, or State Street Bank. 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 3Q21 to 3Q22. Refer to the Addendum for descriptions of these ratios. September 30, 2022 capital ratios are presented as of quarter-end and are estimates. 4. State Street’s existing common share repurchase program authorization runs through the end of 2022. 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 ratable 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, the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time. The amount and timing of each dividend declared on our common stock is subject to the approval of our Board of Directors. 5. The index names listed are service marks of their respective owners. 6. Morningstar 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. 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. 3Q22 data for North America (U.S. domiciled) includes Morningstar actuals for July and August 2022 and Morningstar estimates for September 2022. 3Q22 data for EMEA is on a rolling three month basis for June 2022 through August 2022. 7. Quartile performance data provided by iMoneyNet. Market share based on Global Institutional Money Market Funds and sourced from Money Fund Analyzer, a service provided by iMoneyNet as of the end of September 2022. 8. 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. 9. Front office bookings represent signed annual recurring revenue contract values for CRD, Mercatus, Alpha Data Platform, and Alpha Data Services excluding bookings with affiliates, including SSGA. Front office revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. 10. Represents expected annualized recurring revenue from signed client contracts that are scheduled to be largely installed over the next 24 months for CRD, Mercatus and Alpha Data Services. It includes SaaS revenue as well as maintenance and support revenue and excludes the one-time impact of on-premises license revenue, revenue generated from FIX, brokerage, value-add services, and professional services as well as revenue from affiliates. 11. Represents expected annualized recurring 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 or market valuations). It does not include professional services revenue or revenue from affiliates. 12. NII is presented on a GAAP-basis. NIM is presented on an FTE-basis. Refer to the Addendum for reconciliations of NII FTE-basis to NII GAAP-basis on the Average Statement of Condition. 13. Duration as of period end and based on total investment portfolio. 14. Other includes Other expenses and Amortization of intangible assets. 15. State Street received a regulatory exemption to maintain its 1.0% G-SIB capital surcharge until January 1, 2024. 16. The SCB of 2.5% effective on October 1, 2022 is calculated based upon the results of the CCAR 2022 exam. 17. Leverage exposure is equal to average consolidated assets less applicable Tier 1 leverage capital reductions.

19 Forward-looking statements This presentation (and the conference call referenced herein) contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, proposed acquisition of Brown Brothers Harriman’s Investor Services business, dividend and stock purchase programs, governmental and regulatory initiatives and developments, expense reduction programs, new client business, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “plan,” “expect,” “intend,” “objective,” “forecast,” “outlook,” “believe,” “priority,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any 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: the consummation of our planned acquisition of the BBH Investor Services business is subject to the receipt of regulatory approvals and the satisfaction of other closing conditions, the failure or delay of which may prevent or further delay the consummation of the acquisition; We are engaged in ongoing dialogue with US and international banking regulators regarding the prolonged regulatory review process for our proposed acquisition of Brown Brothers Harriman’s Investor Services business. The current regulatory environment for M&A transactions involving G-SIBs is challenging. We have developed with BBH proposed modifications to the transaction, including changes to the operating model and legal entity structure, a reduction to the purchase price and changes to regulatory approvals required to consummate the transaction. We anticipate that a modified transaction would be somewhat more complex and include a delay in timing and amount of deal synergies, resulting in a slower path to accretion. While discussions with regulators on the proposed modified transaction are ongoing, the likelihood of a successful outcome is increasingly uncertain. There can be no assurance that a mutually acceptable modified transaction will be agreed and entered into, or as to the timing or outcome of any regulatory approvals and other closing conditions for a modified transaction. The modifications to the transaction remain subject to review and approval by both BBH’s partners and our Board of Directors. the Sale and Purchase Agreement allows each of State Street and BBH, the right to terminate the transaction upon written notice without a contractual penalty at any time; 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; Our development and completion of new products and services, including State Street Digital and State Street Alpha, and the enhancement of our infrastructure required to meet increased regulatory and client expectations for resiliency and the systems and process re-engineering necessary to achieve improved productivity and reduced operating risk, may take an extended period to implement, involve costs and expose us to increased risk; Our business may be negatively affected by our failure to update and maintain our technology infrastructure; The COVID-19 pandemic continues to exacerbate certain risks and uncertainties for our business; Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of our acquisitions, pose risks for our business; and Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business. We could be adversely affected by geopolitical, economic and market conditions; including, for example, as a result of the ongoing war in Ukraine, challenging conditions in global equity markets, and recent disruptions impacting the UK gilts market; We have significant International operations, and disruptions in European and Asian economies could have an adverse effect on our consolidated results of operations or financial condition; Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets; Our business activities expose us to interest rate risk; We assume significant credit risk to counterparties, who may also have substantial financial dependencies with other financial institutions, and these credit exposures and concentrations could expose us to financial loss; Our fee revenue represents a significant portion of our consolidated revenue and is subject to decline based on, among other factors, market conditions, competition, currency valuation and investment activities of our clients and their business mix; If we are unable to effectively manage our capital and liquidity, our consolidated financial condition, capital ratios, results of operations and business prospects could be adversely affected; We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms; and if we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected. Our business and capital-related activities, including common share repurchases, may be adversely affected by capital and liquidity standards required as a result of capital stress testing; We face extensive and changing government regulation in the jurisdictions in which we operate, which may increase our costs and compliance risks; We are subject to enhanced external oversight as a result of the resolution of prior regulatory or governmental matters; Our businesses may be adversely affected by government enforcement and litigation; 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 financial statements; 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; and The transition away from LIBOR may result in additional costs and increased risk exposure. Our control environment may be inadequate, fail or be circumvented, and operational risks could adversely affect our consolidated results of operations; Cost shifting to non-U.S. jurisdictions and outsourcing may expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings; Attacks or unauthorized access to our information technology systems or facilities, or those of the third parties with which we do business, or disruptions to our or their continuous operations, could result in significant costs, reputational damage and impacts on our business activities; Long-term contracts expose us to pricing and performance risk; Our businesses may be negatively affected by adverse publicity or other reputational harm; We may not be able to protect our intellectual property; The quantitative models we use to manage our business may contain errors that could result in material harm; Our reputation and business prospects may be damaged if our clients incur substantial losses or are restricted in redeeming their interests in investment pools that we sponsor or manage; The impacts of climate change, and regulatory responses to such risks, could adversely affect us; and We may incur losses as a result of unforeseen events including terrorist attacks, natural disasters, the emergence of a new pandemic or acts of embezzlement. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2021 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 (and the conference call referenced herein) 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.

20 Non-GAAP measures 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 Earnings”.

21 Definitions AOCI Accumulated other comprehensive income ARR Annual recurring revenue AUC/A Assets under custody and/or administration AUM Assets under management Barclays Global Agg Barclays Global Agg represents Barclays Global Aggregate Bond Index BBH Brown Brothers Harriman Bps Basis points, with one basis point representing one hundredth of one percent CCAR Comprehensive Capital Analysis and Review CET1 ratio Common equity tier 1 ratio CRD Charles River Development Diluted earnings per share (EPS) Net income available to common shareholders divided by diluted average common shares outstanding for the noted period EAFE Europe, Australia, and Far East EM Emerging markets EMEA Europe, Middle East and Africa EOP End of period EPS Earnings per share ETF Exchange-traded fund FTE Fully taxable equivalent FX Foreign exchange GAAP Generally accepted accounting principles in the United States G-SIB Global systemically important bank HTM Held-to-maturity LIBOR London Inter-Bank Offered Rate 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 Net interest income (NII) Income earned on interest bearing assets less interest paid on interest bearing liabilities Net interest margin (NIM) Net interest income divided by average interest-earning assets nm Not meaningful 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 successive prior year period, as applicable Pre-tax margin Income before income tax expense divided by total revenue %Pts Percentage points is the difference from one percentage value subtracted from another Quarter-over-quarter (QoQ) Sequential quarter comparison Return on equity (ROE) Net income less dividends on preferred stock divided by average common equity 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 SSGA State Street Global Advisors Year-over-year (YoY) Current period compared to the same period a year ago YTD Year-to-date

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