Letter from Lead Director Amelia C. Fawcett

To my fellow shareholders

Trust forms the foundation of State Street’s business model, driving every relationship we build — with clients, regulators, investors, and employees alike. My fellow board members and I recognize its importance and understand that without it, we cannot endure. The board is entrusted with the responsibility of overseeing State Street’s long-term growth and resilience, underpinned by a disciplined governance framework. Importantly, we play a vital role in providing independent perspectives for the development and execution of our multi-year strategy, aligning it with our purpose and vision, and adapting it to the challenges and opportunities that affect our clients, and in turn, State Street.

Simply put, our job is to empower management to leverage every tool at their disposal, including innovative strategies, to drive our company forward. It is through effectively and continuously executing these responsibilities that we further strengthen the trust and confidence placed in us.

As I reflect on 2024, it stands out as a year of broad-based growth and momentum. Strategic execution and investment translated into measurable results — from delivering against our full year servicing sales goal, to continued solid momentum in front-office software and data, to Global Markets’ notable revenue growth in foreign exchange trading services, to Global Advisors’ management fees reaching an all-time high — it was a year full of accomplishments.
 

“Trust forms the foundation of State Street’s business model, driving every relationship we build — with clients, regulators, investors, and employees alike. My fellow board members and I recognize its importance and understand that without it, we cannot endure.” 

While strategy aids in defining priorities, it is the power of execution that elevates, distinguishes, and delivers sustainable performance. Our clients rely on us as an essential partner to help them navigate complexity with expertise and precision so they can focus on what matters most — serving their clients. I am particularly pleased with the ongoing enhancements in service quality, continued progress in the transformation and simplification of our global operating model, and sustained focus on innovation. State Street’s legacy is rooted in a culture of firsts — pioneering transformational innovations that have reshaped our industry and set new standards over many decades — and we have no plans to relent.

This spirit of forward-thinking industry leadership prepares us for whatever the future may bring and also inspires us to define it.

Together, these efforts position State Street well for sustainable growth and long-term shareholder value creation.

On behalf of the entire board, I would like to thank Ron and the leadership team for their execution against our strategic priorities and for their wisdom in shaping a company that is agile yet grounded, innovative yet enduring, and united in our purpose: to help create better outcomes for the world’s investors and the people they serve.
 

“Our clients rely on us as an essential partner to help them navigate complexity with expertise and precision so they can focus on what matters most —serving their clients.”