We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
State Street Corporation | NYSE:STT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.59 | -0.77% | 76.49 | 77.08 | 76.20 | 76.55 | 2,740,610 | 23:00:00 |
1Q17 GAAP-Basis Revenue up 7% Compared to 1Q16, Reflecting 12% Increase in Fee Revenue
On an operating-basis, 1Q17 EPS was $1.21, up 23% compared to 1Q16, ROE of 10.4%, up 200 basis points, and revenue up 8%, fee revenue up 12% and substantial operating leverage
Both GAAP and operating-basis results include a gain of $0.08 per share associated with sales of BFDS and IFDS; and a loss of $0.08 per share reflecting a modest repositioning of the investment portfolio for the current interest rate environment
In announcing today’s financial results, Joseph L. Hooley, State Street’s Chairman and Chief Executive Officer, said, "These results reflect strong fee revenue growth, continued expense control and further progress across our strategic priorities, which in turn drove significant positive fee operating leverage, compared to 1Q16. We are seeing solid new business traction and continue to differentiate our capabilities by investing in our technology and systems. Assets under custody and administration increased 11% from 1Q16, reflecting stronger markets, improved client flows and the contribution of our new business wins over the past year, which benefited from our investments in solutions for clients’ most complex needs. SSGA also achieved strong revenue gains driven in part by the momentum in our ETF strategies, which are benefiting from investments in distribution and new products, such as SSGA’s SHE ETF launched last year to help drive gender diversity across corporate boards and management. We’re delighted by the response to Fearless Girl, representing the power of fulfilling this objective.”
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170426005658/en/
Hooley concluded, “Our capital ratios are strong and we remain committed to our ROE objectives. We submitted our 2017 capital plan to the Federal Reserve and are well positioned to return capital through share repurchases and dividends."
1Q17 Highlights:
1Q17 GAAP-basis and operating-basis results included the following notable items:
(1) An additional after-tax $12 million gain is expected to be recognized throughout the remainder of 2017 as a result of a lower effective tax rate.
1Q17 GAAP-Basis Results:
(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted) 1Q17 4Q16Increase(Decrease)
1Q16Increase(Decrease)
Total fee revenue $ 2,198 $ 2,014 9.1 % $ 1,970 11.6 % Net interest income 510 514 (0.8 ) 512 (0.4 ) Total revenue 2,668 2,530 5.5 2,484 7.4 Provision for loan losses (2 ) 2 nm 4 nm Total expenses 2,086 2,183 (4.4 ) 2,050 1.8 Net income available to common shareholders 446 557 (19.9 ) 319 39.8 Earnings per common share(1): Diluted 1.15 1.43 (19.6 ) 0.79 45.6Financial ratios:
Quarterly average total assets 219,209 232,999 (5.9 ) 223,623 (2.0 ) Fee operating leverage(2) 1,358 bps 981 bps Operating leverage(3) 989 565 Return on average common equity 9.9 % 12.1 % (220 ) 6.8 % 310nm Not meaningful(1) The 1Q17, 4Q16 and 1Q16 results included net after-tax charges of $12 million, $8 million and $62 million, respectively, or $0.03, $0.02 and $0.15 per share, respectively, primarily related to State Street Beacon.(2) The financial ratio represents the rate of growth of total fee revenue less the rate of growth of expenses.(3) The financial ratio represents the rate of growth of total revenue less the rate of growth of total expenses.
Operating-Basis (Non-GAAP) Financial Measures:
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents results on a non-GAAP, or operating-basis, as it believes this presentation supports additional meaningful analysis and comparisons of trends with respect to State Street's business operations from period to period, as well as information, such as capital ratios calculated under regulatory standards scheduled to be effective in the future or other standards, that management also uses in evaluating State Street’s business and activities. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in conformity with GAAP. Summary results presented on a GAAP-basis, descriptions of our non-GAAP, or operating-basis, financial measures, and reconciliations of operating-basis information to GAAP-basis information are provided in the addendum included with this News Release.
1Q17 Operating-Basis (Non-GAAP) Results:
(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted) 1Q17 4Q16Increase(Decrease)
1Q16Increase(Decrease)
Total fee revenue(1) $ 2,268 $ 2,200 3.1 % $ 2,033 11.6 % Net interest income(2) 553 547 1.1 539 2.6 Total revenue(1)(2) 2,781 2,749 1.2 2,574 8.0 Provision for loan losses (2 ) 2 nm 4 nm Total expenses 2,057 2,143 (4.0 ) 1,943 5.9 Net income available to common shareholders 468 577 (18.9 ) 396 18.2 Earnings per common share: Diluted Earnings per Share 1.21 1.48 (18.2 ) 0.98 23.5 Financial ratios: Fee operating leverage(3) 710 bps 569 bps Operating leverage(4) 517 217 Return on average common equity 10.4 % 12.5 % (210 ) 8.4 % 200nm Not meaningful(1) The 1Q17 operating-basis results include a pre-tax gain of approximately $30 million on the sale of State Street's interest in BFDS/IFDS, reflecting a change in our operating-basis presentation effective the first quarter of 2017 to include gains/losses on sales of businesses.(2) Beginning in the first quarter of 2017, management will no longer present discount accretion associated with former conduit securities as an operating-basis adjustment. Therefore, first quarter 2017 GAAP and operating-basis results included $5 million of discount accretion. In the first and fourth quarters of 2016, operating-basis net interest income excluded $15 million and $10 million of discount accretion, respectively, and such results have not been revised.(3) The financial ratio represents the rate of growth of total operating-basis fee revenue less the rate of growth of operating-basis expenses.(4) The financial ratio represents the rate of growth of total operating-basis revenue less the rate of growth of total operating-basis expenses.
The following table reconciles select 1Q17 operating-basis financial information to financial information prepared and reported in conformity with GAAP for the same period. The addendum included with this News Release includes additional reconciliations.
1Q17 Selected Operating-Basis (Non-GAAP) Reconciliations:
(In millions, except per share amounts)IncomeBeforeIncome TaxExpense
Net IncomeAvailable toCommonShareholders
EarningsPerCommonShare
GAAP-basis $ 584 $ 446 $ 1.15 Tax-equivalent non-operating adjustments Tax-advantaged investments (processing fees and other revenue) 70 Tax-exempt investment securities (net interest income) 43 Total 113 Other non-operating adjustments Acquisition & restructuring costs (expenses)(1) 29 19 .05 Effect on income tax of non-operating adjustments — 3 .01 Total 29 22 .06 Operating-basis $ 726 $ 468 $ 1.21(1) Includes a pre-tax charge of $17 million ($12 million after tax or $0.03 per share) primarily related to State Street Beacon.
Selected Financial Information and Metrics
The tables below provide a summary of selected financial information and key ratios for the indicated periods. Amounts are presented in millions of dollars, except for per-share amounts or where otherwise noted.
The following table presents assets under custody and administration, assets under management, market indices and average foreign exchange rates for the periods indicated.
Assets Under Custody and Administration and Assets Under Management (Dollars in billions, except market indices and foreign exchange rates) 1Q17 4Q16Increase(Decrease)
1Q16Increase(Decrease)
Assets under custody and administration(1)(2) $ 29,833 $ 28,771 3.7 % $ 26,943 10.7 % Assets under management(2)(3) 2,561 2,468 3.8 2,296 11.5 Market Indices(4): S&P 500® daily average 2,326 2,185 6.5 1,951 19.2 MSCI EAFE® daily average 1,749 1,660 5.4 1,594 9.7 MSCI® Emerging Markets daily average 927 877 5.7 757 22.5 Barclays Capital Global Aggregate Bond Index® period-end 459 451 1.8 468 (1.9 ) Average Foreign Exchange Rate (Euro vs. USD) 1.065 1.078 (1.2 ) 1.103 (3.4 ) Average Foreign Exchange Rate (GBP vs. USD) 1.239 1.242 (0.2 ) 1.433 (13.5 )(1) Includes assets under custody of $22,505 billion, $21,725 billion and $20,788 billion, as of 1Q17, 4Q16 and 1Q16, respectively.(2) As of period-end.(3) Includes assets under management as part of the GEAM business acquired on July 1, 2016.(4) The index names listed in the table are service marks of their respective owners.
Assets Under Management
The following table presents 1Q17 activity in assets under management, by product category.
(Dollars in billions) EquityFixed-Income
Cash(2)Multi-Asset-ClassSolutions
AlternativeInvestments(3)
Total Balance as of December 31, 2016 $ 1,474 $ 378 $ 333 $ 126 $ 157 $ 2,468 Long-term institutional inflows(1) 71 22 — 12 8 113 Long-term institutional outflows(1) (85 ) (25 ) — (11 ) (18 ) (139 ) Long-term institutional flows, net (14 ) (3 ) — 1 (10 ) (26 ) ETF flows, net 10 1 — — 1 12 Cash fund flows, net — — 3 — — 3 Total flows, net (4 ) (2 ) 3 1 (9 ) (11 ) Market appreciation 81 2 (2 ) 3 4 88 Foreign exchange impact 8 3 1 2 2 16 Total market/foreign exchange impact 89 5 (1 ) 5 6 104 Balance as of March 31, 2017 $ 1,559 $ 381 $ 335 $ 132 $ 154 $ 2,561(1) Amounts represent long-term portfolios, excluding ETFs.(2) Includes both floating and constant-net-asset-value portfolios held in commingled structures or separate accounts.(3) Includes real estate investment trusts, currency and commodities, including SPDR® Gold ETF and SPDR® Long Dollar Gold Trust ETF. State Street is not the investment manager for the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF, but acts as the marketing agent.
Revenue
The following tables provide the components of our GAAP-basis and operating-basis revenue for the periods noted:
GAAP-Basis Revenue
(Dollars in millions) 1Q17 4Q16Increase(Decrease)
1Q16Increase(Decrease)
Servicing fees $ 1,296 $ 1,289 0.5 % $ 1,242 4.3 % Management fees 382 361 5.8 270 41.5 Trading services revenue: Foreign exchange trading 164 182 (9.9 ) 156 5.1Brokerage and other fees
111 111 — 116 (4.3 ) Total trading services revenue 275 293 (6.1 ) 272 1.1 Securities finance revenue 133 136 (2.2 ) 134 (0.7 ) Processing fees and other revenue 112 (65 ) nm 52 115.4 Total fee revenue 2,198 2,014 9.1 1,970 11.6 Net interest income 510 514 (0.8 ) 512 (0.4 ) Gains (losses) related to investment securities, net (40 ) 2 nm 2 nm Total Revenue $ 2,668 $ 2,530 5.5 % $ 2,484 7.4 %nm Not meaningful
Operating-Basis (Non-GAAP) Revenue
(Dollars in millions) 1Q17 4Q16Increase(Decrease)
1Q16Increase(Decrease)
Servicing fees $ 1,296 $ 1,289 0.5 % $ 1,242 4.3 % Management fees 382 361 5.8 270 41.5 Trading services revenue: Foreign exchange trading 164 182 (9.9 ) 156 5.1Brokerage and other fees
111 111 — 116 (4.3 ) Total trading services revenue 275 293 (6.1 ) 272 1.1 Securities finance revenue 133 136 (2.2 ) 134 (0.7 )Processing fees and other revenue(1)
182 121 50.4 115 58.3Total fee revenue(1)
2,268 2,200 3.1 2,033 11.6Net interest income(2)
553 547 1.1 539 2.6 Gains (losses) related to investment securities, net (40 ) 2 nm 2 nmTotal Revenue(1)(2)
$ 2,781 $ 2,749 1.2 % $ 2,574 8.0 %nm Not meaningful(1) The 1Q17 operating-basis results include a pre-tax gain of approximately $30 million on the sale of State Street's interest in BFDS/IFDS, reflecting a change in our operating-basis presentation effective the first quarter of 2017 to include gains/losses on sales of businesses.(2) Beginning in the first quarter of 2017, management will no longer present discount accretion associated with former conduit securities as an operating-basis adjustment. Therefore, first quarter 2017 GAAP and operating-basis results included $5 million of discount accretion. In the first and fourth quarters of 2016, operating-basis net interest income excluded $15 million and $10 million of discount accretion, respectively, and such results have not been revised.
The following highlights primary drivers of changes in our 1Q17 revenue for the noted periods, indicating (where relevant) differences between our GAAP-basis and operating-basis results.
Servicing fees increased from 1Q16, primarily due to higher global equity markets and net new business, partially offset by the stronger U.S. dollar and hedge fund outflows. Growth was strong in both the U.S. and Europe. Compared to 4Q16, servicing fees increased primarily due to higher global equity markets and new business.
Management fees increased from 1Q16 primarily due to an estimated $71 million from the acquired GEAM business, higher global equity markets and higher revenue-yielding ETF flows. Compared to 4Q16, management fees increased primarily due to higher global equity markets, net new business, and higher revenue-yielding ETF flows.
Foreign exchange trading revenue increased from 1Q16 reflecting higher volumes, partially offset by lower volatility. Compared to 4Q16, foreign exchange trading revenue decreased, reflecting lower volatility, partially offset by higher volumes.
Brokerage and other fees decreased from 1Q16, primarily due to lower electronic foreign exchange trading revenue as well as the absence of revenue associated with the WM Reuters business. Compared to 4Q16, brokerage and other fees were flat.
Securities finance revenue was flat from 1Q16. Compared to 4Q16, securities finance revenue decreased slightly, reflecting lower short-interest in equity markets in 1Q17.
Processing fees and other revenue on a GAAP-basis increased from 1Q16, primarily due to a $30 million pre-tax gain associated with the sale of BFDS/IFDS and favorable foreign exchange swap costs. Compared to 4Q16, processing fees and other revenue increased primarily due to higher tax-advantaged investment activity in 4Q16, the gain associated with the sale of BFDS/IFDS, and favorable foreign exchange swap costs.
Processing fees and other revenue on an operating-basis increased compared to 1Q16 and 4Q16, primarily due to the gain associated with the sale of BFDS/IFDS and favorable foreign exchange swap costs. See footnote (1) to the operating-basis (non-GAAP) revenue table above.
Net interest income on a GAAP-basis was relatively flat compared to 1Q16 and 4Q16. GAAP-basis net interest income does not include a taxable equivalent adjustment.
Net interest income on an operating-basis increased from 1Q16, primarily due to higher market interest rates in the U.S. and disciplined liability pricing, partially offset by lower interest earning assets and lower non-U.S. investment portfolio yields. Compared to 4Q16, net interest income increased primarily due to higher U.S. market interest rates and the impact of including discount accretion in operating-basis results in 1Q17, partially offset by a smaller, more efficient balance sheet(1). Net interest margin, calculated based on operating-basis net interest income, increased to 117 basis points in 1Q17 from 112 basis points in 1Q16 and 108 basis points in 4Q16.
(1) See footnote (2) to the operating-basis (non-GAAP) revenue table above
Expenses
The following tables provide the components of our GAAP-basis and operating-basis expenses for the periods noted:
GAAP-Basis Expenses
(Dollars in millions) 1Q17 4Q16Increase(Decrease)
1Q16Increase(Decrease)
Compensation and employee benefits $ 1,166 $ 1,244 (6.3 )% $ 1,107 5.3 % Information systems and communications 287 278 3.2 272 5.5 Transaction processing services 197 199 (1.0 ) 200 (1.5 ) Occupancy 110 109 0.9 113 (2.7 ) Acquisition and restructuring costs(1) 29 43 (32.6 ) 104 (72.1 ) Other 297 310 (4.2 ) 254 16.9 Total Expenses $ 2,086 $ 2,183 (4.4 )% $ 2,050 1.8 %(1) The acquisition costs associated with the GEAM business acquired on July 1, 2016 were $12 million and $25 million in 1Q17 and 4Q16, respectively. The restructuring costs associated with State Street Beacon were $16 million, $21 million, and $97 million in 1Q17, 4Q16, and 1Q16, respectively.
Operating-Basis (Non-GAAP) Expenses
(Dollars in millions) 1Q17 4Q16Increase(Decrease)
1Q16Increase(Decrease)
Compensation and employee benefits $ 1,166 $ 1,246 (6.4 )% $ 1,104 5.6 % Information systems and communications 287 278 3.2 272 5.5 Transaction processing services 197 199 (1.0 ) 200 (1.5 ) Occupancy 110 109 0.9 113 (2.7 ) Other 297 311 (4.5 ) 254 16.9 Total Expenses $ 2,057 $ 2,143 (4.0 )% $ 1,943 5.9 %The following highlights primary drivers of changes in our 1Q17 expenses for the noted periods, indicating (where relevant) differences between our GAAP-basis and operating-basis results.
Compensation and employee benefits expenses increased from 1Q16, primarily due to higher expenses associated with the seasonal deferred incentive compensation expense for retirement-eligible employees and payroll taxes, higher costs related to the acquired GEAM business, the effects of annual merit increases, and higher costs to support new business, partially offset by State Street Beacon savings. Compensation and employee benefits expenses decreased from 4Q16, primarily due to higher 4Q16 expenses associated with the accelerated expense related to the amendment of certain deferred cash awards of $249 million and additional 1Q17 State Street Beacon savings, partially offset by an incremental $154 million in 1Q17 associated with the seasonal deferred incentive compensation expense for retirement-eligible employees and payroll taxes as well as costs to support new business.
Information systems and communications expenses increased from 1Q16 and 4Q16. The increase from both periods primarily reflects investments supporting new business.
Transaction processing services expenses were down slightly compared to 1Q16 and 4Q16.
Occupancy expenses decreased compared to 1Q16, primarily due to rationalizing our real estate footprint in high cost locations. Compared to 4Q16, occupancy expenses were relatively flat.
Other expenses increased from 1Q16, primarily reflecting increased costs associated with the acquired GEAM sub-advisory relationships, and higher regulatory fees and insurance expenses. Other expenses decreased from 4Q16, primarily due to lower professional service fees and securities processing costs, partially offset by higher regulatory fees and insurance expenses.
1Q17 GAAP-basis effective tax rate was 14.0% compared to 14.4% in 1Q16 and (72.3)% in 4Q16. 1Q17 included a $10 million tax benefit for share-based compensation, as well as benefits from the disposition of BFDS and a reduction in State tax expense. 4Q16 reflected a reduction in accrued tax expense on foreign earnings, incremental foreign tax credits and a foreign affiliate tax loss.
1Q17 operating-basis effective tax rate was 27.8% compared to 29.1% in 1Q16 and (1.5)% in 4Q16. The 1Q17 effective tax rate reflects the $10 million tax benefit for share-based compensation, BFDS and State tax benefits as well as fewer alternative energy investments. The 4Q16 effective tax rate includes the reduction in accrued tax expense, incremental foreign tax credits, and affiliate tax loss.
Capital
The following table presents our regulatory capital ratios as of March 31, 2017 and December 31, 2016. The lower of our capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Also presented is the calculation of State Street's and State Street Bank's supplementary leverage ratio (SLR) under final U.S. banking regulator rules adopted in 2014. Unless otherwise noted, all capital ratios presented in the table and elsewhere in this News Release refer to State Street Corporation and not State Street Bank and Trust Company.
March 31, 2017(1)Basel IIIAdvancedApproaches(2)
Basel IIIStandardizedApproach
Basel III FullyPhased-InAdvancedApproaches(Estimated) Pro-Forma(2)(3)
Basel III FullyPhased-InStandardizedApproach(Estimated) Pro-Forma(3)
Common equity tier 1 ratio 11.2 % 11.5 % 10.9 % 11.1 % Tier 1 capital ratio 14.4 14.7 14.0 14.4 Total capital ratio 15.4 15.9 15.1 15.5 Tier 1 leverage ratio 6.8 6.8 6.7 6.7 December 31, 2016 Common equity tier 1 ratio 11.7 % 11.6 % 10.9 % 10.9 % Tier 1 capital ratio 14.8 14.7 14.1 14.1 Total capital ratio 16.0 16.0 15.3 15.3 Tier 1 leverage ratio 6.5 6.5 6.2 6.2 State Street State Street BankAs of March 31, 2017(Dollars in millions)(1)
Transitional SLRFully Phased-InSLR(4)
Transitional SLRFully Phased-InSLR(4)
Tier 1 Capital $ 14,475 $ 14,176 $ 15,492 $ 15,206 Total assets for SLR 238,146 237,877 235,141 234,880 Supplementary Leverage Ratio 6.1 % 6.0 % 6.6 % 6.5 % As of December 31, 2016(Dollars in millions) Tier 1 Capital $ 14,717 $ 14,051 $ 15,805 $ 15,169 Total assets for SLR 251,033 250,559 247,409 246,955 Supplementary Leverage Ratio 5.9 % 5.6 % 6.4 % 6.1 %(1) March 31, 2017 capital ratios are preliminary estimates.
(2) The advanced approaches-based ratios (actual and estimated) included in this presentation reflect calculations and determinations with respect to our capital and related matters, based on State Street and external data, quantitative formulae, statistical models, historical correlations and assumptions, collectively referred to as “advanced systems.” Refer to the addendum included with this News Release for a description of the advanced approaches and a discussion of related risks.
(3) Estimated pro-forma fully phased-in ratios as of March 31, 2017 and December 31, 2016 (fully phased in as of January 1, 2019, as per Basel III phase-in requirements for capital) reflect capital and total risk-weighted assets calculated under the Basel III final rule. Refer to the addendum included with this News Release for reconciliations of these estimated pro-forma fully phased-in ratios to our capital ratios calculated under the currently applicable regulatory requirements.
(4) Estimated pro-forma fully phased-in SLRs as of March 31, 2017 and December 31, 2016 (fully phased-in as of January 1, 2018, as per the phase-in requirements of the SLR final rule) are preliminary estimates as calculated under the SLR final rule. Refer to the addendum included with this News Release for reconciliations of these estimated pro-forma fully phased-in SLRs to our SLRs under currently applicable regulatory requirements.
Investor Conference Call and Quarterly Website Disclosures
State Street will webcast an investor conference call today, Wednesday, April 26, 2017, at 9:30 a.m. EST, available at http://investors.statestreet.com/. The conference call will also be available via telephone, at +1 877-423-4013 inside the U.S. or at +1 706-679-5594 outside of the U.S. The Conference ID is # 91884508.
Recorded replays of the conference call will be available on the website, and by telephone at +1 855-859-2056 inside the U.S. or at +1 404-537-3406 outside the U.S. beginning approximately two hours after the call's completion. The Conference ID is # 91884508.
The telephone replay will be available for approximately two weeks following the conference call. This News Release, presentation materials referred to on the conference call, and additional financial information are available on State Street's website, at http://investors.statestreet.com/ under “Investor Relations--Investor News & Events" and under the title “Events and Presentations.”
State Street intends to publish updates to its public disclosure regarding regulatory capital, as required by the Basel III final rule, on a quarterly basis on its website at http://investors.statestreet.com/, under "Filings & Reports." Those updates will be published each quarter, during the period beginning after State Street's public announcement of its quarterly results of operations and ending on or prior to the due date under applicable bank regulatory requirements (i.e., ordinarily, ending no later than 60 days following year-end or 45 days following each other quarter-end, as applicable). For 1Q17, State Street expects to publish its updates during the period beginning today and ending on or about May 4, 2017.
State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $29.8 trillion in assets under custody and administration and $2.6 trillion* in assets under management as of March 31, 2017, State Street operates globally in more than 100 geographic markets and employs 34,817 worldwide. For more information, visit State Street's website at www.statestreet.com.
* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $33 billion as of March 31, 2017), for which State Street Global Markets, LLC, an affiliate of SSgA, serves as the distribution agent.
Additional Information
In this News Release:
Forward-Looking Statements
This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, dividend and stock purchase programs, governmental and regulatory initiatives and developments, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “expect,” "priority," “objective,” “intend,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any date subsequent to April 26, 2017.
Important factors that may affect future results and outcomes include, but are not limited to:
Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2016 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170426005658/en/
State Street CorporationInvestor Contact:Anthony Ostler, +1 617-664-3477orMedia Contact:Hannah Grove, +1 617-664-3377
1 Year State Street Chart |
1 Month State Street Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions