Statement Of Income Interest Ba
Statement Of Income Interest Based Revenue (USD $) | |||||||||||||||||||
In Millions, except Share data in Thousands | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 | |||||||||||||||
Fee revenue: | |||||||||||||||||||
Servicing fees | $795 | $977 | $1,561 | $1,937 | |||||||||||||||
Management fees | 193 | 280 | 374 | 558 | |||||||||||||||
Trading services | 310 | 320 | 555 | 686 | |||||||||||||||
Securities finance | 201 | 352 | 382 | 655 | |||||||||||||||
Processing fees and other | 17 | 77 | 66 | 131 | |||||||||||||||
Total fee revenue | 1,516 | 2,006 | 2,938 | 3,967 | |||||||||||||||
Net interest revenue: | |||||||||||||||||||
Interest revenue | 773 | 1,137 | 1,511 | 2,425 | |||||||||||||||
Interest expense | 193 | 480 | 367 | 1,143 | |||||||||||||||
Net interest revenue | 580 | 657 | 1,144 | 1,282 | |||||||||||||||
Gains (Losses) related to investment securities, net: | |||||||||||||||||||
Net gains from sales of available-for-sale securities | 90 | 9 | 119 | 15 | |||||||||||||||
Net losses from other-than-temporary impairment | (64) | [1] | 0 | [1] | (77) | [1] | (15) | [1] | |||||||||||
Gains (Losses) related to investment securities, net | 26 | 9 | 42 | 0 | |||||||||||||||
Total revenue | 2,122 | 2,672 | 4,124 | 5,249 | |||||||||||||||
Provision for loan losses | 14 | 0 | 98 | 0 | |||||||||||||||
Expenses: | |||||||||||||||||||
Salaries and employee benefits | 696 | 1,060 | 1,427 | 2,122 | |||||||||||||||
Information systems and communications | 167 | 164 | 328 | 319 | |||||||||||||||
Transaction processing services | 146 | 172 | 277 | 334 | |||||||||||||||
Occupancy | 121 | 115 | 242 | 225 | |||||||||||||||
Merger and integration costs | 12 | 32 | 29 | 58 | |||||||||||||||
Professional services | 73 | 106 | 108 | 188 | |||||||||||||||
Amortization of other intangible assets | 34 | 33 | 68 | 66 | |||||||||||||||
Other | 115 | 159 | 189 | 303 | |||||||||||||||
Total expenses | 1,364 | 1,841 | 2,668 | 3,615 | |||||||||||||||
Income before income tax expense and extraordinary loss | 744 | 831 | 1,358 | 1,634 | |||||||||||||||
Income tax expense | 242 | 283 | 380 | 556 | |||||||||||||||
Income before extraordinary loss | 502 | 548 | 978 | 1,078 | |||||||||||||||
Extraordinary loss, net of taxes | (3,684) | 0 | (3,684) | 0 | |||||||||||||||
Net income (loss) | (3,182) | 548 | (2,706) | 1,078 | |||||||||||||||
Net income before extraordinary loss available to common shareholders | 370 | 548 | 815 | 1,078 | |||||||||||||||
Net income (loss) available to common shareholders | ($3,314) | $548 | ($2,869) | $1,078 | |||||||||||||||
Earnings per common share before extraordinary loss: | |||||||||||||||||||
Basic | 0.8 | 1.36 | 1.82 | 2.72 | |||||||||||||||
Diluted | 0.79 | 1.35 | 1.81 | 2.7 | |||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||||
Basic | -7.16 | 1.36 | -6.4 | 2.72 | |||||||||||||||
Diluted | -7.12 | 1.35 | -6.37 | 2.7 | |||||||||||||||
Average common shares outstanding (in thousands): | |||||||||||||||||||
Basic | 462,399 | 402,482 | 447,370 | 395,212 | |||||||||||||||
Diluted | 465,814 | 406,964 | 450,483 | 399,684 | |||||||||||||||
Cash dividends declared per share | 0.01 | 0.24 | 0.02 | 0.47 | |||||||||||||||
[1]Gross losses for 2009 periods were $167 million and $180 million, respectively, of which $103 million for both periods was related to factors other than credit and was recognized in other comprehensive income (loss). |
Statement Of Financial Position
Statement Of Financial Position Unclassified - Deposit Based Operations (USD $) | ||
In Millions | Jun. 30, 2009
| Dec. 31, 2008
|
Assets | ||
Cash and due from banks | $4,044 | $3,181 |
Interest-bearing deposits with banks | 26,346 | 55,733 |
Securities purchased under resale agreements | 5,277 | 1,635 |
Trading account assets | 127 | 815 |
Investment securities available for sale | 58,308 | 54,163 |
Investment securities held to maturity purchased under money market liquidity facility (fair value of $300 and $6,100) | 300 | 6,087 |
Investment securities held to maturity (fair value of $20,636 and $14,311) | 22,093 | 15,767 |
Loans and leases (less allowance for losses of $108 and $18) | 12,554 | 9,113 |
Premises and equipment (net of accumulated depreciation of $2,861 and $2,758) | 2,114 | 2,011 |
Accrued income receivable | 1,549 | 1,738 |
Goodwill | 4,547 | 4,527 |
Other intangible assets | 1,790 | 1,851 |
Other assets | 14,372 | 17,010 |
Total assets | 153,421 | 173,631 |
Deposits: | ||
Noninterest-bearing | 14,539 | 32,785 |
Interest-bearing-U.S. | 6,323 | 4,558 |
Interest-bearing-Non-U.S. | 64,715 | 74,882 |
Total deposits | 85,577 | 112,225 |
Securities sold under repurchase agreements | 12,899 | 11,154 |
Federal funds purchased | 4,032 | 1,082 |
Short-term borrowings under money market liquidity facility | 300 | 6,042 |
Other short-term borrowings | 19,935 | 11,555 |
Accrued expenses and other liabilities | 9,595 | 14,380 |
Long-term debt | 8,980 | 4,419 |
Total liabilities | 141,318 | 160,857 |
Commitments and contingencies (note 8) | 0 | 0 |
Shareholders' equity | ||
Preferred stock, no par: 3,500,000 shares authorized; 20,000 shares issued and outstanding in 2008 | 0 | 1,883 |
Common stock, $1 par: 750,000,000 shares authorized; 494,434,216 and 431,976,032 shares issued | 494 | 432 |
Surplus | 9,202 | 6,992 |
Retained earnings | 6,255 | 9,135 |
Accumulated other comprehensive loss | (3,828) | (5,650) |
Treasury stock, at cost (462,514 and 418,354 shares) | (20) | (18) |
Total shareholders' equity | 12,103 | 12,774 |
Total liabilities and shareholders' equity | $153,421 | $173,631 |
1_Statement Of Financial Positi
Statement Of Financial Position Unclassified - Deposit Based Operations (Parenthetical) (USD $) | ||
In Millions, except Share data | Jun. 30, 2009
| Dec. 31, 2008
|
Investment securities held to maturity purchased under money market liquidity facility, fair value | $300 | $6,100 |
Investment securities held to maturity, fair value | 20,636 | 14,311 |
Loans and leases, allowance for losses | 108 | 18 |
Premises and equipment, accumulated depreciation | $2,861 | $2,758 |
Preferred stock, no par | $0 | $0 |
Preferred stock, shares authorized | 3,500,000 | 3,500,000 |
Preferred stock, shares issued | 0 | 20,000 |
Preferred stock, shares outstanding | 0 | 20,000 |
Common stock, par | $1 | $1 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 494,434,216 | 431,976,032 |
Treasury stock, shares | 462,514 | 418,354 |
Statement Of Shareholders Equit
Statement Of Shareholders Equity And Other Comprehensive Income (USD $) | |||||||||
In Millions, except Share data in Thousands | Preferred Stock
| Common Stock Amount
| Surplus
| Retained Earnings
| Accumulated Other Comprehensive Income [Member]
| Treasury Stock Amount
| Total
| ||
Beginning Balance at Dec. 31, 2007 | 398,366 | 12,082 | |||||||
Beginning Balance at Dec. 31, 2007 | $398 | $4,630 | $7,745 | ($575) | ($899) | $11,299 | |||
Comprehensive income: | |||||||||
Net income | 1,078 | 1,078 | |||||||
Change in net unrealized loss on available-for-sale securities, net of related taxes of $936 and $(820) in 2009 and 2008 and reclassification adjustment | (1,257) | (1,257) | |||||||
Change in net unrealized loss on fair value hedges of available-for-sale securities, net of related taxes of $78 and $6 in 2009 and 2008 | 10 | 10 | |||||||
Foreign currency translation, net of related taxes of $(63) and $15 in 2009 and 2008 | 112 | 112 | |||||||
Change in net unrealized loss on cash flow hedges, net of related taxes of $5 and $1 in 2009 and 2008 | 1 | 1 | |||||||
Change in net unrealized loss on hedges of net investments in non-U.S. subsidiaries, net of related taxes of $(4) | (7) | (7) | |||||||
Total comprehensive income (loss) | 1,078 | (1,141) | (63) | ||||||
Cash dividends ($.02 per share in 2009 and $.47 per share in 2008) | (194) | (194) | |||||||
Common stock acquired | 552 | ||||||||
Common stock issued | 33,156 | (7,391) | |||||||
Common stock issued | 34 | 2,181 | 538 | 2,753 | |||||
Contract payments to State Street Capital Trust III | (37) | (37) | |||||||
Common stock awards and options exercised, including related taxes and tax benefit of $(52) and $50 in 2009 and 2008 | 156 | (4,837) | |||||||
Common stock awards and options exercised, including related taxes and tax benefit of $(52) and $50 in 2009 and 2008 | (62) | 343 | 281 | ||||||
Ending Balance at Jun. 30, 2008 | 432 | 6,712 | 8,629 | (1,716) | (18) | 14,039 | |||
Ending Balance at Jun. 30, 2008 | 431,678 | 406 | |||||||
Comprehensive income: | |||||||||
Beginning Balance at Dec. 31, 2008 | 431,976 | 418 | |||||||
Beginning Balance at Dec. 31, 2008 | 1,883 | 432 | 6,992 | 9,135 | (5,650) | (18) | 12,774 | ||
Comprehensive income: | |||||||||
Net income | (2,706) | (2,706) | |||||||
Change in net unrealized loss on available-for-sale securities, net of related taxes of $936 and $(820) in 2009 and 2008 and reclassification adjustment | 1,471 | 1,471 | |||||||
Change in net unrealized loss on fair value hedges of available-for-sale securities, net of related taxes of $78 and $6 in 2009 and 2008 | 123 | 123 | |||||||
Foreign currency translation, net of related taxes of $(63) and $15 in 2009 and 2008 | 189 | 189 | |||||||
Change in net unrealized loss on cash flow hedges, net of related taxes of $5 and $1 in 2009 and 2008 | 10 | 10 | |||||||
Change in minimum pension liability, net of related taxes of $18 | 29 | 29 | |||||||
Total comprehensive income (loss) | (2,706) | 1,822 | (884) | ||||||
Cash dividends ($.02 per share in 2009 and $.47 per share in 2008) | (11) | (11) | |||||||
Preferred stock | (46) | (46) | |||||||
Prepayment of preferred stock discount | 106 | (106) | 0 | ||||||
Accretion of preferred stock discount | 11 | (11) | 0 | ||||||
Common stock issued | 58,974 | ||||||||
Common stock issued | 59 | 2,172 | 2,231 | ||||||
Repurchase of TARP investment | (2,000) | (2,000) | |||||||
Common stock awards and options exercised, including related taxes and tax benefit of $(52) and $50 in 2009 and 2008 | 3,484 | ||||||||
Common stock awards and options exercised, including related taxes and tax benefit of $(52) and $50 in 2009 and 2008 | 3 | 38 | 41 | ||||||
Other | 44 | ||||||||
Other | (2) | (2) | |||||||
Ending Balance at Jun. 30, 2009 | $0 | $494 | $9,202 | $6,255 | ($3,828) | ($20) | $12,103 | ||
Ending Balance at Jun. 30, 2009 | 494,434 | 462 |
2_Statement Of Shareholders Equ
Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $) | ||||
In Millions, except Per Share data | Surplus
| Retained Earnings
| Accumulated Other Comprehensive Income [Member]
| Total
|
Change in net unrealized loss on available-for-sale securities, related taxes | ($820) | ($820) | ||
Change in net unrealized loss on fair value hedges of available-for-sale securities, related taxes | 6 | 6 | ||
Foreign currency translation, related taxes | 15 | 15 | ||
Change in net unrealized loss on cash flow hedges, related taxes | 1 | 1 | ||
Change in net unrealized loss on hedges of net investments in non-U.S. subsidiaries, related taxes | (4) | (4) | ||
Cash dividends, per share | 0.47 | 0.47 | ||
Common stock awards and options exercised, related taxes | 50 | 50 | ||
Change in net unrealized loss on available-for-sale securities, related taxes | 936 | 936 | ||
Change in net unrealized loss on fair value hedges of available-for-sale securities, related taxes | 78 | 78 | ||
Foreign currency translation, related taxes | (63) | (63) | ||
Change in net unrealized loss on cash flow hedges, related taxes | 5 | 5 | ||
Change in minimum pension liability, related taxes | 18 | 18 | ||
Cash dividends, per share | 0.02 | 0.02 | ||
Common stock awards and options exercised, related taxes | ($52) | ($52) |
Statement Of Cash Flows Indirec
Statement Of Cash Flows Indirect Deposit Based Operations (USD $) | ||
In Millions | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
Operating Activities: | ||
Net income (loss) | ($2,706) | $1,078 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Non-cash adjustments for depreciation, amortization, accretion and deferred income tax expense | (2,372) | 331 |
Extraordinary loss | 6,096 | 0 |
(Gains) losses related to investment securities, net | (42) | 0 |
Change in trading account assets, net | 387 | (185) |
Other, net | (6,369) | (1,834) |
Net cash used in operating activities | (5,006) | (610) |
Investing Activities: | ||
Net (increase) decrease in interest-bearing deposits with banks | 29,508 | (15,057) |
Net (increase) decrease in federal funds sold and securities purchased under resale agreements | (3,642) | 7,952 |
Proceeds from sales of available-for-sale securities | 4,035 | 2,175 |
Proceeds from maturities of available-for-sale securities | 19,338 | 13,065 |
Purchases of available-for-sale securities | (18,796) | (14,082) |
Net decrease in held-to-maturity securities related to AMLF | 5,811 | 0 |
Proceeds from maturities of held-to-maturity securities | 1,529 | 715 |
Purchases of held-to-maturity securities | (264) | (580) |
Net (increase) decrease in loans and leases | (1,049) | 1,084 |
Business acquisitions, net of cash acquired | 0 | 38 |
Purchases of equity investments and other long-term assets | (110) | (161) |
Purchases of premises and equipment | (349) | (284) |
Other, net | 304 | 215 |
Net cash (used in) provided by investing activities | 36,315 | (4,920) |
Financing Activities: | ||
Net increase (decrease) in time deposits | 1,139 | (1,248) |
Net increase (decrease) in all other deposits | (27,787) | 2,702 |
Net decrease in short-term borrowings related to AMLF | (5,742) | 0 |
Net increase (decrease) in short-term borrowings | (2,571) | 753 |
Proceeds from issuance of long-term debt, net of issuance costs | 4,435 | 493 |
Payments for long-term debt and obligations under capital leases | (18) | (10) |
Proceeds from public offering of common stock, net of issuance costs | 2,231 | 2,251 |
Repayment of TARP preferred stock investment | (2,000) | 0 |
Proceeds from issuance of common stock for stock awards and options exercised | 26 | 0 |
Proceeds from issuances of treasury stock | 0 | 622 |
Payments for cash dividends | (159) | (179) |
Net cash (used in) provided by financing activities | (30,446) | 5,384 |
Net increase (decrease) | 863 | (146) |
Cash and due from banks at beginning of year | 3,181 | 4,733 |
Cash and due from banks at end of year | $4,044 | $4,587 |
Notes to Financial Statements
Notes to Financial Statements | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Notes to Financial Statements [Abstract] | |
Note 1. Summary of Significant Accounting Policies | Note1.Summary of Significant Accounting Policies The accounting and financial reporting policies of State Street Corporation conform to accounting principles generally accepted in the United States of America, referred to as GAAP. The parent company is a financial holding company headquartered in Boston, Massachusetts. Unless otherwise indicated or unless the context requires otherwise, all references in these notes to consolidated financial statements to State Street, we, us, our or similar references mean State Street Corporation and its subsidiaries on a consolidated basis. Our principal banking subsidiary, State Street Bank and Trust Company, is referred to as State Street Bank. We report two lines of business: Investment Servicing provides services for U.S. mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations and endowments worldwide. Products include custody, product- and participant-level accounting; daily pricing and administration; master trust and master custody; recordkeeping; foreign exchange, brokerage and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and hedge fund manager operations outsourcing; and performance, risk and compliance analytics to support institutional investors. Investment Management offers a broad array of services for managing financial assets, including investment management and investment research services, primarily for institutional investors worldwide. These services include passive and active U.S. and non-U.S. equity and fixed-income strategies, and other related services, such as securities finance. The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through August 7, 2009, the date we filed this Form 10-Q with the SEC. The preparation of consolidated financial statements requires managementtomake estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and these condensed notes. Actual results could differ from those estimates. Consolidated results of operations for the three and six months ended June30, 2009, are not necessarily indicative of the results that may be expected for the year ending December31, 2009. Certain previously reported amounts have been reclassified to conform to current period classifications as presented in this Form10-Q. The consolidated statement of condition at December31, 2008, has been derived from the audited financial statements at that date, but does not include all footnotes required by GAAP for a complete set of financial statements. The accompanying consolidated fina |
Note 2. Investment Securities | Note2.Investment Securities June30, 2009 December31, 2008 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value (In millions) Gains Losses Gains Losses Available for sale: U.S. Treasury and federal agencies: Direct obligations $ 11,271 $ 6 $ 17 $ 11,260 $ 11,577 $ 21 $ 19 $ 11,579 Mortgage-backed securities 6,846 129 44 6,931 10,775 129 106 10,798 Asset-backed securities 31,125 502 4,573 27,054 25,049 8 5,633 19,424 Collateralized mortgage obligations 2,051 88 354 1,785 1,837 7 403 1,441 Stateandpoliticalsubdivisions 5,731 124 322 5,533 6,230 105 623 5,712 Other debt investments 4,824 65 70 4,819 4,816 51 144 4,723 Money-market mutual funds 769 769 344 344 Other equity securities 162 4 9 157 158 3 19 142 Total $ 62,779 $ 918 $ 5,389 $ 58,308 $ 60,786 $ 324 $ 6,947 $ 54,163 Held to maturity purchased under AMLF: Asset-backed commercial paper $ 300 $ 300 $ 6,087 $ 13 $ 6,100 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ 500 $ 22 $ 522 $ 501 $ 27 $ 528 Mortgage-backed securities 713 28 741 810 17 827 Asset-backed securities 10,871 24 $ 566 10,329 3,986 38 $ 412 3,612 Collateralized mortgage obligations 9,643 104 1,074 8,673 9,979 29 1,159 8,849 State and political subdivisions 284 5 289 382 4 386 Other investments 82 82 109 109 Total $ 22,093 $ 183 $ 1,640 $ 20,636 $ 15,767 $ 115 $ 1,571 $ 14,311 Aggregate investment securities carried at $41.37billion and $42.74billion at June30, 2009 and December31, 2008, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law. In connection with the consolidation of the asset-backed commercial paper conduits in May 2009 more fully discussed in note 9, we added debt securities held by the conduits with an aggregate fair value of approximately $4.68 billion which are accounted for pursuant to the provisions of AICPA Statement of Position No. 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer, or Emerging Issues Task Force Issue No. 99-20, Re |
Note 3. Loans and Lease Financing | Note3.Loans and Lease Financing At June30, 2009, we carried commercial real estate loans with a carrying value of approximately $583 million that were purchased from certain customers in 2008 pursuant to indemnified repurchase agreements. The loans, which are primarily collateralized by direct and indirect interests in commercial real estate, were recorded at their then-estimated fair value, based on managements expectation with respect to collection of principal and interest using appropriate market discount rates as of the date of acquisition. Although a portion of these loans are 90 days or more contractually past-due, we do not report them as past-due loans, becauseunder applicable accounting standards, the interest earned on these loans is based on an accretable yield resulting from managements expectation with respect to cash flows for each loan relative to both the timing and collection of principal and interest as of the reporting date, not contractual payment terms. During the second quarter of 2009, we added structured asset-backed loans with an aggregate fair value of approximately $2.54 billion to our consolidated balance sheet in connection with the consolidation of the conduits. These loans, which represent undivided interests in securitized pools of underlying third-party receivables, are held for investment. During the three and six months ended June30, 2009, we recorded provisions for loan losses of approximately $14 million and $98 million, respectively, in our consolidated statement of income, to reflect managements revised expectation of future principal and interest cash flows with respect to certain of the aforementioned commercial real estate loans. Managements change in expectation resulted primarily from its assessment of the effect of the deteriorating economic conditions in the commercial real estate markets on certain of these loans during the first six months of 2009. The allowance for loan losses related to these loans was reduced by net charge-offs totaling approximately $8 million, all of which were recorded during the first quarter of 2009. The allowance for loan losses was $108million at June30, 2009 and $18 million at December31, 2008. During the six months ended June30, 2009, activity in the allowance for loan losses was composed of the above-described provision of approximately $98 million, offset by net charge-offs of approximately $8 million. At June30, 2009, approximately $66 million of the aforementioned commercial real estate loans were classified by management as non-performing, as the yield associated with certain of the loans, determined when the loans were acquired, was deemed to be unaccretable. This determination was based on managements expectations with respect to the future collection of principal and interest on the loans. |
Note 4. Goodwill and Other Intangible Assets | Note4.Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill were as follows for the six months ended June30, 2009: (In millions) Investment Servicing Investment Management Total Balance at December31, 2008 $ 4,521 $ 6 $ 4,527 Adjustment of goodwill previously recorded (16 ) (16 ) Foreign currency translation 35 1 36 Balance at June30, 2009 $ 4,540 $ 7 $ 4,547 The adjustment of goodwill previously recorded resulted from a reduction of goodwill associated with our acquisition of a portion of the Global Securities Services business of Deutsche Bank AG in 2003, and was recorded in connection with a refund of foreign income taxes received during the first six months of 2009 that were originally paid as part of the acquisition. The gross carrying amount and accumulated amortization of other intangible assets were as follows as of June30, 2009 and December31, 2008: June30, 2009 December31, 2008 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 1,626 $ (358 ) $ 1,268 $ 1,573 $ (277 ) $ 1,296 Core deposits 500 (45 ) 455 500 (34 ) 466 Other 155 (88 ) 67 170 (81 ) 89 Total $ 2,281 $ (491 ) $ 1,790 $ 2,243 $ (392 ) $ 1,851 |
Note 5. Other Assets and Accrued Expenses and Other Liabilities | Note5.Other Assets and Accrued Expenses and Other Liabilities Other Assets Other assets consisted of the following as of June30, 2009 and December31, 2008: (In millions) June30, 2009 December31, 2008 Unrealized gains on derivative financial instruments $ 4,545 $ 11,943 Collateral deposits 1,183 2,709 Equity investments in joint ventures and other unconsolidated entities 422 412 Deferred tax assets 4,937 Other 3,285 1,946 Total $ 14,372 $ 17,010 Accrued Expenses and Other Liabilities In 2007, in connection with the Investors Financial acquisition, we recorded liabilities for exit and termination costs of approximately $67million. These costs were composed of liabilities for severance associated with Investors Financial employees, abandonment of Investors Financial operating leases, and termination of service and other contracts executed by Investors Financial with third parties. These costs were recorded as part of the purchase price, and resulted in additional goodwill. The liability related to lease abandonments is expected to be reduced over the terms of the related leases, which as of June30, 2009 is approximately eleven years. The following table presents activity related to these liabilities for the first six months of 2009. (In millions) Severance Lease Abandonments Total Balance at December31, 2008 $ 6 $ 35 $ 41 Payments (1 ) (1 ) Other adjustments 4 4 Balance at June30, 2009 $ 5 $ 39 $ 44 In December 2008, we implemented a plan to reduce our expenses from operations and support our long-term growth. In connection with this plan, we recorded aggregate restructuring charges of $306 million in our consolidated statement of income. The primary component of the plan was an involuntary reduction of our global workforce, which was substantially completed by the end of the first three months of 2009. Other components of the plan included costs related to lease and software license terminations, restructuring of agreements with technology providers and other costs. The following table presents activity related to these liabilities for the first six months of 2009. During the six months ended June30, 2009, approximately 1,520 employees were involuntarily terminated and left State Street. (In millions) Severance Leaseand Asset Write-Offs Other Total Balance at December31, 2008 $ 230 $ 17 $ 3 $ 250 Payments and adjustments (171 ) (5 ) (2 ) (178 ) Balance at June30, 2009 $ 59 $ 12 $ 1 $ 72 |
Note 6. Short-Term Borrowings | Note 6.Short-Term Borrowings Our short-term borrowings include securities sold under repurchase agreements; federal funds purchased; and other short-term borrowings, including non-recourse borrowings associated with the Federal Reserves AMLF; borrowings associated with our tax-exempt investment program, more fully discussed in note 9; commercial paper issued by us under our corporate commercial paper program, which is separate from the conduits; commercial paper issued by the conduits; and borrowings under the Federal Reserves term auction facility. As more fully discussed in note 9, effective May15, 2009, we elected to take action that resulted in the consolidation onto our balance sheet, for financial reporting purposes, of all of the assets and liabilities of the conduits. In connection with the consolidation, we added approximately $20.95 billion of aggregate conduit-issued commercial paper to our consolidated balance sheet. During the first six months of 2009, we issued an aggregate of $169 million of commercial paper under our corporate commercial paper program with maturities ranging from April 2009 to September 2009. This senior debt is guaranteed by the Federal Deposit Insurance Corporation, or FDIC, under its Temporary Liquidity Guarantee Program, referred to as the TLGP. If we fail to make a timely payment of any principal or interest, the FDIC is obligated to make such payment following required notification. The FDICs guarantee will expire upon maturity of the commercial paper or on June30, 2012 (for issuances through March 31, 2009) or on December31, 2012 (for issuances on or after April 1, 2009). |
Note 7. Long-Term Debt | Note7.Long-Term Debt In May 2009, we issued $500 million of 4.30% fixed-rate senior unsecured notes that will mature on May30, 2014, with interest payable semi-annually in arrears on May30 and November30 of each year, beginning on November30, 2009. We cannot redeem the notes prior to maturity. We incurred costs of approximately $1.7 million in connection with the issuance, primarily composed of underwriting, legal and SEC registration fees. We completed the issuance primarily in connection with our intention to repurchase the U.S. Treasurys equity investment received in October 2008 under the TARP Capital Purchase Program. During the first three months of 2009, we issued an aggregate of $1.5 billion of 2.15% fixed-rate senior unsecured notes that mature on April30, 2012, with interest payable semi-annually in arrears on April30 and October30 of each year, beginning on April30, 2009. We have the option to redeem the notes before their maturity if we become obligated to pay certain additional amounts because of changes in the laws or regulations of any U.S. taxing authority. These senior notes are guaranteed by the FDIC under TLGP. If we fail to make a timely payment of any principal or interest, the FDIC is obligated to make such payment following required notification. The FDICs guarantee will expire upon their redemption or on April30, 2012. We incurred costs of approximately $5 million in connection with the issuance, primarily composed of underwriting, legal and SEC registration fees. Upon issuance of the commercial paper described in note 6 and the aforementioned $1.5 billion of senior notes, we paid the FDIC approximately $47.5 million to utilize the guarantee. The aggregate of the FDIC guarantee fee and other issuance costs will be amortized as a reduction of net interest revenue in our consolidated statement of income over the term of the notes. In March 2009, State Street Bank issued an aggregate of $2.45 billion of fixed- and floating-rate senior notes. $1 billion of 1.85% fixed-rate senior notes mature on March15, 2011, and interest is payable semi-annually in arrears on March15 and September15 of each year, beginning on September15, 2009. $1.45 billion of floating-rate senior notes mature on September15, 2011, and interest is payable quarterly at the three-month LIBOR rate plus 20 basis points on March15,June15,September15 and December15 of each year, beginning on June15, 2009. The interest on the floating-rate senior notes will reset quarterly on each interest payment date each year, beginning on June15, 2009. State Street Bank has the option to redeem the notes before their maturity if it becomes obligated to pay additional interest because of changes in the laws or regulations of any U.S. taxing authority. These senior notes are guaranteed by the FDIC under the TLGP. If State Street Bank fails to make a timely payment of any principal or interest under the senior notes, the FDIC is obligated to make such payment following required notification. The FDICs guarantee will expire upon redemption of the notes or on the notes respective maturity. Upon issuance of the senior notes, State Street Bank paid the FDIC approximate |
Note 8. Commitments and Contingencies | Note8.Commitments and Contingencies Off-Balance Sheet Commitments and Contingencies In the normal course of business, we hold assets under custody and management in a custodial or fiduciary capacity. Management conducts regular reviews of its responsibilities in this regard and considers the results in preparing the consolidated financial statements. In the opinion of management, no contingent liabilities existed at June30, 2009, that would have had a material adverse effect on State Streets consolidated financial condition or results of operations. On behalf of our customers, we lend their securities to brokers and other institutions. In most circumstances, we indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities. The aggregate fair value of indemnified securities on loan totaled $344.14 billion at June30, 2009, and $324.59 billion at December31, 2008. We require the borrowers to provide collateral in an amount equal to or in excess of 100% of the fair market value of the securities borrowed. Securities on loan are revalued daily to determine if additional collateral is necessary. Collateral received in connection with our securities lending services is held by us as agent and is not recorded in our consolidated statement of condition. We held, as agent, cash and securities with an aggregate fair value of approximately $354.80 billion and $333.07 billion as collateral for indemnified securities on loan at June30, 2009 and December31, 2008, respectively. The collateral held by us as agent is invested on behalf of our customers. In certain cases, the collateral is invested in third-party repurchase agreements, for which we indemnify the customer against loss of the principal invested. We require the repurchase agreement counterparty to provide collateral in an amount equal to or in excess of 100% of the amount of the repurchase agreement. In our role as agent, the indemnified repurchase agreements and the related collateral are not recorded in our consolidated statement of condition. Of the collateral of $354.80 billion at June30, 2009 and $333.07 billion at December31, 2008 referenced above, $73.52 billion at June30, 2009 and $68.37 billion at December31, 2008 was invested in indemnified repurchase agreements. We held, as agent, $76.51 billion and $71.87 billion as collateral for indemnified investments in repurchase agreements at June30, 2009 and December31, 2008, respectively. Legal Proceedings Several customers have filed litigation claims against us, some of which are putative class actions purportedly on behalf of customers, including customers which invested in certain of State Street Global Advisors, or SSgAs, active fixed-income strategies. These claims related to investment losses in one or more of SSgAs strategies that included sub-prime investments. In 2007, we established a reserve of approximately $625 million to address legal exposure associated with the under-performance of certain active fixed-income strategies managed by SSgA and customer concerns as to whether the execution of these strategies was consistent with the customers inves |
Note 9. Securitizations and Variable Interest Entities | Note9.Securitizations and Variable Interest Entities Tax-Exempt Investment Program In the normal course of our business, we structure and sell certificated interests in pools of tax-exempt investment-grade assets, principally to our mutual fund customers. We structure these pools as partnership trusts, and the trusts are recorded in our consolidated statement of condition as investment securities available for sale and other short-term borrowings. We may also provide liquidity and re-marketing services to the trusts. As of June30, 2009 and December31, 2008, we carried investment securities available for sale, composed of securities related to state and political subdivisions, with a fair value of $3.07 billion and $3.05 billion, respectively, and other short-term borrowings of $2.79 billion and $2.86 billion, respectively, in our consolidated statement of condition in connection with these trusts. We transfer assets to the trusts from our investment securities portfolio at adjusted book value, and the trusts finance the acquisition of these assets by selling certificated interests issued by the trusts to third-party investors and to State Street as residual holder. These transfers do not meet the de-recognition criteria of SFAS No.140, Accounting for the Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and therefore are recorded in our consolidated financial statements. The trusts had a weighted-average life of approximately 8.3years at June30, 2009 and December31, 2008. Under separate agreements, we provide standby bond purchase agreements to these trusts, which obligate State Street to acquire the certificated interests at par value in the event that the re-marketing agent is unable to place the certificated interests with investors. Our obligations as standby bond purchase agreement provider terminate in the event of the following credit events: payment default, bankruptcy of the issuer or credit enhancement provider, the imposition of taxability, or the downgrade of an asset held by the trust below investment grade. Our commitments to the trusts under these standby bond purchase agreements totaled $2.93billion at June30, 2009, none of which were utilized at period-end. In the event that our obligations under these agreements are triggered, no material impact to our consolidated financial condition or results of operations is expected to occur, because the securities are already recorded at fair value in our consolidated statement of condition. Asset-Backed Commercial Paper Program In the normal course of our business, we sponsor and administer four multi-seller asset-backed commercial paper programs, or conduits. The conduits, which are structured as special purpose, bankruptcy-remote entities and meet the GAAP definition of variable interest entities, provide our institutional customers with short-term investment products. The conduits obtain funding through the issuance of commercial paper, and hold diversified investments, which are primarily securities purchased from the capital markets. The investments are collateralized by mortgages, student loans, automobile and equipment loans and cre |
Note 10. Shareholders' Equity | Note10.Shareholders Equity Accumulated other comprehensive income included the following components as of the dates indicated: (In millions) June30, 2009 December31, 2008 Foreign currency translation $ 257 $ 68 Unrealized loss on hedges of net investments in non-U.S. subsidiaries (14 ) (14 ) Unrealized loss on available-for-sale securities (3,669 ) (5,205 ) Unrealized loss on fair value hedges of available-for-sale securities (119 ) (242 ) Losses from other-than-temporary impairment on available-for-sale securities related to factors other than credit (46 ) Losses from other-than-temporary impairment on held-to-maturity securities related to factors other than credit (19 ) Minimum pension liability (200 ) (229 ) Unrealized loss on cash flow hedges (18 ) (28 ) Total $ (3,828 ) $ (5,650 ) The unrealized loss on available-for-sale securities as of June30, 2009 and December31, 2008 included $1.11 billion and $1.39 billion, respectively, of unrealized losses related to securities reclassified from securities available for sale to securities held to maturity. For the six months ended June30, 2009, we realized net pre-tax gains of $119 million from sales of available-for-sale securities. Unrealized pre-tax gains of $22 million were included in other comprehensive income at December31, 2008, net of deferred taxes of $9 million, related to these sales. For the six months ended June30, 2008, we realized net pre-tax gains of $15 million from sales of available-for-sale securities. Unrealized pre-tax gains of $9 million were included in other comprehensive income at December31, 2007, net of deferred taxes of $3 million, related to these sales. Total comprehensive loss for the six months ended June30, 2009 was $884 million, composed of $2,706million of net loss net of $1,822million of other comprehensive income, which represents the overall change in accumulated other comprehensive income presented in the above table. Total comprehensive loss for the six months ended June30, 2008 was $63 million, composed of $1,078 million of net income net of $1,141 million of other comprehensive loss. Total comprehensive income (loss) for the three months ended June30, 2009 and 2008 was $(2,023) million and $490 million, respectively. In May2009, we completed a public offering of approximately 58.97million shares of our common stock. The offering price was $39 per share, and aggregate proceeds from the offering, net of underwriting commissions and related offering costs, totaled approximately $2.23 billion. Underwriting commissions totaled approximately $69 million. We completed the offering pursuant to our current universal shelf registration statement filed with the SEC. In June 2009, we repurchased the full amount of the U.S. Department of the Treasurys $2 billion equity investment under the TARP Capital Purchase Program, by redeeming all of the outstanding shares of our SeriesB fixed-rate cumulative perpetual preferred stock at its aggregate liquidation amou |
Note 11. Fair Value | Note 11.Fair Value Fair Value Measurements: We carry certain of our financial assets and liabilities at fair value in our consolidated financial statements on a recurring basis, including trading account assets, investment securities available for sale and various types of derivative instruments. Changes in the fair value of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of other comprehensive income within shareholders equity in our consolidated statement of condition. We estimate fair value for the above-described financial assets and liabilities in accordance with the provisions of SFAS No.157, Fair Value Measurements, and the additional guidance provided by FSPNo.FAS157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly, the latter of which provisions we adopted effective April1, 2009. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of the standard. We have categorized the financial assets and liabilities that we carry at fair value in our consolidated statement of condition based upon the standards three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level1) and the lowest priority to valuation methods using significant unobservable inputs (level3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. Managements assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to that asset or liability. The three levels are described below: Level1. Financial assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market. Examples of level1 financial instruments include active exchange-traded equity securities and certain U.S. government securities. We categorized approximately $9.59 billion of our financial assets, substantially composed of U.S. government securities, and $4 million of our financial liabilities in level 1 at June30, 2009. Level2. Financial assets and liabilities with values based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level2 inputs include the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) Pricing models whose inputs are derived principally from or corroborated by observable market in |
Note 12. Derivative Financial Instruments | Note 12.Derivative Financial Instruments As part of our trading and asset and liability management activities, we enter into a variety of derivative financial instruments, primarily interest-rate and foreign exchange contracts, to support our customers needs, to conduct our trading activities and to manage our interest-rate and foreign currency risk. A derivative financial instrument is a contract which has one or more underlying and one or more notional amounts, no initial net investment or a smaller initial net investment than would be expected for similar types of contracts, and which requires or permits net settlement. Interest-rate contracts involve an agreement with a counterparty to exchange cash flows based on the movement of an underlying interest-rate index. An interest-rate swap agreement involves the exchange of a series of interest payments, either at a fixed or variable rate, based upon the notional amount without the exchange of the underlying principal amount. An interest-rate option contract provides the purchaser, for a premium, the right, but not the obligation, to receive an interest rate based upon a predetermined notional amount during a specified period. An interest-rate futures contract is a commitment to buy or sell, at a future date, a financial instrument at a contracted price; it may be settled in cash or through the delivery of the contracted instrument. Foreign exchange contracts involve an agreement to exchange one currency for another currency at an agreed-upon rate and settlement date. Foreign exchange contracts generally consist of cross-currency swap agreements and foreign exchange forward and spot contracts. Derivative financial instruments involve the management of interest-rate and foreign currency risk, and involve, to varying degrees, market risk and credit and counterparty risk (risk related to repayment). Market risk is defined as the risk of adverse financial impact due to fluctuations in interest rates, foreign exchange rates and other market-driven factors and prices. We use a variety of risk management tools and methodologies to measure, monitor and manage market risk associated with our trading activities. One such risk-management measure is value-at-risk, or VaR. VaR is an estimate of potential loss for a given period within a stated statistical confidence interval. We use a risk measurement system to estimate VaR daily. We have adopted standards for estimating VaR, and we maintain capital for market risk in accordance with applicable regulatory guidelines. VaR is more fully discussed in our 2008 Form 10-K. Derivative financial instruments are also subject to credit and counterparty risk, which is defined as the risk of financial loss if a borrower or counterparty is either unable or unwilling to repay borrowings or settle a transaction in accordance with the underlying contractual terms. We manage credit and counterparty risk by performing credit reviews, maintaining individual counterparty limits, entering into netting arrangements and requiring the receipt of collateral. Collateral requirements are determined after a comprehensive review of the credit quality of each counte |
Note 13. Net Interest Revenue | Note 13.Net Interest Revenue ThreeMonthsEnded June 30, Six Months Ended June30, (In millions) 2009 2008 2009 2008 Interest revenue: Deposits with banks $ 31 $ 212 $ 84 $ 391 Investment securities: U.S. Treasury and federal agencies 223 242 434 518 State and political subdivisions 58 62 116 120 Other investments 374 426 685 928 Securities purchased under resale agreements and federal funds sold 6 99 14 242 Loans and leases 60 80 103 197 Trading account assets 2 16 19 29 Interest revenue associated with AMLF 1 25 Other interest-earning assets 18 31 Total interest revenue 773 1,137 1,511 2,425 Interest expense: Deposits 54 328 119 792 Short-term borrowings 55 95 87 234 Long-term debt 83 57 143 117 Interest expense associated with AMLF 1 18 Total interest expense 193 480 367 1,143 Net interest revenue $ 580 $ 657 $ 1,144 $ 1,282 |
Note 14. Employee Benefits | Note 14.Employee Benefits The components of net periodic benefit cost were as follows for the periods indicated: Three Months Ended June30, Six Months Ended June 30, Pension Benefits Other Benefits Pension Benefits Other Benefits (In millions) 2009 2008 2009 2008 2009 2008 2009 2008 Service cost $ 4 $ 6 $ 1 $ 1 $ 8 $ 11 $ 2 $ 2 Interest cost 14 14 2 1 28 29 4 2 Expected return on plan assets (14 ) (15 ) (28 ) (30 ) Amortization of net loss 2 3 4 6 Settlement loss recognized 1 1 Net periodic benefit cost $ 7 $ 8 $ 3 $ 2 $ 13 $ 16 $ 6 $ 4 We made aggregate contributions of approximately $33million to the tax-qualified U.S. and non-U.S. defined benefit pension plan, supplemental employee retirement and post-retirement plans during the first six months of 2009. |
Note 15. Other Expenses | Note15.Other Expenses Other expenses consisted of the following for the periods indicated: ThreeMonthsEnded June 30, SixMonthsEnded June30, (In millions) 2009 2008 2009 2008 Regulator fees and assessments $ 40 $ 4 $ 52 $ 6 Other 75 155 137 297 Total other operating expenses $ 115 $ 159 $ 189 $ 303 |
Note 16. Income Taxes | Note 16.Income Taxes We recorded income tax expense of $242 million for the three months ended June 30, 2009, compared to $283 million for the three months ended June 30, 2008. Income tax expense for the six months ended June 30, 2009 was $380 million compared to $556 million for the six months ended June 30, 2008. The effective tax rate for the first half of 2009 was 28%, down from 34% for the first half of 2008. Consistent with our business strategy, our intent to reinvest the earnings in certain of our non-U.S. subsidiaries allowed us to reduce taxes accrued with respect to 2009 earnings, as well as certain taxes accrued in prior periods. We are presently under audit by a number of tax authorities. Unrecognized tax benefits were $345 million at June 30, 2009. It is reasonably possible that unrecognized tax benefits could change significantly over the next 12 months. We do not expect that any change would have a material adverse effect on our effective tax rate. |
Note 17. Earnings Per Share | Note17.Earnings Per Share The following table presents the computation of basic and diluted earnings per common share for the periods indicated: Three Months Ended June30, Six Months Ended June30, (Dollars in millions, except per share amounts) 2009 2008 2009 2008 Net income before extraordinary loss $ 502 $ 548 $ 978 $ 1,078 Less: Prepayment of preferred stock discount (106 ) (106 ) Preferred stock dividends (21 ) (46 ) Accretion of preferred stock discount (5 ) (11 ) Net income before extraordinary loss available to common shareholders 370 548 815 1,078 Payments for cash dividends(1) (5 ) (93 ) (112 ) (182 ) Undistributed earnings $ 365 $ 455 $ 703 $ 896 Average shares outstanding (in thousands): Basic average shares 462,399 402,482 447,370 395,212 Adjusted participating securities, net of estimated forfeitures 797 682 717 690 Adjusted basic average shares 463,196 403,164 448,087 395,902 Basic average shares 462,399 402,482 447,370 395,212 Effect of dilutive securities: Stock options and stock awards 3,415 4,475 3,113 4,457 Equity-related financial instruments 7 15 Diluted average shares 465,814 406,964 450,483 339,684 Anti-dilutive securities(2) 10,353 921 13,889 921 Earnings per Share: Basic: Distributed $ .01 $ .23 $ .25 $ .46 Undistributed(3) .79 1.13 1.57 2.26 Basic $ .80 $ 1.36 $ 1.82 $ 2.72 Diluted $ .79 $ 1.35 $ 1.81 $ 2.70 (1) Represents payments during the period to common shareholders and to unvested restricted and deferred director stock awards, which awards are net of estimated forfeitures. (2) Represents stock options outstanding but not included in the computation of diluted average shares because the exercise prices of the instruments were greater than the average fair value of our common stock during the periods. (3) Represents undistributed earnings divided by the total of basic average shares and unvested restricted and deferred director stock awards. |
Note 18. Line of Business Information | Note18.Line of Business Information We report two lines of business: Investment Servicing and Investment Management. Given our services and management organization, the results of operations for these lines of business are not necessarily comparable with those of other companies, including companies in the financial services industry. Information about revenue, expense and capital allocation methodologies is in note24 to the consolidated financial statements included in our 2008 Form10-K. The following is a summary of our line of business results. The amounts in the Divestitures columns for 2008 represent the operating results of our joint venture interest in CitiStreet prior to its sale in July 2008. The amounts presented in the Other columns for 2009 represent the provision for loan losses associated with commercial real estate loans purchased in 2008 and the merger and integration costs recorded in connection with our July 2007 acquisition of Investors Financial, and for the six months ended June30, 2009, net interest revenue earned in connection with our participation in the Federal Reserve Bank of Bostons AMLF. The 2008 amount represents the merger and acquisition costs recorded in connection with the acquisition of Investors Financial. The amounts in the Divestitures and Other columns were not allocated to State Streets business lines. For the Quarters Ended June30, Investment Servicing Investment Management Divestitures Other Total (Dollars in millions, except where otherwise noted) 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 Fee revenue: Servicing fees $ 795 $ 977 $ 795 $ 977 Management fees $ 193 $ 280 193 280 Trading services 310 320 310 320 Securities finance 133 259 68 93 201 352 Processing fees and other (10 ) 55 27 28 $ (6 ) 17 77 Total fee revenue 1,228 1,611 288 401 (6 ) 1,516 2,006 Net interest revenue 562 624 18 31 2 580 657 Gains (Losses) related to investment securities, net 26 9 26 9 Total revenue 1,816 2,244 306 432 (4 ) 2,122 2,672 Provision for loan losses $ 14 14 Expenses from operations 1,152 1,493 200 315 1 1,352 1,809 Merger and integration costs 12 $ 32 12 32 To |
Document Information
Document Information | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Document Information [Text Block] | |
Document Type | 10-Q |
Amendment Flag | false |
Amendment Description | N.A. |
Document Period End Date | 2009-06-30 |
Entity Information
Entity Information (USD $) | |||
6 Months Ended
Jun. 30, 2009 | Jul. 31, 2009
| Jun. 30, 2008
| |
Entity [Text Block] | |||
Trading Symbol | STT | ||
Entity Registrant Name | STATE STREET Corp | ||
Entity Central Index Key | 0000093751 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 494,489,413 | ||
Entity Public Float | $27,550,000,000 |