State Street Corporation

State Street is a leading financial services provider serving some of the world's most sophisticated institutions. They offer a flexible suite of services that spans the investment spectrum, including investment management, research and trading, and investment servicing.

They help investment companies operate more effectively, providing valuable market insights, launching investment products or acting sustainably, focused on cultivating long-term, collaborative partnerships. One of the largest asset management companies in the world with US$3.9 trillion under management and US$43.3 trillion under custody and administration.

1831: The story of State Street begins in 1831 when the Illinois legislature officially authorized a State Road connecting Vincennes to Chicago.

1865: The bank, located at 40 State Street, had its charter renewed several times, and the directors applied for and received a National Charter. 

1870: Potter Palmer convinced the thriving department store, Field, Leiter & Co., to move to the corner of State and Washington streets, that same year, he built his own hotel — the Palmer House.

1891: On July 1, National Union would have a new neighbour and banking competitor on State Street. State Street Deposit & Trust Co opened.

1900: The company moved into offices in the Union Building, on the corner of Exchange and State Streets.

1911: The main office moved again to another part of State Street.

1924: State Street Deposit & Trust Co opened. It became the custodian of the first United States mutual fund, the Massachusetts Investors Trust (now MFS Investment Management).

1925: State Street and National Union merged.

1955: One of the more significant of these mergers was with the Second National Bank.

1960: State Street incorporated is established as State Street Boston Financial Corp., a one-bank holding company.

1964: A State Street office is opened in New York.

1966: The company completed construction of the State Street Bank Building, a new headquarters building, and the first high-rise office tower in downtown Boston.

1972: The company opened its first international office in Munich.

1973: The company had already made a key move in developing its technical know-how by buying 50 percent of Boston Financial Data Services and then using the software and data processing company for its shareholder accounting and customer-service functions. Also, as a 50/50 joint venture with DST Systems, the company formed Boston Financial Data Services, a provider of shareholder record-keeping, intermediary and investor services, and regulatory compliance.

1974: The technological command post for the company became the bank's data-processing headquarters, and an office complex opened in Quincy, Massachusetts, a suburb of Boston. The Employee Retirement Income Security Act (ERISA) was passed and, as a result, companies now had new responsibilities when it came to reporting to the government on their pension plans.

1975: William Edgerly became president and chief executive officer of the bank and shifted the company's strategy from commercial banking to investments and securities processing.

1977: The title State Street Boston Corporation was adopted in May. State Street’s Special Service Area #1 was created to issue bonds in part to finance the construction and maintenance of the State Street Mall.

1979: The State Street Mall opened, it was designed to improve the efficiency of the bus system, reduce noise and air pollution, and enhance the pedestrian as well as shopping experience on State Street.

1991: Marshall N. Carter, formerly of Chase Manhattan Corp.'s global custody unit, became State Street's CEO, and soon found himself at the centre of converging forces in the banking industry. State Street Boston is ranked as the 37th largest holding company in the United States.

1992: Edgerly, who retired as CEO this year, brought the stately Boston bank into the high-tech age, finding his inspiration in IBM and its emphasis on research and development. The company was selected as the first non-national custodian of a Swiss pension fund and the first non-Scandinavian custodian bank for a Scandinavian institutional investor. Assets under management at State Street totalled $111 billion. Most of State Street's revenue came from fees for holding securities, settling trades, keeping records, and performing accounting.

1994: The company formed State Street Global Advisors, a global asset management business.

1995: State Street acquired Investors Fiduciary Trust of Kansas City for $162 million from DST Systems and Kemper Financial Services.

1996: The Bank of New York acquired the unit investment trust servicing business of Investors Fiduciary Trust Co., Kansas City, Mo.

1997: The Company adopts the name State Street Corporation. As well, they set up their office in Singapore.

1999: State Street sold its retail and commercial banking businesses to Citizens Financial Group.

2000: According to Forbes, it is considered one of ”America’s Best Banks” and one of the top 2000 largest public companies in the world.

2003: State Street sold its private asset management business to United States Trust. The company acquired the securities services division of Deutsche Bank for $1.5 billion.

2005: In part to enhance and maintain the development of State Street, the GSSC merged with the Central Michigan Avenue Association to form Chicago Loop Alliance.

2007: In July, the company acquired Investors Bank & Trust for $4.5 billion.

2010: In December, the company announced that it would be retrenching 5% of its workforce and effectively reducing the hourly wages of remaining employees by 10% via increased standard work hours. The company acquired Mourant International Finance Administration.

2012: The company acquired Goldman Sachs Administration Services, a hedge fund administrator, for $550 million.

2014: In November, the company sold SSARIS Advisors, its hedge fund unit, to senior management.

2015: The Alliance is contracted by the City of Chicago as the sole service provider for State Street Special Service — the third reconstitution of the SSA — with the goal of making State Street a highly desirable world-class destination for residents, tourists, and visitors.

2016: State Street launched a program called Beacon, which focused on cutting costs and improving reporting technology.

2017: The company announced that Jay Hooley, the chief executive officer of the company, would retire.

2018: A deal closed in October at a cost of approximately $2.6 billion that will be financed by the suspension of share repurchases and the issuing of common and preferred equity. State Street completed its acquisition of Charles River Development, a Burlington, Massachusetts provider of investment management software.

2019: In January, State Street announced that it planned to lay off 1,500 employees, increasing the number to 2,300 in July. 

“We aim to be the leading provider of asset intelligence to the owners and managers of the world's capital.”

“We cultivate a global force of leaders that reflects the diverse markets we serve.”