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    SEC Form 11-K filed by State Street Corporation

    6/27/25 3:12:52 PM ET
    $STT
    Major Banks
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    11-K 1 a2024form11-k.htm 11-K Document

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
    ______________________
    FORM 11-K
    ______________________

    (Mark One)
    xANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the fiscal year ended December 31, 2024
    OR
    o
    TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from          to
    Commission file number
    001-07511
    A.Full title of the plan and the address of the plan, if different from that of the issuer named below:

    STATE STREET SALARY SAVINGS PROGRAM
    B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

    STATE STREET CORPORATION
    One Congress Street
    Boston, Massachusetts 02114







                                                    


    Audited Financial Statements and Supplemental Schedule

    State Street Salary Savings Program
    Years Ended December 31, 2024 and 2023
    With Report of Independent Registered Public Accounting Firm
                                                    


    State Street Salary Savings Program
    Audited Financial Statements and Supplemental Schedule
    Years Ended December 31, 2024 and 2023


    Contents
    Report of Independent Registered Public Accounting Firm
    4
    Audited Financial Statements
    Statements of Net Assets Available for Benefits
    6
    Statements of Changes in Net Assets Available for Benefits
    7
    Notes to Financial Statements
    8
    Supplemental Schedule
    Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
    17
    Exhibit Index
    18
    Signatures
    19
                                                    



    Report of Independent Registered Public Accounting Firm
    To the Plan Participants and the Plan Administrator of State Street Salary Savings Program
    Opinion on the Financial Statements
    We have audited the accompanying statements of net assets available for benefits of State Street Salary Savings Program (the Plan) as of December 31, 2024 and 2023, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2024 and 2023, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

    Basis for Opinion
    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
    Supplemental Schedule Required by ERISA
    The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2024, (referred to as the "supplemental schedule"), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and
        4


    accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.



    /s/ Ernst & Young LLP

    We have served as the Plan’s auditor since at least 1994, but we are unable to determine the specific year.

    Boston, Massachusetts
    June 27, 2025
        5


    State Street Salary Savings Program
    Statements of Net Assets Available for Benefits
    December 31,
    20242023
    Assets
    Investments at fair value:
    State Street Corporation ESOP Fund:
    State Street Corporation Common Stock$159,540,469 $139,391,361 
      SSGA Short Term Investment Fund1,199,117 735,528 
    SSGA Common and Collective Trust Funds5,463,403,820 4,814,593,101 
    Self-Managed Brokerage Accounts570,917,520 440,745,987 
    Vanguard Prime Money Market Fund291,735,572 287,555,612 
    Total investments at fair value6,486,796,498 5,683,021,589 
    Notes receivable - participant loans44,378,324 42,804,479 
    Interest / dividends receivable1,126,821 2,537,447 
    Total assets at fair value6,532,301,643 5,728,363,515 
    Liabilities
    Administrative expenses payable683,841 581,126 
    Net assets available for benefits$6,531,617,802 $5,727,782,389 

    See accompanying notes to financial statements.
        6


    State Street Salary Savings Program
    Statements of Changes in Net Assets Available for Benefits
    Years Ended December 31,
    20242023
    Additions
    Contributions:
    Participants$163,121,552 $162,859,870 
    Employer98,806,837 96,166,666 
    Rollovers28,248,837 20,688,632 
    Total contributions290,177,226 279,715,168 
    Interest income on notes receivable from participants2,994,127 2,251,040 
    Net appreciation in fair value of investments922,435,947 945,122,513 
    Interest and dividend income18,863,256 19,164,294 
    Net investment income941,299,203 964,286,807 
    Total additions, including net investment income1,234,470,556 1,246,253,015 
    Deductions
    Benefits paid427,940,208 338,504,652 
    Administrative expenses2,694,935 2,287,994 
    Total deductions430,635,143 340,792,646 
    Net increase 803,835,413 905,460,369 
    Net assets available for benefits at beginning of year5,727,782,389 4,822,322,020 
    Net assets available for benefits at end of year$6,531,617,802 $5,727,782,389 

    See accompanying notes to financial statements.

        7

    State Street Salary Savings Program
    Notes to Financial Statements
    December 31, 2024


    1. Description of the Plan
    The description of the State Street Salary Savings Program (the "Plan") is provided for general information purposes only. Employees should refer to the Summary Plan Description and Plan document for more complete information.
    General
    The Plan is a defined contribution plan. The Plan sponsor is State Street Corporation ("Plan Sponsor" or "State Street"). The Plan Sponsor has delegated responsibility for the general administration of the Plan to the U.S. Benefits Committee (the "Committee"). State Street Bank and Trust Company (Trustee) serves as the Trustee of the Plan. State Street Global Advisors ("SSGA"), a division of State Street Corporation, is the Investment Manager of the Common and Collective Trust Funds in the Plan. Vanguard is the Investment Manager for the Prime Money Market Mutual Fund. Fidelity Workplace Services LLC is the participant record keeper for the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
    All employees of State Street and certain related companies (collectively, the "Company") are immediately eligible to participate in the Plan except for the following categories of employees:
    •Non-resident aliens with no U.S.-source income
    •Student interns and co-op employees
    •Union employees
    •Leased employees and independent contractors
    •Employees of a non-participating affiliated company
    •Employees of a participating employer who are not on the U.S. payroll

    Contributions
    Active participants may elect to make tax-deferred contributions and/or Roth after-tax contributions to the Plan equal to 1% to 50% of their compensation, subject to certain limitations. Participants may also contribute amounts representing rollover distributions from other qualified defined benefit or defined contribution plans. The Plan includes an auto-enrollment provision whereby all new eligible employees are automatically enrolled in the Plan, invested in the Qualified Default Investment Alternative ("QDIA"), unless they affirmatively elect to participate at a different rate or elect not to participate. Automatically enrolled participants have their deferral rate set at 3% of eligible compensation. The Plan also includes an auto-escalation provision whereby participants' contributions automatically increase by 1% annually up to the maximum of 30%, or the participant opts out or chooses a different percentage. Participants who are or will have attained age 50 prior to the end of the calendar year are eligible to elect to make catch-up contributions.
    State Street provides for matching contributions to the Plan in amounts equal to 100% of the first 6% of the employee’s contributions.

    Employees must have one year of service to be eligible to receive matching contributions. They are immediately 100% vested in matching contributions once eligible.
    All contributions to the Plan are paid to the Trustee. The Trustee holds contributions in trust exclusively for participants and their beneficiaries, invests the contributions as instructed by the participants, and makes benefit payments as they become due.
                                    8

    State Street Salary Savings Program
    Notes to Financial Statements
    December 31, 2024

    Investment Options
    Participant contributions and Company contributions are allocated to various investment fund options at the participant's direction. A wide range of investment choices, including various SSGA Common and Collective Trust Funds, a money market mutual fund, a company stock fund ("ESOP") and a Self-Managed Brokerage Account ("SMBA") are available to participants. Limitations and restrictions apply to direct contributions to the ESOP fund and the Plan limits the amount a participant can invest in the ESOP fund to 25% of the participant’s account balance.
    In the event a participant does not make an investment election, funds are invested in the Target Retirement Date Fund (a common and collective investment fund) that corresponds to the participant’s assumed target retirement year based on the participant’s date of birth.
    Participant Accounts
    Each participant’s account is credited with the participant’s contributions, employer matching contributions, and related earnings, and charged with an allocation of administrative expenses. The benefit to which a participant is entitled is the value of the participant’s vested account balance, including earnings.
    Vesting
    Participant pre-tax deferral contributions and Roth after-tax contributions are always fully vested upon contribution. Employees are immediately vested in the matching contributions.
    Forfeitures and Unclaimed Balances
    Generally, participants' balances are fully vested upon contribution. However, in the event forfeitures occur from unvested account balances such as pursuant to the terms of a 401(k) plan merger in an acquisition, the unvested portion of a participant's account balance will be transferred to the Forfeiture account. At times, certain distributions are unclaimed, generally due to a check not being cashed or returned. After time has passed and attempts have been made to contact the participant, unclaimed balances are returned to the Plan and placed in the Plans' Money Market Account Fund. Forfeited amounts and unclaimed balances, so long as they remain unclaimed, may be used to either pay Plan administrative expenses or offset future company contributions to the Plan.

    In-Service Withdrawals
    The Plan provides that in-service withdrawals are available as follows:
    •Age 59-1/2 (all sources)
    •Disability withdrawals (all sources)
    •Rollover withdrawals (rollover account)
    •Post-tax withdrawals (Pre-1987 Thrift Incentive Plan (TIP) balances)
    •Hardship withdrawals (TIP, Roth post-tax - excluding earnings, rollover and employee pre-tax - excluding earnings)

    Hardship withdrawals are available to satisfy an immediate and heavy financial need, provided the need cannot be satisfied with all other resources (as defined in the Plan).
    9

    State Street Salary Savings Program
    Notes to Financial Statements
    December 31, 2024

    Payment of Benefits
    Upon retirement or other termination of employment, or anytime thereafter, a participant may receive a total or partial lump-sum distribution of their vested benefit directly or in the form of a rollover. To the extent the vested value of the participant's account balance is greater than $7,000, the participant may continue to defer the payment of their benefits and remain in the Plan. If the value of the participant's account balance reaches a level greater than $1,000 but not more than $7,000, a distribution in the form of an automatic rollover to an IRA will be made except to the extent the participant provides distribution instructions otherwise within 90 days of his or her termination date to the extent applicable. Account balances of $1,000 or less will be automatically distributed to the participant in cash (by check), with applicable taxes withheld, if any, if no other distribution instructions are received.
    Installment payments are also available to participants who are retirement-eligible at the time of termination. In order to be retirement-eligible, a participant must be at least age 55 with a minimum of five years of eligible service upon termination of employment. Installment periods available include monthly, quarterly, semi-annually and annually.

    Participant Loans
    Participants may borrow from their fund accounts a minimum of $1,000, up to a maximum equal to the lesser of one-half of the participant’s vested balance, or $50,000, both reduced by the participant's highest outstanding loan balance during the preceding 12 months. Loans are secured by the balance in the participant’s account and bear interest at a rate comparable to a similar loan with a commercial institution. Repayment of principal plus interest is required within five years (ten years if the loan is for the purchase of a principal residence). Principal and interest are paid ratably through payroll deductions. In the event of termination of employment, participants with outstanding loans may elect to continue to repay their outstanding loan balance directly to the Trustee; such loan shall not become immediately due and payable until such time as there is an event of default.
    Company Stock Fund (ESOP)
    The Plan invests in common stock of the Company through its ESOP. The ESOP may also hold cash or other short-term securities, although these are expected to be a small percentage of the fund. The Company has implemented a dividend pass-through election for its participants.
    The Plan limits the amount a participant can invest in the ESOP to 25% of their outstanding total account balance in order to encourage diversification of participants’ accounts. Participants may only transfer amounts to the ESOP, they may not elect to have payroll contributions invested in the ESOP. If a participant directs a transfer that would result in more than 25% of their total account balance into the ESOP, the excess percentage will be invested in the applicable lifecycle fund based on the participant’s age.
    Each participant is entitled to exercise voting rights attributable to the shares allocated to their account and is notified by the Company prior to the time that such rights may be exercised. The Trustee votes any unallocated shares in the same proportion as those shares that were allocated, unless the Committee directs the Trustee otherwise or to the extent such action would violate ERISA. Participants have the same voting rights in the event of a tender or exchange offer.
    10

    State Street Salary Savings Program
    Notes to Financial Statements
    December 31, 2024

    Plan Termination
    Although it has not expressed any intent to do so, the Plan Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination of the Plan, all participants will become fully vested.
    Administrative Expenses
    The Plan’s administrative expenses are paid by either the Plan or by State Street, according to the Plan’s provisions, and include such expenses as recordkeeping fees. Expenses relating to investment management fees are charged to the particular investment fund to which the expenses relate. All other administrative expenses not paid by the Plan are paid by State Street.
    Plan Amendments and Other Investment Strategy Changes

    During 2024, the following changes occurred relative to the Plan, as required by SECURE 2.0:
    •Effective January 1, 2024, the required beginning distribution date for participants was raised to the age of 73
    •Effective January 1, 2024, the minimum mandatory cash-out limit was raised from $5,000 to $7,000




    2. Significant Accounting Policies
    Basis of Accounting
    The accounting records of the Plan are in conformity with generally accepted accounting principles in the United States (GAAP) and are maintained on the accrual basis.
    Investment Valuation and Income Recognition
    Investments held by the Plan are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). See Note 3 for further discussion of fair value measurements.
    Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments sold as well as changes in fair value on investments held during the year.
    Payment of Benefits
    Benefits are recorded when paid.



    11

    State Street Salary Savings Program
    Notes to Financial Statements
    December 31, 2024

    Notes Receivable - Participant Loans
    Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. No allowance for credit losses has been recorded as of December 31, 2024 or 2023. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.
    Use of Estimates
    The preparation of financial statements requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The most significant estimate in the Plan’s financial statements is the estimate of fair value of the Plan’s investments, which is discussed in more detail in Note 3.
    Contributions
    Contributions from Plan participants and matching contributions from the Plan Sponsor are recorded in the year in which the employee contributions are withheld from compensation.

    3. Fair Value Measurement
    Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures define fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). ASC Topic 820 includes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.
    The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
    12

    State Street Salary Savings Program
    Notes to Financial Statements
    December 31, 2024

    Level 1Financial assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market. The securities categorized as Level 1 are primarily comprised of State Street company stock, the Vanguard Prime Money Market Fund and the majority of investments held within employee Self-Managed Brokerage Accounts.
    Level 2Financial assets and liabilities with values based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include the following:
    –Quoted prices for similar assets or liabilities in active markets;
    –Quoted prices for identical or similar assets or liabilities in non-active markets;
    –Pricing models whose inputs are observable for substantially the full term of the asset or liability; and
    –Pricing models whose inputs that are derived principally from, or corroborated by, observable market information through correlation or other means for substantially the full term of the asset or liability.
    The fair value of the securities categorized in Level 2 is measured primarily using information obtained from third parties. This third-party information is subject to review by management as part of a validation process, which includes obtaining an understanding of the underlying assumptions and the level of market participant information used to support those assumptions. In addition, management compares significant assumptions used by third parties to available market information. Such information may include known trades or, to the extent that trading activity is limited, includes comparisons to market research information pertaining to credit expectations, execution prices and the timing of cash flows. The securities categorized as Level 2 are Common and Collective Trust Funds and certain investments within employee Self Managed Brokerage Accounts.
    Level 3Financial assets and liabilities with values based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs would reflect management’s judgment about the assumptions that a market participant would use in pricing the asset or liability, and would be based on the best available information, some of which could be internally developed. The Plan had no Level 3 securities at December 31, 2024 or 2023.
    Following is a description of the valuation methodologies used by the Plan for assets measured at fair value:
    Common and Collective Trust Funds: Valued at the net asset value per unit held by the Plan at year end as quoted by the individual funds. SSGA, as Investment Manager of the Common and Collective Trust Funds, determines the net asset value (total net assets divided by total net units outstanding) per unit of the respective funds.
    Company Stock: Valued at the closing price reported in the active market in which the security is traded.
    Money Market Fund: Valued at the net asset value of shares held by the Plan at year end as quoted in the active market.
    Self-Managed Brokerage Accounts: Predominantly valued at closing prices, and the net asset values of shares, as quoted in active markets. A portion of these assets is traded less frequently and valued using assumptions.
    The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies
        13

    State Street Salary Savings Program
    Notes to Financial Statements
    December 31, 2024

    or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement as of the reporting date.
    The following table sets forth by level, within the fair value hierarchy, the Plan’s assets measured at fair value as of December 31, 2024:
    Level 1Level 2Level 3Total
    Common and Collective Trust Funds*$— $5,464,602,937 $— $5,464,602,937 
    Company Stock159,540,469 — — 159,540,469 
    Money Market Fund291,735,572 — — 291,735,572 
    Self-Managed Brokerage Accounts388,778,738 182,138,782 — 570,917,520 
    Total assets in the fair value hierarchy$840,054,779 $5,646,741,719 $— $6,486,796,498 

    * Includes Short Term Investment Fund.
    The following table sets forth by level, within the fair value hierarchy, the Plan’s assets measured at fair value as of December 31, 2023:
    Level 1Level 2Level 3Total
    Common and Collective Trust Funds*$— $4,815,328,629 $— $4,815,328,629 
    Company Stock139,391,361 — — 139,391,361 
    Money Market Fund287,555,612 — — 287,555,612 
    Self-Managed Brokerage Accounts313,937,053 126,808,934 — 440,745,987 
    Total assets in the fair value hierarchy$740,884,026 $4,942,137,563 $— $5,683,021,589 
    * Includes Short Term Investment Fund.
    4. Transactions and Agreements with Parties-in-Interest
    The Plan holds units of Common and Collective Trust Funds managed by SSGA, a wholly owned subsidiary of State Street Corporation. The Plan also invests in the common stock of State Street Corporation. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transactions rules under ERISA. During 2024 and 2023, the Plan received $3,682,319 and $4,814,369, respectively, of common stock dividends from State Street Corporation. As of December 31, 2024 and 2023, the Plan had income receivable of $0 and $1,241,674, respectively, related to common stock dividends from State Street Corporation.
    Administrative expenses associated with Plan administration, recordkeeping and investment management fees are paid by the Plan to certain related parties. These expenses are reported on the statements of changes in net assets available for benefits as administrative expenses.
    5. Risks and Uncertainties
    The Plan and its participants invest in various investment securities. Investment securities are exposed to various risks such as interest rate, market, liquidity, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term, and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.
        14

    State Street Salary Savings Program
    Notes to Financial Statements
    December 31, 2024

    6. Income Tax Status
    The Plan has received a determination letter from the Internal Revenue Service (IRS) dated January 27, 2021 stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code), and, therefore, the related trust is tax-exempt. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan administrator believes the Plan, as amended, is being operated in compliance with the applicable requirements of the Code, and therefore, believes the Plan is qualified and the related trust is tax-exempt.

    Accounting principles generally accepted in the United States require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan management has analyzed the tax positions taken by the Plan, and has concluded that there are no uncertain positions taken or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

    7. Legal Matters

    Eight participants in the Plan filed a purported class action complaint in May 2021 on behalf of participants and beneficiaries who participated in the Plan and invested in State Street’s proprietary investment fund options between May 2015 and April 2024. The complaint names the Plan Sponsor as well as the committees overseeing the Plan and their respective members as defendants, and alleged breach of fiduciary duty and violations of other duties owed to retirement plan participants under ERISA. State Street, on behalf of the Plan, has resolved this matter.

                        15







    Supplemental Schedule
                        16


    State Street Salary Savings Program
    EIN No.: 04-2456637 Plan No.:002
    Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
    December 31, 2024
    Identity of IssueDescription of InvestmentCurrent Value
    *SSGA Common and Collective Trust Funds:
      SSGA World Developed Ex-U.S. Index Securities Lending Series Fund 22,039,250 units of participation$328,935,806 
      SSGA Daily Emerging Markets Index Lending Series Fund9,776,002 units of participation120,010,201 
      SSGA Passive Bond Market Index Securities Lending Series Fund7,184,554 units of participation211,929,975 
      SSGA Russell Small Mid Cap Index Securities Lending Series Fund7,214,835 units of participation743,697,994 
      SSGA S&P 500 Flagship Securities Lending Series Fund1,363,842 units of participation2,175,072,806 
      SSGA World Government Bond Ex-U.S. Index Non-Lending Fund1,719,457 units of participation15,621,265 
      SSGA Target Retirement 2020 Securities Lending Series Fund1,324,620 units of participation43,942,942 
      SSGA Target Retirement 2025 Securities Lending Series Fund4,555,626 units of participation151,091,884 
      SSGA Target Retirement 2030 Securities Lending Series Fund7,342,632 units of participation293,595,139 
      SSGA Target Retirement 2035 Securities Lending Series Fund9,857,014 units of participation356,725,337 
      SSGA Target Retirement 2040 Securities Lending Series Fund7,540,725 units of participation327,184,530 
      SSGA Target Retirement 2045 Securities Lending Series Fund7,242,446 units of participation284,765,729 
      SSGA Target Retirement 2050 Securities Lending Series Fund6,711,578 units of participation218,327,640 
      SSGA Target Retirement 2055 Securities Lending Series Fund3,101,639 units of participation100,545,817 
      SSGA Target Retirement 2060 Securities Lending Series Fund1,816,445 units of participation39,529,466 
      SSGA Target Retirement 2065 Securities Lending Series Fund786,621 units of participation14,701,945 
      SSGA Target Retirement Income Securities Lending Series Fund1,469,513 units of participation37,725,344 
    *State Street Corporation ESOP Fund:
       State Street Corporation Common Stock1,625,476 units of participation159,540,469 
       SSGA Short Term Investment Fund790,671 units of participation1,199,117 
    Self Managed Brokerage Accounts570,917,520 
    Vanguard Prime Money Market Fund291,735,863 units of participation291,735,572 
    Total Investments$6,486,796,498 
    *Notes Receivable - Participant Loans4.25% to 9.75%$44,378,324 

    * Indicates party-in-interest to the Plan.
    Note: Cost information has not been included because all investments are participant-directed.

                        17


    EXHIBIT INDEX
    Exhibit No.Exhibit Description
    23
    Consent of Independent Registered Public Accounting Firm
                        18


    SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of 1934, the State Street Corporation Plans Investment Committee of State Street Corporation has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
     STATE STREET SALARY SAVINGS PROGRAM
     By: /s/ ELIZABETH M. SCHAEFER
      Elizabeth M. Schaefer
      Senior Vice President, Chief Accounting Officer
    Date:
    June 27, 2025

                        19
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    Recent Analyst Ratings for
    $STT

    DatePrice TargetRatingAnalyst
    5/28/2025$112.00Hold → Buy
    Truist
    1/27/2025Underperform → Peer Perform
    Wolfe Research
    12/20/2024$95.00Underweight → Neutral
    Analyst
    12/9/2024$102.00 → $139.00Equal-Weight → Overweight
    Morgan Stanley
    12/3/2024$105.00 → $120.00Mkt Perform → Outperform
    Keefe Bruyette
    7/8/2024$73.00Peer Perform → Underperform
    Wolfe Research
    1/4/2024$81.00Neutral → Underperform
    BofA Securities
    1/3/2024$69.00 → $92.00Neutral → Buy
    Goldman
    More analyst ratings

    $STT
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • State Street upgraded by Truist with a new price target

      Truist upgraded State Street from Hold to Buy and set a new price target of $112.00

      5/28/25 8:08:36 AM ET
      $STT
      Major Banks
      Finance
    • State Street upgraded by Wolfe Research

      Wolfe Research upgraded State Street from Underperform to Peer Perform

      1/27/25 7:51:25 AM ET
      $STT
      Major Banks
      Finance
    • State Street upgraded by Analyst with a new price target

      Analyst upgraded State Street from Underweight to Neutral and set a new price target of $95.00

      12/20/24 7:59:57 AM ET
      $STT
      Major Banks
      Finance

    $STT
    Press Releases

    Fastest customizable press release news feed in the world

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    • State Street Corporation Announces Planned 11% Dividend Increase and Preliminary Stress Capital Buffer Requirement

      State Street Corporation (NYSE:STT) today announced its intention to increase its per share common stock dividend by 11% to $0.84 in the third quarter of 2025, subject to consideration and approval by its Board of Directors. State Street continues to be authorized to repurchase common shares under its existing share repurchase program previously approved by its Board of Directors. The Company also announced today that it had completed the Federal Reserve's 2025 Supervisory Stress Test process. State Street's calculated Stress Capital Buffer (SCB) under this year's supervisory stress test was well below the 2.5% minimum, preliminarily resulting in a continued SCB at that floor, which maint

      7/1/25 4:35:00 PM ET
      $STT
      Major Banks
      Finance
    • State Street and UC Investments Forge Strategic Alliance to Expand Access to Wealth Building Tools for Individuals

      UC Investments, the investment arm of the University of California, and State Street Corporation (NYSE:STT), a global leader in asset management and investment servicing, today announced a strategic initiative to give individuals access to institutional-grade investment tools and opportunities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701254564/en/ The initiative will combine the latest investment technologies and artificial intelligence to give individuals direct access to a broader spectrum of investment opportunities, including private markets. It also seeks to enhance financial literacy and deliver highly personaliz

      7/1/25 12:00:00 PM ET
      $STT
      Major Banks
      Finance
    • State Street Global Advisors Rebrands as State Street Investment Management

      New brand name and visual identity reflect the asset manager's growth and strategic ambition as the leading partner and provider of innovative investment exposures and tailored solutions for its clients across global markets State Street Global Advisors, the asset management business of State Street Corporation (NYSE:STT), today announced its new brand name: State Street Investment Management. The rebranding highlights the firm's focus on growth and engagement with clients and partners, and its commitment to product innovation, in service of creating better outcomes for the world's investors and the people they serve. "Today marks a new chapter in our story – one that reflects our value

      6/30/25 8:15:00 AM ET
      $STT
      Major Banks
      Finance

    $STT
    SEC Filings

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    • SEC Form 11-K filed by State Street Corporation

      11-K - STATE STREET CORP (0000093751) (Filer)

      6/27/25 3:12:52 PM ET
      $STT
      Major Banks
      Finance
    • SEC Form 144 filed by State Street Corporation

      144 - STATE STREET CORP (0000093751) (Subject)

      6/23/25 4:57:41 PM ET
      $STT
      Major Banks
      Finance
    • SEC Form S-3ASR filed by State Street Corporation

      S-3ASR - STATE STREET CORP (0000093751) (Filer)

      6/20/25 4:18:32 PM ET
      $STT
      Major Banks
      Finance

    $STT
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    • Director Meaney William L bought $10,551 worth of shares (140 units at $75.37) and sold $2,212 worth of shares (30 units at $73.72), increasing direct ownership by 0.23% to 21,512 units (SEC Form 4)

      4 - STATE STREET CORP (0000093751) (Issuer)

      11/19/24 4:23:08 PM ET
      $STT
      Major Banks
      Finance

    $STT
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Executive Vice President Horgan Kathryn M sold $1,073,434 worth of shares (11,111 units at $96.61), decreasing direct ownership by 9% to 110,654 units (SEC Form 4)

      4 - STATE STREET CORP (0000093751) (Issuer)

      6/3/25 4:05:42 PM ET
      $STT
      Major Banks
      Finance
    • Chairman, CEO and President O Hanley Ronald P sold $3,960,436 worth of shares (41,164 units at $96.21) (SEC Form 4)

      4 - STATE STREET CORP (0000093751) (Issuer)

      6/3/25 4:05:10 PM ET
      $STT
      Major Banks
      Finance
    • SVP, Chief Accounting Officer Schaefer Elizabeth covered exercise/tax liability with 173 shares, decreasing direct ownership by 2% to 7,181 units (SEC Form 4)

      4 - STATE STREET CORP (0000093751) (Issuer)

      5/19/25 4:18:57 PM ET
      $STT
      Major Banks
      Finance

    $STT
    Leadership Updates

    Live Leadership Updates

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    • State Street Appoints Sara Mathew as Independent Lead Director

      State Street Corporation (NYSE:STT) announced today that its Board of Directors has appointed Sara Mathew as independent Lead Director effective immediately. Mathew succeeds Dame Amelia Fawcett, who has served as independent Lead Director since 2019. Fawcett will remain on State Street's Board and continue to serve on the Board's Human Resources Committee and Nominating and Corporate Governance Committee. State Street's shareholders re-elected each of Mathew and Fawcett to the Board at State Street's annual meeting earlier this week. Mathew has served as a Director for State Street since 2018, providing the Board with deep expertise in corporate finance, technology, corporate strategy and

      5/15/25 7:00:00 AM ET
      $STT
      Major Banks
      Finance
    • State Street Appoints John F. Woods to Chief Financial Officer

      State Street Corporation (NYSE:STT) announced today that it has appointed John F. Woods to Chief Financial Officer (CFO). Woods, who will join State Street in late August, succeeds Mark Keating who has served as interim CFO since February. Upon joining State Street, Woods will report to Ron O'Hanley, State Street's chairman and chief executive officer. Woods joins State Street from Citizens Financial Group where he is currently Vice Chair and Chief Financial Officer. He has responsibility for Citizens' Financial Planning, Controller, Investor Relations, Strategy and Corporate Development, Treasury, Tax, Business line finance, and Property and Procurement groups. Woods brings more than 38 y

      4/30/25 7:58:00 AM ET
      $STT
      Major Banks
      Finance
    • Sarah Salih Joins State Street as Head of North America Investment Services Business

      State Street Corporation (NYSE:STT) today announced the appointment of Sarah Salih to executive vice president and head of North America for its Investment Services business. Salih is based in Boston and reports to Joerg Ambrosius, president of State Street Investment Services. In this new role, Salih will establish a cohesive operating model to deliver a consistent experience for clients in North America. In this capacity, she will develop and maintain deep client relationships, align with the company's sales efforts, and further drive client centricity. "Sarah's more than three decades of deep industry knowledge and experience managing complex client relationships position her for suc

      1/23/25 8:30:00 AM ET
      $STT
      Major Banks
      Finance

    $STT
    Financials

    Live finance-specific insights

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    • State Street Corporation Announces Planned 11% Dividend Increase and Preliminary Stress Capital Buffer Requirement

      State Street Corporation (NYSE:STT) today announced its intention to increase its per share common stock dividend by 11% to $0.84 in the third quarter of 2025, subject to consideration and approval by its Board of Directors. State Street continues to be authorized to repurchase common shares under its existing share repurchase program previously approved by its Board of Directors. The Company also announced today that it had completed the Federal Reserve's 2025 Supervisory Stress Test process. State Street's calculated Stress Capital Buffer (SCB) under this year's supervisory stress test was well below the 2.5% minimum, preliminarily resulting in a continued SCB at that floor, which maint

      7/1/25 4:35:00 PM ET
      $STT
      Major Banks
      Finance
    • State Street Corporation Declares Dividends on its Common Stock and Non-Cumulative Perpetual Preferred Stock Series "G," "I," "J," and "K"

      State Street Corporation (NYSE:STT) today announced a quarterly cash dividend of $0.76 per share of common stock, payable on July 11, 2025 to common shareholders of record at the close of business on July 1, 2025. Additionally, State Street Corporation announced a cash dividend on each of the below outstanding series of non-cumulative perpetual preferred stock: Series G (represented by depositary shares, each representing a 1/4000th interest in a share of Series G preferred stock). The cash dividend is in the amount of $1,337.50 per share of Series G preferred stock (resulting in a distribution of approximately $0.334375 per depositary share) and is payable on June 16, 2025 to the holder

      5/14/25 4:30:00 PM ET
      $STT
      Major Banks
      Finance
    • State Street Corporation (NYSE: STT) Announces Date for Release of Second-Quarter 2025 Financial Results and Conference Call Webcast

      State Street Corporation (NYSE:STT) plans to announce its second-quarter 2025 financial results on Tuesday, July 15, 2025 at approximately 7:30 a.m. ET. A conference call to review the firm's financial results will be held at 12:00 p.m. ET. The conference call will be accessible via audio webcast on State Street's Investor Relations website, http://investors.statestreet.com, or by telephone at (+1) 805 309 0220 (Participant Passcode: 1408453#). Materials will be available on the website prior to the call. For those unable to listen to the live webcast, a replay will be available on the website for approximately one month. About State Street Corporation State Street Corporation (NYSE:STT

      5/2/25 4:30:00 PM ET
      $STT
      Major Banks
      Finance

    $STT
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • Amendment: SEC Form SC 13G/A filed by State Street Corporation

      SC 13G/A - STATE STREET CORP (0000093751) (Subject)

      11/13/24 1:36:26 PM ET
      $STT
      Major Banks
      Finance
    • Amendment: SEC Form SC 13G/A filed by State Street Corporation

      SC 13G/A - STATE STREET CORP (0000093751) (Filed by)

      10/18/24 11:56:54 AM ET
      $STT
      Major Banks
      Finance
    • Amendment: SEC Form SC 13G/A filed by State Street Corporation

      SC 13G/A - STATE STREET CORP (0000093751) (Filed by)

      10/18/24 11:52:27 AM ET
      $STT
      Major Banks
      Finance