State Street Bank
 |
|
| Public | |
| Traded as | : STT S&P 500 Component |
| Industry | Financial services |
| Founded | 1792 |
| Headquarters |
State Street Financial Center Boston, Massachusetts, United States |
|
Key people
|
Jay Hooley (Chairman President & CEO) |
| Products | Investment management, equities trading, foreign exchange trading, custodian, securities lending |
| Revenue |
 US$10.21 billion (2016) |
 US$2.14 billion (2016) |
|
| AUM |
US$2.47 trillion (2016) |
| Total assets |
US$242.7 billion (2016) |
| Total equity |
US$21.2 billion (2016) |
|
Number of employees
|
33,783 (2016) |
| Website | www |
State Street Corporation, known as State Street, is an American worldwide financial services holding company. State Street was founded in 1792 and is the second oldest financial institution in the United States of America and the third largest asset manager in the world with 2.45 trillion USD asset under management. They are responsible for the custody and administration of 11% of the world's total assets. The company’s headquarters are at One Lincoln Street in Boston and it has offices in 29 countries around the world.
State Street is organized into three main divisions. The Global Services business is a custodian bank with $28 trillion (USD) of assets under custody and administration. The Global Advisors business provides investment management services and has $2.45 trillion (USD) of assets under management. The Global Markets business offers investment research and trading services to institutional investors.
State Street’s past can be dated back to the founding years of Boston’s banking industry. In 1792 the Union Bank became the third bank to be chartered in Boston and was located at the corner of State and Exchange Streets. State Street was known as the “Great Street to the Sea” as Boston became a flourishing maritime capital. The clipper in State Street’s logo today reflects this period.
In 1865 the Union Bank received a national charter and became the National Union Bank of Boston. State Street Deposit & Trust Co opened alongside National Union in 1891. It became the custodian of the first US mutual fund in 1924, the Massachusetts Investors Trust. State Street and National Union merged in 1925.
State Street’s growth during the mid-1900s was fueled by mergers and acquisitions. It merged with the Second National Bank in 1955 and with the Rockland-Atlas National Bank in 1961. William Edgerly gained control in 1975 and shifted the company’s strategy from commercial banking to investments and securities processing.
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Wikipedia