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State Street's Net Income Drops 30% to $1.94B Amid FDIC Hit and Repositioning

STT10-KFiling Date: 2/15/2024
State Street Corporation
Description

What this story covers

State Street Corporation's 2023 10-K shows 11 point 95 billion dollars revenue (down 2 percent), 1 point 94 billion dollars net income (down 30 percent) due to FDIC assessment and securities losses, offset by 8 percent NII growth. Assets under custody hit 41 point 81 trillion dollars (up 14 percent), AUM 4 point 13 trillion dollars (up 19 percent). Strong capital (CET1 11 point 6 percent) supports 4 point 6 billion dollars shareholder returns; focuses on tech, digital assets for future growth amid fee pressures.

Story snapshot

CompanyState Street Corporation
TickerSTT
VariantStandard detailed
Duration12:22
Filing type10-K
PeriodAnnual 2023
IndustryFinancial Services
Accession0000093751-24-000498

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