State Street Corporation

“Strategic Risks •We are subject to intense competition, which could negatively affect our profitability; •We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM; •Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks; •Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business; and State Street Corporation | 4 •Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business.”

Annual report 2025A · The company itself

“Technological advances, economies of scale, required levels of capital, pricing, quality and scope of services, and sales and marketing are critical to our Investment Servicing line of business.”

Annual report 2025A · The company itself

“As our businesses grow and markets and new technologies, including artificial intelligence, evolve, we may encounter increasing and new forms of competition around the world.”

Annual report 2025A · The company itself

“For example, the adoption and implementation of evolving and emerging technologies, such as artificial intelligence and distributed ledger technology, and related regulatory frameworks, have the potential to disrupt materially the activities of the financial services industry, the operation of financial markets, processes, infrastructure and service providers, including State Street, and the servicing and other requirements of financial services clients, including our clients.”

Annual report 2025A · The company itself

“Weaknesses in the underlying model including input data, assumptions, parameters, or implementation, as well as inappropriate model use, could result in unanticipated and adverse consequences, including material loss and material non-compliance with regulatory requirements or expectations.”

Annual report 2025A · The company itself

“This dependency is exacerbated in the current “Fintech” environment, where financial institutions are investing significantly in evaluating and deploying new technologies, such as artificial intelligence and distributed ledger technology, and developing and marketing potentially industry-changing products, services and standards.”

Annual report 2025A · The company itself

“Due to our dependence on technology and the important role it plays in our business operations, we are attempting to improve and update our information technology infrastructure, among other things: (1) as some of our systems are approaching the end of their useful life, are redundant or do not share data without reconciliation; (2) to be more efficient, meet increasing client and regulatory security, resiliency and other expectations and support opportunities of growth; and (3) to enhance resiliency and maintain business continuity. Updating these systems involves State Street Corporation | 44 material costs and often involves implementation, integration and security risks, including risks that we may not adequately anticipate or meet the market or technological trends, regulatory expectations or client needs or experience unexpected challenges that could cause financial, reputational and operational harm.”

Annual report 2025A · The company itself

“Our business may be negatively affected by risks associated with strategic initiatives we are employing to enhance the effectiveness and efficiency of our operations and of our cybersecurity and technology infrastructure. In order to maintain and grow our business, we must make strategic decisions about our current and future business plans and effectively execute upon those plans. Strategic initiatives that we are currently developing or executing against include cost initiatives, enhancements and efficiencies to our operational processes, improvements to existing and new service offerings and enhancements to existing and development of new information technology and other systems.”

Annual report 2025A · The company itself

“Implementing strategic programs and creating cost efficiencies involves certain strategic, technological, operational and regulatory risks. Many features of our present initiatives include investment in systems integration and new technologies and also the development of new, and the evolution of existing, methods and tools, including the introduction and deployment of artificial intelligence, to accelerate the pace of innovation, the introduction of new services and enhancements to the resiliency of our systems and operations.”

Annual report 2025A · The company itself

“We also use artificial intelligence, generative artificial intelligence and machine learning models to automate or enhance certain business processes.”

Annual report 2025A · The company itself

“Our State Street Alpha platform combines portfolio management, trading and execution, analytics and compliance tools, along with advanced data aggregation and integration with other industry platforms and providers.”

Annual report 2025A · The company itself

“Strategic Risks •We are subject to intense competition, which could negatively affect our profitability; •We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM; •Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks; •Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business; and State Street Corporation | 4 •Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business.”

Annual report 2025A · The company itself

“We are subject to variability in our assets under custody and/or administration and assets under State Street Corporation | 21 management, and in our financial results, due to the significant size of our relationship with many of our institutional clients, and are also subject to significant pricing pressure due to trends in the market for custodial services and the considerable market influence exerted by those clients.”

Annual report 2025A · The company itself

“Our AUM or AUC/A are also affected by decisions by institutional owners to favor or disfavor certain investment instruments or categories. Similarly, if one or more clients change the asset class in which a significant portion of assets are invested (e.g., by shifting investments from emerging markets to the United States), those changes could have a significant effect on our results of operations in the relevant period, as our fee rates often change based on the type of asset classes we are servicing or managing.”

Annual report 2025A · The company itself

“Market disruptions can adversely affect our consolidated results of operations if the value of our AUC/A or AUM decline, while the costs of providing the related services remain constant or increase. They may also result in investor preference trends towards asset classes and markets deemed more secure, such as cash or non-emerging markets, with respect to which our fee rates are often lower.”

Annual report 2025A · The company itself

“If market conditions deteriorate, our investment portfolio could experience a decline in market value, whether due to a decline in liquidity or an increase in the yield required by investors to hold such securities, regardless of our credit view of our portfolio holdings.”

Annual report 2025A · The company itself

“We may need to raise additional capital or debt in order to maintain our credit ratings, in response to regulatory changes, including capital rules, or for other purposes, including financing acquisitions and joint ventures and optimizing capital management. However, our ability to access the capital markets, if needed, on a timely basis or at all will depend on a number of factors, such as the state of the financial markets and securities law requirements and standards.”

Annual report 2025A · The company itself

“Our estimate of the profitability of these arrangements can be adversely affected by declines in or inaccurate projections of the assets under the clients’ management, whether due to general declines in the securities markets or client-specific issues.”

Annual report 2025A · The company itself

“If investors incur substantial investment losses in these pools, receive redemptions as in-kind distributions rather than in cash, or experience significant under- State Street Corporation | 48 performance relative to the market or our competitors’ products, our reputation could be significantly harmed, which harm could significantly and adversely affect the prospects of our associated business units.”

Annual report 2025A · The company itself

“Our investment portfolio continues to have significant concentrations in several classes of securities, including agency residential MBS, commercial MBS and other ABS, and securities with concentrated exposure to consumers. These classes and types of securities experienced significant liquidity, valuation and credit quality deterioration during the financial crisis that began in mid-2007 (the 2008 financial crisis).”

Annual report 2025A · The company itself

“Investment Management Our Investment Management line of business provides a comprehensive range of investment management solutions and products for our clients through State Street Investment Management (previously State Street Global Advisors). Our investment management solutions span across equity, fixed income, liquidity and cash, multi-asset and alternatives strategies, delivered through products such as ETFs, custom indexed, and actively managed funds and mandates.”

Annual report 2025A · The company itself

“Our clients — asset managers and owners, insurance companies, wealth managers, official institutions and central banks — rely on us to deliver solutions that support their business objectives across the investment life cycle.”

Annual report 2025A · The company itself

“Furthermore, fiduciary, anti-competitive, voting power, governance, and other concerns with ESG investment strategies, as well as corporate sustainability and diversity, equity and inclusion practices and programs, continue to be the subject of legislative, regulatory and administrative debate globally, particularly at the federal and state level in the United States, the outcomes of which could impact both our investment management business and the clients that we service, as well as our investment servicing activities more broadly and our corporate activities, practices and programs.”

Annual report 2025A · The company itself

“Our sustainability- or ESG-related investment management practices, asset stewardship and historical memberships in certain climate-oriented investor groups have become the subject of significant scrutiny by regulatory agencies and government officials. Certain U.S. state and federal officials have suggested that sustainability- or ESG-related investing practices, including memberships in certain climate-oriented investor groups, may result in violations of law – including antitrust laws – and breaches of fiduciary duty.”

Annual report 2025A · The company itself

“We have received information requests from various U.S. state and federal government entities in connection with their investigations of sustainability or ESG investing practices and memberships in certain climate-oriented investor groups and are named as defendants in litigation initiated by several U.S. state Attorneys General alleging violations of antitrust laws in the coal industry.”

Annual report 2025A · The company itself

“U.S. state law and/or political pressure may also prevent governmental clients from using service providers, such as us, either as asset manager or investment servicer, if the legislators or governmental officials in such jurisdictions believe our sustainability- or ESG-related practices are not consistent with requirements under state law or the views of such legislators or officials.”

Annual report 2025A · The company itself

“As a general matter, large index fund providers, such as State Street Investment Management, have been and are expected to continue to be subject to legislative and regulatory proposals, litigation or investigations from both sides of the political spectrum due to a perception that they exert inappropriate influence over publicly traded companies. Certain U.S. officials have suggested that index fund managers should not be permitted to vote proxies on behalf of index funds, which, if enacted into law, could impact our ability to attract and retain clients.”

Annual report 2025A · The company itself

“Our inability to meet these requirements or to provide related information to clients facing similar requirements could cause regulatory or reputational harm and affect our ability to attract and retain clients. Requirements and expectations related to sustainability or ESG disclosures continue to evolve, with requirements increasing in some jurisdictions, particularly in Europe.”

Annual report 2025A · The company itself

“Our Investment Management line of business provides investment management strategies and products that may incorporate the consideration of sustainability or ESG factors. For clients and fund investors who want an investment solution that purposefully takes into consideration sustainability or ESG factors, we offer investment funds and strategies that consider sustainability or ESG factors as a component of the investment strategy or index methodology.”

Annual report 2025A · The company itself

“Where clients have delegated to us authority to vote securities on their behalf at shareholder meetings of the public companies held in their investment portfolios, we take into consideration issues that we believe are relevant to the long-term performance of the companies in which our clients invest which may include, where relevant, sustainability or ESG issues. As part of our asset stewardship program, we regularly engage with representatives of companies held in client portfolios, and these engagements may involve discussion of risks and opportunities relating to sustainability or ESG issues, where relevant and permitted under applicable law.”

Annual report 2025A · The company itself

“Our businesses depend on information technology infrastructure, both internal and external, to, among other things, record and process a large volume of increasingly complex transactions and other data, in many currencies, on a daily basis, across numerous and diverse markets and jurisdictions and to maintain that data securely.”

Annual report 2025A · The company itself

“Our networks, technology systems, facilities and information have suffered and in the future may suffer disruptions or otherwise fail to operate properly or become disabled, overloaded or damaged as a result of a number of factors, including events that are wholly or partially beyond our control, which can adversely affect our ability to process transactions, provide services, maintain systems availability, maintain information security, comply with internal controls or regulations or otherwise appropriately conduct our business activities. For example, in addition to cyber-attacks, there could be sudden increases in transaction or data volumes, electrical or telecommunications outages, natural disasters, or employee or contractor error or malfeasance.”

Annual report 2025A · The company itself

“The third parties with which we do business, which facilitate our business activities, to whom we outsource operations or other activities, from whom we receive products or services or with whom we otherwise engage or interact, including financial intermediaries, and technology infrastructure and technology service providers, such as cloud services and software-as-a-service providers, are also susceptible to the foregoing risks (including the third parties with which they are similarly interconnected or on which they otherwise rely), and our or their business operations and activities have been and may in the future be adversely affected, perhaps materially, by failures, terminations, errors or malfeasance by, or attacks or constraints on, one or more financial, technology, infrastructure or government institutions or intermediaries with whom we or they are interconnected or conduct business.”

Annual report 2025A · The company itself

“For some of these third parties with which we do business, some of whom provide material services to us, there are few or no viable alternative providers, and we therefore face transition risks to either change to a new external provider (which may be a current alternative provider), if available with sufficient capacity and on terms acceptable to us, or to internalize the service or technology, in the event the third party is unable to resume the provision of services or technology on substantially the same basis as prior to the relevant incident. These transition risks include out-of-pocket costs, client loss, regulatory scrutiny and reputational harm, any of which could be material.”

Annual report 2025A · The company itself

“In addition, we are subject to increasing resiliency risk and client and regulatory expectations, requiring continuous reinvestment, enhancement and improvement in and of our information technology and operational infrastructure, controls, security and personnel which may not be effectively or timely deployed or integrated.”

Annual report 2025A · The company itself

“We will need to make additional investments to develop an appropriate operational infrastructure and to enhance our risk management frameworks and capabilities to support our businesses through their evolution, which may increase the operating expenses of such businesses.”

Annual report 2025A · The company itself

“Some of the vendors on which we rely, including cloud service providers, are large, well known and used by many other major financial and other institutions, which increases the risk that they will be targeted by malefactors.”

Annual report 2025A · The company itself

“Due to our dependence on technology and the important role it plays in our business operations, we are attempting to improve and update our information technology infrastructure, among other things: (1) as some of our systems are approaching the end of their useful life, are redundant or do not share data without reconciliation; (2) to be more efficient, meet increasing client and regulatory security, resiliency and other expectations and support opportunities of growth; and (3) to enhance resiliency and maintain business continuity. Updating these systems involves State Street Corporation | 44 material costs and often involves implementation, integration and security risks, including risks that we may not adequately anticipate or meet the market or technological trends, regulatory expectations or client needs or experience unexpected challenges that could cause financial, reputational and operational harm.”

Annual report 2025A · The company itself

“BUSINESS OVERVIEW State Street Corporation is one of the world’s leading providers of financial services to institutional investors, including investment servicing, markets and financing solutions and investment management. Our clients — asset managers and owners, insurance companies, wealth managers, official institutions and central banks — rely on us to deliver solutions that support their business objectives across the investment life cycle.”

Annual report 2025A · The company itself

“Investment Management Our Investment Management line of business provides a comprehensive range of investment management solutions and products for our clients through State Street Investment Management (previously State Street Global Advisors). Our investment management solutions span across equity, fixed income, liquidity and cash, multi-asset and alternatives strategies, delivered through products such as ETFs, custom indexed, and actively managed funds and mandates.”

Annual report 2025A · The company itself

“Our clients include institutional investors, such as mutual funds, collective investment funds, UCITS, hedge funds and other investment pools, corporate and public retirement plans, insurance companies, official institutions, foundations, endowments and investment managers.”

Annual report 2025A · The company itself

“As a result of our own business practices and these interdependencies, we and many of our clients have concentrated counterparty exposure to other financial institutions and collective investment funds, particularly large and complex institutions, sovereign issuers, mutual funds, UCITS, private market funds and hedge funds. Although we have procedures for monitoring both individual and aggregate counterparty risk, significant individual and aggregate counterparty exposure is inherent in our business, as our focus is on servicing large institutional investors.”

Annual report 2025A · The company itself

“Additionally, our counterparties, as well as our clients, rely on our financial strength and stability and evaluate the risks of doing business with us. If we experience diminished financial strength or stability, actual or perceived, due to the effects of market or regulatory developments, announced or rumored business developments, consolidated results of operations, a decline in our stock price or a downgrade to our credit rating, our counterparties may be less willing to enter into transactions, secured or unsecured, with us, our clients may reduce or place limits on the level of service we provide to them or seek to transfer the business, in whole or in part, to other service providers or our prospective clients may select other service providers.”

Annual report 2025A · The company itself

“Our businesses may be negatively affected by adverse publicity or other reputational harm. Our relationship with many of our clients is predicated on our reputation as a fiduciary and a service provider that adheres to the highest standards of ethics, service quality and regulatory compliance, as well as a leading provider of the products and services we offer.”

Annual report 2025A · The company itself

“For example, the adoption and implementation of evolving and emerging technologies, such as artificial intelligence and distributed ledger technology, and related regulatory frameworks, have the potential to disrupt materially the activities of the financial services industry, the operation of financial markets, processes, infrastructure and service providers, including State Street, and the servicing and other requirements of financial services clients, including our clients.”

Annual report 2025A · The company itself

“Our employee population at December 31, 2025 decreased approximately 2% to approximately 52,000 employees, compared to December 31, 2024, primarily driven by our continued efforts to simplify our operations through organization design and technology and automation efforts.”

Annual report 2025A · The company itself

“This dependency is exacerbated in the current “Fintech” environment, where financial institutions are investing significantly in evaluating and deploying new technologies, such as artificial intelligence and distributed ledger technology, and developing and marketing potentially industry-changing products, services and standards.”

Annual report 2025A · The company itself

“Our business may be negatively affected by risks associated with strategic initiatives we are employing to enhance the effectiveness and efficiency of our operations and of our cybersecurity and technology infrastructure. In order to maintain and grow our business, we must make strategic decisions about our current and future business plans and effectively execute upon those plans. Strategic initiatives that we are currently developing or executing against include cost initiatives, enhancements and efficiencies to our operational processes, improvements to existing and new service offerings and enhancements to existing and development of new information technology and other systems.”

Annual report 2025A · The company itself

“For example, in the European Union, we are subject to the GDPR, which requires, among other things, a comprehensive privacy, data protection and cybersecurity program to protect the personal and sensitive data of residents of the European Economic Area.”

Annual report 2025A · The company itself

“In addition to U.S. regulatory initiatives, we are further affected by non-U.S. regulatory initiatives, including the implementation of the Basel prudential framework, the E.U. Digital Operational Resilience Act, the Markets in Crypto-Assets Regulation, Corporate Sustainability Reporting Directive and Sustainable Finance Disclosures Regulation, as well as amendments to the AIFM Directive, the Capital Requirements Directive and other legislation under the E.U. Capital Markets Union Action Plan.”

Annual report 2025A · The company itself

“In addition, impacts associated with a climate transition, including climate change-related legislative and regulatory initiatives and expectations, retrofitting of assets, purchasing carbon credits or paying carbon taxes, may result in operational changes and additional expenditures that could adversely affect us, perhaps materially.”

Annual report 2025A · The company itself

“Our reputation and business prospects may also be damaged if we do not, or are perceived not to, effectively prepare for the potential business and operational opportunities and risks associated with a climate transition, including through the development and marketing of effective and competitive new products and services designed to address our clients’ climate risk or transition-related needs.”

Annual report 2025A · The company itself

“These factors could reduce the profitability of our asset-based fee revenue and could also adversely affect our transaction-based revenue, such as revenues from securities finance and foreign exchange activities, and the volume of transactions that we execute for or with our clients.”

Annual report 2025A · The company itself

“Further, the degree of volatility in foreign exchange rates can affect our foreign exchange trading revenue. In general, increased currency volatility tends to increase our market risk but also increases our opportunity to generate foreign exchange revenue.”

Annual report 2025A · The company itself

“Our FX trading revenue is influenced by multiple factors, including: the volume and type of client FX transactions and related spreads; currency volatility reflecting market conditions; and our management of exchange rate, interest rate and other market risks associated with our FX activities. The relative impact of these factors on our total FX trading revenues often differs from period to period. For example, assuming all other factors remain constant, increases or decreases in volumes or bid-offer spreads across product mix tend to result in corresponding changes in client-related FX revenue.”

Annual report 2025A · The company itself

“This can be particularly constraining when competing for skill sets which are in high demand, such as technology and information security.”

Annual report 2025A · The company itself

“HUMAN CAPITAL Our human capital strategy is a meaningful driver of our overall enterprise strategy and our long-term performance. Our employees drive the company’s value proposition, innovate better ways to serve our clients and act as custodians of our reputation.”

Annual report 2025A · The company itself

“Our talent management efforts are focused on recruiting, developing and retaining top talent and industry leaders in markets that align with current and future demands and the evolution of our business. Our objective is to seek a wide pool of talent globally, so we are well positioned to be an essential partner to our clients.”

Annual report 2025A · The company itself

“The effect on our NII has been exacerbated by the effects in recent fiscal years of the strong U.S. dollar relative to other currencies, particularly the Euro. If European interest rates remain low or decrease and the U.S. dollar strengthens relative to the Euro, the negative effects on our NII likely will continue or increase.”

Annual report 2025A · The company itself

“Market Risk Management Market risk is the risk of loss that could result from broad market movements, such as changes in the general level of interest rates, credit spreads, foreign exchange rates or commodity prices. We are exposed to market risk in both our trading and certain of our non-trading, or asset and liability management, activities.”

Annual report 2025A · The company itself

“With the growth of cross-border investing, our clients often enter into foreign exchange forward contracts to convert currency for international investments and to manage the currency risk in their international investment portfolios. As an active participant in the foreign exchange markets, we provide foreign exchange forward and option contracts in support of these client needs, and act as a dealer in the currency markets.”

Annual report 2025A · The company itself

“Recent, proposed or potential regulations in the United States, the United Kingdom and the European Union with respect to the supervision of digital assets and of climate and environmental risks, short-term wholesale funding, such as repurchase agreements or securities lending, or other non-bank finance activities, could also adversely affect not only our own operations but also the operations of the clients to which we provide services.”

Annual report 2025A · The company itself

“Our vision is to deliver digital asset solutions to our clients as a trusted provider of end-to-end capabilities across the asset servicing lifecycle on a secure, interoperable platform with multiple blockchain connectivity.”

Annual report 2025A · The company itself

“Market Risk Management Market risk is the risk of loss that could result from broad market movements, such as changes in the general level of interest rates, credit spreads, foreign exchange rates or commodity prices. We are exposed to market risk in both our trading and certain of our non-trading, or asset and liability management, activities.”

Annual report 2025A · The company itself

“With the growth of cross-border investing, our clients often enter into foreign exchange forward contracts to convert currency for international investments and to manage the currency risk in their international investment portfolios. As an active participant in the foreign exchange markets, we provide foreign exchange forward and option contracts in support of these client needs, and act as a dealer in the currency markets.”

Annual report 2025A · The company itself

“Our clients — asset managers and owners, insurance companies, wealth managers, official institutions and central banks — rely on us to deliver solutions that support their business objectives across the investment life cycle.”

Annual report 2025A · The company itself

“Investment Servicing Our Investment Servicing line of business provides a broad range of investment servicing and market and financing solutions to institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, wealth managers, investment managers, foundations and endowments worldwide.”

Annual report 2025A · The company itself

“Our employee population at December 31, 2025 decreased approximately 2% to approximately 52,000 employees, compared to December 31, 2024, primarily driven by our continued efforts to simplify our operations through organization design and technology and automation efforts.”

Annual report 2025A · The company itself

“Investment Servicing Our Investment Servicing line of business provides a broad range of investment servicing and market and financing solutions to institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, wealth managers, investment managers, foundations and endowments worldwide.”

Annual report 2025A · The company itself

“Our clients include institutional investors, such as mutual funds, collective investment funds, UCITS, hedge funds and other investment pools, corporate and public retirement plans, insurance companies, official institutions, foundations, endowments and investment managers.”

Annual report 2025A · The company itself

“We engage in trading activities primarily to support our clients’ needs and to contribute to our overall corporate earnings and liquidity. In connection with certain of these trading activities, we enter into a variety of derivative financial instruments to support our clients' needs and to manage our interest rate and currency risk. These activities are generally intended to generate foreign exchange trading services revenue and to manage potential earnings volatility.”

Annual report 2025A · The company itself

“Investment Servicing Our Investment Servicing line of business provides a broad range of investment servicing and market and financing solutions to institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, wealth managers, investment managers, foundations and endowments worldwide.”

Annual report 2025A · The company itself

“Acquisitions, strategic alliances, joint ventures and divestitures pose risks for our business. We acquire complementary businesses and technologies, enter into strategic alliances and divest portions of our business.”

Annual report 2025A · The company itself

“Investment Servicing Our Investment Servicing line of business provides a broad range of investment servicing and market and financing solutions to institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, wealth managers, investment managers, foundations and endowments worldwide.”

Annual report 2025A · The company itself

“As a G-SIB, we are subject to extensive regulation and supervision with respect to our operations and activities. Not all of our competitors have similarly been designated as systemically important nor are all of them subject to the same degree of regulation as a bank or financial holding company; therefore some of our competitors may not be subject to the same limitations, requirements and standards with respect to their operations and activities.”

Annual report 2025A · The company itself

“We may not be able to hire people or retain them, particularly in light of challenges associated with compensation restrictions applicable, or which may become applicable, to banks and some asset managers and that are not applicable to other financial services firms in all jurisdictions or to technology or other firms with which we compete for personnel, generally.”

Annual report 2025A · The company itself

“Internal or external factors, such as regulatory requirements and standards, including resolution planning and restrictions on dividend distributions, influence our liquidity management and may limit our ability to effectively transfer liquidity internally which could, among other things, restrict our ability to fund operations, dividends or stock repurchases or pay interest on debt securities or require us to seek external and potentially more costly capital and impact our liquidity position.”

Annual report 2025A · The company itself

“Not all of our competitors have similarly been designated as systemically important nor are all of them subject to the same degree of regulation as a bank or financial holding company, and therefore some of our competitors are not subject to the same additional capital requirements. Supervisory Stress Testing and Capital Planning We are required by the Federal Reserve to conduct periodic stress testing of our business operations and to develop an annual capital plan and are subject to supervisory stress testing, all as part of the Federal Reserve’s stress testing and capital planning processes.”

Annual report 2025A · The company itself

“We face extensive and changing government regulation and supervision in the U.S. and non-U.S. jurisdictions in which we operate, which may increase our costs and expose us to risks related to compliance. State Street Corporation | 36 Most of our businesses are subject to extensive regulation and supervision by multiple regulatory and supervisory bodies, and many of the clients to which we provide services are themselves subject to a broad range of regulatory requirements. These regulations may affect the scope of, and the manner and terms of delivery of, our services. As a financial institution with substantial international operations, we are subject to extensive regulation and supervisory oversight, both inside and outside of the United States.”

Annual report 2025A · The company itself

“Our implementation of capital and liquidity requirements may not be approved or may be objected to by the Federal Reserve, and the Federal Reserve may impose capital requirements in excess of our expectations or require us to maintain levels of liquidity that are higher than we may expect and which may adversely affect our consolidated revenues. In the event that our implementation of capital and liquidity requirements under regulatory initiatives, or our current capital structure is determined not to conform with current and future capital requirements, our ability to deploy capital in the operation of our business or our ability to distribute capital to shareholders or to repurchase our capital stock may be constrained, and our business may be adversely affected.”

Annual report 2025A · The company itself

“Systemic Importance Our qualification in the United States as a SIFI, and our designation by the Financial Stability Board as a G-SIB, to which certain regulatory capital surcharges may apply, subjects us to incrementally higher capital and prudential requirements, increased scrutiny of our activities and potential additional regulatory requirements or heightened regulatory expectations as compared to those applicable to some of the financial institutions with which we compete as a custodian or asset manager.”

Annual report 2025A · The company itself

“We are unable to predict what, if any, changes to the regulatory environment may be enacted by Congress, both chambers of which have majority control from the same political party, or the presidential administration and what the impact of any such changes will be on our results of operations or financial condition, including increased expenses or changes in the demand for our services or our ability to engage in transactions, to expand our business or operate in non-U.S. jurisdictions, or on the U.S.-domestic or global economies or financial markets. Some of the regulations finalized in the prior presidential administration that are applicable to financial institutions have been modified, rescinded or withdrawn or are subject to revaluation, creating further uncertainty.”

Annual report 2025A · The company itself

“In addition to U.S. regulatory initiatives, we are further affected by non-U.S. regulatory initiatives, including the implementation of the Basel prudential framework, the E.U. Digital Operational Resilience Act, the Markets in Crypto-Assets Regulation, Corporate Sustainability Reporting Directive and Sustainable Finance Disclosures Regulation, as well as amendments to the AIFM Directive, the Capital Requirements Directive and other legislation under the E.U. Capital Markets Union Action Plan.”

Annual report 2025A · The company itself

“Recent, proposed or potential regulations in the United States, the United Kingdom and the European Union with respect to the supervision of digital assets and of climate and environmental risks, short-term wholesale funding, such as repurchase agreements or securities lending, or other non-bank finance activities, could also adversely affect not only our own operations but also the operations of the clients to which we provide services.”

Annual report 2025A · The company itself

“Consequences of Regulatory Environment and Compliance Risks Domestic and international regulatory reform could limit our ability to pursue certain business opportunities, increase our regulatory capital requirements, alter the risk profile of certain of our core activities and impose additional costs on us, otherwise adversely affect our business, our consolidated results of operations or financial condition and have other negative consequences, including, a reduction of our credit ratings.”

Annual report 2025A · The company itself

“Our businesses may be adversely affected by government enforcement and litigation. The businesses in which we operate are highly-regulated and subject to extensive external scrutiny that may be directed generally to participants in the businesses or markets in which we are involved or may be specifically directed at us, including as a result of whistleblower and qui tam claims.”

Annual report 2025A · The company itself

“If we do not comply with governmental regulations, we may be subject to fines, penalties, lawsuits, delays, or difficulties in obtaining regulatory approvals or restrictions on our business activities or harm to our reputation, which may significantly and adversely affect our business operations and, in turn, our consolidated results of operations. The willingness of regulatory authorities to impose meaningful sanctions, and the level of fines and penalties imposed in connection with regulatory violations, has increased substantially since the 2008 financial crisis.”

Annual report 2025A · The company itself

“We could face liabilities for withholding and other non-income taxes as a result of tax authority examinations. In addition to income tax, we are at present, and in the future will be, under audit or other examination, and litigation or other dispute resolution proceedings, with U.S. and non-U.S. tax authorities regarding non-income-based tax matters.”

Annual report 2025A · The company itself

“Satisfaction of these requirements could, in some cases, result in changes in the composition of our investment portfolio, reduced NII or NIM, a reduction in the level of certain business activities or modifications to the way in which we deliver our products and services.”

Annual report 2025A · The company itself

“Domestic or international markets can suffer from substantial volatility, illiquidity, or disruption, particularly as a result of political or geopolitical events, high inflation, slowing economic growth, uncertainty associated with changes in U.S. presidential administrations, concerns related to the U.S. trade policy, federal debt ceiling and monetary policy uncertainty across key central banks.”

Annual report 2025A · The company itself

“For example, among other risks, changes in prevailing interest rates or other market conditions have led, and were they to occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios.”

Annual report 2025A · The company itself

“The gross interest income associated with our investment portfolio represented approximately 17% of our total gross revenue for the year ended December 31, 2025 and has represented as much as 31% of our total gross revenue in the fiscal years since 2007.”

Annual report 2025A · The company itself

“This has resulted in increased levels of HQLA as a percentage of our investment portfolio and an associated negative impact on our NII and our NIM.”

Annual report 2025A · The company itself

“Monetary policy conducted by the Federal Reserve directly affects the level of interest rates, which may affect overall credit conditions of the economy.”

Annual report 2025A · The company itself

“Our investment portfolio is further subject to changes in both U.S. and non-U.S. (primarily in Europe) interest rates, and could be negatively affected by changes in those rates, whether or not expected. This is particularly true in the case of a quicker-than-anticipated decrease in interest rates, which would negatively affect our investment portfolio reinvestment, NII and NIM, or persistently low or negative rates of interest on certain investments.”

Annual report 2025A · The company itself

“In our business activities, we assume interest rate risk by investing short-term deposits received from our clients in our investment portfolio of longer- and intermediate-term assets. Our NII and NIM, and ability to attract deposits from our clients, are affected by among other things, the levels of interest rates in global markets, changes in the relationship between short- and long-term interest rates, the direction and speed of interest rate changes and the asset and liability spreads relative to the currency and geographic mix of our interest-earning assets and interest-bearing liabilities.”

Annual report 2025A · The company itself

“Sustained lower interest rates, a flat or inverted yield curve and narrow credit spreads generally have a constraining effect on our NII.”

Annual report 2025A · The company itself

“If we are unable to effectively manage our capital and liquidity, including by continuously attracting deposits and other short-term funding, our consolidated financial condition, including our regulatory capital ratios, our consolidated results of operations and our business prospects, could be adversely affected. Liquidity management, including on an intra-day basis, is critical to the management of our consolidated statement of condition and to our ability to service our client base.”

Annual report 2025A · The company itself

“Market Risk Management Market risk is the risk of loss that could result from broad market movements, such as changes in the general level of interest rates, credit spreads, foreign exchange rates or commodity prices. We are exposed to market risk in both our trading and certain of our non-trading, or asset and liability management, activities.”

Annual report 2025A · The company itself

“Asset and Liability Management Activities The primary objective of asset and liability management is to provide sustainable NII under varying economic conditions, while protecting the economic value of the assets and liabilities carried on our consolidated statement of condition from the adverse effects of changes in interest rates. While many market factors affect the level of NII and the economic value of our assets and liabilities, one of the most significant factors is our exposure to movements in interest rates.”

Annual report 2025A · The company itself

“We quantify NII sensitivity using an earnings simulation model that includes our expectations for new business growth, changes in balance sheet mix and investment portfolio positioning. This measure compares our baseline view of NII over a twelve-month horizon, based on our internal forecast of interest rates, to a wide range of rate shocks. Our baseline view of NII is updated on a regular basis.”

Annual report 2025A · The company itself

“Many aspects of our businesses are subject to cybersecurity and data privacy legal and regulatory requirements enacted by U.S. federal and state governments and other non-U.S. jurisdictions. These requirements impose, among other things, mandatory cybersecurity and data privacy obligations, including providing for resiliency, individual rights, enhanced governance and accountability requirements, and significant fines and litigation risk for noncompliance.”

Annual report 2025A · The company itself

“Agencies finalized a rule in November 2021 requiring banking organizations to notify their primary federal regulators as soon as possible and no later than 36 hours after identifying a “computer-security incident” that has materially affected, or is reasonably likely to materially affect, the viability of their operations, their ability to deliver banking products and services or the stability of the financial sector. The final rule became effective April 1, 2022.”

Annual report 2025A · The company itself

“In November 2022, the European Union adopted DORA, which requires, among other things, financial institutions to follow certain rules regarding protection, detection, containment, recovery and repair capabilities with respect to information and communication technology-related incidents.”

Annual report 2025A · The company itself

“In recent years, several financial services firms have suffered successful cyber-attacks launched both domestically and from abroad, resulting in the disruption of services to clients, loss or misappropriation of sensitive or private data and reputational harm. We also have been the target of certain cyber-attacks, and although we have not to our knowledge suffered a material breach or suspension of our systems, it is possible that we could suffer such a breach or suspension in the future or that we may be unaware of a prior attack.”

Annual report 2025A · The company itself

“The expectations of our clients and regulators with respect to the resiliency of our systems and the adequacy of our control environment with respect to such systems have increased and are expected to increase as the risk of cyber-attacks, which is presently elevated due to the current geopolitical environment and global human capital footprint at State Street, and the consequences of those attacks become more pronounced.”

Annual report 2025A · The company itself

“In particular, we, like other financial services firms, will continue to face increasing cyber-threats, including computer viruses, malicious code, distributed denial of service attacks, phishing attacks, ransomware, hacker attacks, limited availability of services, unauthorized access, information security breaches or employee or contractor error or malfeasance that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of our, our clients’ or other parties’ confidential, personal, proprietary or other information or otherwise disrupt, compromise or damage our or our clients’ or other parties’ business assets, operations and activities. These and similar types of threats are occurring globally with greater frequency and intensity, and we may not anticipate or implement effective preventative measures against, or identify and detect one or more, such threats, particularly because the techniques used change frequently or may not be recognized until after they are launched.”

Annual report 2025A · The company itself

“Our status as a G-SIB likely increases the risk that we are the target of such cyber-attacks.”

Annual report 2025A · The company itself

“Our businesses and relationships with clients are dependent on our ability to maintain the confidentiality of our and our clients’ trade secrets and other confidential information (including client transactional and holdings data and personal data about our clients, our clients’ clients and our employees).”

Annual report 2025A · The company itself

“Although we are not aware of any material incidents to date, unauthorized access, or failure of our controls with respect to granting access to our systems, or failure of our other data loss prevention controls, have in the past occurred and may in the future occur, resulting in theft, loss, damage to or other misappropriation of such information. Our personnel or our vendors have in the past and may in the future, inadvertently or deliberately, disclose client or other confidential information and our systems or systems of our vendors have in the past or may in the future be inadvertently or deliberately exploited resulting in disclosure of client or other confidential information.”

Annual report 2025A · The company itself

“Domestic or international markets can suffer from substantial volatility, illiquidity, or disruption, particularly as a result of political or geopolitical events, high inflation, slowing economic growth, uncertainty associated with changes in U.S. presidential administrations, concerns related to the U.S. trade policy, federal debt ceiling and monetary policy uncertainty across key central banks.”

Annual report 2025A · The company itself

“In some jurisdictions, such as Russia, sanctions programs or government intervention inhibit our clients’ and our ability to access or transfer cash or securities held for clients through subcustodians and clearing agencies. If such client deposit liabilities are on our consolidated balance sheet, we maintain a corresponding amount of cash on deposit with the subcustodian or clearing agency, which increases our credit exposure to that entity and can accumulate over time based upon distributions on, or other activities related to, our clients’ assets. If the subcustodian or clearing agency were to become insolvent in circumstances not involving expropriation of assets or other circumstances that excuse performance under force majeure or other provisions, the risk of loss on such cash on deposit would be ours rather than the clients.”

Annual report 2025A · The company itself

“The availability and cost of credit in short-term markets are highly dependent on the markets’ perception of our liquidity and creditworthiness. Our efforts to monitor and manage our liquidity risk, including on an intra-day basis, may not be successful or sufficient to deal with dramatic or unanticipated changes in the global securities markets or other event-driven reductions in liquidity. As a result of such events, among other things, our cost of funds may increase, thereby reducing our NII, or we may need to dispose of a portion of our investment securities portfolio, which, depending on market conditions, could result in a loss from such sales of investment securities being recorded in our consolidated statement of income.”

Annual report 2025A · The company itself

“Our sustainability- or ESG-related investment management practices, asset stewardship and historical memberships in certain climate-oriented investor groups have become the subject of significant scrutiny by regulatory agencies and government officials. Certain U.S. state and federal officials have suggested that sustainability- or ESG-related investing practices, including memberships in certain climate-oriented investor groups, may result in violations of law – including antitrust laws – and breaches of fiduciary duty.”

Annual report 2025A · The company itself

“We have received information requests from various U.S. state and federal government entities in connection with their investigations of sustainability or ESG investing practices and memberships in certain climate-oriented investor groups and are named as defendants in litigation initiated by several U.S. state Attorneys General alleging violations of antitrust laws in the coal industry.”

Annual report 2025A · The company itself

“Our geographic footprint also exposes us to the relevant macroeconomic, political, legal and similar risks generally involved in doing business in the jurisdictions in which we establish lower-cost locations or joint ventures or in which our outsourcing vendors locate their operations, particularly in locations where we have a concentration of our operational activities, such as India, Poland and China.”

Annual report 2025A · The company itself

“The extent and pace at which we are able to move functions to lower-cost locations, joint ventures and outsourcing providers may also be affected by political, regulatory and client acceptance issues, including with respect to data use, storage and security.”

Annual report 2025A · The company itself

“Acts of terrorism, natural disasters or the emergence of a new pandemic could significantly affect our business.”

Annual report 2025A · The company itself

“Due to the large pools of assets controlled by these clients, the loss or gain of one client, or even a portion of the assets controlled by one client, or a client’s decision to in-source certain services that we provide, could have a significant effect on our AUC/A or our AUM, as applicable, in the relevant period. Loss of all or a portion of the servicing of a client’s assets can occur for a variety of reasons.”

Annual report 2025A · The company itself

“Domestic or international markets can suffer from substantial volatility, illiquidity, or disruption, particularly as a result of political or geopolitical events, high inflation, slowing economic growth, uncertainty associated with changes in U.S. presidential administrations, concerns related to the U.S. trade policy, federal debt ceiling and monetary policy uncertainty across key central banks.”

Annual report 2025A · The company itself

“Additional areas where we experience exposure to credit risk include: •Short-term credit: The degree of client demand for short-term credit tends to increase during periods of market turbulence, which may expose us to further counterparty-related risks. For example, investors in collective investment vehicles for which we act as a custodian may experience significant redemption activity due to adverse market or economic news. Our relationship with our clients and the nature of the settlement process for some types of payments may result in the extension of short-term credit in such circumstances.”

Annual report 2025A · The company itself

“Because the demand for credit by our clients, particularly settlement-related extensions of credit, is difficult to predict and control, and may be at its peak at times of disruption in the securities markets, and because the average maturity of our investment securities and loan portfolios is longer than the contractual maturity of our client deposit base, we need to continuously attract, and are dependent on access to, various sources of short-term funding. Since the 2008 financial crisis, the level of client deposits held by us has tended to increase during times of market disruption; however, since such deposits are considered to be transitory, we have historically deposited so-called excess deposits with U.S. and non-U.S. central banks and in other highly liquid instruments.”

Annual report 2025A · The company itself

“Our estimate of the profitability of these arrangements can be adversely affected by declines in or inaccurate projections of the assets under the clients’ management, whether due to general declines in the securities markets or client-specific issues.”

Annual report 2025A · The company itself

“Strategic Risk Management We define strategic risk as the risk to current or projected financial condition and resilience arising from adverse business decisions, poor implementation of business decisions or lack of responsiveness to changes in the industry and operating environments. Strategic risks are influenced by changes in the competitive environment; decline in market performance or changes in our business activities; as well as by the potential secondary impacts of reputational risks, not already captured as market, interest rate, credit, operational, model or liquidity risks.”

Annual report 2025A · The company itself

“Strategic Risks •We are subject to intense competition, which could negatively affect our profitability; •We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM; •Our development and completion of new products and services, including State Street Alpha® and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks; •Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of these transactions, pose risks for our business; and State Street Corporation | 4 •Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business.”

Annual report 2025A · The company itself

“We have also experienced, and anticipate that we will continue to experience, significant pricing pressure in many of our core businesses, particularly our custodial and investment management services. This pricing pressure has and may continue to impact our revenue growth and operating margins and may limit the positive impact of new client demand and growth in AUC/A or AUM.”

Annual report 2025A · The company itself

“We are subject to variability in our assets under custody and/or administration and assets under State Street Corporation | 21 management, and in our financial results, due to the significant size of our relationship with many of our institutional clients, and are also subject to significant pricing pressure due to trends in the market for custodial services and the considerable market influence exerted by those clients.”

Annual report 2025A · The company itself

“Large institutional clients also, by their nature, are often able to exert considerable market influence, and this, combined with strong competitive forces in the markets for our services, has resulted in, and may continue to result in, significant pressure to reduce the fees we charge for our services in both our investment servicing and investment management lines of business. Our historical focus on the segments of the market for investor services represented by very large asset managers and asset owners causes us to be particularly impacted by this industry trend.”

Annual report 2025A · The company itself

“Concerns regarding the liquidity and valuation of prime money market funds and similar products, as well as potential related regulation, may adversely impact the cash management products we offer.”

Annual report 2025A · The company itself

“In managing our liquidity, our primary source of short-term funding is client deposits, which are predominantly transaction-based deposits by institutional investors. Our ability to continue to attract these deposits, and other short-term funding sources such as certificates of deposit, is subject to variability based on a number of factors, including volume and volatility in global financial markets, the volume of client settlement-related activities, the interest rates that we are prepared to pay for these deposits, the loss or gain of one or more clients, client interest in reducing non-interest-bearing deposits, the perception of safety of these deposits or short-term State Street Corporation | 32 obligations relative to alternative short-term investments available to our clients, including the capital markets, and the classification of certain deposits for regulatory purposes and related discussions we may have from time to time with clients regarding better balancing our clients’ cash management needs with our economic and regulatory objectives.”

Annual report 2025A · The company itself

“Climate change may increase the frequency and severity of major weather events, and measures to transition to a low carbon economy may drive regulatory and business model change that could adversely affect our business operations and resiliency, our clients, our counterparties or other financial market participants and could adversely affect our consolidated results of operations and financial condition. Our businesses and the activities of our clients, our counterparties and financial market participants on which we and they rely could be adversely affected by major weather events, changing climate patterns or other disruptions caused by climate change affecting the regions, countries and locations in which we or they have operations or other interests.”

Annual report 2025A · The company itself

“Acts of terrorism, natural disasters or the emergence of a new pandemic could significantly affect our business.”

Annual report 2025A · The company itself

“In managing our liquidity, our primary source of short-term funding is client deposits, which are predominantly transaction-based deposits by institutional investors. Our ability to continue to attract these deposits, and other short-term funding sources such as certificates of deposit, is subject to variability based on a number of factors, including volume and volatility in global financial markets, the volume of client settlement-related activities, the interest rates that we are prepared to pay for these deposits, the loss or gain of one or more clients, client interest in reducing non-interest-bearing deposits, the perception of safety of these deposits or short-term State Street Corporation | 32 obligations relative to alternative short-term investments available to our clients, including the capital markets, and the classification of certain deposits for regulatory purposes and related discussions we may have from time to time with clients regarding better balancing our clients’ cash management needs with our economic and regulatory objectives.”

Annual report 2025A · The company itself

“Domestic or international markets can suffer from substantial volatility, illiquidity, or disruption, particularly as a result of political or geopolitical events, high inflation, slowing economic growth, uncertainty associated with changes in U.S. presidential administrations, concerns related to the U.S. trade policy, federal debt ceiling and monetary policy uncertainty across key central banks.”

Annual report 2025A · The company itself

“The effect on our NII has been exacerbated by the effects in recent fiscal years of the strong U.S. dollar relative to other currencies, particularly the Euro. If European interest rates remain low or decrease and the U.S. dollar strengthens relative to the Euro, the negative effects on our NII likely will continue or increase.”

Annual report 2025A · The company itself

“Our geographic footprint also exposes us to the relevant macroeconomic, political, legal and similar risks generally involved in doing business in the jurisdictions in which we establish lower-cost locations or joint ventures or in which our outsourcing vendors locate their operations, particularly in locations where we have a concentration of our operational activities, such as India, Poland and China.”

Annual report 2025A · The company itself

“As of December 31, 2025, we serviced AUC/A of approximately $53.80 trillion, comprising approximately $37.42 trillion in the Americas, approximately $12.92 trillion in Europe and the Middle East and approximately $3.46 trillion in the Asia-Pacific region.”

Annual report 2025A · The company itself

“Our continental European banking subsidiary, State Street Bank International GmbH is a significant entity in accordance with European banking regulations and accordingly is supervised directly by the ECB. State Street Bank International GmbH operates in several countries including Germany, Luxembourg, Italy, France and Switzerland.”

Annual report 2025A · The company itself

“Our subsidiaries involved in our investment management and securities and markets businesses are regulated by governments, securities exchanges, self-regulatory organizations, central banks and regulatory bodies in U.S. federal and state and non-U.S. jurisdictions, especially in those jurisdictions in which we maintain an office.”

Annual report 2025A · The company itself

“We manage our operations and expenses across a global model, which may include migrating certain business processes and business support functions to emerging market-based geographic hub locations, such as India, Poland and China, and by outsourcing to vendors and joint ventures in various jurisdictions.”

Annual report 2025A · The company itself

“Our geographic footprint also exposes us to the relevant macroeconomic, political, legal and similar risks generally involved in doing business in the jurisdictions in which we establish lower-cost locations or joint ventures or in which our outsourcing vendors locate their operations, particularly in locations where we have a concentration of our operational activities, such as India, Poland and China.”

Annual report 2025A · The company itself

“As of December 31, 2025, we serviced AUC/A of approximately $53.80 trillion, comprising approximately $37.42 trillion in the Americas, approximately $12.92 trillion in Europe and the Middle East and approximately $3.46 trillion in the Asia-Pacific region.”

Annual report 2025A · The company itself

“Our subsidiaries involved in our investment management and securities and markets businesses are regulated by governments, securities exchanges, self-regulatory organizations, central banks and regulatory bodies in U.S. federal and state and non-U.S. jurisdictions, especially in those jurisdictions in which we maintain an office.”

Annual report 2025A · The company itself

“•Subcustodian risks: With the exception of the United States, Canada, Germany and the United Kingdom, we maintain subcustodian State Street Corporation | 28 relationships in all jurisdictions in which our clients invest, including emerging and other underdeveloped markets, and markets subject to sanctions. Our use of unaffiliated subcustodians exposes us to operational, reputational and regulatory risk, as we are dependent upon the subcustodians in performing several of our services to clients in those markets.”

Annual report 2025A · The company itself

“We manage our operations and expenses across a global model, which may include migrating certain business processes and business support functions to emerging market-based geographic hub locations, such as India, Poland and China, and by outsourcing to vendors and joint ventures in various jurisdictions.”

Annual report 2025A · The company itself

“In addition, several jurisdictions have enacted or proposed localization requirements and restrictions on cross-border transfers of personal information that may restrict our ability to conduct business in those jurisdictions or create additional financial, legal and regulatory burdens to do so.”

Annual report 2025A · The company itself

“Anti-Money Laundering and Financial Transparency Certain of our subsidiaries are subject to the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001, and related regulations, which contain AML and financial transparency provisions and which require implementation of an AML compliance program, including processes for verifying client identification and monitoring client transactions and detecting and reporting suspicious activities.”

Annual report 2025A · The company itself

“Widespread adoption and rapid evolution of emerging technologies, including with respect to digital assets, such as stablecoins, as well as developments in the regulatory landscape relating to emerging technologies, such as the enactment and implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act) and potential enactment of the Digital Asset Market Clarity Act of 2025 (CLARITY Act) or similar market structure legislation or regulation, may affect our clients’ needs and expectations for products and services.”

Annual report 2025A · The company itself

“New products and services, such as State Street Alpha and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, often also involve dependencies on third parties to, among other things, access or support innovative technologies, develop new distribution channels or form collaborative product and service offerings, and can require complex strategic alliances and joint venture relationships.”

Annual report 2025A · The company itself

“In addition, impacts associated with a climate transition, including climate change-related legislative and regulatory initiatives and expectations, retrofitting of assets, purchasing carbon credits or paying carbon taxes, may result in operational changes and additional expenditures that could adversely affect us, perhaps materially.”

Annual report 2025A · The company itself

“Transactions of this nature also involve a number of risks and financial, accounting, tax, regulatory, strategic, client relationship, managerial, operational, cybersecurity, cultural and employment challenges, which could adversely affect our consolidated results of operations and financial condition.”

Annual report 2025A · The company itself

“In 2025, the allowance reflected the evolving macroeconomic environment and an increase in loan loss reserves associated with certain commercial real estate and commercial loans.”

Annual report 2025A · The company itself

“Acts of terrorism, natural disasters or the emergence of a new pandemic could significantly affect our business.”

Annual report 2025A · The company itself

“In 2025, the allowance reflected the evolving macroeconomic environment and an increase in loan loss reserves associated with certain commercial real estate and commercial loans.”

Annual report 2025A · The company itself

“U.S. anti-trust and banking agencies continue to express concerns about the growth of large banking institutions, and competition authorities in many jurisdictions have increased the scrutiny and standards they apply in their review of transactions.”

Annual report 2025A · The company itself

“In addition, the financial benefits of lower-cost locations and of outsourcing may diminish over time or could be offset in the event that the United States or other jurisdictions impose tax, trade barrier or other measures which seek to discourage the use of lower cost jurisdictions.”

Annual report 2025A · The company itself

“As of December 31, 2025, we serviced AUC/A of approximately $53.80 trillion, comprising approximately $37.42 trillion in the Americas, approximately $12.92 trillion in Europe and the Middle East and approximately $3.46 trillion in the Asia-Pacific region.”

Annual report 2025A · The company itself

“Our subsidiaries involved in our investment management and securities and markets businesses are regulated by governments, securities exchanges, self-regulatory organizations, central banks and regulatory bodies in U.S. federal and state and non-U.S. jurisdictions, especially in those jurisdictions in which we maintain an office.”

Annual report 2025A · The company itself

“In Ireland our depositary and fund administration companies are regulated by the Central Bank of Ireland and in Canada our trust company is regulated by the Office of the Superintendent of Financial Institutions.”

Annual report 2025A · The company itself