Line of Business Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Line of Business Results

The following is a summary of our line of business results for the periods indicated.

	Years Ended December 31,
	Investment Servicing									Investment Management									Other						Total
(Dollars in millions)	2024			2023			2022			2024			2023			2022			2024		2023		2022		2024			2023			2022
Revenue:
Servicing fees	$	5,016		$	4,922		$	5,087		$	—		$	—		$	—		$	—	$	—	$	—	$	5,016		$	4,922		$	5,087
Management fees	—			—			—			2,124			1,876			1,939			—		—		—		2,124			1,876			1,939
Foreign exchange trading services	1,248			1,140			1,271			138			125			82			15		—		23		1,401			1,265			1,376
Securities finance	415			402			397			23			24			19			—		—		—		438			426			416
Software and processing fees	888			811			789			—			—			—			—		—		—		888			811			789
Other fee revenue(1)	188			145			46			35			35			(47)			66		—		—		289			180			(1)
Total fee revenue	7,755			7,420			7,590			2,320			2,060			1,993			81		—		23		10,156			9,480			9,606
Net interest income	2,899			2,740			2,551			24			19			(7)			—		—		—		2,923			2,759			2,544
Total other income	2			—			(2)			—			—			—			(81)		(294)		—		(79)			(294)			(2)
Total revenue	10,656			10,160			10,139			2,344			2,079			1,986			—		(294)		23		13,000			11,945			12,148
Provision for credit losses	75			46			20			—			—			—			—		—		—		75			46			20
Expenses:
Compensation and employee benefits	4,078			4,033			3,896			555			520			478			64		191		54		4,697			4,744			4,428
Information systems and communications	1,743			1,568			1,535			86			94			95			—		41		—		1,829			1,703			1,630
Transaction processing services	825			777			809			173			180			162			—		—		—		998			957			971
Other	1,041			1,035			1,020			841			746			661			124		398		91		2,006			2,179			1,772
Total expenses	7,687			7,413			7,260			1,655			1,540			1,396			188		630		145		9,530			9,583			8,801
Income before income tax expense	$	2,894		$	2,701		$	2,859		$	689		$	539		$	590		$	(188)	$	(924)	$	(122)	$	3,395		$	2,316		$	3,327
Pre-tax margin	27		%	27		%	28		%	29		%	26		%	30		%							26		%	19		%	27		%
Average assets (in billions)	$	308.5		$	271.5		$	283.2		$	3.2		$	3.2		$	3.2								$	311.7		$	274.7		$	286.4

(1) Investment Management includes other revenue items that are primarily driven by equity market movements.

Components of Other in Segment Reporting

The following provides additional information about the items included in the line of business results “Other” column for the periods indicated.

	Years Ended December 31,
	Other
(Dollars in millions)	2024		2023		2022
Fee revenue(1)	$	81	$	—	$	23
Other Income(2)	(81)		(294)		—
Deferred incentive compensation expense acceleration(3)	(79)		—		—
Net repositioning charges(4)	2		(203)		(70)
Net acquisition and restructuring costs(5)	—		15		(65)
FDIC special assessment and other(6)	(111)		(442)		(10)
Total	$	(188)	$	(924)	$	(122)

(1) Includes a $66 million gain on sale of equity investment and a $15 million revenue-related recovery associated with the proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.

(2) Includes the loss on the sale of investment securities of $81 million and $294 million in 2024 and 2023, respectively, related to the repositioning of the investment portfolio.

(3) Deferred compensation expense acceleration of $79 million in 2024 reflected in compensation and employee benefits, associated with an amendment of certain outstanding deferred cash incentive compensation awards to align our deferred pay mix with peers.

(4) Net repositioning charges in 2024 includes a $15 million release reflected in compensation and employee benefits, partially offset by $13 million of occupancy charges related to footprint optimization. Net repositioning charges in 2023 includes $182 million reflected in compensation and employee benefits expenses related to workforce rationalization and $21 million of occupancy costs related to real estate footprint optimization.

(5) Acquisition and restructuring costs related to the Brown Brother Harriman Investor Services acquisition transaction that State Street is no longer pursuing.

(6) Includes an FDIC special assessment of $99 million and $387 million in 2024 and 2023, respectively, related to FDIC’s recovery of estimated losses to the Deposit Insurance Fund associated with the closures of Silicon Valley Bank and Signature Bank reflected in other expenses. Other includes a $12 million charge in 2024 reflected in other expenses and $41 million in 2023 reflected in information systems and communications, primarily related to operating model changes.