26 added · 32 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
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.
For information regarding our common share repurchases, refer to “Market for Registrant’s Common Equity” included under Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in this Form 10-K.
For information concerning limitations on dividends from our subsidiary banks, refer to “Related Stockholder Matters” included under Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, and to Note 15 to the consolidated financial statements in this Form 10-K.
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.
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.
The 2023 Basel III Endgame Proposal would, among other things, eliminate the advanced approaches for monitoring risk-based capital adequacy in favor of a new standardized expanded risk-based approach that includes new standardized methodologies for credit risk, operational risk and CVA risk components, and would also replace the existing market risk rule with the new FRTB framework.
While a re‑proposal is currently expected in March 2026, the timing and content of any potential re-proposal, and the effects on us, remain uncertain at this stage.
The 2023 G-SIB Surcharge Proposal would, among other things, measure the G-SIB surcharge in 0.1% increments as opposed to the 0.5% increments that currently apply.
Public statements by U.S. banking agency officials indicate that the 2023 Basel III Endgame Proposal and 2023 G-SIB Surcharge Proposal are under reconsideration.
All of these effects may occur, regardless of our response to these financial, technological, regulatory or other changes, including our own investment in innovation, product development, business process optimization and regulatory compliance.
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.
For further information, refer to the risk factor titled “Political, geopolitical and economic conditions and developments could adversely State Street Corporation | 26 affect us, particularly if we face increased uncertainty and unpredictability in managing our businesses.” Further, we hold a portfolio of U.S. state and municipal bonds, the value of which may be affected by the budget deficits that a number of states and municipalities currently face, resulting in risks associated with this portfolio. • Effects of market conditions.
No longer disclosed
For example, we recorded goodwill and intangible assets of approximately $2.46 billion associated with our acquisition of CRD in 2018.
For example, as previously disclosed in early 2021, due to a decision to diversify providers, one of our large asset servicing clients is moving a significant portion of its ETF assets currently with State Street to one or more other providers.
Additional attention or publicity associated with our asset management business due to this debate may result in additional scrutiny of, and litigation or regulatory enforcement regarding, those or other of our asset management activities or our corporate, Investment Servicing or other activities, practices or programs.
The 2023 Basel III Endgame Proposal would, among other things, eliminate the current Basel III rule’s advanced approaches and effectively replace it with the expanded risk-based approach, which more heavily relies on standardized methodologies.
The 2023 Basel III Endgame Proposal would introduce the expanded risk-based approach, reflecting new RWA methodologies that generally align with changes to the global Basel Accord adopted by the BCBS.
Resolution Planning We are required to periodically submit a plan for rapid and orderly resolution in the event of material financial distress or failure commonly referred to as a resolution plan or a living will to the Federal Reserve and the FDIC under Section 165(d) of the Dodd-Frank Act.
Prior to the commencement of the transition of assets, we estimated that the financial impact of this transition represented approximately 1.9% of our 2021 total fee revenue.
State Street Corporation | 36 Additional information is provided under “Supervision and Regulation” in Business in this Form 10-K.
Economic conditions across the world face continued uncertainty due to, among other things, elevated geopolitical risks in multiple regions, including Ukraine, Israel and the Middle East, among others, an uncertain monetary policy environment, and slowing growth and heightened volatility in key emerging markets.
Given the scope of our global operations, economic or market uncertainty, volatility, illiquidity or disruption resulting from these and related factors could have a material adverse impact on our consolidated results of operations or financial condition, with a greater relative impact as compared to our peers.
For further information, refer to the risk factor titled “We have significant global operations and clients, that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies”.
Further, we hold a portfolio of U.S. state and municipal bonds, the value of which may be affected by the budget deficits that a number of states and municipalities currently face, resulting in risks associated with this portfolio. • Effects of market conditions.