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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-07511
STATE STREET CORPORATION
(Exact name of registrant as specified in its charter)
MA
04-2456637
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)
One Lincoln Street
Boston,
MA
02111
(Address of principal executive offices)(Zip Code)
(617)
786-3000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading 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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer Non-accelerated filer  Smaller reporting company 
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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  
The number of shares of the registrant’s common stock outstanding as of October 24, 2022 was 366,940,147.




STATE STREET CORPORATION
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED
September 30, 2022

TABLE OF CONTENTS
Page
PART IFINANCIAL INFORMATION
Management's Discussion and Analysis of Financial Condition and Results of Operations
General
Overview of Financial Results
Consolidated Results of Operations
Total Revenue
Net Interest Income
Provision for Credit Losses
Expenses
Acquisition Costs24
Restructuring and Repositioning Charges24
  Income Tax Expense
Line of Business Information
Investment Servicing
Investment Management
Financial Condition
Investment Securities
Loans
Cross-Border Outstandings
Risk Management
Credit Risk Management
Liquidity Risk Management
Operational Risk Management
Information Technology Risk Management
Market Risk Management
Model Risk Management
Strategic Risk Management
Capital
Off-Balance Sheet Arrangements
Recent Accounting Developments
Quantitative and Qualitative Disclosures About Market Risk
Controls and Procedures
Consolidated Financial Statements
Consolidated Statement of Income (unaudited)
Consolidated Statement of Comprehensive Income (loss) (unaudited)
Consolidated Statement of Condition
Consolidated Statement of Changes in Shareholders' Equity (unaudited)
Consolidated Statement of Cash Flows (unaudited)
Note 1. Summary of Significant Accounting Policies
Note 2. Fair Value
Note 3. Investment Securities
Note 4. Loans and Allowance for Credit Losses
Note 5. Goodwill and Other Intangible Assets
State Street Corporation | 2



Note 6. Other Assets
Note 7. Derivative Financial Instruments
Note 8. Offsetting Arrangements
Note 9. Commitments and Guarantees
Note 10. Contingencies
Note 11. Variable Interest Entities
Note 12. Shareholders' Equity
Note 13. Regulatory Capital
Note 14. Net Interest Income
Note 15. Expenses
Note 16. Earnings Per Common Share
Note 17. Line of Business Information
Note 18. Revenue From Contracts with Customers
Note 19. Non-U.S. Activities
Review Report of Independent Registered Public Accounting Firm
PART IIOTHER INFORMATION
Item 2Unregistered Sales of Equity Securities and Use of Proceeds
Item 6Exhibits
Signatures































We use acronyms and other defined terms for certain business terms and abbreviations, as defined in the acronyms list and glossary following the consolidated financial statements in this Form 10-Q.
State Street Corporation | 3


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
PART I. FINANCIAL INFORMATION


GENERAL
State Street Corporation, referred to as the Parent Company, is a financial holding company organized in 1969 under the laws of the Commonwealth of Massachusetts. Our executive offices are located at One Lincoln Street, Boston, Massachusetts 02111 (telephone (617) 786-3000). For purposes of this Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (Form 10-Q), unless the context requires otherwise, references to "State Street," "we," "us," "our" or similar terms mean State Street Corporation and its subsidiaries on a consolidated basis. The Parent Company is a source of financial and managerial strength to our subsidiaries. Through our subsidiaries, including our principal banking subsidiary, State Street Bank and Trust Company, referred to as State Street Bank, we provide a broad range of financial products and services to institutional investors worldwide, with $35.69 trillion of AUC/A and $3.27 trillion of AUM as of September 30, 2022.
As of September 30, 2022, we had consolidated total assets of $303.57 billion, consolidated total deposits of $238.24 billion, consolidated total shareholders' equity of $25.65 billion and 41,354 employees. We operate in more than 100 geographic markets worldwide, including in the U.S., Canada, Europe, the Middle East and Asia.
Our operations are organized into two lines of business, Investment Servicing and Investment Management, which are defined based on products and services provided.
Additional information about our lines of business is provided in Line of Business Information in this Management's Discussion and Analysis and Note 17 to the consolidated financial statements in this Form 10-Q.
This Management's Discussion and Analysis is part of the Form 10-Q and updates the Management's Discussion and Analysis in our 2021 Annual Report on Form 10-K for the year ended December 31, 2021 previously filed with the SEC (2021 Form 10-K). You should read the financial information contained in this Management's Discussion and Analysis and elsewhere in this Form 10-Q in conjunction with the financial and other information contained in our 2021 Form 10-K. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation.
We prepare our consolidated financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions in its application of certain accounting policies that materially affect the reported amounts of assets, liabilities, equity, revenue and expenses.
The significant accounting policies that require us to make judgments, estimates and assumptions that are difficult, subjective or complex about matters that are uncertain and may change in subsequent periods include:
accounting for fair value measurements;
allowance for credit losses;
impairment of goodwill and other intangible assets; and
contingencies.
These significant accounting policies require the most subjective or complex judgments, and underlying estimates and assumptions could be subject to revision as new information becomes available. For additional information about these significant accounting policies refer to pages 124 to 126, “Significant Accounting Estimates” included under Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our 2021 Form 10-K. We did not change these significant accounting policies in the first nine months of 2022.
Certain financial information provided in this Form 10-Q, including in this Management's Discussion and Analysis, is prepared on both a U.S. GAAP, or reported basis, and a non-GAAP basis. We measure and compare certain financial information on a non-GAAP basis, including information that management uses in evaluating our business and activities. Non-GAAP financial information should be considered in addition to, and not as a substitute for or superior to, financial information prepared in conformity with U.S. GAAP. Any non-GAAP financial information presented in this Form 10-Q, including this Management’s Discussion and Analysis, is reconciled to its most directly comparable U.S. GAAP-basis measure.
We further believe that our presentation of FTE NII, a non-GAAP measure, which reports non-taxable revenue, such as interest income associated with tax-exempt investment securities, on a FTE basis, facilitates an investor's understanding and analysis of our underlying financial performance and trends.
We provide additional disclosures required by applicable bank regulatory standards, including supplemental qualitative and quantitative information with respect to regulatory capital (including market risk associated with our trading activities) and the
State Street Corporation | 4


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LCR, summary results of semi-annual State Street-run stress tests which we conduct under the Dodd-Frank Act, and resolution plan disclosures required under the Dodd-Frank Act. These additional disclosures are accessible on the “Investor Relations” section of our corporate website at www.statestreet.com.
We have included our website address in this report as an inactive textual reference only. Information on our website is not incorporated by reference into this Form 10-Q.
We use acronyms and other defined terms for certain business terms and abbreviations, as defined in the acronyms list and glossary following the consolidated financial statements in this Form 10-Q.
Forward-Looking Statements
This Form 10-Q, as well as other reports and proxy materials submitted by us under the Securities Exchange Act of 1934, registration statements filed by us under the Securities Act of 1933, our annual report to shareholders and other public statements we may make, may contain statements (including statements in our Management's Discussion and Analysis included in such reports, as applicable) that are considered “forward-looking statements” within the meaning of U.S. securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, cost savings and transformation initiatives, investment portfolio performance, dividend and stock purchase programs, acquisitions (including, without limitation, our proposed acquisition of the BBH Investor Services business), outcomes of legal proceedings, market growth, joint ventures and divestitures, client growth and new technologies, services and opportunities, as well as industry, governmental, regulatory, economic and market trends, initiatives and developments, the business environment and other matters that do not relate strictly to historical facts.
Terminology such as “anticipate,” "believe", “estimate,” “expect,” “forecast,” “goal,” “guidance,” "intend," “may,” “objective,” “outlook,” “plan,” “priority,” “propose,” “seek,” “strategy” "target," “trend,” and “will,” or similar statements or variations of such terms, are intended to identify forward-looking statements, although not all forward-looking statements contain such terms.
Forward-looking statements are subject to various risks and uncertainties, which change over time, are based on management's expectations and assumptions at the time the statements are made and are not guarantees of future results. Management's expectations and assumptions, and the continued validity of the forward-looking statements, are subject
to change due to a broad range of factors affecting the U.S. and global economies, regulatory environment and the equity, debt, currency and other financial markets, as well as factors specific to State Street and its subsidiaries, including State Street Bank. Factors that could cause changes in the expectations or assumptions on which forward-looking statements are based cannot be foreseen with certainty and include, but are not limited to:
Strategic Risks
The consummation of our proposed 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 have been engaged in ongoing dialogue with U.S. 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 AlphaSM, and the
State Street Corporation | 5


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
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.
Financial Market Risks
We could be adversely affected by geopolitical, economic and market conditions; including, for example, as a result of the ongoing war in Ukraine, actions taken by central banks to address inflationary pressures, challenging conditions in global equity markets, and disruptions in fixed income markets such as those impacting the UK gilts;
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.
Compliance and Regulatory Risks
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;
In addition to income tax, we are subject to audit or other examination, and litigation or other dispute resolution proceedings, with U.S. and non-U.S. tax authorities regarding
State Street Corporation | 6


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
non-income-based tax matters. Our interpretations or application of tax laws and regulations, including with respect to withholding, transfer, wage, use, stamp, service and other non-income taxes, could differ from that of the relevant governmental taxing authority, or we may experience timing or other compliance deficiencies in connection with our efforts to comply with applicable tax laws and regulations, which could result in the requirement to pay additional taxes, penalties and/or interest, which could be material; and
The transition away from LIBOR may result in additional costs and increased risk exposure.
Operational Risks
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.
Actual outcomes and results may differ materially from what is expressed in our forward-looking statements and from our historical financial results due to the factors discussed in this section and elsewhere in this Form 10-Q or disclosed in our other SEC filings. Forward-looking statements in this Form 10-Q should not be relied on as representing our expectations or assumptions as of any time subsequent to the time this Form 10-Q is filed with the SEC. We undertake no obligation to revise our forward-looking statements after the time they are made. The factors discussed herein are not intended to be a complete statement of all risks and uncertainties that may affect our businesses. We cannot anticipate all developments that may adversely affect our business or operations or our consolidated results of operations, financial condition or cash flows.
Forward-looking statements should not be viewed as predictions and should not be the primary basis on which investors evaluate State Street. Any investor in State Street should consider all risks and uncertainties disclosed in our SEC filings, including our filings under the Securities Exchange Act of 1934, in particular our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K, and our registration statements filed under the Securities Act of 1933, all of which are accessible on the SEC's website at www.sec.gov or on the “Investor Relations” section of our corporate website at investors.statestreet.com.
State Street Corporation | 7


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
OVERVIEW OF FINANCIAL RESULTS
TABLE 1: OVERVIEW OF FINANCIAL RESULTS
Three Months Ended September 30,% Change
(Dollars in millions, except per share amounts)20222021
Total fee revenue$2,299 $2,504 (8)%
Net interest income660 487 36 
Total other income (1)nm
Total revenue2,959 2,990 (1)
Provision for credit losses (2)nm
Total expenses2,110 2,116 — 
Income before income tax expense849 876 (3)
Income tax expense 159 162 (2)
Net income$690 $714 (3)
Adjustments to net income:
Dividends on preferred stock(1)
$(21)$(21)— 
Earnings allocated to participating securities(2)
 — — 
Net income available to common shareholders$669 $693 (3)
Earnings per common share:
Basic$1.82 $1.99 (9)
Diluted1.80 1.96 (8)
Average common shares outstanding (in thousands):
Basic367,789 347,718 
Diluted372,418 353,494 
Cash dividends declared per common share$.63 $.57 11 
Return on average common equity11.2 %11.6 %(40) bps
Pre-tax margin28.7 29.3 (60)
Nine Months Ended September 30,% Change
(Dollars in millions, except per share amounts)20222021
Total fee revenue$7,242 $7,501 (3)%
Net interest income1,753 1,421 23
Total other income(2)— 52 nm
Total revenue8,993 8,974 — 
Provision for credit losses10 (26)nm
Total expenses6,545 6,559 — 
Income before income tax expense2,438 2,441 — 
Income tax expense397 445 (11)
Net income$2,041 $1,996 
Adjustments to net income:
Dividends on preferred stock(1)
$(76)$(85)(11)
Earnings allocated to participating securities(2)
(1)(1)— 
Net income available to common shareholders$1,964 $1,910 
Earnings per common share:
Basic$5.35 $5.49 (3)
Diluted5.28 5.40 (2)
Average common shares outstanding (in thousands):
Basic367,240 348,106 
Diluted372,194 353,376 
Cash dividends declared per common share$1.77 $1.61 10 
Return on average common equity10.9 %10.8 %10 bps
Pre-tax margin27.1 27.2 (10)
(1) Additional information about our preferred stock dividends is provided in Note 12 to the consolidated financial statements in this Form 10-Q.
(2) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.
nm Not meaningful
The following “Financial Results and Highlights” section provides information related to significant events, as well as highlights of our consolidated financial results for the third quarter of 2022 presented in Table 1: Overview of Financial Results. More detailed information about our consolidated financial results, including the comparison of our financial results for the three and nine months ended September 30, 2022, compared to the same periods in 2021, is provided under “Consolidated Results of Operations”, "Line of Business Information" and "Capital" which follows these sections, as well as in our consolidated financial statements in this Form 10-Q. In this Management’s Discussion and Analysis, where we describe the effects of changes in foreign currency translation, those effects are determined by applying applicable weighted average FX rates from the relevant 2021 period to the relevant 2022 period results.
Financial Results and Highlights
Third quarter of 2022 financial performance:
Earnings per share of $1.80 in the third quarter of 2022, decreased 8% compared to $1.96 in the same period in 2021.
Total fee revenue and total revenue decreased 8% and 1%, respectively, in the third quarter of 2022, compared to the same period in 2021. Currency translation contributed 3% to the decrease in both fee revenue and total revenue in the third quarter of 2022, relative to the same period in 2021.
NII increased 36% in the third quarter of 2022, compared to the same period in 2021.
In the third quarter of 2022, return on equity of 11.2% decreased from 11.6% in the same period in 2021, primarily due to a decrease in net income available to common shareholders. Pre-tax margin of 28.7% in the third quarter of 2022, decreased from 29.3% in the same period in 2021, primarily due to a decrease in total revenue.
Negative operating leverage of 0.7% points in the third quarter of 2022. Operating leverage represents the difference between the percentage change in total revenue and the percentage change in total expenses, in each case relative to the prior year period.
State Street Corporation | 8


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Negative fee operating leverage of 7.9% points in the third quarter of 2022. Fee operating leverage represents the difference between the percentage change in total fee revenue and the percentage change in total expenses, in each case relative to the prior year period.
Revenue
Total revenue decreased 1% in the third quarter of 2022, compared to the same period in 2021, as the decrease in total fee revenue was partially offset by higher NII. Total fee revenue decreased 8% in the third quarter of 2022, compared to the same period in 2021, primarily driven by lower servicing fees, management fees and other fee revenue, partially offset by higher foreign exchange trading services revenue, software and processing fees and securities finance revenue. Currency translation contributed 3% to the decrease in both total revenue and total fee revenue in the third quarter of 2022, relative to the same period in 2021.
Servicing fee revenue decreased 12% in the third quarter of 2022, compared to the same period in 2021, primarily due to lower average market levels, lower client activity and adjustments, and normal pricing headwinds, partially offset by net new business. Currency translation contributed 3% to the decrease in servicing fee revenue in the third quarter of 2022, relative to the same period in 2021.
Management fee revenue decreased 10% in the third quarter of 2022, compared to the same period in 2021, primarily due to lower average equity and fixed income market levels, a previously reported client-specific pricing adjustment and institutional net outflows, partially offset by the absence of the impact of money market fee waivers and net inflows from cash and ETFs. Currency translation contributed 3% to the decrease in management fee revenue in the third quarter of 2022, relative to the same period in 2021.
Foreign exchange trading services revenue increased 14% in the third quarter of 2022, compared to the same period in 2021, primarily reflecting higher FX spreads, partially offset by lower client FX volumes.
Securities finance revenue increased 4% in the third quarter of 2022, compared to the same period in 2021, reflecting higher spreads, partially offset by lower agency and enhanced custody balances.
Software and processing fees revenue increased 2% in the third quarter of 2022, compared to the same period in 2021, primarily due to higher front office software and data revenue associated with CRD, partially offset by lower lending fees.
Other fee revenue decreased $27 million in the third quarter of 2022, compared to the same period in 2021, primarily driven by the absence of fair value adjustments on equity investments and negative market-related adjustments.
NII increased 36% in the third quarter of 2022, compared to the same period in 2021, primarily due to higher short-term interest rates from U.S. and international central bank rate hikes, partially offset by lower client deposits.
Provision for Credit Losses
We recorded no provision for credit losses in the third quarter of 2022, compared to a $2 million reserve release in the same period in 2021, as a downward shift in management's economic outlook was offset by a reduction in loan portfolio risk.
Expenses
Total expenses were flat in the third quarter of 2022, compared to the same period in 2021, as continued productivity and optimization savings were offset by continued business investments and higher wages, marketing and travel costs. Currency translation reduced expenses by 4% in the third quarter of 2022, relative to the same period in 2021.
Notable items
The impact of notable items in the third quarter of 2022 includes acquisition and restructuring costs of approximately $13 million related to our proposed acquisition of the BBH Investor Services business, which is subject to regulatory review and other closing conditions.
The impact of notable items in the third quarter of 2021 includes acquisition and restructuring costs of approximately $18 million, of which $11 million related to CRD and $7 million related to our proposed acquisition of the BBH Investor Services business.
State Street Corporation | 9


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
AUC/A and AUM
AUC/A of $35.69 trillion decreased 18% as of September 30, 2022, compared to September 30, 2021, primarily due to lower market levels, a previously disclosed client transition and the impact of currency translation, partially offset by new business installations. In the third quarter of 2022, newly announced asset servicing mandates totaled approximately $233 billion. Servicing assets remaining to be installed in future periods totaled approximately $3.41 trillion as of September 30, 2022.
AUM of $3.27 trillion decreased 15% as of September 30, 2022, compared to September 30, 2021, primarily due to lower market levels, institutional net outflows and the impact of currency translation, partially offset by net inflows from our ETFs and cash.
Capital
We declared common stock dividends of $0.63 per share, totaling $232 million in the third quarter of 2022, compared to $0.57 per share, totaling $209 million in the same period in 2021.
In July 2021, our Board authorized a share repurchase program for the repurchase of up to $3.0 billion of our common stock through the end of 2022; however, in connection with our proposed acquisition of the BBH Investor Services business, we did not repurchase any common stock during the last half of 2021, as well as during the first nine months of 2022. We intend to repurchase approximately $1.0 billion of our common stock in the fourth quarter of 2022 under the existing share repurchase program, expiring December 21, 2022.
Our standardized CET1 capital ratio decreased to 13.2% as of September 30, 2022, compared to 14.3% as of December 31, 2021, primarily reflecting lower AOCI related to AFS securities, largely recognized in the first half of 2022 driven by the significant increase in interest rates across the yield curve and the implementation of the standardized approach for counterparty credit risk (SA-CCR), partially offset by planned RWA reductions and optimizations. However, we anticipate modest RWA increase over the coming quarters as we efficiently deploy capital to our businesses. Our Tier 1 leverage ratio increased to 6.4% as of September 30, 2022 compared to 6.1% as of December 31, 2021, primarily driven by lower consolidated average assets, partially offset by lower
AOCI. During 2022, we completed a number of actions to mitigate additional AOCI risk in the current environment including a $21.23 billion transfer of securities from AFS to HTM. Given the current global economic environment, we currently expect to operate with CET1 and Tier 1 leverage capital ratios within our target ranges of 10-11% and 5.25-5.75%, respectively.
Debt Issuances and Redemptions
On August 4, 2022, we issued $750 million aggregate principal amount of 4.164% fixed-to-floating rate senior notes due 2033.
CONSOLIDATED RESULTS OF OPERATIONS
This section discusses our consolidated results of operations for the three and nine months ended September 30, 2022, compared to the same periods in 2021, and should be read in conjunction with the consolidated financial statements and accompanying notes to the consolidated financial statements in this Form 10-Q.
State Street Corporation | 10


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Total Revenue
TABLE 2: TOTAL REVENUE
Three Months Ended September 30,% Change
(Dollars in millions)20222021
Fee revenue:
      Back office services$1,126 $1,289 (13)%
      Middle office services93 102 (9)
Servicing fees(1)
1,219 1,391 (12)
Management fees472 526 (10)
Foreign exchange trading services319 279 14 
Securities finance110 106 
      Front office software and data127 116 
      Lending related and other fees57 64 (11)
Software and processing fees(1)
184 180 
Other fee revenue(1)
(5)22 nm
Total fee revenue2,299 2,504 (8)
Net interest income:
   Interest income1,101 487 nm
   Interest expense441 — nm
Net interest income660 487 36 
Other income:
Gains (losses) related to investment securities, net (1)nm
Total other income (1)nm
Total revenue$2,959 $2,990 (1)
Nine Months Ended September 30,% Change
(Dollars in millions)20222021
Fee revenue:
      Back office services$3,599 $3,845 (6)%
      Middle office services285 309 (8)
Servicing fees(1)
3,884 4,154 (6)
Management fees1,482 1,523 (3)
Foreign exchange trading services1,009 911 11 
Securities finance313 314 — 
      Front office software and data391 360 
      Lending related and other fees182 191 (5)
Software and processing fees(1)
573 551 
Other fee revenue(1)
(19)48 nm
Total fee revenue7,242 7,501 (3)
Net interest income:
Interest income2,326 1,425 63 
Interest expense573 nm
Net interest income1,753 1,421 23 
Other income:
Gains (losses) related to investment securities, net(2)(1)nm
Other income 53 nm
Total other income(2)52 nm
Total revenue$8,993 $8,974 — 
(1) In the first quarter of 2022, we reclassified certain fee revenue in our Consolidated Statement of Operations, primarily moving revenues that are not directly associated with software and processing fees to a new Other fee revenue line item. In addition, we provided a disaggregation of servicing fees into Back office services and Middle office services and of software and processing fees into Front office software and data and Lending related and other fees. Prior periods were revised to reflect these changes.
nm Not meaningful
State Street Corporation | 11


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Fee Revenue
Table 2: Total Revenue, provides the breakout of fee revenue for the three and nine months ended September 30, 2022 and 2021. Servicing and management fees collectively made up approximately 74% of the total fee revenue in both the three and nine months ended September 30, 2022, compared to 77% and 76% in the three and nine months ended September 30, 2021, respectively.
Servicing Fee Revenue
Servicing fee revenue comprises revenue from both back office and middle office services. 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, which we refer to collectively as back office services, and middle office services. The nature and mix of services provided affects our servicing fees. The basis for fees will differ across regions and clients.
Changes in Market Valuations
Our servicing fee revenue is impacted by both our levels and the geographic and product mix of our AUC/A. Increases or decreases in market valuations have a corresponding impact on the level of our AUC/A and servicing fee revenues, though the degree of impact will vary depending on asset types and classes and geography of assets held within our clients’ portfolios. For certain asset classes where the valuation process is more complex, including alternative investments, or where our valuation is dependent on third party information, AUC/A is reported on a lag, typically one-month. For those asset classes, the impact of market levels on our reported AUC/A does not reflect current period-end market levels.
Over the five years ended December 31, 2021, we estimate that worldwide market valuations impacted our servicing fee revenues by approximately 3% on average with a range of 0% to 7% annually and approximately 7% and 2% in 2021 and 2020, respectively. See Table 3: Daily Averages, Month-End Averages and Quarter-End Equity Indices for selected indices. While the specific indices presented are indicative of general market trends, the asset types and classes relevant to individual client portfolios can and do differ, and the performance of associated relevant indices and of client portfolios can therefore differ from the performance of the indices presented. In addition, our asset classifications may differ from those industry classifications presented.
Assuming that all other factors remain constant, including client activity, asset flows and pricing, we estimate, using relevant information as of September 30, 2022 that a 10% increase or decrease in worldwide equity valuations, on a weighted average basis, over the relevant periods for which our servicing fees are calculated, would result in a corresponding change in our total servicing fee revenues, on average and over multiple quarters, of approximately 3%. We estimate, similarly assuming all other factors remain constant and using relevant information as of September 30, 2022, that changes in worldwide fixed income markets, which on a weighted average basis and over time are typically less volatile than worldwide equity markets, have a significantly smaller impact on our servicing fee revenues on average and over time.
TABLE 3: DAILY AVERAGES, MONTH-END AVERAGES AND QUARTER-END EQUITY INDICES(1)
Daily Averages of IndicesMonth-End Averages of IndicesQuarter-End Indices
Three Months Ended September 30,Three Months Ended September 30,As of September 30,
20222021% Change20222021% Change20222021% Change
S&P 500®
3,980 4,422 (10)%3,890 4,408 (12)%3,586 4,308 (17)%
MSCI EAFE®
1,848 2,338 (21)1,813 2,320 (22)1,661 2,281 (27)
MSCI® Emerging Markets
975 1,295 (25)955 1,280 (25)876 1,253 (30)
Daily Averages of IndicesMonth-End Averages of Indices
Nine Months Ended September 30,Nine Months Ended September 30,
20222021% Change20222021% Change
S&P 500®
4,181 4,162 — %4,127 4,156 (1)%
MSCI EAFE®
2,018 2,283 (12)1,993 2,263 (12)
MSCI® Emerging Markets
1,071 1,336 (20)1,060 1,325 (20)
c
(1) The index names listed in the table are service marks of their respective owners.
TABLE 4: QUARTER-END DEBT INDICES(1)
As of September 30,
20222021% Change
Barclays Capital U.S. Aggregate Bond Index®
2,011 2,355 (15)%
Barclays Capital Global Aggregate Bond Index®
427 536 (20)
(1) The index names listed in the table are service marks of their respective owners.
State Street Corporation | 12


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Client Activity and Asset Flows
Client activity and asset flows are impacted by the number of transactions we execute on behalf of our clients, including FX settlements, equity and derivative trades, and wire transfer activity, as well as actions by our clients to change the asset class in which their assets are invested. Our servicing fee revenues are impacted by a number of factors, including transaction volumes, asset levels and asset classes in which funds are invested, as well as industry trends associated with these client-related activities.
Our clients may change the asset classes in which their assets are invested, based on their market outlook, risk acceptance tolerance or other considerations. Over the five years ended December 31, 2021, we estimate that client activity and asset flows, together, impacted our servicing fee revenues by approximately 0% on average with a range of (1)% to 2% annually and approximately 0% and 2% in 2021 and 2020, respectively. See Table 5: Industry Asset Flows for selected asset flow information. While the asset flows presented are indicative of general market trends, the asset types and classes relevant to individual client portfolios can and do differ, and our flows may differ from those market trends. In addition, our asset classifications may differ from those industry classifications presented.
TABLE 5: INDUSTRY ASSET FLOWS
Three Months Ended September 30,
(In billions)20222021
North America - (US Domiciled) - Morningstar Direct Market Data(1)(2)(3)
Long-Term Funds(4)
$(194.0)$149.8 
Money Market(24.4)15.2 
Exchange-Traded Fund109.9 77.1 
Total Flows$(108.5)$242.1 
Europe - Morningstar Direct Market Data(1)(2)(5)
Long-Term Funds(4)
$(88.7)$192.1 
Money Market11.5 (4.3)
Exchange-Traded Fund(2.9)36.8 
Total Flows$(80.1)$224.6 
(1) Industry data is provided for illustrative purposes only. It is not intended to reflect our activity or our clients' activity and is indicative of only segments of the entire industry.
(2) Source: Morningstar. The data includes long-term mutual funds, ETFs and money market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database.
(3) The third quarter of 2022 data for North America (U.S. domiciled) includes Morningstar direct actuals for July and August 2022 and Morningstar direct estimates for September 2022.
(4) The long-term fund flows reported by Morningstar direct in North America are composed of U.S. domiciled market flows mainly in Equities, Allocation and Fixed-Income asset classes. The long-term fund flows reported by Morningstar direct in Europe, Middle East, and Africa are composed of the European market flows mainly in Equities, Allocation and Fixed-Income asset classes.
(5) The third quarter of 2022 data for Europe is on a rolling three month basis for June 2022 through August 2022, sourced by Morningstar.
Net New Business
Over the five years ended December 31, 2021, net new business, which includes business both won and lost, has affected our servicing fee revenues by approximately 1% on average with a range of 0% to 3% annually and approximately 1% and 0% in 2021 and 2020, respectively.
Gross new investment servicing mandates were $233 billion in the third quarter of 2022 and $1.8 trillion per year on average over the past five years. Over the five years ended December 31, 2021, gross new annual investment servicing mandates ranged from $750 billion to $3.5 trillion.
Servicing fee revenue associated with new servicing mandates may vary based on the breadth of services provided, the time required to install the assets, and the types of assets installed.
Revenues associated with new mandates are not reflected in our servicing fee revenue until the assets have been installed. Our installation timeline, in general, can range from 6 to 36 months, with the average installation timeline being approximately 9 to 12 months over the past 2 years. Our more complex installations, including new State Street Alpha mandates, will generally be on the longer end of that range. With respect to the current asset mandates of approximately $3.41 trillion that are yet to be installed as of September 30, 2022, we expect the conversion will occur over the coming 36 months.
State Street Corporation | 13


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Pricing
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, as the amount of revenue associated with AUC/A can vary materially. On average, over the five years ended December 31, 2021, we estimate that pricing pressure with respect to existing clients has impacted our servicing fees by approximately (2)% annually, with the impact ranging from (1)% to (4)% in any given year, and approximately (2)% in both 2021 and 2020. Pricing concessions can be a part of a contract renegotiation with a client including terms that may benefit us, such as extending the term of our relationship with the client, expanding the scope of services that we provide or reducing our dependency on manual processes through the standardization of the services we provide. The timing of the impact of additional revenue generated by anticipated additional services, and the amount of revenue generated, may differ from expectations due to the impact of pricing concessions on existing services due to the necessary time required to onboard those new services, the nature of those services and client investment practices and other factors. These same market pressures also impact the fees we negotiate when we win business from new clients.
In order to offset the typical client attrition and normal pricing headwinds, we estimate that we need at least $1.5 trillion of new AUC/A per year; although, notwithstanding increases in AUC/A, servicing fees remain subject to several factors, including changes in market valuations, client activity and asset flows, the manner in which we price our services, the nature of the assets being serviced and the type of services and the other factors described in this Form 10-Q.
Historically, and based on an indicative sample of revenue, we estimate that approximately 55%, on average, of our servicing fee revenues have been variable due to changes in asset valuations including changes in daily average valuations of AUC/A; another 15%, on average, of our servicing fees are impacted by the volume of activity in the funds we serve; and the remaining approximately 30% of our servicing fees tend not to be variable in nature nor impacted by market fluctuations or values.
Based on the impact of the above, client activity and asset flows, net new business and pricing, noted drivers of our servicing fee revenue will vary depending on the mix of products and services we provide to our clients. The full impact of changes in market valuations and the volume of activity in the funds may not be fully reflected in our servicing fee revenues in the periods in which the changes occur, particularly in periods of higher volatility.
Servicing fees, as presented in Table 2: Total Revenue, decreased 12% and 6% in the three and nine months ended September 30, 2022, respectively, compared to the same periods in 2021, primarily due to lower average market levels, lower client activity and adjustments and normal pricing headwinds, partially offset by net new business. Currency translation decreased servicing fee revenue by 3% in both the three and nine months ended September 30, 2022, relative to the same periods in 2021.
Servicing fees generated outside the U.S. were approximately 45% and 46% of total servicing fees in the three and nine months ended September 30, 2022, respectively, compared to approximately 48% in both the three and nine months ended September 30, 2021.
TABLE 6: ASSETS UNDER CUSTODY AND/OR ADMINISTRATION BY PRODUCT(1)
(In billions)September 30, 2022December 31, 2021September 30, 2021
Collective funds, including ETFs$11,649 $15,722 $15,159 
Mutual funds9,289 11,575 11,505 
Pension products7,669 8,443 8,497 
Insurance and other products7,081 7,938 8,176 
Total $35,688 $43,678 $43,337 
TABLE 7: ASSETS UNDER CUSTODY AND/OR ADMINISTRATION BY ASSET CLASS(1)
(In billions)September 30, 2022December 31, 2021September 30, 2021
Equities$19,889 $25,974 $25,350 
Fixed-income10,150 12,587 12,808 
Short-term and other investments5,649 5,117 5,179 
Total $35,688 $43,678 $43,337 
TABLE 8: ASSETS UNDER CUSTODY AND/OR ADMINISTRATION BY GEOGRAPHY(1)(2)
(In billions)September 30, 2022December 31, 2021September 30, 2021
Americas$26,051 $32,427 $31,934 
Europe/Middle East/Africa6,990 8,599 8,748 
Asia/Pacific2,647 2,652 2,655 
Total$35,688 $43,678 $43,337 
(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.