State Street (STT) AGM 2025 summary

Opening remarks and agenda

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

• A quorum was confirmed with over 88% of outstanding shares represented, and the meeting was officially called to order.

• Introductions included board members, executive team, and meeting procedures for 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.

• Pre-tax margin expanded by over 100 basis points, and return on average tangible common equity was 19%.

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

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

Board and executive committee updates

• John F. Woods was appointed as the new CFO, joining in late August, bringing 38+ years of experience.

• Mark Keating served as interim CFO and will continue until Woods joins.

• Board leadership transitions were noted, with Sara Mathew becoming lead director.