STT News & Events

Presenting at the RBC Capital Markets Global Financial Institutions Conference, an executive from State Street stated, according to a transcript of the event: "Right now, we're currently expecting the first quarter total revenue to increase in the low teens on a year over year basis, supported by similar growth in both fees and NII. And for the quarter, importantly, we expect to generate roughly 400 basis points of total operating leverage."

Presenting at the RBC Capital Markets Global Financial Institutions Conference, an executive from State Street stated, according to a transcript of the event: "So while weakened dollar is relatively neutral to our overall operating leverage, we do expect a couple of percentage points of impact on both revenue and expense on a year over year basis. So you want to take that into consideration in a little extra color there. So overall, to wrap up, you know, results are expected to be better than what we envisioned for the first quarter back in January. And although, you know, continues to be a dynamic operating environment, and as that continues to evolve, I'll note that, you know, some of the positive trends that are driving results higher this quarter may or may not persist, you know, ongoing after Q1. And the final point I'll make on the back of what I've just said around the first quarter is that we remain confident in our ability to deliver another year of positive total operating leverage and pre-tax margin expansion across a range of scenarios, and we'll have a lot more to say and share on our full year expectations when we get back together again in about a month in mid-April to talk about the Q1 results."

State Street announced that it has signed a support agreement with the Abu Dhabi Investment Office, or ADIO, to establish a new operating center in the Al Ain region, Abu Dhabi. As part of its long-term growth plan in Abu Dhabi and aligning to State Street's global clients' increasing presence in Abu Dhabi, the new operating hub will create more than 300 financial services roles over the next four years, State Street said, adding that it will collaborate with local universities to create career and internship opportunities for graduates, as well as organize training and seminars to help develop the next generation of local young talent. In addition to its collaboration with ADIO and role as a strategic partner to Abu Dhabi, State Street intends to upgrade its ADGM license.