State Street Expands Responsibilities of Executive Leadership Team

Lou Maiuri and Eric Aboaf to Take on Additional Responsibilities as President and Vice Chairman Respectively

BOSTON–(BUSINESS WIRE)–State Street Corporation (NYSE: STT) announced today senior management changes to help build on its business momentum and deliver its strategic growth objectives. Lou Maiuri has been appointed to president and head of Investment Services and Eric Aboaf, chief financial officer, to vice chairman. Maiuri and Aboaf will both continue to report to Ron O’Hanley, chairman and chief executive officer.

Maiuri now has end-to-end responsibility for all facets of State Street’s Investment Services business, including client management, product, technology and operations. This expanded role will help promote alignment of State Street’s products and solutions and differentiate its offerings in support of clients. It will also facilitate sales and revenue growth and achievement of the company’s medium-term financial targets.

In addition to Aboaf’s appointment to vice chairman, he now has expanded responsibility for State Street’s Global Markets business. This provides Aboaf with direct management of all aspects of State Street’s balance sheet and the use of the balance sheet on behalf of clients. His role across all uses of our balance sheet will create additional growth and efficiencies, further drive balance sheet optimization, and promote capital return to shareholders.

“Expanding and elevating Lou’s and Eric’s roles and remits will deepen focus and accountability for results across our business globally,” said O’Hanley. “I look forward to continuing to work with this outstanding leadership team for years to come as we further drive our strategy to be the best and fulfill our vision to help create better outcomes for the world’s investors and the people they serve.”

About State Street

State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $41.7 trillion in assets under custody and/or administration and $4.0 trillion* in assets under management as of March 31, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.

*Assets under management as of March 31, 2022 includes approximately $73 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.

FORWARD LOOKING STATEMENTS

This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding the roles and responsibilities of State Street executives, and the benefits and prospects of those roles and responsibilities, as well as regarding our business, financial and capital condition, results of operations, strategies, new client business, dividend and stock purchase programs, governmental and regulatory initiatives and developments, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “will,” “forward,” “strategy,”” “target,” “guidance,” “expect,” “priority,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “outlook,” “trend,” “intend” 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 delay the consummation of the acquisition; while we are evaluating potential modifications to the transaction that are intended to facilitate resolution of the bank regulatory review, there can be no assurance as to the timing or outcome of that review;
• Even if we successfully consummate our planned acquisition of the BBH Investor Services business, we may fail to realize some or all of the anticipated benefits of the transaction or the benefits may take longer to realize than expected;
• 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 or 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, resulting from the present conflict in Ukraine;
• 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 should not be 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.

Contacts

Media:
Carolyn Cichon

[email protected]
+1 617 664 8672

IR:
Ilene Fiszel Bieler

[email protected]
+1 617 664 3477