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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File No. 001-07511

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☒

The number of shares of the registrant’s common stock outstanding as of July 21, 2021 was 343,503,114.

STATE STREET CORPORATION

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED

June 30, 2021

TABLE OF CONTENTS

						Page
PART I			FINANCIAL INFORMATION
			Management's Discussion and Analysis of Financial Condition and Results of Operations			4
			General			4
			Overview of Financial Results			7
			Consolidated Results of Operations			9
			Total Revenue			10
			Net Interest Income			14
			Provision for Credit Losses			17
			Expenses			17
			Acquisition Costs			18
			Restructuring and Repositioning Charges			18
			Income Tax Expense			18
			Line of Business Information			19
			Investment Servicing			19
			Investment Management			23
			Financial Condition			26
			Investment Securities			27
			Loans			29
			Cross-Border Outstandings			30
			Risk Management			30
			Credit Risk Management			31
			Liquidity Risk Management			31
			Operational Risk Management			36
			Information Technology Risk Management			36
			Market Risk Management			36
			Model Risk Management			40
			Strategic Risk Management			40
			Capital			41
			Off-Balance Sheet Arrangements			50
			Recent Accounting Developments			50
			Quantitative and Qualitative Disclosures About Market Risk			51
			Controls and Procedures			51
			Consolidated Financial Statements			52
			Consolidated Statement of Income (unaudited)			52
			Consolidated Statement of Comprehensive Income (loss) (unaudited)			53
			Consolidated Statement of Condition			54
			Consolidated Statement of Changes in Shareholders' Equity (unaudited)			55
			Consolidated Statement of Cash Flows (unaudited)			56
			Note 1. Summary of Significant Accounting Policies			57
			Note 2. Fair Value			57
			Note 3. Investment Securities			63
			Note 4. Loans and Allowance for Credit Losses			67
			Note 5. Goodwill and Other Intangible Assets			72

			Note 6. Other Assets			73
			Note 7. Derivative Financial Instruments			73
			Note 8. Offsetting Arrangements			77
			Note 9. Commitments and Guarantees			80
			Note 10. Contingencies			81
			Note 11. Variable Interest Entities			83
			Note 12. Shareholders' Equity			84
			Note 13. Regulatory Capital			88
			Note 14. Net Interest Income			89
			Note 15. Expenses			89
			Note 16. Earnings Per Common Share			90
			Note 17. Line of Business Information			91
			Note 18. Revenue From Contracts with Customers			92
			Note 19. Non-U.S. Activities			93
			Review Report of Independent Registered Public Accounting Firm			94
PART II			OTHER INFORMATION
Item 2			Unregistered Sales of Equity Securities and Use of Proceeds			97
Item 6			Exhibits			98
Signatures						99

We use acronyms and other defined terms for certain business terms and abbreviations, as defined in the acronyms list and glossary following the consolidated financial statements in this Form 10-Q.