Last Updated:

2024-04-15 23:49:55

State Street Corporation

Global financial services corporation



Global financial services corporation

State Street Corporation, headquartered in Boston, is the second-oldest US bank. It is a major player in asset management and custodian services, with trillions under management and custody. State Street is a key player in the financial industry and is considered systemically important.

Wall Street Blackstone Inc.Morgan Stanley Citigroup Goldman Sachs Target Corporation Charles Schwab Corporation J.P. Morgan & Co.U.S. Securities and Exchange Commission Stripe, Inc.

1792

Union Bank founded

Union Bank, the predecessor of State Street Corporation, was founded in 1792.

1792-01-25

State Street Corporation Established

State Street Corporation was established on January 25, 1792, and is one of the oldest financial institutions in the United States.

1831

State Road connecting Vincennes to Chicago authorized

In 1831, the Illinois legislature officially authorized a State Road connecting Vincennes to Chicago, marking the beginning of State Street's history.

1865

National Union Bank of Boston Renamed

In 1865, the Union Bank received a national charter and was renamed the National Union Bank of Boston. This marked a significant milestone in the bank's history as it continued to thrive and grow in the banking industry.

1870

Palmer House hotel built

In 1870, the Palmer House hotel was built by Potter at the corner of State and Washington streets, becoming a notable establishment in the State Street area.

1891-07-01

State Street Deposit & Trust Co opened

On July 1, 1891, State Street Deposit & Trust Co opened its doors, becoming a new banking competitor on State Street.

1924

State Street Trust Becomes Custodian of First Mutual Fund

In 1924, State Street Trust became the custodian of the nation's first mutual fund. This event was a pivotal moment for the bank as it solidified its position in the financial services industry and set the stage for future growth and success.

1925-10

State Street and National Union Bank merge

In October 1925, State Street and National Union Bank merged, with the new entity adopting the State Street name.

1955

State Street merges with Second National Bank

State Street merged with Second National Bank in 1955, expanding its operations.

1960

State Street Incorporates as State Street Boston Financial Corp.

In 1960, State Street incorporated as State Street Boston Financial Corp., a one-bank holding company. This move marked a strategic shift in the bank's structure and operations, paving the way for its evolution into a global financial services company.

1961

State Street merges with Rockland-Atlas National Bank

In 1961, State Street merged with the Rockland-Atlas National Bank, further consolidating its presence.

1966

State Street Bank Building completed

In 1966, State Street completed the construction of the State Street Bank Building, its new headquarters in downtown Boston.

1972

State Street opens first international office in Munich

In 1972, State Street expanded globally by opening its first international office in Munich.

1973

State Street forms Boston Financial Data Services

In 1973, State Street formed Boston Financial Data Services as a joint venture with DST Systems, focusing on shareholder record-keeping and regulatory compliance.

1975

William Edgerly Becomes CEO of State Street

In 1975, William Edgerly took control as the new chief executive officer of State Street. Under his leadership, the bank embarked on an ambitious new strategy to focus on investments, trusts, and securities processing, leading to significant growth and transformation.

1977

State Street Boston Corporation title adopted

In 1977, the title State Street Boston Corporation was adopted, reflecting a significant organizational change within the company.

1978

State Street Global Advisors Established

State Street Corporation established State Street Global Advisors to provide institutional investment management services focused on equity indexing and cash. In the early days of index investing, the new entity begins launching domestic and international equity index funds.

1984

Introduce New Active Quantitative Equity Strategies

State Street complemented their indexing prowess with new active quantitative equity strategies to meet client demand for systematic approaches to portfolio management and their underlying return drivers.

1990

Foundation of State Street Bank Luxembourg

State Street Bank Luxembourg was founded in 1990 and has become the largest player in Luxembourg's fund industry by assets.

1992

State Street revenue shifts to securities-related fees

By 1992, State Street generated most of its revenue from fees related to holding securities, settling trades, and performing accounting.

1993

SPDR S&P 500 Trust ETF created

State Street Corporation created the SPDR S&P 500 Trust ETF in 1993, which was the first exchange-traded fund (ETF) and is now one of the largest ETF providers worldwide.

1994

State Street forms State Street Global Advisors

In 1994, State Street established State Street Global Advisors, a significant global asset management business.

1995

State Street acquires Investors Fiduciary Trust

State Street acquired Investors Fiduciary Trust in 1995, expanding its financial services portfolio.

1997

State Street opens office in Singapore

In 1997, State Street expanded its presence by setting up an office in Singapore.

1998

First US ETF – Now the World’s Oldest

In 1998, the company, in collaboration with the American Stock Exchange, launched the first US listed and still-largest ETF to provide investors with broader and more efficient access to capital markets.

1999

Pioneering Multi-Asset Class Strategy

In 1999, the company introduced pioneering multi-asset class, liability-driven investing strategies aimed at aligning more closely with plan sponsors’ risk, return, and cash-flow objectives.

2000

Launch Official Institutions Group (OIG)

In 2000, the company created the Official Institutions Group (OIG), one of the first groups dedicated to serving the investment needs of sovereign wealth funds and central banks.

2003

Acquisition of Deutsche Bank's Securities Services Division

In 2003, State Street acquired the securities services division of Deutsche Bank for $1.5 billion.

2009

California Alleges State Street Currency Trade Fraud

In 2009, California accused State Street of committing fraud on currency trades handled by the custodian bank on behalf of its pension funds CalPERS and CalSTRS.

2010

Acquisition of Mourant International Finance Administration

State Street acquired Mourant International Finance Administration in 2010.

2012-02-28

State Street Global Advisors Consent Order

On February 28, 2012, State Street Global Advisors entered into a consent order with the Massachusetts Securities Division regarding non-disclosure of certain initial investors taking a short position on a hybrid collateralized debt obligation.

2016

Launch of Beacon Program

In 2016, State Street launched the Beacon program focused on cost-cutting and improving reporting technology.

2017-01-18

State Street Agrees to Pay $64.6 Million for Undisclosed Commissions

On January 18, 2017, State Street settled U.S. investigations by agreeing to pay $64.6 million for defrauding six clients through secret commissions on trades.

2018-10-01

Acquisition of Charles River Development

On October 1, 2018, State Street completed its acquisition of Charles River Development, a significant move in expanding its investment management software capabilities.

2020-01

State Street Announces Voting Against Directors for ESG Targets

In January 2020, State Street announced that State Street Global Advisors will vote against directors of companies in major stock indices that do not meet targets for environmental, social, and governance changes.

2021

State Street Corporation's Leadership in ETF Industry

State Street Corporation has been a leading partner for the world's investors, particularly in the ETF industry. They have contributed to the growth of the industry, which is now valued at over US $6 trillion.

2022-01-14

State Street All-Time High Stock Price

State Street's stock reached its all-time high closing price of 95.89 on January 14, 2022.

2022-12-31

State Street AUC/A Calculation

State Street AUC/A calculation includes Global Financial Assets such as Global Equity, Global Debt Securities, and Global Broad Money (M3) as of December 31, 2022.

2023

State Street Annual Stock Price Data

In 2023, State Street had an average stock price of 71.7108, with the year low at 61.8227 and year close at 76.7749. The annual percentage change was 3.52%.

2024-04-15

State Street Corporation

State Street Corporation is mentioned in the International Directory of Company Histories on Encyclopedia.com with a citation link provided. The company's history and background may be detailed in the directory.

End of the Timeline
State Street Corporation