State Street Announces Incremental Increase of up to $500 Million to Existing Common Share Repurchases in the Fourth Quarter

State Street Corporation (NYSE: STT) today announced an incremental increase of up to $500 million to its previously announced fourth quarter common stock share repurchases under the current repurchase authorization previously approved by the company’s Board of Directors that expires at the end of 2022. This amount is in addition to the recently completed fourth quarter common share repurchases of $1.0 billion. The company now intends to repurchase up to a total of $1.5 billion of its common stock in the fourth quarter of 2022.

“Our plans for additional common share repurchases of up to $500 million in the fourth quarter of 2022, coupled with the recently completed repurchases of $1.0 billion earlier this quarter, underscores the strength of the firm’s capital position and our confidence in our organic growth trajectory. We recognize the priority our shareholders place on capital return, and we continue to expect to use dividends and share repurchases to return significantly more capital than our medium term target payout of 80% of earnings in 2023,” said Chairman and Chief Executive Officer Ron O’Hanley.

Stock purchases under State Street’s common share repurchase program may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be ratable over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and financial performance, investment opportunities, market conditions, the nature and timing of implementation of revisions to the Basel III framework and the amount of common stock issued as part of employee compensation programs. The common share repurchase program does not have specific price targets and may be suspended at any time. The continuing of State Street’s common share repurchase program in 2023, and all dividends on State Street’s common stock, are subject to approval by State Street’s Board of Directors.

About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $35.7 trillion in assets under custody and/or administration and $3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide. For more information, visit State Street's website at www.statestreet.com.