State Street Corporation

State Street Corporation
legal form	Corporation
ISIN	US8574771031
founding	1792
Seat	Boston , United States
management	Joseph (Jay) L. Hooley ( President and CEO )
Number of employees	32,356 (2015)
sales	$ 10.36 billion (2015)
Branch	Banking, finance, financial services
Website	www.statestreet.com

State Streets headquarters in Boston

State Street Corporation is a US company headquartered in Boston . The company is listed in the S&P 500 share index.

State Street operates as a financial services company and custodian and was founded in 1792. With the opening of the Munich branch in 1970, the company initiated a series of store openings and is now represented with its own branches in 27 countries. Around 32,000 people (as of December 31, 2015) are employed worldwide.

The bank is one of the 30 major banks that the Financial Stability Board as "systemically important financial institution" ( systemically important financial institution ) were classified. It is therefore subject to special monitoring and stricter requirements for the endowment with equity .

history

State Street's roots go back to 1792 when John Hancock , Governor of Massachusetts , approved the establishment of the Union Bank. Until its merger with the State Street Trust Company in 1925, Union Bank was the oldest bank that had existed until then and was the second oldest bank in America at the time.

In 1961, the State Street Company in its current form emerged from the merger of the Rockland-Atlas National Bank with the Second Bank-State Street Trust Company. From 1970 onwards, private investors were also able to acquire the company's shares before it was listed on the New York Stock Exchange in 1995 .

In February 2007, the US company Investors Bank & Trust was taken over. The company made history in patent law with its unsuccessful lawsuit in the State Street Bank v. Signature Financial Group .

In the wake of the financial crisis , State Street had to accept state aid in 2008. In return for a cash injection, the state received preferred shares and stock options. At the beginning of 2009, like many other US financial institutions, the institute was subjected to a stress test. The US Federal Reserve then certified that the company had sufficient capital to withstand adverse capital market developments.

As a result, State Street announced in July 2009 as the first major US bank to have repaid all state aid to the government. The institute reimbursed the state approximately $ 2 billion. State Street has thereby freed itself from the requirements associated with accepting government aid and no longer has to restrict manager salaries and dividend payments.

Business areas

The company offers financial services for institutional investors such as insurers, hedge funds , investment companies and pension funds . The range of services offered includes investment management , for example for pension funds , as well as custodian bank activities , research, securities trading and securities lending or fund management . The business is divided into three areas:

• State Street Bank and Trust Company : Investment Servicing
• State Street Global Advisors (SSGA): Investment Management (see also SPDR )
• State Street Global Markets : Investment Research and Trading

Germany

Munich, Brienner Str. 59

State Street opened its first branch outside the USA in Munich in 1970. State Street Bank GmbH was founded with the aim of gaining European subsidiaries of US companies as customers. Starting in 1996, the company expanded its range to include custodian bank services for special funds , performance measurement and analysis, treasury , structured products and investment management services.

The company looks after German, European and international customers from its German locations in Munich, Leipzig and Frankfurt am Main with around 800 employees (as of January 2018). State Street Bank GmbH is led by a five-person management board, headed by Stefan Gmür as spokesman.

The former branch in Munich is now the main office for Germany, Austria, Switzerland and the Netherlands.

Competitor

When it comes to fund management and investment management for institutional clients, State Street competes in the United States with companies such as BlackRock , Fidelity, and others. Due to the diverse interdependencies with the capital market and the wide range of products and services, there are competitive situations with practically all major US banks. As a provider of investment management services, State Street measures itself against Wall Street houses such as Goldman Sachs , Morgan Stanley , JPMorgan Chase , Bank of New York Mellon and Merrill Lynch .

literature

• Jens Berger: Who will protect the world from the financial corporations? The secret rulers and their assistants. Westend, Frankfurt am Main 2020, ISBN 978-3-86489-260-8 (with notes and references).

Web links

• Homepage

Individual evidence

1. ↑ ^{a b} State Street 2015 Form 10-K Report , accessed March 23, 2016
2. ^ Policy Measures to Address Systemically Important Financial Institutions. In: Financial Stability Board (FSB) of November 4, 2011 (PDF file; 105 kB)
3. ↑ Update of the group of global systemically important banks (G-SIBs) (PDF; 43 kB) from November 1, 2012
4. ^ State Street Corporation Investor Relations
5. ↑ State Street Corporation Milestones ( Memento of the original from September 14, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
6. ↑ NZZ Online, July 11, 2009, accessed July 27, 2009
7. ↑ State Street Company Fact Sheet ( Memento of the original from July 23, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
8. ↑ State Street Bank GmbH company presentation ( Memento of the original from April 3, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
9. ↑ State Street Bank GmbH Management ( Memento of the original from March 12, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
10. ↑ Archived copy ( memento of the original from September 16, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.