State Street (STT) AGM 2025 summary

Opening remarks and agenda

• The meeting was conducted virtually, with formalities and guidelines outlined, including copyright and forward-looking statement disclaimers.

• A quorum was confirmed with over 88% of outstanding shares represented, and introductions of board members and executives were made.

• Shareholders were informed about the process for submitting questions and voting.

Financial performance review

• 2024 saw strong financial results, with fee and total revenue up 7% and 9% respectively from 2023.

• Earnings per share reached $8.21, a 13% year-over-year increase excluding notable items, and return on average tangible common equity was 19%.

• Double-digit growth was achieved in management fees, FX trading services, and front-office software and data revenues.

• Record net interest income was delivered for the second consecutive year.

Board and executive committee updates

• John F. Woods was announced as the new Chief Financial Officer, joining in late August, with Mark Keating continuing as interim CFO until then.

• Board leadership transitions were noted, including Sara Mathew as lead director-elect.