STATE STREET CORP, 10-K filed on 2/16/2023
Annual Report
v3.22.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Jan. 31, 2023
Jun. 30, 2022
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-07511    
Entity Registrant Name STATE STREET CORPORATION    
Entity Incorporation, State or Country Code MA    
Entity Tax Identification Number 04-2456637    
Entity Address, Address Line One One Lincoln Street    
Entity Address, City or Town Boston,    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 02111    
City Area Code (617)    
Local Phone Number 786-3000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 22,620
Entity Common Stock, Shares Outstanding   344,478,611  
Documents Incorporated by Reference
Portions of the following documents are incorporated by reference into Parts of this Report on Form 10-K, to the extent noted in such Parts, as indicated below:
(1) The registrant’s definitive Proxy Statement for the 2023 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A on or before May 1, 2023 (Part III).
    
Entity Central Index Key 0000093751    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, $1 par value per share    
Trading Symbol STT    
Security Exchange Name NYSE    
Series D Preferred Stock, Depository Share      
Entity Information [Line Items]      
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, without par value per share    
Trading Symbol STT.PRD    
Security Exchange Name NYSE    
Series G Preferred Stock, Depository Share      
Entity Information [Line Items]      
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share    
Trading Symbol STT.PRG    
Security Exchange Name NYSE    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Auditor Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Firm ID 42
Auditor Location Boston, Massachusetts
v3.22.4
Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fee revenue:      
Servicing fees $ 5,087 $ 5,531 $ 5,157
Management fees 1,939 2,053 1,880
Foreign exchange trading services 1,376 1,211 1,363
Securities finance 416 416 356
Software and processing fees 789 738 685
Other fee revenue (1) 63 58
Total fee revenue 9,606 10,012 9,499
Net interest income:      
Interest income 4,088 1,908 2,575
Interest expense 1,544 3 375
Net interest income 2,544 1,905 2,200
Other income:      
Gains (losses) from sales of available-for-sale securities, net (2) 57 4
Other income 0 53 0
Total other income (2) 110 4
Total revenue 12,148 12,027 11,703
Provision for credit losses 20 (33) 88
Expenses:      
Compensation and employee benefits 4,428 4,554 4,450
Information systems and communications 1,630 1,661 1,550
Transaction processing services 971 1,024 978
Occupancy 394 444 489
Acquisition and restructuring costs 65 65 50
Amortization of other intangible assets 238 245 234
Other 1,075 896 965
Total expenses 8,801 8,889 8,716
Income before income tax expense 3,327 3,171 2,899
Income tax expense 553 478 479
Net income 2,774 2,693 2,420
Net Income (Loss) Available to Common Stockholders, Diluted 2,660 2,572 2,257
Net Income (Loss) Available to Common Stockholders, Basic $ 2,660 $ 2,572 $ 2,257
Earnings per common share:      
Basic (in USD per share) $ 7.28 $ 7.30 $ 6.40
Diluted (in USD per share) $ 7.19 $ 7.19 $ 6.32
Average common shares outstanding (in thousands):      
Basic (in shares) 365,214 352,565 352,865
Diluted (in shares) 370,109 357,962 357,106
Cash dividends declared (in USD per share) $ 2.40 $ 2.18 $ 2.08
v3.22.4
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income $ 2,774 $ 2,693 $ 2,420
Other comprehensive income (loss), net of related taxes:      
Foreign currency translation, net of related taxes of $47, $86 and ($40), respectively (441) (413) 488
Net unrealized gains (losses) on investment securities, net of reclassification adjustment and net of related taxes of ($650), ($338) and $166, respectively (1,767) (896) 439
Net unrealized gains (losses) on cash flow hedges, net of related taxes of ($133), ($24) and $46, respectively (357) (59) 127
Net unrealized gains (losses) on retirement plans, net of related taxes of ($1), $16 and $3, respectively (13) 48 9
Other comprehensive income (loss) (2,578) (1,320) 1,063
Total comprehensive income $ 196 $ 1,373 $ 3,483
v3.22.4
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Foreign currency translation, Taxes $ 47 $ 86 $ (40)
Change in net unrealized gains (losses) on available-for-sale securities, Taxes (650) (338) 166
Change in net unrealized gains (losses) on cash flow hedges, Taxes (133) (24) 46
Change in unrealized gains (losses) on retirement plans, Taxes $ (1) $ 16 $ 3
v3.22.4
Consolidated Statement of Condition - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Assets:    
Cash and due from banks $ 3,970 $ 3,631
Interest-bearing deposits with banks 101,593 106,358
Securities purchased under resale agreements 5,215 3,012
Trading account assets 650 758
Investment securities available-for-sale (less allowance for credit losses of $2 and $2) 40,579 73,399
Investment securities held-to-maturity (less allowance for credit losses of $0 and $0) (fair value of $57,913 and $42,271) 64,700 42,430
Loans (less allowance for credit losses on loans of $97 and $87) 32,053 32,445
Premises and equipment (net of accumulated depreciation of $5,745 and $5,391) 2,315 2,261
Accrued interest and fees receivable 3,434 3,278
Goodwill 7,495 7,621
Other intangible assets 1,544 1,816
Other assets 37,902 37,615
Total assets 301,450 314,624
Deposits:    
Non-interest-bearing 46,755 56,461
Interest-bearing - U.S. 111,384 102,985
Interest-bearing - non-U.S. 77,325 95,589
Total deposits 235,464 255,035
Securities sold under repurchase agreements 1,177 1,575
Short-term borrowings 2,097 128
Accrued expenses and other liabilities 22,525 17,048
Long-term debt 14,996 13,475
Total liabilities 276,259 287,261
Commitments, guarantees and contingencies (Notes 12 and 13)
Shareholders’ equity:    
Common stock, $1 par, 750,000,000 shares authorized: 503,879,642 and 503,879,642 shares issued, and 357,389,416 and 379,946,724 shares outstanding 504 504
Surplus 10,730 10,787
Retained earnings 27,028 25,238
Accumulated other comprehensive income (loss) (3,711) (1,133)
Treasury stock, at cost (154,855,475 and 137,896,822 shares) (11,336) (10,009)
Total shareholders’ equity 25,191 27,363
Total liabilities and shareholders' equity 301,450 314,624
Series D Preferred Stock    
Shareholders’ equity:    
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, Series E, 7,500 shares issued and outstanding, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding 742 742
Series F Preferred Stock    
Shareholders’ equity:    
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, Series E, 7,500 shares issued and outstanding, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding 247 247
Series G Preferred Stock    
Shareholders’ equity:    
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, Series E, 7,500 shares issued and outstanding, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding 493 493
Series H Preferred Stock    
Shareholders’ equity:    
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, Series E, 7,500 shares issued and outstanding, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding $ 494 $ 494
v3.22.4
Consolidated Statement of Condition (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Assets, Current [Abstract]    
Debt securities, AFS, allowance $ 2 $ 2
Debt securities, HTM, allowance 0 0
Allowance for credit losses 97 87
Investment securities held-to-maturity 57,913 42,271
Accumulated depreciation $ 5,745 $ 5,391
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, no par value (in USD per share) $ 0  
Preferred stock authorized (in shares) 3,500,000  
Common stock, par value (in USD per share) $ 1  
Common stock, shares authorized (in shares) 750,000,000  
Common stock, shares issued (in shares) 503,879,642 503,879,642
Common stock, shares outstanding (in shares) 349,024,167 365,982,820
Treasury stock, shares (in shares) 154,855,475 137,896,822
Other assets $ 37,902 $ 37,615
Series D Preferred Stock    
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, shares issued (in shares) 7,500  
Preferred stock, shares outstanding (in shares) 7,500  
Series F Preferred Stock    
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, shares issued (in shares) 2,500  
Preferred stock, shares outstanding (in shares) 2,500  
Series G Preferred Stock    
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, shares issued (in shares) 5,000  
Preferred stock, shares outstanding (in shares) 5,000  
Series H Preferred Stock    
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, shares issued (in shares) 5,000  
Preferred stock, shares outstanding (in shares) 5,000  
v3.22.4
Consolidated Statement of Changes in Shareholders' Equity - USD ($)
shares in Thousands, $ in Millions
Total
Preferred Stock
Common Stock
Surplus
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance at Dec. 31, 2019 $ 24,431 $ 2,962 $ 504 $ 10,132 $ 21,918 $ (876) $ (10,209)
Beginning balance ( in shares) at Dec. 31, 2019     503,880        
Treasury stock, beginning balance (in shares) at Dec. 31, 2019             146,490
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 2,420       2,420    
Other comprehensive income (loss) 1,063         1,063  
Preferred stock redeemed (500) (491)     (9)    
Common stock dividends (734)       (734)    
Preferred stock cash dividend (152)       (152)    
Common stock acquired (in shares)             6,464
Common stock acquired (500)           $ (500)
Common stock awards exercised (in shares)             (2,233)
Common stock awards exercised 172     72     $ 100
Other (in shares)             2
Other 0     1 (1)   $ 0
Ending balance at Dec. 31, 2020 26,200 2,471 $ 504 10,205 23,442 187 $ (10,609)
Ending balance (in shares) at Dec. 31, 2020     503,880        
Treasury stock, ending balance (in shares) at Dec. 31, 2020             150,723
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 2,693       2,693    
Other comprehensive income (loss) (1,320)         (1,320)  
Common stock issued (in shares)             (21,724)
Common stock issued 1,900     516     $ 1,384
Preferred stock redeemed (500) (495)     (5)    
Common stock dividends (779)       (779)    
Preferred stock cash dividend (114)       (114)    
Common stock acquired (in shares)             11,250
Common stock acquired (900)           $ (900)
Common stock awards exercised (in shares)             (2,350)
Common stock awards exercised 164     48     $ 116
Other (in shares)             (2)
Other 19     18 1   $ 0
Ending balance at Dec. 31, 2021 27,363 1,976 $ 504 10,787 25,238 (1,133) $ (10,009)
Ending balance (in shares) at Dec. 31, 2021     503,880        
Treasury stock, ending balance (in shares) at Dec. 31, 2021             137,897
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 2,774       2,774    
Other comprehensive income (loss) (2,578)         (2,578)  
Common stock dividends (871)       (871)  
Preferred stock cash dividend (112)       (112)    
Common stock acquired (in shares)             19,524
Common stock acquired (1,500)           $ (1,500)
Common stock awards exercised (in shares)             (2,565)
Common stock awards exercised 129     (43)     $ 172
Other (in shares)             (1)
Other (14)     (14) (1)   $ 1
Ending balance at Dec. 31, 2022 $ 25,191 $ 1,976 $ 504 $ 10,730 $ 27,028 $ (3,711) $ (11,336)
Ending balance (in shares) at Dec. 31, 2022     503,880        
Treasury stock, ending balance (in shares) at Dec. 31, 2022             154,855
v3.22.4
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]      
Cash dividends declared (in USD per share) $ 2.40 $ 2.18 $ 2.08
v3.22.4
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net income $ 2,774 $ 2,693 $ 2,420
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax (benefit) (62) (162) (194)
Amortization of other intangible assets 238 245 234
Other non-cash adjustments for depreciation, amortization and accretion, net 918 1,312 1,276
Losses (gains) related to investment securities, net 2 (57) (4)
Provision for credit losses 20 (33) 88
Change in trading account assets, net 108 57 99
Change in accrued interest and fees receivable, net (156) (173) 127
Change in collateral deposits, net 7,821 (7,662) (2,951)
Change in unrealized losses (gains) on foreign exchange derivatives, net (1,125) (3,448) 3,652
Change in other assets, net 421 691 (1,406)
Change in accrued expenses and other liabilities, net 557 (574) (170)
Other, net 438 401 361
Net cash provided by (used in) operating activities 11,954 (6,710) 3,532
Investing Activities:      
Net decrease (increase) in interest-bearing deposits with banks 4,765 10,602 (47,995)
Net (increase) decrease in securities purchased under resale agreements (2,203) 94 (1,619)
Proceeds from sales of available-for-sale securities 4,590 12,822 2,645
Proceeds from maturities of available-for-sale securities 17,254 23,484 23,644
Purchases of available-for-sale securities (18,029) (53,750) (37,873)
Purchases of held-to-maturity securities under the MMLF program 0 0 (29,242)
Proceeds from maturities of held-to-maturity securities under the MMLF program 0 3,299 25,984
Proceeds from maturities of held-to-maturity securities 9,817 15,586 15,179
Purchases of held-to-maturity securities (8,564) (8,583) (13,981)
Sale of loans 1,786 172 324
Net (increase) in loans (1,667) (4,779) (1,939)
Business acquisitions, net of cash acquired 0 (346) 0
Divestitures 0 13 0
Purchases of equity investments and other long-term assets (250) (216) (1,436)
Purchases of premises and equipment, net (734) (811) (560)
Other, net 51 241 1,335
Net cash provided by (used in) investing activities 6,816 (2,172) (65,534)
Financing Activities:      
Net increase (decrease) in time deposits 1,673 (363) (33,466)
Net (decrease) increase in all other deposits (21,244) 15,611 91,391
Net (decrease) increase in securities sold under repurchase agreements (398) (1,838) 2,311
Net (decrease) increase in short-term borrowings under money market liquidity facility 0 (3,302) 3,302
Net increase (decrease) in other short-term borrowings 1,969 (557) (154)
Proceeds from issuance of long-term debt, net of issuance costs 3,731 1,343 2,489
Payments for long-term debt and obligations under finance leases (1,567) (1,443) (1,724)
Payments for redemption of preferred stock 0 (500) (500)
Proceeds from issuance of common stock, net of issuance costs 0 1,900 0
Repurchases of common stock (1,500) (900) (515)
Repurchases of common stock for employee tax withholding (123) (39) (78)
Payments for cash dividends (972) (866) (889)
Net cash (used in) provided by financing activities (18,431) 9,046 62,167
Net increase 339 164 165
Cash and due from banks at beginning of period 3,631 3,467 3,302
Cash and due from banks at end of period 3,970 3,631 3,467
Supplemental disclosure:      
Interest paid 1,354 37 375
Income taxes paid, net $ 436 $ 559 $ 403
v3.22.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accounting and financial reporting policies of State Street Corporation conform to U.S. GAAP. State Street Corporation, 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, including our principal banking subsidiary, State Street Bank.
We have two lines of business:
Investment Servicing, through State Street Investment Services, State Street Global MarketsSM, State Street Alpha, and State Street Digital, we provide investment services for institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, investment managers, foundations and endowments worldwide. Products under the Investment Servicing line of business include: back office products such as custody, accounting, regulatory reporting, investor services, performance and analytics; middle office products such as IBOR, transaction management, loans, cash, derivatives and collateral services, record keeping, client reporting and investment analytics; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk and compliance analytics; and financial data management to support institutional investors.
Investment Management, provides a broad range of investment management strategies and products for our clients through State Street Global Advisors. Our investment management strategies and products for equity, fixed income and cash assets, including core and enhanced indexing, multi-asset strategies, active quantitative and fundamental active capabilities and alternative investment strategies span the risk/reward spectrum of these investment products. In addition, we provide a breadth of services and solutions, including ESG investing, defined benefit and defined contribution products, and Global Fiduciary Solutions. State Street Global Advisors is also a provider of ETFs, including the SPDR® ETF brand.
Consolidation
Our consolidated financial statements include the accounts of the Parent Company and its majority-
and wholly-owned and otherwise controlled subsidiaries, including State Street Bank. All material inter-company transactions and balances have been eliminated. Certain previously reported amounts have been reclassified to conform to current-year presentation.
We consolidate subsidiaries in which we exercise control. Investments in unconsolidated subsidiaries, recorded in other assets, generally are accounted for under the equity method of accounting if we have the ability to exercise significant influence over the operations of the investee. For investments accounted for under the equity method, our share of income or loss is recorded in other fee revenue in our consolidated statement of income. Investments not meeting the criteria for equity-method treatment are measured at fair value through earnings, except for investments where a fair market value is not readily available, which are accounted for under the cost method of accounting.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates.
Foreign Currency Translation
The assets and liabilities of our operations with functional currencies other than the U.S. dollar are translated at month-end exchange rates, and revenue and expenses are translated at rates that approximate average monthly exchange rates. Gains or losses from the translation of the net assets of subsidiaries with functional currencies other than the U.S. dollar, net of related taxes, are recorded in AOCI, a component of shareholders’ equity.
Cash and Cash Equivalents
For purposes of the consolidated statement of cash flows, cash and cash equivalents are defined as cash and due from banks.
Sanctions programs or government intervention may inhibit our ability to access cash and due from banks in certain accounts. For example, as of December 31, 2022, we held such accounts in Russia, inclusive of $767 million with our subcustodian, which is an affiliate of a large multinational bank, and with western European-based clearing agencies, for a total of approximately $1.3 billion. Cash and due from banks is evaluated as part of our allowance for credits losses.
Interest-Bearing Deposits with Banks
Interest-bearing deposits with banks generally consist of highly liquid, short-term investments maintained at the Federal Reserve Bank and other non-U.S. central banks with original maturities at the time of purchase of one month or less.
Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements
Securities purchased under resale agreements and sold under repurchase agreements are accounted for as collateralized financing transactions, and are recorded in our consolidated statement of condition at the amounts at which the securities will be subsequently resold or repurchased, plus accrued interest. Our policy is to take possession or control of securities underlying resale agreements either directly or through agent banks, allowing borrowers the right of collateral substitution and/or short-notice termination. We revalue these securities daily to determine if additional collateral is necessary from the borrower to protect us against credit exposure. We can use these securities as collateral for repurchase agreements.
For securities sold under repurchase agreements collateralized by our investment securities portfolio, the dollar value of the securities remains in investment securities in our consolidated statement of condition. Where a master netting agreement exists or when both parties are members of a common clearing organization, resale and repurchase agreements are recorded on a net basis when specific netting criteria are met.
Fee and Net Interest Income
The majority of fees from investment servicing, investment management, securities finance, trading services and certain types of software and processing
fees are recorded in our consolidated statement of income based on the consideration specified in contracts with our customers, and excludes taxes collected from customers subsequently remitted to governmental authorities. We recognize revenue as the services are performed or at a point in time depending on the nature of the services provided. Payments made to third party service providers are generally recognized on a gross basis when we control those services and are deemed to be the principal. Additional information about revenue from contracts with customers is provided in Note 25.
Interest income on interest-earning assets and interest expense on interest-bearing liabilities are recorded in our consolidated statement of income as components of NII, and are generally based on the effective yield of the related financial asset or liability.
Other Significant Policies
The following table identifies our other significant accounting policies and the note and page where a detailed description of each policy can be found:
Fair ValueNote2Page
Investment SecuritiesNote3Page
Loans and Allowance for Credit LossesNote4Page
Goodwill and Other Intangible AssetsNote5Page
Derivative Financial InstrumentsNote10Page
Offsetting ArrangementsNote11Page
ContingenciesNote13Page
Variable Interest EntitiesNote14Page
Equity-Based CompensationNote18Page
Income TaxesNote22Page
Earnings Per Common ShareNote23Page
Revenue from Contracts with CustomersNote25Page
Recent Accounting Developments
In March 2022, the SEC staff released Staff Accounting Bulletin No. 121 (SAB 121). SAB 121 expresses the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets. The guidance requires an entity that has obligations to safeguard crypto-assets held for their platform users to recognize a liability on its balance sheet, along with a corresponding asset, and provides extensive disclosures on the nature and amount of crypto-assets under custody. This guidance was adopted in the second quarter of 2022 and had no financial statement impact. We continue to evaluate the potential impact of the guidance on State Street Digital products and services currently in development.
We did not adopt any other new accounting standards in 2022 that had a material impact to our financial statements.
Relevant standards that were recently issued but not yet adopted as of December 31, 2022
StandardDescriptionDate of Adoption
Effects on the financial statements or other significant matters
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
The standard addresses two topics: 1) eliminates the accounting guidance for TDRs, now requiring an entity to determine whether a modification results in a new loan or a continuation of an existing loan, as well as expanding disclosures related to modifications and 2) requires disclosure of current period gross write-offs of financing receivables within the vintage disclosures table.
January 1, 2023
We have adopted the new standard as of January 1, 2023. There are no material impacts as a result of the adoption.
ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method
The standard makes targeted amendments to 1) expand the existing last-of-layer method to allow multiple hedging layers of a single closed portfolio (now renamed portfolio layer method), 2) expand the scope of the portfolio layer method to include nonprepayable financial assets, 3) clarify which hedging instruments are eligible for designation in a portfolio layer hedge, 4) provide additional guidance on the accounting for, and disclosure of, hedge basis adjustments that are applicable to the portfolio layer method and 5) define how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio.
January 1, 2023
We have adopted the new standard as of January 1, 2023. There are no material impacts as a result of the adoption.
Additionally, we continue to evaluate other accounting standards that were recently issued, but not yet adopted as of December 31, 2022; none are expected to have a material impact to our financial statements.
v3.22.4
Fair Value
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Fair Value Measurements
We carry trading account assets and liabilities, AFS debt securities, certain equity securities and various types of derivative financial instruments, at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of AOCI within shareholders' equity in our consolidated statement of condition.
We measure fair value for the above-described financial assets and liabilities in conformity with U.S. GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of U.S. GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to valuation methods using significant unobservable inputs (level 3). 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. Management's 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 of the valuation hierarchy are described below.
Level 1. Financial assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market. Our level 1 financial assets and liabilities primarily include positions in U.S. government securities and highly liquid U.S. and non-U.S. government fixed-income securities. Our level 1 financial assets also include actively traded exchange- traded equity securities.
Level 2. 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. Level 2 inputs include the following:
▪Quoted prices for similar assets or liabilities in active markets;
▪Quoted prices for identical or similar assets or liabilities in non-active markets;
▪Pricing models whose inputs are observable for substantially the full term of the asset or liability; and
▪Pricing models whose inputs are derived principally from, or corroborated by, observable market information through correlation or other means for substantially the full term of the asset or liability.
Our level 2 financial assets and liabilities primarily include non-U.S. debt securities carried in trading account assets and various types of fixed-income AFS investment securities, as well as various types of foreign exchange and interest rate derivative instruments.
Fair value for our AFS investment securities categorized in level 2 is measured primarily using information obtained from independent third parties. This third-party information is subject to review by management as part of a validation process, which includes obtaining an understanding of the underlying assumptions and the level of market participant information used to support those assumptions. In addition, management compares significant assumptions used by third parties to available market information. Such information may include known trades or, to the extent that trading activity is limited, comparisons to market research information pertaining to credit expectations, execution prices and the timing of cash flows and, where information is available, back- testing.
Derivative instruments categorized in level 2 predominantly represent foreign exchange contracts used in our trading activities, for which fair value is measured using discounted cash-flow techniques, with inputs consisting of observable spot and forward points, as well as observable interest rate curves. With respect to derivative instruments, we evaluate the impact on valuation of the credit risk of our counterparties. We consider factors such as the likelihood of default by our counterparties, our current and potential future net exposures and remaining maturities in determining the fair value. Valuation adjustments associated with derivative instruments were not material to those instruments for the years ended December 31, 2022 and 2021.
Level 3. Financial assets and liabilities with values based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall measurement of fair value. These inputs reflect management's judgment about the assumptions that a market participant would use in pricing the financial asset or liability, and are based on the best available information, some of which may be internally developed. The following provides a more detailed discussion of our financial assets and liabilities that we may categorize in level 3 and the related valuation methodology.
•The fair value of our investment securities categorized in level 3 is measured using information obtained from third-party sources, typically non-binding broker/dealer quotes, or through the use of internally-developed pricing models. Management has evaluated its methodologies used to measure fair value and has considered the level of observable market information to be insufficient to categorize the securities in level 2.
•The fair value of certain foreign exchange contracts, primarily options, is measured using an option-pricing model. Because of a limited number of observable transactions, certain model inputs are not observable, such as implied volatility surface, but are derived from observable market information.
Our level 3 financial assets and liabilities are similar in structure and profile to our level 1 and level 2 financial instruments, but they trade in less liquid markets, and the measurement of their fair value is therefore less observable.
The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated:
Fair Value Measurements on a Recurring Basis
As of December 31, 2022
(In millions)Quoted Market
Prices in Active
Markets
(Level 1)		Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)		Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$40 $— $— $40 
Non-U.S. government securities— 142 — 142 
Other— 468 — 468 
Total trading account assets40 610 — 650 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations7,981 — — 7,981 
Mortgage-backed securities— 8,509 — 8,509 
Total U.S. Treasury and federal agencies7,981 8,509 — 16,490 
Non-U.S. debt securities:
Mortgage-backed securities— 1,623 — 1,623 
Asset-backed securities— 1,669 — 1,669 
Non-U.S. sovereign, supranational and non-U.S. agency— 14,089 — 14,089 
Other— 2,091 — 2,091 
Total non-U.S. debt securities— 19,472 — 19,472 
Asset-backed securities:
Student loans— 115 — 115 
Collateralized loan obligations— 2,355 — 2,355 
Non-agency CMBS and RMBS(2)
— 231 — 231 
Other— 88 — 88 
Total asset-backed securities— 2,789 — 2,789 
State and political subdivisions— 823 — 823 
Other U.S. debt securities— 1,005 — 1,005 
Total available-for-sale investment securities7,981 32,598 — 40,579 
Other assets:
Derivative instruments:
Foreign exchange contracts9 26,173 4 $(18,522)7,664 
Interest rate contracts— — — — — 
Total derivative instruments9 26,173 4 (18,522)7,664 
Other6 600 — — 606 
Total assets carried at fair value$8,036 $59,981 $4 $(18,522)$49,499 
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts$2 $25,745 $2 $(17,951)$7,798 
Interest rate contracts1 — — — 1 
Other derivative contracts— 216 — — 216 
Total derivative instruments3 25,961 2 (17,951)8,015 
Total liabilities carried at fair value$3 $25,961 $2 $(17,951)$8,015 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $3.30 billion and $2.73 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
Fair Value Measurements on a Recurring Basis
As of December 31, 2021
(In millions)
Quoted Market
Prices in Active
Markets
(Level 1)
Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)
Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$39 $— $— $39 
Non-U.S. government securities— 134 — 134 
Other— 585 — 585 
Total trading account assets39 719 — 758 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations17,939 — — 17,939 
Mortgage-backed securities— 18,208 — 18,208 
Total U.S. Treasury and federal agencies17,939 18,208 — 36,147 
Non-U.S. debt securities:
Mortgage-backed securities— 1,995 — 1,995 
Asset-backed securities— 2,087 — 2,087 
Non-U.S. sovereign, supranational and non-U.S. agency— 23,547 — 23,547 
Other— 3,098 — 3,098 
Total non-U.S. debt securities— 30,727 — 30,727 
Asset-backed securities:
Student loans— 211 — 211 
Collateralized loan obligations— 2,155 — 2,155 
Non-agency CMBS and RMBS(2)
— 52 — 52 
Other— 91 — 91 
Total asset-backed securities— 2,509 — 2,509 
State and political subdivisions— 1,272 — 1,272 
Other U.S. debt securities— 2,744 — 2,744 
Total available-for-sale investment securities17,939 55,460 — 73,399 
Other assets:
Derivative instruments:
Foreign exchange contracts2 15,183 — $(11,079)4,106 
Interest rate contracts2 — — — 2 
Total derivative instruments4 15,183 — (11,079)4,108 
Other
— 667 — — 667 
Total assets carried at fair value$17,982 $72,029 $— $(11,079)$78,932 
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
Derivative instruments:
Foreign exchange contracts$1 $15,824 $— $(10,395)$5,430 
Interest rate contracts— — — — — 
Other derivative contracts— 301 — — 301 
Total derivative instruments1 16,125 — (10,395)5,731 
Total liabilities carried at fair value$1 $16,125 $— $(10,395)$5,731 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.97 billion and $1.28 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
The following tables present activity related to our level 3 financial assets during the years ended December 31, 2022 and 2021, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. There were no transfers into or out of level 3 during the year ended December 31, 2022. During the year ended December 31, 2021, transfers into level 3 were primarily related to collateralized loan obligations and a U.S. corporate bond, for which fair value was measured using information obtained from third party sources, including non-binding broker/dealer quotes. During the year ended December 31, 2021, transfers out of level 3 were mainly related to collateralized loan obligations, certain non-U.S. debt securities and a U.S. corporate bond, for which fair value was measured using prices based on observable market information.
Fair Value Measurements Using Significant Unobservable Inputs
 Year Ended December 31, 2022
 Fair Value as of
December 31,
2021		Total Realized and
Unrealized Gains (Losses)		PurchasesSalesSettlementsTransfers into
Level 3		Transfers
out of Level 3
Fair Value 
as of December 31, 2022(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
December 31, 2022
(In millions)
Recorded in Revenue(1)
Recorded in Other Comprehensive Income
Assets:
Derivative instruments:
Foreign exchange contracts$— $(1)$— $5 $— $— $— $— $4 $— 
Total derivative instruments— (1)— 5 — — — — 4 — 
Total assets carried at fair value$— $(1)$— $5 $— $— $— $— $4 $— 
(1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.

Fair Value Measurements Using Significant Unobservable Inputs
 Year Ended December 31, 2021
 Fair Value
as of
December 31,
2020
Total Realized and
Unrealized Gains (Losses)
PurchasesSalesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3
Fair Value 
as of December 31, 2021(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
December 31, 2021
(In millions)
Recorded
in
Revenue(1)
Recorded
in Other
Comprehensive
Income
Assets:
Available-for-sale Investment securities:
Asset-backed securities:
Collateralized loan obligations$14 $— $— $106 $— $— $— $(120)$— 
Total asset-backed securities14 — — 106 — — — (120)— 
Other U.S. debt securities— — — — — — 15 (15)— 
Total available-for-sale investment securities14 — — 106 — — 15 (135)— 
Other assets:
Derivative instruments:
Foreign exchange contracts2 (3)— 1 — — — — — $(1)
Total derivative instruments2 (3)— 1 — — — — — (1)
Total assets carried at fair value$16 $(3)$— $107 $— $— $15 $(135)$— $(1)
(1) Total realized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level 3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level 3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker/dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer.
Quantitative Information about Level 3 Fair Value Measurements
Fair ValueRangeWeighted-Average
(Dollars in millions)As of December 31, 2022As of December 31, 2021Valuation Technique
Significant Unobservable Input(1)
As of December 31, 2022As of December 31, 2022As of December 31, 2021
Significant unobservable inputs readily available to State Street:
Assets:
Derivative Instruments, foreign exchange contracts$4 $— Option modelVolatility7.3%-19.2%11.4 %15.2 %
Total$4 $— 
Liabilities:
Derivative instruments, foreign exchange contracts$2 $— Option modelVolatility8.1%-19.2%9.8 %14.7 %
Total$2 $— 
(1) Significant changes in these unobservable inputs may result in significant changes in fair value measurement of the derivative instrument.
Financial Instruments Not Carried at Fair Value
Estimates of fair value for financial instruments not carried at fair value in our consolidated statement of condition are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information. Disclosure of fair value estimates is not required by U.S. GAAP for certain items, such as lease financing, equity- method investments, obligations for pension and other post-retirement plans, premises and equipment, other intangible assets and income-tax assets and liabilities. Accordingly, aggregate fair-value estimates presented do not purport to represent, and should not be considered representative of, our underlying “market” or franchise value. In addition, because of potential differences in methodologies and assumptions used to estimate fair values, our estimates of fair value should not be compared to those of other financial institutions.
We use the following methods to estimate the fair values of our financial instruments:
•For financial instruments that have quoted market prices, those quoted prices are used to estimate fair value;
•For financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, we assume that the fair value of these instruments approximates their reported value, after taking into consideration any applicable credit risk; and
•For financial instruments for which no quoted market prices are available, fair value is estimated using information obtained from independent third parties, or by discounting the expected cash flows using an estimated current market interest rate for the financial instrument.
The generally short duration of certain of our assets and liabilities results in a significant number of financial instruments for which fair value equals or closely approximates the amount recorded in our consolidated statement of condition. These financial instruments are reported in the following captions in our consolidated statement of condition: cash and due from banks; interest-bearing deposits with banks; securities purchased under resale agreements; accrued interest and fees receivable; deposits; securities sold under repurchase agreements; and other short-term borrowings.
In addition, due to the relatively short duration of certain of our loans, we consider fair value for these loans to approximate their reported value. The fair value of other types of loans, such as leveraged loans, commercial real estate loans, purchased receivables and municipal loans is estimated using information obtained from independent third parties or by discounting expected future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings for the same remaining maturities. Commitments to lend have no reported value because their terms are at prevailing market rates.
The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value, as they would be categorized within the fair value hierarchy, as of the dates indicated:
 
Fair Value Hierarchy
(In millions)
Reported Amount 
Estimated Fair Value
Quoted Market Prices in Active Markets (Level 1)
Pricing Methods with Significant Observable Market Inputs (Level 2) 
Pricing Methods with Significant Unobservable Market Inputs (Level 3)
December 31, 2022
Financial Assets:    
Cash and due from banks$3,970 $3,970 $3,970 $— $— 
Interest-bearing deposits with banks101,593 101,593 — 101,593 — 
Securities purchased under resale agreements5,215 5,215 — 5,215 — 
Investment securities held-to-maturity64,700 57,913 11,336 46,577 — 
Net loans(1)
32,053 31,794 — 29,679 2,115 
Other(2)
3,626 3,626 — 3,626 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$46,755 $46,755 $— $46,755 $— 
   Interest-bearing - U.S.111,384 111,384 — 111,384 — 
   Interest-bearing - non-U.S.77,325 77,325 — 77,325 — 
Securities sold under repurchase agreements1,177 1,177 — 1,177 — 
Other short-term borrowings2,097 2,097 — 2,097 — 
Long-term debt14,996 14,273 — 14,102 171 
Other(2)
3,626 3,626 — 3,626 — 
(1) Includes $5 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2022.
(2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge.
Fair Value Hierarchy
(In millions)
Reported Amount 
Estimated Fair Value
Quoted Market Prices in Active Markets (Level 1)
Pricing Methods with Significant Observable Market Inputs (Level 2) 
Pricing Methods with Significant Unobservable Market Inputs (Level 3)
December 31, 2021
Financial Assets:
Cash and due from banks$3,631 $3,631 $3,631 $— $— 
Interest-bearing deposits with banks106,358 106,358 — 106,358 — 
Securities purchased under resale agreements3,012 3,012 — 3,012 — 
Investment securities held-to-maturity42,430 42,271 2,160 40,111 — 
Net loans(1)
32,445 32,528 — 29,862 2,666 
Other(2)
1 1 — 1 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$56,461 $56,461 $— $56,461 $— 
   Interest-bearing - U.S.102,985 102,985 — 102,985 — 
   Interest-bearing - non-U.S.95,589 95,589 — 95,589 — 
Securities sold under repurchase agreements1,575 1,575 — 1,575 — 
Other short-term borrowings128 128 — 128 — 
Long-term debt13,475 13,552 — 13,385 167 
Other(2)
1 1 — 1 — 
1) Includes $8 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2021.
(2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge.
v3.22.4
Investment Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Investment securities held by us are classified as either trading account assets, AFS, HTM or equity securities held at fair value at the time of purchase and reassessed periodically, based on management’s intent.
Generally, trading assets are debt and equity securities purchased in connection with our trading activities and, as such, are expected to be sold in the near term. Our trading activities typically involve active and frequent buying and selling with the objective of generating profits on short-term movements. AFS investment securities are those securities that we intend to hold for an indefinite period of time. AFS investment securities include securities utilized as part of our asset and liability management activities that may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. HTM securities are debt securities that management has the intent and the ability to hold to maturity.
Trading assets are carried at fair value. Both realized and unrealized gains and losses on trading assets are recorded in other fee revenue in our consolidated statement of income. AFS securities are carried at fair value, with any allowance for credit losses recorded through the consolidated statement of income and after-tax net unrealized gains and losses are recorded in AOCI. Gains or losses realized on sales of AFS investment securities are computed using the specific identification method and are recorded in gains (losses) related to investment securities, net, in our consolidated statement of income. HTM investment securities are carried at cost, adjusted for amortization of premiums and accretion of discounts, with any allowance for credit losses recorded through the consolidated statement of income.
The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated:
 December 31, 2022December 31, 2021
 Amortized
Cost		Gross
Unrealized		Fair
Value		Amortized
Cost		Gross
Unrealized		Fair
Value
(In millions)GainsLossesGainsLosses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$8,232 $10 $261 $7,981 $18,111 $24 $196 $17,939 
Mortgage-backed securities8,767 2 260 8,509 18,154 148 94 18,208 
Total U.S. Treasury and federal agencies16,999 12 521 16,490 36,265 172 290 36,147 
Non-U.S. debt securities:
Mortgage-backed securities1,642 — 19 1,623 1,986 12 3 1,995 
Asset-backed securities(1)
1,696 — 27 1,669 2,087 2 2 2,087 
Non-U.S. sovereign, supranational and non-U.S. agency14,512 1 424 14,089 23,533 114 100 23,547 
Other(2)
2,255 — 164 2,091 3,113 17 32 3,098 
Total non-U.S. debt securities20,105 1 634 19,472 30,719 145 137 30,727 
Asset-backed securities:
Student loans(3)
116 — 1 115 209 2 — 211 
Collateralized loan obligations(4)
2,394 — 39 2,355 2,155 2 2 2,155 
Non-agency CMBS and RMBS(5)
237 — 6 231 52 — — 52 
Other90 — 2 88 90 1 — 91 
Total asset-backed securities2,837 — 48 2,789 2,506 5 2 2,509 
State and political subdivisions839 1 17 823 1,216 59 3 1,272 
Other U.S. debt securities(6)
1,078 — 73 1,005 2,734 23 13 2,744 
Total available-for-sale securities(7)(8)
$41,858 $14 $1,293 $40,579 $73,440 $404 $445 $73,399 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$11,693 $— $341 $11,352 $2,170 $10 $— $2,180 
Mortgage-backed securities42,307 3 6,030 36,280 33,481 362 578 33,265 
Total U.S. Treasury and federal agencies54,000 3 6,371 47,632 35,651 372 578 35,445 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency6,603 — 304 6,299 1,564 — 9 1,555 
Total non-U.S. debt securities6,603 — 304 6,299 1,564 — 9 1,555 
Asset-backed securities:
Student loans(3)
3,955 1 134 3,822 4,908 48 14 4,942 
Non-agency CMBS and RMBS(9)
142 18 — 160 307 22 1— 329 
Total asset-backed securities4,097 19 134 3,982 5,215 70 14 5,271 
Total held-to-maturity securities(7)
$64,700 $22 $6,809 $57,913 $42,430 $442 $601 $42,271 
(1) As of December 31, 2022 and 2021, the fair value includes non-U.S. collateralized loan obligations of $0.86 billion and $0.83 billion, respectively.
(2) As of December 31, 2022 and 2021, the fair value includes non-U.S. corporate bonds of $1.14 billion and $1.53 billion, respectively,
(3) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.
(4) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(5) Consists entirely of non-agency CMBS as of both December 31, 2022 and 2021.
(6) As of December 31, 2022 and 2021, the fair value of U.S. corporate bonds was $1.01 billion and $2.44 billion, respectively.
(7) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended December 31, 2022.
(8) As of both December 31, 2022 and December 31, 2021, total amortized cost included an allowance for credit losses on AFS investment securities of $2 million.
(9) As of December 31, 2022 and 2021, the total amortized cost included $133 million and $292 million, respectively, of non-agency CMBS and $9 million and $14 million of non-agency RMBS, respectively.
Aggregate investment securities with carrying values of approximately $70.52 billion and $80.81 billion as of December 31, 2022 and 2021, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law.
In 2022, $23.56 billion of investment securities previously classified as AFS were transferred to HTM. These transfers reflect our intent to hold these securities until their maturity. These securities were transferred at fair value, which included a net unrealized loss of $1.26 billion. Upon transfer of a debt security from AFS to HTM, the amortized cost is reset to fair value. Any net unrealized gain or loss at the date of transfer will remain in AOCI and be amortized into net interest income over the remaining life of the security (ranging from approximately 1 to 37
years). The amortization of amounts retained in AOCI will offset the effect on net interest income of the amortization of the premium or discount resulting from transferring securities at fair value.
In 2021 and 2020, $1.25 billion and $8.60 billion, respectively, of agency MBS, previously classified as AFS, were transferred to HTM. These transfers reflect our intent to hold these securities until their maturity. These securities were transferred at fair value, which included a net unrealized gain of $12 million and $120 million as of December 31, 2021 and 2020, respectively, which will remain in AOCI and be amortized into net interest income over the remaining life of the security (ranging from approximately 1 to 36 years). The amortization of amounts retained in AOCI will offset the effect on net interest income of the amortization of the premium or discount resulting from transferring securities at fair value.
In 2022, 2021 and 2020, proceeds from sales of AFS securities was approximately $4.59 billion, $12.82 billion and $2.65 billion, respectively, primarily driven by MBS, ABS, municipal bonds and supranationals, resulting in a pre-tax loss of approximately $2 million in 2022, a pre-tax gain of approximately $57 million in 2021 and a pre-tax loss less than $4 million in 2020.
The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:
As of December 31, 2022
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,337 $15 $5,745 $246 $7,082 $261 
Mortgage-backed securities5,524 130 2,815 130 8,339 260 
Total U.S. Treasury and federal agencies6,861 145 8,560 376 15,421 521 
Non-U.S. debt securities:
Mortgage-backed securities1,278 15 272 4 1,550 19 
Asset-backed securities859 11 765 16 1,624 27 
Non-U.S. sovereign, supranational and non-U.S. agency6,750 108 5,800 316 12,550 424 
Other771 27 1,233 137 2,004 164 
Total non-U.S. debt securities9,658 161 8,070 473 17,728 634 
Asset-backed securities:
Student loans89 1 — — 89 1 
Collateralized loan obligations1,577 27 710 12 2,287 39 
Non-agency CMBS and RMBS193 6 3 — 196 6 
Other88 2 — — 88 2 
Total asset-backed securities1,947 36 713 12 2,660 48 
State and political subdivisions669 12 42 5 711 17 
Other U.S. debt securities294 15 708 58 1,002 73 
Total$19,429 $368 $18,093 $924 $37,522 $1,293 
As of December 31, 2021
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$14,749 $194 $1,624 $2 $16,373 $196 
Mortgage-backed securities10,417 80 369 14 10,786 94 
Total U.S. Treasury and federal agencies25,166 274 1,993 16 27,159 290 
Non-U.S. debt securities:
Mortgage-backed securities577 3 30 — 607 3 
Asset-backed securities1,021 2 127 — 1,148 2 
Non-U.S. sovereign, supranational and non-U.S. agency10,406 97 63 3 10,469 100 
Other1,570 31 19 1 1,589 32 
Total non-U.S. debt securities13,574 133 239 4 13,813 137 
Asset-backed securities:
Collateralized loan obligations1,268 2 — — 1,268 2 
Total asset-backed securities1,268 2 — — 1,268 2 
State and political subdivisions10 — 45 3 55 3 
Other U.S. debt securities1,214 13 — — 1,214 13 
Total$41,232 $422 $2,277 $23 $43,509 $445 
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of December 31, 2022. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties.
As of December 31, 2022
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,966 $1,940 $5,731 $5,496 $535 $545 $— $— $8,232 $7,981 
Mortgage-backed securities51 49 459 454 6,513 6,345 1,744 1,661 8,767 8,509 
Total U.S. Treasury and federal agencies2,017 1,989 6,190 5,950 7,048 6,890 1,744 1,661 16,999 16,490 
Non-U.S. debt securities:
Mortgage-backed securities58 58 385 382 — — 1,199 1,183 1,642 1,623 
Asset-backed securities347 342 587 578 451 444 311 305 1,696 1,669 
Non-U.S. sovereign, supranational and
non-U.S. agency		4,619 4,567 7,236 6,897 2,657 2,625 — — 14,512 14,089 
Other190 187 1,904 1,769 141 120 20 15 2,255 2,091 
Total non-U.S. debt securities5,214 5,154 10,112 9,626 3,249 3,189 1,530 1,503 20,105 19,472 
Asset-backed securities:
Student loans39 39 — — — — 77 76 116 115 
Collateralized loan obligations183 182 397 390 1,225 1,205 589 578 2,394 2,355 
Non-agency CMBS and RMBS— — — — — — 237 231 237 231 
Other— — 90 88 — — — — 90 88 
Total asset-backed securities222 221 487 478 1,225 1,205 903 885 2,837 2,789 
State and political subdivisions146 144 273 266 376 373 44 40 839 823 
Other U.S. debt securities119 117 918 850 41 38 — — 1,078 1,005 
Total$7,718 $7,625 $17,980 $17,170 $11,939 $11,695 $4,221 $4,089 $41,858 $40,579 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$2,329 $2,285 $9,327 $9,032 $24 $22 $13 $13 $11,693 $11,352 
Mortgage-backed securities154 139 578 542 4,627 3,844 36,948 31,755 42,307 36,280 
Total U.S. Treasury and federal agencies2,483 2,424 9,905 9,574 4,651 3,866 36,961 31,768 54,000 47,632 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and
non-U.S. agency		1,518 1,492 4,520 4,293 565 514 — — 6,603 6,299 
Total non-U.S. debt securities1,518 1,492 4,520 4,293 565 514 — — 6,603 6,299 
Asset-backed securities:
Student loans290 279 8 8 931 911 2,726 2,624 3,955 3,822 
Non-agency CMBS and RMBS122 129 — — — — 20 31 142 160 
Total asset-backed securities412 408 8 8 931 911 2,746 2,655 4,097 3,982 
Total$4,413 $4,324 $14,433 $13,875 $6,147 $5,291 $39,707 $34,423 $64,700 $57,913 
Interest income related to debt securities is recognized in our consolidated statement of income using the effective interest method, or on a basis approximating a level rate of return over the contractual or estimated life of the security. The level rate of return considers any non-refundable fees or costs, as well as purchase premiums or discounts, adjusted as prepayments occur, resulting in amortization or accretion, accordingly.
Allowance for Credit Losses on Debt Securities and Impairment of AFS Securities
An allowance for credit losses is recognized on HTM securities upon acquisition of the security, and on AFS securities when the fair value and expected future cash flows of the investment securities are less than their amortized cost basis. Our assessment of impairment involves an evaluation of economic and security-specific factors. Such factors are based on estimates, derived by management, which contemplate current market conditions and security-specific performance. To the extent that market conditions are worse than management's expectations or due to idiosyncratic bond performance, the credit-related component of impairment, in particular, could increase and would be recorded in the provision for credit losses.
We conduct quarterly reviews of HTM and AFS securities on a collective (pool) basis when similar risk characteristics exist to determine whether an allowance for credit losses should be recognized. HTM securities are evaluated for expected credit loss utilizing a probability of default methodology, or discounted cash flows assessed against the amortized cost of the investment security excluding accrued interest.
We monitor the credit quality of the HTM investment securities using a variety of methods, including both external and internal credit ratings.
With respect to certain classes of debt securities, primarily U.S. Treasuries and agency securities (mainly issued by U.S. Government entities and agencies, as well as Group of Seven sovereigns), we consider the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero. Therefore, for those securities, we do not record expected credit losses.
We did not have any allowance for credit losses on our HTM securities as of both December 31, 2022 and 2021.
We have elected to not record an allowance on accrued interest for HTM securities. Accrued interest on these securities is reversed against interest income when payment on a security is delinquent for greater than 90 days from the date of payment.
An AFS security is impaired when the current fair value of an individual security is below its amortized cost basis. An allowance for credit losses on impaired AFS securities is recorded when the present value of expected future cash flows of the investment security is less than its amortized cost basis, limited to the amount by which the security’s amortized cost basis exceeds the fair value. Investment securities will be written down to fair value
through the consolidated statement of income when management intends to sell (or may be required to sell) the securities before they recover in value.
Our review of impaired AFS investment securities generally includes:
•the identification and evaluation of securities that have indications of potential impairment, such as issuer-specific concerns, including deteriorating financial condition or bankruptcy;
•the analysis of expected future cash flows of securities, based on quantitative and qualitative factors;
•the analysis of the collectability of those future cash flows, including information about past events, current conditions, and reasonable and supportable forecasts;
•the analysis of the underlying collateral for MBS and ABS;
•the analysis of individual impaired securities, including the anticipated recovery period and the magnitude of the overall price decline;
•evaluation of factors or triggers that could cause individual securities to be deemed impaired and those that would not support impairment; and
•documentation of the results of these analyses.
Our allowance for credit losses on our AFS securities was approximately $2 million as of both December 31, 2022 and 2021.
Substantially all of our investment securities portfolio is composed of debt securities. A critical component of our assessment of impairment of these debt securities is the identification of credit-impaired securities for which management does not expect to receive cash flows sufficient to recover the entire amortized cost basis of the security.
Debt securities that are not deemed to be credit impaired are subject to additional management analysis to assess whether management intends to sell, or, more likely than not, would be required to sell, the security before the expected recovery of its amortized cost basis.
As of December 31, 2022, 99% of our HTM and AFS investment portfolio is publicly rated investment grade.
After a review of the investment portfolio, taking into consideration then-current economic conditions, adverse situations that might affect our ability to fully collect principal and interest, the timing of future payments, the credit quality and performance of the collateral underlying MBS and ABS and other relevant factors, management considered the aggregate decline in fair value of the investment securities portfolio and the resulting gross pre-tax unrealized
losses of $8,102 million and $1,046 million related to 2,094 and 954 securities as of December 31, 2022 and 2021, respectively, to be temporary, and not the result of any material changes in the credit characteristics of the securities.
v3.22.4
Loans and Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses
Loans are generally recorded at their principal amount outstanding, net of the allowance for credit losses, unearned income, and any net unamortized deferred loan origination fees. Loans that are classified as held-for-sale are measured at lower of cost or fair value on an individual basis.
Interest income related to loans is recognized in our consolidated statement of income using the interest method, or on a basis approximating a level rate of return over the term of the loan. Fees received for providing loan commitments and letters of credit that we anticipate will result in loans typically are deferred and amortized to interest income over the term of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to software and processing fees over the commitment period when funding is not known or expected.
The following table presents our recorded investment in loans, by segment, as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Domestic(1):
Commercial and financial:
Fund Finance(2)
$12,154 $12,296 
Leveraged loans2,431 3,106 
Overdrafts1,707 1,796 
Collateralized loan obligations in loan form100 100 
Other(3)
1,871 2,262 
Commercial real estate2,985 2,554 
Total domestic21,248 22,114 
Foreign(1):
Commercial and financial:
Fund Finance(2)
3,949 4,965 
Leveraged loans1,118 1,328 
Overdrafts1,094 1,312 
Collateralized loan obligations in loan form4,741 2,813 
Other(3)
— — 
Total foreign10,902 10,418 
Total loans(2)
32,150 32,532 
Allowance for credit losses(97)(87)
Loans, net of allowance$32,053 $32,445 
(1) Domestic and foreign categorization is based on the borrower’s country of domicile.
(2) Fund finance loans include primarily $7.57 billion private equity capital call finance loans, $6.61 billion loans to real money funds and $1.11 billion loans to business development companies as of December 31, 2022, compared to $9.15 billion private equity capital call finance loans, $6.40 billion loans to real money funds and $1.39 billion loans to business development companies as of December 31, 2021.
(3) Includes $1.51 billion securities finance loans, $321 million loans to municipalities and $42 million other loans as of December 31, 2022 and $1.78 billion securities finance loans, $455 million loans to municipalities and $23 million other loans as of December 31, 2021.
We segregate our loans into two segments:
commercial and financial loans and commercial real estate loans. We further classify commercial and financial loans as fund finance loans, leveraged loans, overdrafts and other loans. Fund finance loans are composed of revolving credit lines providing liquidity and leverage to mutual fund and private equity fund clients, as well as collateralized loan obligations in loan form. These classifications reflect their risk characteristics, their initial measurement attributes and the methods we use to monitor and assess credit risk.
Certain loans are pledged as collateral for access to the Federal Reserve's discount window. As of December 31, 2022 and 2021, the loans pledged as collateral totaled $10.17 billion and $10.80 billion, respectively.
We generally place loans on non-accrual status once principal or interest payments are 90 days contractually past due, or earlier if management determines that full collection is not probable. Loans 90 days past due, but considered both well-secured and in the process of collection, may be excluded from non-accrual status. When we place a loan on non-accrual status, the accrual of interest is discontinued and previously recorded but unpaid interest is reversed and generally charged against interest income. For loans on non-accrual status, income is recognized on a cash basis after recovery of principal, if and when interest payments are received. Loans may be removed from non-accrual status when repayment is reasonably assured and performance under the terms of the loan has been demonstrated. As of both December 31, 2022 and 2021, we had no loans on non-accrual status.
In 2022, we purchased $1.98 billion of collateralized loan obligations in loan form, which were all investment grade as of December 31, 2022.
We sold $1.80 billion of loans in 2022, of which $5 million was held-for-sale as of December 31, 2022. We recorded a charge-off against the allowance for these loans of $6 million in 2022.
In certain circumstances, we restructure troubled loans by granting concessions to borrowers experiencing financial difficulty. Once restructured, the loans are generally considered impaired until their maturity, regardless of whether the borrowers perform under the modified terms of the loans. There were no loans modified in troubled debt restructurings during the years ended December 31, 2022 and 2021.
Allowance for Credit Losses
We recognize an allowance for credit losses in accordance with ASC 326 for financial assets held at amortized cost and off-balance sheet commitments. The allowance for credit losses is reviewed on a regular basis, and any provision for credit losses is recorded to reflect the amount necessary to maintain
the allowance for expected credit losses at a level which represents what management does not expect to recover due to expected credit losses. For additional discussion on the allowance for credit losses for investment securities, please refer to Note 3.
When the allowance is recorded, a provision for credit loss expense is recognized in net income. The allowance for credit losses for financial assets (excluding investment securities, as discussed in Note 3) represents the portion of the amortized cost basis, including accrued interest for financial assets held at amortized cost, which management does not expect to recover due to expected credit losses and is presented on the statement of condition as an offset to the amortized cost basis. The accrued interest balance is presented separately on the statement of condition within accrued interest and fees receivable. The allowance for off-balance sheet commitments is presented within other liabilities. Loans are charged off to the allowance for credit losses in the reporting period in which either an event occurs that confirms the existence of a loss on a loan, including a sale of a loan below its carrying value, or a portion of a loan is determined to be uncollectible.
The allowance for credit losses may be determined using various methods, including discounted cash flow methods, loss-rate methods, probability-of-default methods, and other quantitative or qualitative methods as determined by us. The method used to estimate expected credit losses may vary depending on the type of financial asset, our ability to predict the timing of cash flows, and the information available to us.
The allowance for credit losses as reported in our consolidated statement of condition is adjusted by provision for credit losses, which is reported in earnings, and reduced by the charge-off of principal amounts, net of recoveries.
We measure expected credit losses of financial assets on a collective (pool) basis when similar risk characteristic exist. Each reporting period, we assess whether the assets in the pool continue to display similar risk characteristics.
For a financial asset that does not share risk characteristics with other assets, expected credit losses are measured separately using one or more of the methods noted above. As of December 31, 2022, we had 6 loans for $99 million in the commercial and financial segment that no longer met the similar risk characteristics of their collective pool. We recorded an allowance for credit losses of $5 million as of December 31, 2022 on these loans.
When the asset is collateral dependent, which means when the borrower is experiencing financial
difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are measured as the difference between the amortized cost basis of the asset and the fair value of the collateral, adjusted for the estimated costs to sell.
Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, factors and forecasts then prevailing may result in significant changes in the allowance for credit losses in those future periods.
We estimate credit losses over the contractual life of the financial asset, while factoring in prepayment activity, where supported by data, over a three year reasonable and supportable forecast period. We utilize a baseline, upside and downside scenario which are applied based on a probability weighting, in order to better reflect management’s expectation of expected credit losses given existing market conditions and the changes in the economic environment. The multiple scenarios are based on a three year horizon (or less depending on contractual maturity) and then revert linearly over a two year period to a ten-year historical average thereafter. The contractual term excludes expected extensions, renewals and modifications, but includes prepayment assumptions where applicable.
As part of our allowance methodology, we establish qualitative reserves to address any risks inherent in our portfolio that are not addressed through our quantitative reserve assessment. These factors may relate to, among other things, legislation changes or new regulation, credit concentration, loan markets, scenario weighting and overall model limitations. The qualitative adjustments are applied to our portfolio of financial instruments under the existing governance structure and are inherently judgmental.
Credit Quality
Credit quality for financial assets held at amortized cost is continuously monitored by management and is reflected within the allowance for credit losses.
We use an internal risk-rating system to assess our risk of credit loss for each loan. This risk-rating process incorporates the use of risk-rating tools in conjunction with management judgment. Qualitative and quantitative inputs are captured in a systematic manner, and following a formal review and approval process, an internal credit rating based on our credit scale is assigned.
When computing allowance levels, credit loss assumptions are estimated using models that categorize asset pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall asset portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods.
Credit quality is assessed and monitored by evaluating various attributes in order to enable timely detection of any concerns with the customer’s credit rating. The results of those evaluations are utilized in underwriting new loans and transactions with counterparties and in our process for estimation of expected credit losses.
In assessing the risk rating assigned to each individual loan, among the factors considered are the borrower's debt capacity, collateral coverage, payment history and delinquency experience, financial flexibility and earnings strength, the expected amounts and source of repayment, the level and nature of contingencies, if any, and the industry and geography in which the borrower operates. These factors are based on an evaluation of historical and current information, and involve subjective assessment and interpretation. Credit counterparties are evaluated and risk-rated on an individual basis at least annually. Management considers the ratings to be current as of December 31, 2022.
Our internal risk rating methodology assigns risk ratings to counterparties ranging from Investment Grade, Speculative, Special Mention, Substandard, Doubtful and Loss.
•Investment Grade: Counterparties with strong credit quality and low expected credit risk and probability of default. Approximately 85% of our loans were rated as investment grade as of December 31, 2022 with external credit ratings, or equivalent, of "BBB-" or better.
•Speculative: Counterparties that have the ability to repay but face significant uncertainties, such as adverse business or financial circumstances that could affect credit risk or economic downturns. Loans to counterparties rated as speculative account for approximately 14% of our loans as of December 31, 2022, and are concentrated in leveraged loans. Approximately 96% of those leveraged loans have an external credit rating, or equivalent, of "BB" or "B" as of December 31, 2022.
•Special Mention: Counterparties with potential weaknesses that, if uncorrected, may result in deterioration of repayment prospects.
•Substandard: Counterparties with well-defined weakness that jeopardizes repayment with the possibility we will sustain some loss.
•Doubtful: Counterparties with well-defined weakness which make collection or liquidation in full highly questionable and improbable.
•Loss: Counterparties which are uncollectible or have little value.
The following tables present our recorded loans to counterparties by risk rating, as noted above, as of the dates indicated:
December 31, 2022Commercial and FinancialCommercial Real EstateTotal Loans
(In millions)
Investment grade$24,667 $2,509 $27,176 
Speculative4,103 388 4,491 
Special mention291 88 379 
Substandard99 — 99 
Total(1)(2)
$29,160 $2,985 $32,145 
December 31, 2021Commercial and FinancialCommercial Real EstateTotal Loans 
(In millions)
Investment grade$24,974 $2,222 $27,196 
Speculative4,714 270 4,984 
Special mention118 62 180 
Substandard164 — 164 
Total(2)
$29,970 $2,554 $32,524 
(1) Loans Include $2.80 billion and $3.11 billion of overdrafts as of December 31, 2022 and 2021, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of December 31, 2022, $2.41 billion overdrafts were investment grade and $0.39 billion overdrafts were speculative.
(2) Total does not include $5 million and $8 million of loans classified as held-for-sale as of December 31, 2022 and 2021, respectively.
Financial assets held at amortized cost that are not loans are disaggregated based on product type. This includes our fees receivable balance, which have had no history of credit losses, and are evaluated collectively as a pool.
Securities purchased under a resale agreement and securities-financing within our principal business utilize the collateral maintenance provisions included within ASC 326. An allowance for credit losses is recognized for any remaining exposure based on counterparty type.
The allowance for credit losses for off-balance sheet credit exposures, recorded in accrued expenses and other liabilities in our consolidated statement of condition, represents management’s estimate of credit losses primarily in outstanding letters and lines of credit and other credit-enhancement facilities provided to our clients and outstanding as of the balance sheet date. The allowance is evaluated quarterly by management. Factors considered in evaluating the appropriate level of this allowance are similar to those considered with respect to the allowance for credit losses on financial assets held at amortized cost. Provisions to maintain the allowance at a level considered by us to be appropriate to absorb estimated credit losses in outstanding facilities are recorded in the provision for credit losses in our consolidated statement of income.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2022. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement.
(In millions)20222021202020192018PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,577 $185 $72 $300 $— $9 $12,843 $14,986 
Speculative523 859 168 461 236 151 545 2,943 
Special mention— 120 — 105 19 — — 244 
Substandard— — 5 42 31 7 — 85 
Total commercial and financing$2,100 $1,164 $245 $908 $286 $167 $13,388 $18,258 
Commercial real estate:
Risk Rating:
Investment grade$519 $612 $100 $330 $511 $436 $— $2,508 
Speculative— — 49 163 111 65 — 388 
Special mention— — — 49 40 — — 89 
Total commercial real estate$519 $612 $149 $542 $662 $501 $— $2,985 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$2,986 $2,799 $— $— $— $— $3,897 $9,682 
Speculative234 529 100 181 107 — 9 1,160 
Special mention— — 18 5 23 — — 46 
Substandard— — — — 14 — — 14 
Total commercial and financing$3,220 $3,328 $118 $186 $144 $— $3,906 $10,902 
Total loans(2)
$5,839 $5,104 $512 $1,636 $1,092 $668 $17,294 $32,145 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2022, accrued interest receivable of $200 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $5 million of loans classified as held-for-sale as of December 31, 2022.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2021:
(In millions)20212020201920182017PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,988 $59 $347 $2 $37 $— $13,591 $16,024 
Speculative1,096 351 706 425 350 7 343 3,278 
Special mention— — 70 29 19 — — 118 
Substandard— 5 71 56 8 — — 140 
Total commercial and financing$3,084 $415 $1,194 $512 $414 $7 $13,934 $19,560 
Commercial real estate:
Risk Rating:
Investment grade$580 $129 $383 $657 $276 $197 $— $2,222 
Speculative24 49 149 20 — 28 — 270 
Special mention— — 22 40 — — — 62 
Total commercial real estate$604 $178 $554 $717 $276 $225 $— $2,554 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$4,087 $— $— $— $— $— $4,863 $8,950 
Speculative561 201 264 204 120 31 55 1,436 
Substandard— — — 24 — — — 24 
Total commercial and financing$4,648 $201 $264 $228 $120 $31 $4,918 $10,410 
Total loans(2)
$8,336 $794 $2,012 $1,457 $810 $263 $18,852 $32,524 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2021, accrued interest receivable of $86 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $8 million of loans classified as held-for-sale as of December 31, 2021.
The following table presents the activity in the allowance for credit losses by portfolio and class for the years ended December 31, 2022 and 2021:
Year End December 31, 2022
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale securitiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$61 $12 $14 $2 $— $19 $— $108 
Charge-offs(2)
(6)— — — — — (1)(7)
Provision18 (7)5 — — 4 — 20 
Ending balance$73 $5 $19 $2 $— $23 $(1)$121 
(1) Includes $3 million allowance for credit losses on Fund Finance loans and $2 million on other loans.
(2) Related to the sale of leveraged loans in 2022.
Year Ended December 31, 2021
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale securitiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$97 $17 $8 $— $3 $22 $1 $148 
Charge-offs(2)
(2)— — — — — — (2)
Provision(29)(6)6 2 (3)(2)(1)(33)
FX translation(5)1 — — — (1)— (5)
Ending balance$61 $12 $14 $2 $— $19 $— $108 
(1) Includes $11 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
(2) Related to the sale of leveraged loans in 2021.
Loans are reviewed on a regular basis, and any provisions for credit losses that are recorded reflect management's estimate of the amount necessary to maintain the allowance for loan losses at a level considered appropriate to absorb expected credit losses in the loan portfolio. We recorded a $20 million provision for credit losses in 2022, due to a downward shift in management's economic outlook that was partially offset by a reduction in overall loan portfolio risk. Allowance estimates remain subject to continued model and economic uncertainty and management may use qualitative adjustments in the allowance estimates. If future data and forecasts deviate relative to the forecasts utilized to determine our allowance for credit losses as of December 31, 2022, or if credit risk migration is higher or lower than forecasted for reasons independent of the economic forecast, our allowance for credit losses will also change.
v3.22.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill represents the excess of the cost of an acquisition over the fair value of the net tangible and other intangible assets acquired. Other intangible assets represent purchased long-lived intangible assets, primarily client relationships, that can be distinguished from goodwill because of contractual rights or because the asset can be exchanged on its own or in combination with a related contract, asset or liability. Goodwill is not amortized, but is subject to at least annual evaluation for impairment. Other intangible assets, which are subject to evaluation for impairment, are mainly related to client relationships, which are amortized on a straight-line basis over periods ranging from five to twenty years, technology assets, which are amortized on a straight-line basis over periods ranging from three to ten years, and core deposit intangible assets, which are amortized on a straight-line basis over periods ranging from sixteen to twenty-two years, with such amortization recorded in other expenses in our consolidated statement of income.
Impairment of goodwill is deemed to exist if the carrying value of a reporting unit, including its allocation of goodwill and other intangible assets, exceeds its estimated fair value. Impairment of other intangible assets is deemed to exist if the balance of the other intangible asset exceeds the cumulative expected undiscounted net cash inflows related to the asset over its remaining estimated useful life. If these reviews determine that goodwill or other intangible assets are impaired, the value of the goodwill or the other intangible asset is written down through a charge to other expenses in our consolidated statement of income. There were no impairments to goodwill or other intangible assets in 2022, 2021 and 2020.
The following table presents changes in the carrying amount of goodwill during the periods indicated:
(In millions)
Investment
Servicing(1)
Investment
Management		Total
Goodwill:
Ending balance December 31, 2020$7,413 $270 $7,683 
Acquisitions(2)
66 — 66 
Divestitures(3)
(17)— (17)
Foreign currency translation(108)(3)(111)
Ending balance December 31, 20217,354 267 7,621 
Acquisitions(2)
3 — 3 
Foreign currency translation(125)(4)(129)
Ending balance December 31, 2022$7,232 $263 $7,495 
(1) Investment Servicing includes our acquisition of CRD.
(2) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date.
(3) In the second quarter of 2021, we sold a majority share of our WMS business.
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated:
(In millions)
Investment
Servicing(1)
Investment
Management		Total
Other intangible assets:
Ending balance December 31, 2020$1,733 $94 $1,827 
Acquisitions(2)
264 — 264 
Amortization(221)(24)(245)
Foreign currency translation(30)— (30)
Ending balance December 31, 20211,746 70 1,816 
Amortization(217)(21)(238)
Foreign currency translation(34)— (34)
Ending balance December 31, 2022$1,495 $49 $1,544 
(1) Investment Servicing includes our acquisition of CRD.
(2) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date.     
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:
December 31, 2022Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships
$2,728 $(1,626)$1,102 
Technology
402 (178)224 
Core deposits
683 (477)206 
Other
84 (72)12 
Total
$3,897 $(2,353)$1,544 
December 31, 2021Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships
$2,786 $(1,497)$1,289 
Technology
403 (142)261 
Core deposits
696 (451)245 
Other
96 (75)21 
Total
$3,981 $(2,165)$1,816 
Amortization expense related to other intangible assets was $238 million, $245 million and $234 million in 2022, 2021 and 2020, respectively.
Expected future amortization expense for other intangible assets recorded as of December 31, 2022 is as follows:
(In millions)Future Amortization
Years Ended December 31,
2023$241 
2024238 
2025210 
2026201 
2027167 
v3.22.4
Other Assets
 12 Months Ended
Dec. 31, 2022
Other Assets [Abstract]  
Other Assets Other Assets
The following table presents the components of other assets as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Securities borrowed(1)
$16,489 $22,300 
Derivative instruments, net7,664 4,108 
Bank-owned life insurance3,649 3,554 
Investments in joint ventures and other unconsolidated entities(2)
3,245 3,162 
Collateral, net1,833 1,011 
Deferred tax assets, net of valuation allowance(3)
1,127 254 
Prepaid expenses558 612 
Right-of-use assets500 542 
Accounts receivable404 236 
Receivable for securities settlement383 213 
Income taxes receivable235 317 
Deposits with clearing organizations62 62 
Other(4)
1,753 1,244 
Total$37,902 $37,615 
(1) Refer to Note 11, for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions.
(2) Includes equity securities without readily determinable fair values that are accounted for under the ASC 321 measurement alternative of $179 million and $109 million as of December 31, 2022 and December 31, 2021, respectively. For the year ended December 31, 2022, $54 million of upward adjustments resulting from observable pricing changes were recognized in other fee revenue related to such equity securities.
(3) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction.
(4) Includes advances of $1,201 million and $544 million as of December 31, 2022 and 2021, respectively.
v3.22.4
Deposits
 12 Months Ended
Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]  
Deposits DepositsWe had $2.98 billion and $1.31 billion of time deposits outstanding, of which $0.10 billion and $1.31 billion were non-U.S. time deposits as of December 31, 2022 and 2021, respectively. Time deposits included amounts in excess of the FDIC insurance limits, or other uninsured accounts not subject to any country specific deposit insurance limits, of $2.97 billion and $1.31 billion as of December 31, 2022 and 2021, respectively. As of December 31, 2022, uninsured time deposits of $0.50 billion were scheduled to mature in less than three months, $1.50 billion in three to six months, and $0.98 billion in six to twelve months. Demand deposit overdrafts of $2.80 billion and $3.11 billion were included as loan balances at December 31, 2022 and 2021, respectively.
v3.22.4
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Short-Term Borrowings Short-Term Borrowings
Our short-term borrowings include securities sold under repurchase agreements, short-term borrowings associated with our tax-exempt investment program (more fully described in Note 14) and other short-term borrowings.
Collectively, short-term borrowings had weighted-average interest rates of 0.83% and 0.31% in 2022 and 2021, respectively.
The following table presents information with respect to the amounts outstanding and weighted-average interest rates of the primary components of our short-term borrowings as of and for the years ended December 31:
(Dollars in millions)
Securities Sold Under
Repurchase Agreements
Tax-Exempt
Investment Program
Other
202220212020202220212020202220212020
Balance as of December 31$1,177 $1,575 $3,413 $— $— $616 $2,000 $— $3,302 
Maximum outstanding as of any month-end11,517 1,575 5,373 — 616 823 8,525 — 25,665 
Average outstanding during the year3,633 667 2,615 — 523 771 696 315 8,251 
Weighted-average interest rate as of year-end2.31 %.00 %.00 %— %— %.23 %4.18 %.00 %1.35 %
Weighted-average interest rate during the year.39 (.00).14 — .31 .78 .01 — 1.23 
Obligations to repurchase securities sold are recorded as a liability in our consolidated statement of condition. Applicable securities with a fair value of $0.96 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2022.
The following table presents information about these securities and the carrying value of the related repurchase agreements, including accrued interest, as of December 31, 2022.
 Securities Sold
Repurchase Agreements(1)
(In millions)Amortized
Cost		Fair ValueAmortized
Cost
Overnight maturity$986 $963 $1,173 
(1) Collateralized by investment securities.
We maintain an agreement with a clearing organization (FICC) that enables us to net securities purchased under resale agreements and sold under repurchase agreements with counterparties that are also members of the clearing organization when specific netting criteria are met. The impact of this netting was $71.02 billion on average in 2022 compared to $62.15 billion in 2021, primarily due to higher FICC repo volumes.
State Street Bank currently maintains a line of credit of CAD 1.40 billion, or approximately $1.03 billion, as of December 31, 2022, to support its Canadian securities processing operations. The line of credit has no stated termination date and is cancellable by either party with prior notice. As of both December 31, 2022 and 2021, there was no balance outstanding on this line of credit.
v3.22.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2022
Long-Term Debt, Unclassified [Abstract]  
Long-Term Debt Long-Term Debt
(Dollars in millions)As of December 31,
Issuance DateMaturity DateCoupon RateSeniorityInterest Due Dates20222021
Parent Company and Non-Banking Subsidiary Issuances
August 18, 2015August 18, 20253.550 %Senior notes
2/18; 8/18(1)
$1,256 $1,370 
May 15, 2013
May 15, 2023(2)
3.100 %Subordinated notes5/15; 11/151,006 1,022 
November 19, 2013November 20, 20233.700 %Senior notes
5/20; 11/20(1)
985 1,043 
December 15, 2014December 16, 20243.300 %Senior notes
6/16; 12/16(1)
962 1,040 
November 1, 2019November 1, 20252.354 %Fixed-to-floating rate senior notes
5/1; 11/1(1)
951 1,019 
March 3, 2021March 3, 20312.200 %Senior subordinated notes3/3; 9/3844 843 
January 24, 2020January 24, 20302.400 %Senior notes1/24, 7/24797 803 
May 19, 2016May 19, 20262.650 %Senior notes
5/19; 11/19(1)
709 779 
August 4, 2022August 4, 20334.164 %Fixed-to-floating rate senior notes
2/4; 8/4(1)
677 — 
February 7, 2022February 7, 20282.203 %Fixed-to-floating rate senior notes8/7; 2/7589 — 
December 3, 2018December 3, 20294.141 %Fixed-to-floating rate senior notes
6/3; 12/3(1)
564 583 
November 1, 2019
November 1, 2034(2)
3.031 %Fixed-to-floating rate senior subordinated notes
5/1; 11/1(1)
532 541 
April 30, 2007June 15, 2047Floating-rateJunior subordinated debentures3/15; 6/15; 9/15; 12/15500 499 
November 4, 2022November 4, 20265.751 %Fixed-to-floating rate senior notes
5/4; 11/4(1)
498 — 
March 30, 2020March 30, 20313.152 %Fixed-to-floating rate senior notes3/30, 9/30498 498 
November 4, 2022November 4, 20285.820 %Fixed-to-floating rate senior notes
5/4; 11/4(1)
497 — 
May 13, 2022May 13, 20334.421 %Fixed-to-floating rate senior notes11/13; 5/13497 — 
November 18, 2021November 18, 20271.684 %Fixed-to-floating rate senior notes5/18; 11/18497 497 
December 3, 2018December 3, 20243.776 %Fixed-to-floating rate senior notes
6/3; 12/3(1)
492 523 
March 30, 2020March 30, 20262.901 %Fixed-to-floating rate senior notes
6/3; 12/3(1)
473 498 
February 7, 2022February 7, 20332.623 %Fixed-to-floating rate senior notes8/7; 2/7466 — 
February 7, 2022February 7, 20261.746 %Fixed-to-floating rate senior notes8/7; 2/7280 — 
June 21, 1996
June 15, 2026(3)
7.350 %Senior notes6/15; 12/15150 150 
May 15, 1998May 15, 2028Floating-rateJunior subordinated debentures
2/15; 5/15; 8/15; 11/15(1)
100 100 
May 15, 2017
May 15, 2023(4)
2.653 %Fixed-to-floating rate senior notes5/15; 11/15— 754 
March 30, 2020
March 30, 2023(4)
2.825 %Fixed-to-floating rate senior notes3/30, 9/30— 749 
Parent Company and Banking Subsidiaries
Long-term finance leases176 164 
Total long-term debt$14,996 $13,475 
(1) We have entered into interest rate swap agreements, recorded as fair value hedges, to modify our interest expense on these senior and subordinated notes from a fixed rate to a floating rate. As of December 31, 2022 and 2021, the carrying value of long-term debt associated with these fair value hedges was $282 million and $450 million, respectively. Refer to Note 10 for additional information about fair value hedges.
(2) The subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines.
(3) We may not redeem notes prior to their maturity.
(4) We redeemed the notes prior to original maturity date.
Parent Company and Banking Subsidiaries
As of December 31, 2022, long-term finance leases included $176 million related to information technology equipment leases. As of December 31, 2021, long-term finance leases included $164 million related to information technology equipment leases entered into in 2021, and our One Lincoln Street headquarters building and related underground parking garage. Refer to Note 20 for additional information.
v3.22.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
We use derivative financial instruments to support our clients' needs and to manage our interest rate and currency risks. These financial instruments consist of FX contracts such as forwards, futures and options contracts; interest rate contracts such as interest rate swaps (cross currency and single currency) and futures; and other derivative contracts. Derivative instruments used for risk management purposes that are highly effective in offsetting the risk being hedged are generally designated as hedging instruments in hedge accounting relationships, while others are economic hedges and not designated in hedge accounting relationships. Derivatives in hedge accounting relationships are disclosed according to the type of hedge, such as, fair value, cash flow, or net investment. Derivatives designated as hedging instruments in hedge accounting relationships are carried at fair value with change in fair value recognized in the consolidated statement of income or other comprehensive income (OCI), as appropriate. Derivatives not designated in hedge accounting relationships include those derivatives entered into to support client needs and derivatives used to manage interest rate or foreign currency risk associated with certain assets and liabilities. Such derivatives are carried at fair value with changes in fair value recognized in the consolidated statement of income.
Derivatives Not Designated as Hedging Instruments
We provide foreign exchange forward contracts and options in support of our client needs, and also act as a dealer in the currency markets. As part of our trading activities, we assume positions in both the foreign exchange and interest rate markets by buying and selling cash instruments and using derivative financial instruments, including foreign exchange forward contracts, foreign exchange and interest rate options, interest rate forward contracts, and interest rate futures. The entire change in the fair value of our non-hedging derivatives utilized in our trading activities are recorded in foreign exchange trading services revenue, and the entire change in fair value of our non-hedging derivatives utilized in our asset-and-liability management activities are recorded in net interest income.
We enter into stable value wrap derivative contracts with unaffiliated stable value funds that allow a stable value fund to provide book value coverage to its participants. These derivatives contracts qualify as guarantees as described in Note 12.
We grant deferred cash awards to certain of our employees as part of our employee incentive
compensation plans. We account for these awards as derivative financial instruments, as the underlying referenced shares are not equity instruments of ours. The fair value of these derivatives is referenced to the value of units in State Street-sponsored investment funds or funds sponsored by other unrelated entities. We re-measure these derivatives to fair value quarterly, and record the change in value in compensation and employee benefits expenses in our consolidated statement of income.
Derivatives Designated as Hedging Instruments
In connection with our asset-and-liability management activities, we use derivative financial instruments to manage our interest rate risk and foreign currency risk for certain assets and liabilities. At both the inception of the hedge and on an ongoing basis, we formally assess and document the effectiveness of a derivative designated in a hedging relationship and the likelihood that the derivative will be an effective hedge in future periods. We discontinue hedge accounting prospectively when we determine that the derivative is no longer highly effective in offsetting changes in fair value or cash flows of the underlying risk being hedged, the derivative expires, terminates or is sold, or management discontinues the hedge designation.
The risk management objective of a highly effective hedging strategy that qualifies for hedge accounting must be formally documented. The hedge documentation includes the derivative hedging instrument, the asset or liability or forecasted transaction, type of risk being hedged and method for assessing hedge effectiveness of the derivative prospectively and retrospectively. We use quantitative methods including regression analysis and cumulative dollar offset method, comparing the change in the fair value of the derivative to the change in fair value or the cash flows of the hedged item. We may also utilize qualitative methods such as matching critical terms and evaluation of any changes in those critical terms. Effectiveness is assessed and documented quarterly and if determined that the derivative is not highly effective at hedging the designated risk hedge accounting is discontinued.
Fair Value Hedges
Derivatives designated as fair value hedges are utilized to mitigate the risk of changes in the fair values of recognized assets and liabilities, including long-term debt and AFS securities. We use interest rate contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates.
Changes in the fair value of the derivative and changes in fair value of the hedged item due to changes in the hedged risk are recognized in earnings in the same line item. If a hedge is terminated, but the hedged item was not derecognized, all remaining adjustments to the carrying amount of the hedged item are amortized over a period that is consistent with the amortization of other discounts or premiums associated with the hedged item.
Cash Flow Hedges
Derivatives designated as cash flow hedges are utilized to offset the variability of cash flows of recognized assets, liabilities or forecasted transactions. We have entered into FX contracts to hedge the change in cash flows attributable to FX movements in foreign currency denominated investment securities. Additionally, we have entered into interest rate swap agreements to hedge the forecasted cash flows associated with LIBOR indexed floating-rate loans. The interest rate swaps synthetically convert the loan interest receipts from a variable-rate to a fixed-rate, thereby mitigating the risk attributable to changes in the LIBOR benchmark rate.
Changes in fair value of the derivatives designated as cash flow hedges are initially recorded in AOCI and then reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings and are presented in the same income statement line item as the earnings effect of the hedged item. If the hedge relationship is terminated, the change in fair value on the derivative recorded in AOCI is reclassified into earnings consistent with the timing of the hedged item. For hedge relationships that are discontinued because a forecasted transaction is not expected to occur according to the original hedge terms, any related derivative values recorded in AOCI are immediately recognized in earnings. The net loss associated with cash flow hedges expected to be reclassified from AOCI within 12 months of December 31, 2022 is approximately $223 million. The maximum length of time over which forecasted cash flows are hedged is 5 years.
Net Investment Hedges
Derivatives categorized as net investment hedges are entered into to protect the net investment in our foreign operations against adverse changes in exchange rates. We use FX forward contracts to convert the foreign currency risk to U.S. dollars to mitigate our exposure to fluctuations in FX rates. The changes in fair value of the FX forward contracts are recorded, net of taxes, in the foreign currency translation component of OCI.
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments including those entered into for trading and asset-and-liability management activities as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$8,683 $9,604 
Foreign exchange contracts:
Forward, swap and spot2,267,221 2,569,449 
Options purchased607 328 
Options written445 210 
Futures1,550 2,359 
Other:
Stable value contracts(1)
31,391 32,868 
Deferred value awards(2)
300 308 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements22,566 15,100 
Foreign exchange contracts:
Forward and swap8,213 6,700 
(1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values.
(2) Represents grants of deferred value awards to employees; refer to discussion in this note under "Derivatives Not Designated as Hedging Instruments."
Notional amounts are provided here as an indication of the volume of our derivative activity and serve as a reference to calculate the fair values of the derivative.
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. Fair value measurement for derivatives is further discussed in Note 2, and the impact of master netting agreements is provided in Note 11.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Derivatives not designated as hedging instruments:
Foreign exchange contracts$26,081 $15,126 $25,407 $15,790 
Other derivative contracts— — 216 301 
Total$26,081 $15,126 $25,623 $16,091 
Derivatives designated as hedging instruments:
Foreign exchange contracts$105 $59 $342 $35 
Interest rate contracts— 2 1 — 
Total$105 $61 $343 $35 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,
202220212020
(In millions)Location of Gain (Loss) on
Derivative in Consolidated
Statement of Income		Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income
Derivatives not designated as hedging instruments:
Foreign exchange contractsForeign exchange trading services revenue$938 $811 $922 
Foreign exchange contractsInterest expense(20)68 63 
Interest rate contractsForeign exchange trading services revenue3 3 3 
Interest rate contractsOther fee revenue1 — — 
Other derivative contracts(1)
Compensation and employee benefits(89)(332)(189)
Total$833 $550 $799 
(1) Amount in 2021 reflects a deferred compensation expense acceleration of $147 million associated with an amendment of certain outstanding cash settled deferred incentive compensation awards.
The following tables show the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:
December 31, 2022
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$12,513 $(644)$362 
Available-for-sale securities(2)(3)
9,801 (675)8 
December 31, 2021
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$9,026 $(64)$514 
Available-for-sale securities3,551 — 24 
(1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
(2) Included in these amounts is the amortized cost of the prepayable financial assets designated in last-of-layer hedging relationships (hedged item is the last layer of a closed portfolio of prepayable financial assets expected to remain outstanding at the end of the hedging relationship). As of December 31, 2022, the amortized cost of the closed portfolios used in these hedging relationships was $207 million, of which $64 million, was designated in the last-of-layer hedging relationship. As of December 31, 2022, the cumulative adjustment associated with these hedging relationships was ($4) million.
(3) Carrying amount represents amortized cost.
As of December 31, 2022 and 2021, the total notional amount of the interest rate swaps of fair value hedges was $20.32 billion and $6.95 billion, respectively.
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,Years Ended December 31,
202220212020202220212020
(In millions)
Location of Gain (Loss) on Derivative in Consolidated Statement of Income
Amount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income
Hedged Item in Fair Value Hedging Relationship
Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income
Amount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$676 $14 $1 Available-for-sale securities
Net interest income
$(676)$(19)$(4)
Interest rate contractsNet interest income(1,160)(76)566 Long-term debtNet interest income1,160 75 (559)
Total$(484)$(62)$567 $484 $56 $(563)

Years Ended December 31,Years Ended December 31,
202220212020Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income202220212020
(In millions)Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts$(598)$(78)$176 Net interest income$(43)$84 $49 
Foreign exchange contracts156 91 (22)Net interest income92 11 23 
Total derivatives designated as cash flow hedges$(442)$13 $154 $49 $95 $72 
Derivatives designated as net investment hedges:
Foreign exchange contracts$291 $272 $(250)Gains (Losses) related to investment securities, net$— $— $— 
Total derivatives designated as net investment hedges291 272 (250)— — — 
Total$(151)$285 $(96)$49 $95 $72 
Derivatives Netting and Credit Contingencies
Netting
Derivatives receivable and payable as well as cash collateral from the same counterparty are netted in the consolidated statement of condition for those counterparties with whom we have legally binding master netting agreements in place. In addition to cash collateral received and transferred presented on a net basis, we also receive and transfer collateral in the form of securities, which mitigate credit risk but are not eligible for netting. Additional information on netting is provided in Note 11.
Credit Contingencies
Certain of our derivatives are subject to master netting agreements with our derivative counterparties containing credit risk-related contingent features, which requires us to maintain an investment grade credit rating with the various credit rating agencies. If our rating falls below investment grade, we would be in violation of the provisions, and counterparties to the derivatives could request immediate payment or demand full overnight collateralization on derivatives instruments in liability positions. The aggregate fair value of all derivatives with credit contingent features and in a net liability position as of December 31, 2022 totaled approximately $3.06 billion, against which we provided $1.38 billion of collateral in the normal course of business. If our credit related contingent features underlying these agreements were triggered as of December 31, 2022, the maximum additional collateral we would be required to post to our counterparties is approximately $1.68 billion.
v3.22.4
Offsetting Arrangements
 12 Months Ended
Dec. 31, 2022
Offsetting [Abstract]  
Offsetting Arrangements Offsetting Arrangements
Certain of our transactions are subject to master netting agreements that allow us to net receivables and payables by contract and settlement type. For those legally enforceable contracts, we net receivables and payables with the same counterparty on our statement of condition.
In addition to netting receivables and payables with our derivatives counterparty where a legal and enforceable netting arrangement exists, we also net related cash collateral received and transferred up to the fair value exposure amount.
With respect to our securities financing arrangements, we net balances outstanding on our consolidated statement of condition for those transactions that met the netting requirements and were transacted under a legally enforceable netting arrangement with the counterparty.
Securities received as collateral under securities financing or derivatives transactions can be transferred as collateral in many instances. The securities received as proceeds under secured lending transactions are recorded at a value that approximates fair value in other assets in our consolidated statement of condition with a related liability to return the collateral, if we have the right to transfer or re-pledge the collateral.
As of December 31, 2022 and 2021, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $8.14 billion and $1.60 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same dates was $3.63 billion and nil, respectively.
The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:December 31, 2022
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts
$26,186 $(15,224)$10,962 $— $10,962 
Interest rate contracts(6)
— — — — — 
Cash collateral and securities netting
NA(3,298)(3,298)(1,717)(5,015)
Total derivatives
26,186 (18,522)7,664 (1,717)5,947 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
125,797 (104,093)21,704 (20,960)744 
Total derivatives and other financial instruments$151,983 $(122,615)$29,368 $(22,677)$6,691 
Assets:December 31, 2021
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts
$15,185 $(9,113)$6,072 $— $6,072 
Interest rate contracts(6)
2 — 2 — 2 
Cash collateral and securities netting
NA(1,966)(1,966)(723)(2,689)
Total derivatives
15,187 (11,079)4,108 (723)3,385 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
102,375 (77,063)25,312 (25,096)216 
Total derivatives and other financial instruments$117,562 $(88,142)$29,420 $(25,819)$3,601 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities in connection with our securities borrowing transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $21.70 billion as of December 31, 2022 were $5.21 billion of resale agreements and $16.49 billion of collateral provided related to securities borrowing. Included in the $25.31 billion as of December 31, 2021 were $3.01 billion of resale agreements and $22.30 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions.
(8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:
Liabilities:December 31, 2022
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$25,749 $(15,224)$10,525 $— $10,525 
Interest rate contracts(6)
1 — 1 — 1 
Other derivative contracts216 — 216 — 216 
Cash collateral and securities nettingNA(2,727)(2,727)(908)(3,635)
Total derivatives25,966 (17,951)8,015 (908)7,107 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
111,653 (104,093)7,560 (6,433)1,127 
Total derivatives and other financial instruments$137,619 $(122,044)$15,575 $(7,341)$8,234 
Liabilities:December 31, 2021
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$15,825 $(9,113)$6,712 $— $6,712 
Interest rate contracts(6)
— — — — — 
Other derivative contracts301 — 301 — 301 
Cash collateral and securities nettingNA(1,282)(1,282)(989)(2,271)
Total derivatives16,126 (10,395)5,731 (989)4,742 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
82,674 (77,063)5,611 (4,066)1,545 
Total derivatives and other financial instruments$98,800 $(87,458)$11,342 $(5,055)$6,287 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities provided in connection with our securities lending transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $7.56 billion as of December 31, 2022 were $1.18 billion of repurchase agreements and $6.38 billion of collateral received related to securities lending transactions. Included in the $5.61 billion as of December 31, 2021 were $1.57 billion of repurchase agreements and $4.04 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions.
(8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
The securities transferred under resale and repurchase agreements typically are U.S. Treasury, agency and agency MBS. In our principal securities borrowing and lending arrangements, the securities transferred are predominantly equity securities and some corporate debt securities. The fair value of the securities transferred may increase in value to an amount greater than the amount received under our repurchase and securities lending arrangements, which exposes us to counterparty risk. We require the review of the price of the underlying securities in relation to the carrying value of the repurchase agreements and securities lending arrangements on a daily basis and when appropriate, adjust the cash or security to be obtained or returned to counterparties that is reflective of the required collateral levels.
The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of the periods indicated:
As of December 31, 2022As of December 31, 2021
(In millions)Overnight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotal
Repurchase agreements:
U.S. Treasury and agency securities$100,899 $— $200 $— $101,099 $75,266 $— $— $— $75,266 
Non-US sovereign debt702 — — — 702 — — — — — 
Total101,601 — 200 — 101,801 75,266 — — — 75,266 
Securities lending transactions:
US Treasury and agency securities44 — — — 44 — — — — — 
Corporate debt securities67 — — — 67 92 — — — 92 
Equity securities4,509 — — 1,606 6,115 5,964 24 11 1,316 7,315 
Other(1)
3,626 — — — 3,626 1 — — — 1 
Total8,246 — — 1,606 9,852 6,057 24 11 1,316 7,408 
Gross amount of recognized liabilities for repurchase agreements and securities lending$109,847 $— $200 $1,606 $111,653 $81,323 $24 $11 $1,316 $82,674 
(1) Represents a security interest in underlying client assets related to our enhanced custody business, which assets clients have allowed us to transfer and re-pledge.
v3.22.4
Commitments and Guarantees
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Guarantees Commitments and Guarantees
The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and off-balance sheet guarantees as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Commitments:
Unfunded credit facilities$31,208 $33,026 
Guarantees(1):
Indemnified securities financing$348,924 $385,740 
Standby letters of credit$2,125 $3,237 
(1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.
Unfunded Credit Facilities
Unfunded credit facilities consist primarily of liquidity facilities provided to our fund and municipal counterparties, as well as commitments to purchase commercial real estate and leveraged loans that have not yet settled.
As of December 31, 2022, approximately 77% of our unfunded commitments to extend credit expire within one year. Since many of these commitments are expected to expire or renew without being drawn upon, the gross contractual amounts do not necessarily represent our future cash requirements.
Indemnified Securities Financing
On behalf of our clients, we lend their securities, as agent, to brokers and other institutions. In most circumstances, we indemnify our clients for the fair market value of those securities against a failure of the borrower to return such securities. We require the borrowers to maintain collateral in an amount in excess of 100% of the fair market value of the securities borrowed. Securities on loan and the collateral are revalued daily to determine if additional collateral is necessary or if excess collateral is required to be returned to the borrower. 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.
The cash collateral held by us as agent is invested on behalf of our clients. In certain cases, the cash collateral is invested in third-party repurchase agreements, for which we indemnify the client against the loss of the principal invested. We require the counterparty to the indemnified repurchase agreement to provide collateral in an amount in excess of 100% of the amount of the repurchase agreement. In our role as agent, the indemnified repurchase agreements and the related collateral held by us are not recorded in our consolidated statement of condition.
The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Fair value of indemnified securities financing$348,924 $385,740 
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing366,895 404,121 
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements54,114 61,560 
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements57,903 67,014 
In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and other liabilities, respectively, in our consolidated statement of condition. As of December 31, 2022 and 2021, we had approximately $16.49 billion and $22.30 billion, respectively, of collateral provided and approximately $6.38 billion and $4.04 billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions.
Stable Value Protection
Stable value funds wrapped by us are high quality diversified portfolios of short intermediate duration fixed-income investments. Stable value contracts are derivative contracts that also qualify as guarantees. The notional amount under non-hedging derivatives, provided in Note 10, generally represents our maximum exposure under these derivatives contracts. However, exposure to various stable value contracts is contractually limited to substantially lower amounts than the notional values, which represent the total assets of the stable value funds.
Standby Letters of Credit
Standby letters of credit provide credit enhancement to our municipal clients to support the issuance of capital markets financing.
FICC Guarantee
As a sponsoring member in the FICC member program, we provide a guarantee to FICC in the event a customer fails to perform its obligations under a transaction. In order to minimize the risk associated with this guarantee, sponsored members acting as
buyers generally grant a security interest in the subject securities received under and held on their behalf by State Street.
Additionally, as a member of FICC, we may be required to pay a pro rata share of the losses incurred by the organization and provide liquidity support in the event of the default of another member to the extent that the defaulting member’s clearing fund obligation and the prescribed loss allocation to FICC is depleted. It is difficult to estimate our maximum possible exposure under the membership agreement, since this would require an assessment of future claims that may be made against us that have not yet occurred. At December 31, 2022 and 2021, we did not record any liabilities under these arrangements.
For additional information on our repurchase and reverse repurchase agreements, please refer to Note 11 to the consolidated financial statements in this Form 10-K.
v3.22.4
Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
Legal and Regulatory Matters
In the ordinary course of business, we and our subsidiaries are involved in disputes, litigation, and governmental or regulatory inquiries and investigations, both pending and threatened. These matters, if resolved adversely against us or settled, may result in monetary awards or payments, fines and penalties or require changes in our business practices. The resolution or settlement of these matters is inherently difficult to predict. Based on our assessment of these pending matters, we do not believe that the amount of any judgment, settlement or other action arising from any pending matter is likely to have a material adverse effect on our consolidated financial condition. However, an adverse outcome or development in certain of the matters described below could have a material adverse effect on our consolidated results of operations for the period in which such matter is resolved, or an accrual is determined to be required, on our consolidated financial condition, or on our reputation.
We evaluate our needs for accruals of loss contingencies related to legal and regulatory proceedings on a case-by-case basis. When we have a liability that we deem probable, and we deem the amount of such liability can be reasonably estimated as of the date of our consolidated financial statements, we accrue our estimate of the amount of loss. We also consider a loss probable and establish an accrual when we make, or intend to make, an offer of settlement. Once established, an accrual is subject to subsequent adjustment as a result of additional information. The resolution of legal and regulatory proceedings and the amount of reasonably estimable loss (or range thereof) are inherently difficult to
predict, especially in the early stages of proceedings. Even if a loss is probable, an amount (or range) of loss might not be reasonably estimated until the later stages of the proceeding due to many factors such as the presence of complex or novel legal theories, the discretion of governmental authorities in seeking sanctions or negotiating resolutions in civil and criminal matters, the pace and timing of discovery and other assessments of facts and the procedural posture of the matter (collectively, "factors influencing reasonable estimates").
As of December 31, 2022, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately $17 million, including potential fines by government agencies and civil litigation with respect to the matters specifically discussed below. To the extent that we have established accruals in our consolidated statement of condition for probable loss contingencies, such accruals may not be sufficient to cover our ultimate financial exposure associated with any settlements or judgments. Any such ultimate financial exposure, or proceedings to which we may become subject in the future, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation.
As of December 31, 2022, for those matters for which we have accrued probable loss contingencies (including the Invoicing Matter described below) and for other matters for which loss is reasonably possible (but not probable) in future periods, and for which we are able to estimate a range of reasonably possible loss, our estimate of the aggregate reasonably possible loss (in excess of any accrued amounts) ranges up to approximately $45 million. Our estimate with respect to the aggregate reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions and known and unknown uncertainties, which may change quickly and significantly from time to time, particularly if and as we engage with applicable governmental agencies or plaintiffs in connection with a proceeding. Also, the matters underlying the reasonably possible loss will change from time to time. As a result, actual results may vary significantly from the current estimate.
In certain pending matters, it is not currently feasible to reasonably estimate the amount or a range of reasonably possible loss, and such losses, which may be significant, are not included in the estimate of reasonably possible loss discussed above. This is due to, among other factors, the factors influencing reasonable estimates described above. An adverse outcome in one or more of the matters for which we have not estimated the amount or a range of reasonably possible loss, individually or in the aggregate, could have a material adverse effect
on our businesses, on our future consolidated financial statements or on our reputation. Given that our actual losses from any legal or regulatory proceeding for which we have provided an estimate of the reasonably possible loss could significantly exceed such estimate, and given that we cannot estimate reasonably possible loss for all legal and regulatory proceedings as to which we may be subject now or in the future, no conclusion as to our ultimate exposure from current pending or potential legal or regulatory proceedings should be drawn from the current estimate of reasonably possible loss.
The following discussion provides information with respect to significant legal, governmental and regulatory matters.
Invoicing Matter
In 2015, we determined that we had incorrectly invoiced clients for certain expenses. We have reimbursed most of our affected customers for those expenses, and we have implemented enhancements to our billing processes. In connection with our enhancements to our billing processes, we continue to review historical billing practices and may from time to time identify additional remediation. In 2017, we identified an additional area of incorrect expense billing associated with mailing services in our retirement services business. We currently expect the cumulative total of our payments to customers for these invoicing errors, including the error in the retirement services business, to be at least $350 million, all of which has been paid or is accrued. However, we may identify additional remediation costs.
In March 2017, a purported class action was commenced against us alleging that our invoicing practices violated duties owed to retirement plan customers under the Employee Retirement Income Security Act. We have agreed, subject to court approval, to resolve this matter and pay a cost that is within our established accruals for loss contingencies. In addition, we have received a purported class action demand letter alleging that our invoicing practices were unfair and deceptive under Massachusetts law. A class of customers, or particular customers, may assert that we have not paid to them all amounts incorrectly invoiced, and may seek double or treble damages under Massachusetts law.
We resolved potential criminal claims that arose from these matters by entering into a deferred prosecution agreement with the office of the United States Attorney for the District of Massachusetts and paying a $115 million penalty in May 2021. In June 2019, we reached an agreement with the SEC to settle its claims that we violated the recordkeeping provisions of Section 34(b) of the Investment Company Act of 1940 and caused violations of
Section 31(a) of the Investment Company Act and Rules 31a-1(a) and 31a-1(b) thereunder in connection with our overcharges of customers which are registered investment companies. In reaching this settlement, we neither admitted nor denied the claims contained in the SEC’s order, and agreed to pay a civil monetary penalty of $40 million. Also in June 2019, we reached an agreement with the Massachusetts Attorney General’s office to resolve its claims related to this matter. In reaching this settlement, we neither admitted nor denied the claims in the order, and agreed to pay a civil monetary penalty of $5.5 million. The SEC and Massachusetts Attorney General’s office settlements both recognize that the payment of $48.8 million in disgorgement and interest is satisfied by our direct reimbursements of our customers. We paid fines to resolve claims of the Securities Divisions of the Secretaries of the State of Massachusetts and New Hampshire. The costs associated with the settlements discussed above were within our related previously established accruals for loss contingencies.
We have not resolved certain claims that may be made by the U.S. Department of Labor. We do not know whether any such claims will be brought, and there can be no assurance that any settlement of any such claims will be reached on financial terms acceptable to us or at all. The aggregate amount of penalties that may potentially be imposed upon us in connection with the resolution of any such matters is not currently known.
Gomes, et al. v. State Street Corp.
Eight participants in our Salary Savings Program filed a purported class action complaint in May 2021 on behalf of participants and beneficiaries who participated in the Program and invested in our proprietary investment fund options between May 2015 and the present. The complaint names the Plan Sponsor as well as the committees overseeing the Plan and their respective members as defendants, and alleges breach of fiduciary duty and violations of other duties owed to retirement plan participants under the Employee Retirement Income and Security Act. We and the other named defendants deny the alleged claims and are proceeding with a defense of the matter.
Edmar Financial Company, LLC et al v. Currenex, Inc. et al
In August 2021, two former Currenex clients filed a putative civil class action lawsuit in the Southern District of New York alleging antitrust violations, fraud and a civil Racketeer Influenced and Corrupt Organization Act violation against Currenex, State Street and others.
Income Taxes
In determining our provision for income taxes, we make certain judgments and interpretations with respect to tax laws in jurisdictions in which we have business operations. Because of the complex nature of these laws, in the normal course of our business, we are subject to challenges from U.S. and non-U.S. income tax authorities regarding the amount of income taxes due. These challenges may result in adjustments to the timing or amount of taxable income or deductions or the allocation of taxable income among tax jurisdictions. We recognize a tax benefit when it is more likely than not that our position will result in a tax deduction or credit. Unrecognized tax benefits of approximately $285 million as of December 31, 2022 increased from $252 million as of December 31, 2021.
We are presently under audit by a number of tax authorities. The earliest tax year open to examination in jurisdictions where we have material operations is 2013. Management believes that we have sufficiently accrued liabilities as of December 31, 2022 for potential tax exposures.
v3.22.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
We are involved, in the normal course of our business, with various types of special purpose entities, some of which meet the definition of VIEs. When evaluating a VIE for consolidation, we must determine whether or not we have a variable interest in the entity. Variable interests are investments or other interests that absorb portions of an entity’s expected losses or receive portions of the entity’s expected returns. If it is determined that we do not have a variable interest in the VIE, no further analysis is required and we do not consolidate the VIE. If we hold a variable interest in a VIE, we are required by U.S. GAAP to consolidate that VIE when we have a controlling financial interest in the VIE and therefore are deemed to be the primary beneficiary. We are determined to have a controlling financial interest in a VIE when it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to that VIE. This determination is evaluated periodically as facts and circumstances change.
Asset-Backed Investment Securities
We invest in various forms of ABS, which we carry in our investment securities portfolio. These ABS meet the U.S. GAAP definition of asset securitization entities, which are considered to be VIEs. We are not considered to be the primary beneficiary of these VIEs since we do not have control over their activities. Additional information about our ABS is provided in Note 3.
Tax-Exempt Investment Program
Prior to 2022, in the normal course of business, we structured and sold certificated interests in pools of tax-exempt investment grade assets, principally to our mutual fund clients. We structured these pools as partnership trusts, and the assets and liabilities of the trusts were recorded in our consolidated statement of condition as AFS investment securities and other short-term borrowings.
In November 2021, all certificated interests issued by the trust were repaid, and subsequently, no further certificated interests have been issued.
Under separate legal agreements, we provided liquidity facilities to these trusts and, with respect to certain securities, letters of credit. As of both December 31, 2022 and 2021, we had no commitments related to the trusts.
Interests in Investment Funds
In the normal course of business, we manage various types of investment funds through State Street Global Advisors in which our clients are investors, including State Street Global Advisors commingled investment vehicles and other similar investment structures. The majority of our AUM are contained within such funds. The services we provide to these funds generate management fee revenue. From time to time, we may invest cash in the funds in order for the funds to establish a performance history for newly-launched strategies, referred to as seed capital, or for other purposes.
With respect to our interests in funds that meet the definition of a VIE, a primary beneficiary assessment is performed to determine if we have a controlling financial interest. As part of our assessment, we consider all the facts and circumstances regarding the terms and characteristics of the variable interest(s), the design and characteristics of the fund and the other involvements of the enterprise with the fund. Upon consolidation of certain funds, we retain the specialized investment company accounting rules followed by the underlying funds.
All of the underlying investments held by such consolidated funds are carried at fair value, with corresponding changes in the investments’ fair values reflected in foreign exchange trading services revenue in our consolidated statement of income. When we no longer control these funds due to a reduced ownership interest or other reasons, the funds are de-consolidated and accounted for under another accounting method if we continue to maintain investments in the funds.
As of both December 31, 2022 and 2021, we had no consolidated funds. As of December 31, 2022 and 2021, we managed certain funds, considered VIEs, in which we held a variable interest but for which we were not deemed to be the primary beneficiary. Our potential maximum loss exposure related to these unconsolidated funds totaled $15 million and $17 million as of December 31, 2022 and 2021, respectively, and represented the carrying value of our investments, which are recorded in other assets in our consolidated statement of condition. The amount of loss we may recognize during any period is limited to the carrying amount of our investments in the unconsolidated funds.
Our conclusion to consolidate a fund may vary from period to period, most commonly as a result of fluctuation in our ownership interest as a result of changes in the number of fund shares held by either us or by third parties. Given that the funds follow specialized investment company accounting rules which prescribe fair value, a de-consolidation generally would not result in gains or losses for us.
The net assets of any consolidated fund are solely available to settle the liabilities of the fund and to settle any investors’ ownership redemption requests, including any seed capital invested in the fund by us. We are not contractually required to provide financial or any other support to any of our funds. In addition, neither creditors nor equity investors in the funds have any recourse to our general credit.
We also held investments in low-income housing, production and investment tax credit entities, considered VIEs for which we were not deemed to be the primary beneficiary. As of December 31, 2022 and 2021, our potential maximum loss exposure related to these unconsolidated entities totaled $1.60 billion and $1.69 billion, respectively, most of which represented the carrying value of our investments, which are recorded in other assets in our consolidated statement of condition.
v3.22.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Preferred Stock
The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of December 31, 2022:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedOwnership Interest Per Depositary ShareLiquidation Preference Per ShareLiquidation Preference Per Depositary SharePer Annum Dividend RateDividend Payment FrequencyCarrying Value as of December 31, 2022
(In millions)
Redemption Date(2)
Series D(3)
February 201430,000,0001/4,000th100,000 25 
5.9% to but excluding March 15, 2024, then a floating rate equal to the three-month LIBOR plus 3.108%
Quarterly$742 March 15, 2024
Series F(4)(5)
May 2015250,0001/100th100,000 1,000 
5.25% to but excluding September 15, 2020, then a floating rate equal to the three-month LIBOR plus 3.597%, or 8.366% effective December 15, 2022
Quarterly247 September 15, 2020
Series G(6)
April 201620,000,0001/4,000th100,000 25 
5.35% to but excluding March 15, 2026, then a floating rate equal to the three-month LIBOR plus 3.709%
Quarterly493 March 15, 2026
Series H(7)
September 2018500,0001/100th100,000 1,000 
5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month LIBOR plus 2.539%
Semi-annually494 December 15, 2023
(1) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(2) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(3) The dividend rate for the floating rate period of the Series D preferred stock that begins on March 15, 2024 and all subsequent floating rate periods will transition to a new, fixed rate in accordance with the LIBOR Act and the contractual terms of the Series D preferred stock.
(4) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date.
(5) In accordance with the LIBOR Act, the benchmark interest rate used to calculate the dividend rate of the Series F preferred stock issued and outstanding will transition from LIBOR to CME Term SOFR, plus 0.26161%, beginning with the September 15, 2023 dividend period.
(6) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.
(7) In accordance with the LIBOR Act, the benchmark interest rate to be used to calculate the dividend rate during the floating rate period of the Series H preferred stock that begins on December 15, 2023 will transition from LIBOR to CME Term SOFR, plus 0.26161%.
On March 15, 2021, we redeemed an aggregate of $500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends.
The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
Years Ended December 31,
20222021
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D
$5,900 $1.48 $44 $5,900 $1.48 $44 
Series F
5,208 52.08 13 3,808 38.08 15 
Series G
5,352 1.32 27 5,352 1.32 27 
Series H
5,625 56.25 28 5,625 56.25 28 
Total
$112 $114 
In February 2023, we declared dividends on our series D, F, and G preferred stock of approximately $1,475, $2,092, and $1,338, respectively, per share, or approximately $0.37, $20.92, and $0.33, respectively, per depositary share. These dividends total approximately $11 million, $5 million, and $7 million on our series D, F, and G preferred stock, respectively, which will be paid in March 2023.
Common Stock
In July 2021, our Board approved a share repurchase program authorizing the repurchase of up to $3.0 billion of our common stock through the end of 2022. We did not repurchase any common stock during the first three quarters of 2022. In October 2022, we resumed our share repurchases and purchased $1.5 billion of our common stock in the fourth quarter of 2022 under the 2021 Program. In January 2023, our Board approved a share repurchase program authorizing the purchase of up to $4.5 billion of our common stock through December 31, 2023.
The table below presents the activity under our common share repurchase program for the period indicated:
Years Ended December 31,
2022
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2021 Program19.5 $76.81 $1,500 
The table below presents the dividends declared on common stock for the periods indicated:
Years Ended December 31,
20222021
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$2.40 $871 $2.18 $779 
Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2019$(70)$407 $(187)$(1,072)$46 $(876)
Other comprehensive income (loss) before reclassifications179 439 — 738 (250)1,106 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(52)— 9 — — (43)
Other comprehensive income (loss)127 439 9 738 (250)1,063 
Balance as of December 31, 2020$57 $846 $(178)$(334)$(204)$187 
Other comprehensive income (loss) before reclassifications11 (854)1 (685)272 (1,255)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(70)(42)47 — — (65)
Other comprehensive income (loss)(59)(896)48 (685)272 (1,320)
Balance as of December 31, 2021$(2)$(50)$(130)$(1,019)$68 $(1,133)
Other comprehensive income (loss) before reclassifications(321)(1,937)(1)(732)291 (2,700)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(36)170 (12)— — 122 
Other comprehensive income (loss)(357)(1,767)(13)(732)291 (2,578)
Balance as of December 31, 2022$(359)$(1,817)$(143)$(1,751)$359 $(3,711)
(1) Includes after-tax net unamortized unrealized gains (losses) related to AFS investment securities that have been transferred to HTM of ($749) million, $31 million and $55 million as of December 31, 2022, 2021 and 2020, respectively.
The following table presents after-tax reclassifications into earnings for the periods indicated:
Years Ended December 31,
202220212020
(In millions)
Amounts Reclassified into EarningsAffected Line Item in Consolidated Statement of Income
Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of $1, ($15) and $0 respectively
$1 $(42)$— Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $96 in 2022
169 — — Net interest income
Cash flow hedges:
(Gains) losses reclassified from accumulated other comprehensive income into income, net of related taxes of ($13), ($25) and ($20) respectively
(36)(70)(52)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $($1), $16 and $3 respectively
(12)47 9 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$122 $(65)$(43)
v3.22.4
Regulatory Capital
 12 Months Ended
Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]  
Regulatory Capital Regulatory Capital
We are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum regulatory capital requirements can initiate certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on our consolidated financial condition. Under current regulatory capital adequacy guidelines, we must meet specified capital requirements that involve quantitative measures of our consolidated assets, liabilities and off-balance sheet exposures calculated in conformity with regulatory accounting practices. Our capital components and their classifications are subject to qualitative judgments by regulators about components, risk weightings and other factors.
As required by the Dodd-Frank Act, we and State Street Bank, as advanced approaches banking organizations, are subject to a "capital floor" in the calculation and assessment of regulatory capital adequacy by U.S. banking regulators. Beginning on January 1, 2015, we were required to calculate our risk- based capital ratios using both the advanced approaches and the standardized approach. As a result, from January 1, 2015 going forward, our risk-based capital ratios for regulatory assessment purposes are the lower of each ratio calculated under the standardized approach and the advanced approaches.
As of December 31, 2022, we and State Street Bank exceeded all regulatory capital adequacy requirements to which we were subject. As of December 31, 2022, State Street Bank was categorized as “well capitalized” under the applicable regulatory capital adequacy framework, and exceeded all “well capitalized” ratio guidelines to which it was subject. Management believes that no conditions or events have occurred since December 31, 2022 that have changed the capital categorization of State Street Bank.
The following table presents the regulatory capital structure, total RWA, related regulatory capital ratios and the minimum required regulatory capital ratios for us and State Street Bank as of the dates indicated.
State Street Corporation
State Street Bank
(Dollars in millions)Basel III Advanced Approaches December 31, 2022Basel III Standardized Approach December 31, 2022Basel III Advanced Approaches December 31, 2021Basel III Standardized Approach December 31, 2021Basel III Advanced Approaches December 31, 2022Basel III Standardized Approach December 31, 2022Basel III Advanced Approaches December 31, 2021Basel III Standardized Approach December 31, 2021
 Common shareholders' equity:
Common stock and related surplus$11,234 $11,234 $11,291 $11,291 $13,033 $13,033 $13,047 $13,047 
Retained earnings27,028 27,028 25,238 25,238 16,975 16,975 15,700 15,700 
Accumulated other comprehensive income (loss)(3,711)(3,711)(1,133)(1,133)(3,428)(3,428)(926)(926)
Treasury stock, at cost(11,336)(11,336)(10,009)(10,009)— — — — 
Total23,215 23,215 25,387 25,387 26,580 26,580 27,821 27,821 
Regulatory capital adjustments:
Goodwill and other intangible assets, net of associated deferred tax liabilities(8,545)(8,545)(8,935)(8,935)(8,288)(8,288)(8,667)(8,667)
Other adjustments(1)
(123)(123)(505)(505)(19)(19)(309)(309)
 Common equity tier 1 capital14,547 14,547 15,947 15,947 18,273 18,273 18,845 18,845 
Preferred stock1,976 1,976 1,976 1,976 — — — — 
 Tier 1 capital16,523 16,523 17,923 17,923 18,273 18,273 18,845 18,845 
Qualifying subordinated long-term debt1,376 1,376 1,588 1,588 542 542 752 752 
Allowance for credit losses— 120 — 108 — 120 — 108 
 Total capital$17,899 $18,019 $19,511 $19,619 $18,815 $18,935 $19,597 $19,705 
 Risk-weighted assets:
Credit risk(2)
$61,108 $105,739 $63,735 $109,554 $54,675 $104,184 $57,405 $106,405 
Operational risk(3)
42,763  NA45,550 NA42,325 NA42,813 NA
Market risk1,488 1,488 2,113 2,113 1,488 1,488 2,113 2,113 
Total risk-weighted assets$105,359 $107,227 $111,398 $111,667 $98,488 $105,672 $102,331 $108,518 
Adjusted quarterly average assets$275,678 $275,678 $293,567 $293,567 $273,220 $273,220 $290,403 $290,403 
Capital Ratios:
2022 Minimum Requirements(4)
2021 Minimum Requirements(4)
Common equity tier 1 capital8.0 %8.0 %13.8 %13.6 %14.3 %14.3 %18.6 %17.3 %18.4 %17.4 %
Tier 1 capital9.5 9.5 15.7 15.4 16.1 16.1 18.6 17.3 18.4 17.4 
Total capital11.5 11.5 17.0 16.8 17.5 17.6 19.1 17.9 19.2 18.2 
Tier 1 leverage(5)
4.0 4.0 6.0 6.0 6.1 6.1 6.7 6.7 6.5 6.5 
(1) Other adjustments within CET1 capital include accumulated other comprehensive income (loss) on cash flow hedges that are not recognized at fair value on the balance sheet, the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, and other required credit risk-based deductions.
(2) Under the advanced approaches, credit risk RWA includes a CVA which reflects the risk of potential fair value adjustments for credit risk reflected in our valuation of over-the-counter (OTC) derivative contracts. We used a simple CVA approach in conformity with the Basel III advanced approaches.
(3) Under the current advanced approaches rules and regulatory guidance concerning operational risk models, RWA attributable to operational risk can vary substantially from period-to-period, without direct correlation to the effects of a particular loss event on our results of operations and financial condition and impacting dates and periods that may differ from the dates and periods as of and during which the loss event is reflected in our financial statements, with the timing and categorization dependent on the processes for model updates and, if applicable, model revalidation and regulatory review and related supervisory processes. An individual loss event can have a significant effect on the output of our operational RWA under the advanced approaches depending on the severity of the loss event and its categorization among the seven Basel-defined UOMs.
(4) Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%.
(5) State Street Bank is required to maintain a minimum Tier 1 leverage ratio of 5% as it is the insured depository institution subsidiary of State Street Corporation, a U.S. G-SIB.
NA Not applicable
v3.22.4
Net Interest Income
 12 Months Ended
Dec. 31, 2022
Banking and Thrift, Interest [Abstract]  
Net Interest Income Net Interest Income
The following table presents the components of interest income and interest expense, and related NII, for the periods indicated:
Years Ended December 31,
(In millions)202220212020
Interest income:
Interest-bearing deposits with banks$842 $(15)$76 
Investment securities:
Investment securities available-for-sale724 572 748 
Investment securities held-to-maturity979 665 829 
Investment securities purchased under money market liquidity facility— 4 117 
Total Investment securities1,703 1,241 1,694 
Securities purchased under resale agreements188 27 126 
Loans 972 638 624 
Other interest-earning assets383 17 55 
Total interest income4,088 1,908 2,575 
Interest expense:
Interest-bearing deposits967 (263)(117)
Short term borrowings under money market liquidity facility— 4 101 
Securities sold under repurchase agreements14 — 4 
Other short-term borrowings26 2 17 
Long-term debt376 219 312 
Other interest-bearing liabilities161 41 58 
Total interest expense1,544 3 375 
Net interest income$2,544 $1,905 $2,200 
v3.22.4
Equity-Based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
We record compensation expense for equity-based awards, such as deferred stock and performance awards, based on the closing price of our common stock on the date of grant, adjusted if appropriate, based on the eligibility of the award to receive dividends.
Compensation expense related to equity-based and cash settled stock awards with service-only conditions and terms that provide for a graded vesting schedule is recognized on a straight-line basis over the required service period for the entire award. Compensation expense related to equity-based awards with performance conditions and terms that provide for a graded vesting schedule is recognized over the requisite service period for each separately vesting tranche of the award, and is based on the probable outcome of the performance conditions at each reporting date. Compensation expense is adjusted for assumptions with respect to the estimated amount of awards that will be forfeited prior to vesting, and for employees who have met certain
retirement eligibility criteria. Compensation expense for common stock awards granted to employees meeting early retirement eligibility criteria is fully expensed on the grant date.
Dividend equivalents for certain equity-based awards are paid on stock units on a current basis prior to vesting and distribution.
The 2017 Stock Incentive Plan, or 2017 Plan, was approved by shareholders in May 2017 for issuance of stock and stock based awards. Awards may be made under the 2017 Plan for (i) up to 8.3 million shares of common stock plus (ii) up to an additional 28.5 million shares that were available to be issued under the 2006 Equity Incentive Plan, or 2006 Plan, or may become available for issuance under the 2006 Plan due to expiration, termination, cancellation, forfeiture or repurchase of awards granted under the 2006 Plan. As of December 31, 2022, a total of 20.8 million shares from the 2006 Plan have been added to and may be issued from the 2017 Plan. As of December 31, 2022, a cumulative total of 18.7 million shares have been awarded under the 2017 Plan, compared to cumulative totals of 15.2 million shares and 11.3 million shares as of December 31, 2021 and 2020, respectively.
The 2017 Plan allows for shares withheld in payment of the exercise price of an award or in satisfaction of tax withholding requirements, shares forfeited due to employee termination, shares expired under option awards, or shares not delivered when performance conditions have not been met, to be added back to the pool of shares available for issuance under the 2017 Plan. From inception to December 31, 2022, 4.5 million shares had been awarded under the 2017 Plan but not delivered, and have become available for re-issue. As of December 31, 2022, a total of 14.9 million shares were available for future issuance under the 2017 Plan.
For deferred stock awards granted under the Plans, no common stock is issued at the time of grant and the award does not possess dividend and voting rights. Generally, these grants vest over one to four years. Performance awards granted are earned over a performance period based on the achievement of defined goals, generally over three years. Payment for performance awards is made in shares of our common stock equal to its fair market value per share, based on the performance of certain financial ratios, after the conclusion of each performance period.
Beginning with 2012, malus-based forfeiture provisions were included in deferred stock awards granted to employees identified as “material risk-takers,” as defined by management. These malus-based forfeiture provisions provide for the reduction
or cancellation of unvested deferred compensation, such as deferred stock awards and performance based awards, if it is determined that a material risk-taker made risk-based decisions that exposed us to inappropriate risks that resulted in a material unexpected loss at the business-unit, line-of-business or corporate level. In addition, awards granted to certain of our senior executives, as well as awards granted to individuals in certain jurisdictions, may be subject to recoupment after vesting (if applicable) and delivery to the individual in specified circumstances generally relating to fraud or willful misconduct by the individual that results in material harm to us or a material financial restatement.
Compensation expense related to deferred stock awards and performance awards, which we record as a component of compensation and employee benefits expense in our consolidated statement of income, was $240 million, $259 million and $240 million for the years ended December 31, 2022, 2021 and 2020, respectively. Such expense for 2022, 2021 and 2020 excluded an expense of $21 million, a release of $5 million and an expense of $29 million, respectively, associated with acceleration of expense in connection with targeted staff reductions. This expense was included in the severance-related portion of the associated restructuring or repositioning charges recorded in each respective year.
For the years ended December 31, 2022, 2021 and 2020, no stock appreciation rights were exercised. As of December 31, 2022, there was no unrecognized compensation cost related to stock appreciation rights.
Shares
(In thousands)
Weighted-Average
Grant Date Fair
Value
Deferred Stock Awards:
Outstanding as of December 31, 20205,686 $69.70 
Granted3,136 69.48 
Vested(2,801)73.70 
Forfeited(244)68.77 
Outstanding as of December 31, 20215,777 67.55 
Granted2,841 81.37 
Vested(3,035)71.46 
Forfeited(304)70.96 
Outstanding as of December 31, 20225,279 72.43 
The total fair value of deferred stock awards vested for the years ended December 31, 2022, 2021 and 2020, based on the weighted average grant date fair value in each respective year, was $217 million, $206 million and $210 million, respectively. As of December 31, 2022, total unrecognized compensation cost related to deferred stock awards, net of estimated forfeitures, was $203 million, which is expected to be recognized over a weighted-average period of 2.5 years.
Shares
(In thousands)
Weighted-Average
Grant Date Fair Value
Performance Awards:
Outstanding as of December 31, 20202,517 $68.42 
Granted802 61.87 
Forfeited(14)57.66 
Paid out(716)78.94 
Outstanding as of December 31, 20212,589 63.54 
Granted684 81.86 
Forfeited(23)72.91 
Paid out(954)62.49 
Outstanding as of December 31, 20222,296 69.43 
The total fair value of performance awards vested for the years ended December 31, 2022, 2021 and 2020, based on the weighted average grant date fair value in each respective year, was $60 million, $57 million and $30 million, respectively. As of December 31, 2022, total unrecognized compensation cost related to performance awards, net of estimated forfeitures, was $24 million, which is expected to be recognized over a weighted-average period of 1.8 years.
Shares
(In thousands)
Weighted-Average
Grant Date Fair Value
Cash Settled Restricted Stock Awards:
Outstanding as of December 31, 2020— $— 
Granted46 69.95 
Forfeited— — 
Paid out(23)69.95 
Outstanding as of December 31, 202123 69.95 
Granted45 85.71 
Forfeited— — 
Paid out(33)80.77 
Outstanding as of December 31, 202235 79.99 
The total fair value of cash settled restricted stock awards vested during the year ended December 31, 2022 and 2021, based on the weighted average grant date fair value, was $3 million and $2 million, respectively. As of December 31, 2021, there was no unrecognized compensation cost related to cash settled restricted stock awards.
We utilize either treasury shares or authorized but unissued shares to satisfy the issuance of common stock under our equity incentive plans. We do not have a specific policy concerning purchases of our common stock to satisfy stock issuances. We have a general policy concerning purchases of our common stock to meet issuances under our employee benefit plans, including other corporate purposes. Various factors determine the amount and timing of our purchases of our common stock, including regulatory reviews and approvals or non-objections, our regulatory capital requirements, the number of shares we expect to issue under employee benefit plans, market conditions (including the trading price of our common stock), and legal considerations. These factors can change at any time, and the number of shares of common stock we will purchase or when we will purchase them cannot be assured. Additional information on our common stock purchase program is provided in Note 15.
v3.22.4
Employee Benefits
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
Defined Benefit Pension and Other Post-Retirement Benefit Plans
State Street Bank and certain of its U.S. subsidiaries participate in a non-contributory, tax-qualified defined benefit pension plan. The U.S. defined benefit pension plan was frozen as of December 31, 2007 and no new employees were eligible to participate after that date. We have agreed to contribute sufficient amounts as necessary to meet the benefits paid to plan participants and to fund the plan’s service cost, plus interest. U.S. employee account balances earn annual interest credits until the employee begins receiving benefits. Non-U.S. employees participate in local defined benefit plans which are funded as required in each local jurisdiction. In addition to the defined benefit pension plans, we have non-qualified unfunded SERPs that provide certain officers with defined pension benefits in excess of allowable qualified plan limits. State Street Bank and certain of its U.S. subsidiaries also participate in a post-retirement plan that provides health care benefits for certain retired employees. The total expense for these tax-qualified and non-qualified plans was $21 million, $27 million and $25 million in 2022, 2021 and 2020, respectively.
We recognize the funded status of our defined benefit pension plans and other post-retirement benefit plans, measured as the difference between
the fair value of the plan assets and the projected benefit obligation, in the consolidated statement of position. The assets held by the defined benefit pension plans are largely made up of common, collective funds that are liquid and invest principally in U.S. equities and high-quality fixed-income investments. The majority of these assets fall within Level 2 of the fair value hierarchy. The benefit obligations associated with our primary U.S. and non-U.S. defined benefit plans, non-qualified unfunded supplemental retirement plans and post-retirement plans were $1.08 billion, $33 million and $1 million, respectively, as of December 31, 2022 and $1.47 billion, $42 million and $3 million, respectively, as of December 31, 2021. As the primary defined benefit plans are frozen, the benefit obligation will only vary over time as a result of changes in market interest rates, the life expectancy of the plan participants and payments made from the plans. The primary U.S. and non-U.S. defined benefit pension plans were overfunded by $28 million and $49 million as of December 31, 2022 and 2021, respectively. The non-qualified supplemental retirement plans were underfunded by $33 million and $42 million as of December 31, 2022 and 2021, respectively. The other post-retirement benefit plans were underfunded by $1 million and $3 million as of December 31, 2022 and 2021, respectively. The underfunded status is included in other liabilities.
Defined Contribution Retirement Plans
We contribute to employer-sponsored U.S. and non-U.S. defined contribution plans. Our contribution to these plans was $171 million, $171 million and $168 million in 2022, 2021 and 2020, respectively.
v3.22.4
Occupancy Expense and Information Systems and Communications Expense
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Occupancy Expense and Information Systems and Communications Expense Occupancy Expense and Information Systems and Communications Expense
Occupancy expense and information systems and communications expense include depreciation of buildings, leasehold improvements, computer hardware and software, equipment, furniture and fixtures, and amortization of lease right-of-use assets. Total depreciation and amortization expense in 2022, 2021 and 2020 was $842 million, $859 million and $858 million, respectively.
In the fourth quarter of 2022 we completed a sale leaseback transaction of two owned properties in the United States of America. Under the transaction, land, buildings and building improvements were sold for net proceeds of $27 million. We recognized a gain of $11 million on the sale which is presented within Occupancy expense. The initial term of the subsequent leases is 3 years and they are recognized as operating leases.
We use our incremental borrowing rate to determine the present value of the lease payments for finance and operating leases described below. Additionally, we do not separate nonlease components such as real estate taxes and common area maintenance from base lease payments.
As of December 31, 2022, we had finance leases for information technology equipment of $167 million recorded in premises and equipment, with the related liability of $176 million recorded in long-term debt, in our consolidated statement of condition. As of December 31, 2021, we had finance leases related to our One Lincoln Street Boston headquarters and information technology equipment of an aggregate net book value of $135 million recorded in premises and equipment, and the related liability of $164 million recorded in long-term debt, in our consolidated statement of condition. In December 2022, modifications were made to our One Lincoln Street Boston lease preparing for its expiration in 2023, resulting in reclassification from a finance lease to an operating lease.
Finance lease right-of-use asset amortization is recorded in occupancy expense on a straight-line basis in our consolidated statement of income over the respective lease term. As of December 31, 2022, accumulated amortization of the finance lease right-of-use asset was $40 million. Lease payments are recorded as a reduction of the liability, with a portion recorded as imputed interest expense. In 2022 and 2021, interest expense related to the finance lease obligation reflected in NII was $6 million and $6 million, respectively.
As of December 31, 2022, an aggregate net book value of $500 million for the operating lease right-of-use assets is recorded in other assets, with the related lease liability of $630 million recorded in accrued expenses and other liabilities in our consolidated statement of condition.
We have entered into non-cancellable operating leases for premises and equipment. Nearly all of these leases include renewal options, and only those reasonably certain of being exercised are included in the term of the lease. Costs for operating leases are recorded on a straight-line basis which includes both interest expense and right-of-use asset amortization. Operating lease costs for office space are recorded in occupancy expense. Costs related to operating leases for equipment are recorded in information systems and communications expense.
As of December 31, 2022, we have an additional operating lease, primarily for office space, that has not yet commenced with approximately $455 million of undiscounted future minimum lease payments. This lease will commence in fiscal year 2023 with 15 year lease term. These future payments relate to the new Boston headquarters lease executed in the first quarter of 2019, replacing the One Lincoln Street Boston property.
None of our leases contain residual value guarantees.
The following table presents lease costs, sublease rental income, cash flows and new leases arising from lease transactions for 2022:
Years Ended December 31,
(In millions)20222021
Finance lease:
Amortization of right-of-use assets$50 $27 
Interest on lease liabilities6 6 
Total finance lease expense56 33 
Sublease income (10)(11)
Net finance lease expense46 22 
Operating lease:
Operating lease expense130 147 
Sublease income (16)(18)
Net operating lease expense114 129 
Net lease expense$160 $151 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$6 $6 
Operating cash flows from operating leases161 198 
Financing cash flows from finance leases58 47 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$88 $69 
Finance leases99 108 
The following table presents future minimum lease payments under non-cancellable leases as of December 31, 2022:
(In millions)Operating LeasesFinance LeasesTotal
2023$189 $50 $239 
2024125 52 177 
2025107 52 159 
202684 31 115 
202770 — 70 
Thereafter101 — 101 
Total future minimum lease payments676 185 861 
Less imputed interest(46)(9)(55)
     Total$630 $176 $806 
The following table presents details related to remaining lease terms and discount rate as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
Weighted-average remaining lease term (in years):
     Finance leases3.52.6
     Operating leases5.05.8
Weighted-average discount rate:
     Finance leases3 %4 %
     Operating leases3 %3 %
Occupancy Expense and Information Systems and Communications Expense Occupancy Expense and Information Systems and Communications Expense
Occupancy expense and information systems and communications expense include depreciation of buildings, leasehold improvements, computer hardware and software, equipment, furniture and fixtures, and amortization of lease right-of-use assets. Total depreciation and amortization expense in 2022, 2021 and 2020 was $842 million, $859 million and $858 million, respectively.
In the fourth quarter of 2022 we completed a sale leaseback transaction of two owned properties in the United States of America. Under the transaction, land, buildings and building improvements were sold for net proceeds of $27 million. We recognized a gain of $11 million on the sale which is presented within Occupancy expense. The initial term of the subsequent leases is 3 years and they are recognized as operating leases.
We use our incremental borrowing rate to determine the present value of the lease payments for finance and operating leases described below. Additionally, we do not separate nonlease components such as real estate taxes and common area maintenance from base lease payments.
As of December 31, 2022, we had finance leases for information technology equipment of $167 million recorded in premises and equipment, with the related liability of $176 million recorded in long-term debt, in our consolidated statement of condition. As of December 31, 2021, we had finance leases related to our One Lincoln Street Boston headquarters and information technology equipment of an aggregate net book value of $135 million recorded in premises and equipment, and the related liability of $164 million recorded in long-term debt, in our consolidated statement of condition. In December 2022, modifications were made to our One Lincoln Street Boston lease preparing for its expiration in 2023, resulting in reclassification from a finance lease to an operating lease.
Finance lease right-of-use asset amortization is recorded in occupancy expense on a straight-line basis in our consolidated statement of income over the respective lease term. As of December 31, 2022, accumulated amortization of the finance lease right-of-use asset was $40 million. Lease payments are recorded as a reduction of the liability, with a portion recorded as imputed interest expense. In 2022 and 2021, interest expense related to the finance lease obligation reflected in NII was $6 million and $6 million, respectively.
As of December 31, 2022, an aggregate net book value of $500 million for the operating lease right-of-use assets is recorded in other assets, with the related lease liability of $630 million recorded in accrued expenses and other liabilities in our consolidated statement of condition.
We have entered into non-cancellable operating leases for premises and equipment. Nearly all of these leases include renewal options, and only those reasonably certain of being exercised are included in the term of the lease. Costs for operating leases are recorded on a straight-line basis which includes both interest expense and right-of-use asset amortization. Operating lease costs for office space are recorded in occupancy expense. Costs related to operating leases for equipment are recorded in information systems and communications expense.
As of December 31, 2022, we have an additional operating lease, primarily for office space, that has not yet commenced with approximately $455 million of undiscounted future minimum lease payments. This lease will commence in fiscal year 2023 with 15 year lease term. These future payments relate to the new Boston headquarters lease executed in the first quarter of 2019, replacing the One Lincoln Street Boston property.
None of our leases contain residual value guarantees.
The following table presents lease costs, sublease rental income, cash flows and new leases arising from lease transactions for 2022:
Years Ended December 31,
(In millions)20222021
Finance lease:
Amortization of right-of-use assets$50 $27 
Interest on lease liabilities6 6 
Total finance lease expense56 33 
Sublease income (10)(11)
Net finance lease expense46 22 
Operating lease:
Operating lease expense130 147 
Sublease income (16)(18)
Net operating lease expense114 129 
Net lease expense$160 $151 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$6 $6 
Operating cash flows from operating leases161 198 
Financing cash flows from finance leases58 47 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$88 $69 
Finance leases99 108 
The following table presents future minimum lease payments under non-cancellable leases as of December 31, 2022:
(In millions)Operating LeasesFinance LeasesTotal
2023$189 $50 $239 
2024125 52 177 
2025107 52 159 
202684 31 115 
202770 — 70 
Thereafter101 — 101 
Total future minimum lease payments676 185 861 
Less imputed interest(46)(9)(55)
     Total$630 $176 $806 
The following table presents details related to remaining lease terms and discount rate as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
Weighted-average remaining lease term (in years):
     Finance leases3.52.6
     Operating leases5.05.8
Weighted-average discount rate:
     Finance leases3 %4 %
     Operating leases3 %3 %
v3.22.4
Expenses
 12 Months Ended
Dec. 31, 2022
Other Expenses [Abstract]  
Expenses Expenses
The following table presents the components of other expenses for the periods indicated:
Years Ended December 31,
(In millions)202220212020
Professional services$375 $334 $364 
Sales advertising and public relations99 73 77 
Regulatory fees and assessments83 69 61 
Securities processing63 34 41 
Bank operations41 12 18 
Donations27 2 20 
Other387 372 384 
Total other expenses$1,075 $896 $965 
Acquisition and Restructuring Costs
We recorded approximately $65 million and $13 million, in 2022 and 2021, respectively, of acquisition costs related to the BBH Investor Services acquisition transaction we are no longer pursuing. In addition, in 2021, we also recorded approximately $52 million of acquisition costs related to our 2018 acquisition of CRD for which starting in 2022, we no longer distinguished certain costs as acquisition costs.
Repositioning Charges
In 2022, we recorded repositioning charges of $78 million, consisting of $50 million of compensation and benefits expenses primarily related to streamlining the Investment Services organization, $20 million of occupancy charges related to real estate footprint optimization and $8 million of BBH-related repositioning charges. The BBH-related repositioning charges were recognized in acquisition and restructuring expenses.
In 2021, we recorded a net repositioning benefit of $3 million, including $32 million release of previously accrued severance charges, primarily due to higher attrition and redeployment rates during the COVID-19 pandemic, partially offset by $29 million of occupancy charges related to footprint optimization.
The following table presents aggregate activity for repositioning charges and activity related to previous Beacon restructuring charges for the periods indicated:
(In millions)Employee
Related Costs		Real Estate
Actions		Asset and Other Write-offsTotal
Accrual Balance at December 31, 2019$190 $7 $1 $198 
Accruals for Beacon(4)— — (4)
Accruals for Repositioning Charges82 51 — 133 
Payments and Other Adjustments(78)(52)(1)(131)
Accrual Balance at December 31, 2020190 6 — 196 
Accruals for Beacon(1)— — (1)
Accruals for Repositioning Charges
(32)29 — (3)
Payments and Other Adjustments(89)(29)— (118)
Accrual Balance at December 31, 202168 6 — 74 
Accruals for Repositioning Charges
58 20 — 78 
Payments and Other Adjustments(43)(21)— (64)
Accrual Balance at December 31, 2022$83 $5 $— $88 
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesWe use an asset-and-liability approach to account for income taxes. Our objective is to recognize the amount of taxes payable or refundable for the current year through charges or credits to the current tax provision, and to recognize deferred tax assets and liabilities for future tax consequences of temporary differences between amounts reported in our consolidated financial statements and their respective tax bases. The measurement of tax assets and liabilities is based on enacted tax laws and applicable tax rates. The effects of a tax position on our consolidated financial statements are recognized when we believe it is more likely than not that the
position will be sustained. A valuation allowance is established if it is considered more likely than not that all or a portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction.
The following table presents the components of income tax expense (benefit) for the periods indicated: 
Years Ended December 31,
(In millions)202220212020
Current:
Federal$161 $172 $241 
State112 142 122 
Non-U.S.342 326 310 
Total current expense615 640 673 
Deferred:
Federal(16)(98)(168)
State(2)(61)5 
Non-U.S.(44)(3)(31)
Total deferred expense (benefit)(62)(162)(194)
Total income tax expense (benefit)$553 $478 $479 
The following table presents a reconciliation of the U.S. statutory income tax rate to our effective tax rate based on income before income tax expense for the periods indicated:
Years Ended December 31,
202220212020
U.S. federal income tax rate21.0 %21.0 %21.0 %
Changes from statutory rate:
State taxes, net of federal benefit3.1 2.2 3.8 
Tax-exempt income(1.0)(1.1)(1.3)
Business tax credits(1)
(4.0)(4.1)(5.1)
Foreign tax differential— 0.1 (0.8)
Foreign tax credit (benefits)/ limitations(2)
(0.1)(1.9)(0.9)
Change in Valuation Allowance(2.0)— — 
Other, net(0.4)(1.1)(0.2)
Effective tax rate16.6 %15.1 %16.5 %
(1) Business tax credits include low-income housing, production and investment tax credits.
(2) Foreign tax credit (benefits)/limitations includes the period expense for global intangible low-taxed income (GILTI).
Undistributed indefinitely reinvested earnings of certain foreign subsidiaries amounted to approximately $6.6 billion at December 31, 2022. As a result, no provision has been recorded for state and local or foreign withholding income taxes. If a distribution were to occur, we would be subject to state, local and to foreign withholding tax. It is expected that any distribution will be exempt from federal income tax. Although the foreign withholding tax is generally creditable against U.S. federal income tax, certain credit utilization limitations may result in a net cost.
The following table presents significant components of our gross deferred tax assets and gross deferred tax liabilities as of the dates indicated:
December 31,
(In millions)20222021
Deferred tax assets:
Other amortizable assets$267 $323 
Tax credit carryforwards530 526 
Lease obligations198 217 
Deferred compensation127 158 
Restructuring charges and other reserves118 88 
NOL and other carryforwards152 118 
Pension plan18 28 
Foreign currency translation74 16 
Unrealized losses on investment securities, net750 17 
Total deferred tax assets 2,234 1,491 
Valuation allowance for deferred tax assets(160)(250)
Deferred tax assets, net of valuation allowance$2,074 $1,241 
Deferred tax liabilities:
Fixed and intangible assets$597 $601 
Investment basis differences188 200 
Right-of-use Assets163 172 
Other21 58 
Total deferred tax liabilities$969 $1,031 
The table below summarizes the deferred tax assets and related valuation allowances recognized as of December 31, 2022:
(In millions)Deferred Tax AssetValuation AllowanceExpiration
Other amortizable assets$267 $(93)None
Tax credits530 — 2033-2042
NOLs - Non-U.S.127 (48)2026-2042, None
NOLs - U.S.22 (16)2023-2041, None
Other carryforwards3 (3)None
Management considers the valuation allowance adequate to reduce the total deferred tax assets to an aggregate amount that will more likely than not be realized. Management has determined that a valuation allowance is not required for the remaining deferred tax assets because it is more likely than not that there will be sufficient taxable income of the appropriate nature within the carryforward periods to realize these assets.
At December 31, 2022, 2021 and 2020, the gross unrecognized tax benefits, excluding interest, were $285 million, $252 million and $308 million, respectively. Of this, the amounts that would reduce the effective tax rate, if recognized, are $272 million, $243 million and $294 million, respectively. The reduction in the effective tax rate includes the federal benefit for unrecognized state tax benefits.
The following table presents activity related to unrecognized tax benefits as of the dates indicated:
December 31,
(In millions)202220212020
Beginning balance$252 $308 $149 
Decrease related to agreements with tax authorities(4)(130)— 
Increase related to tax positions taken during current year48 50 47 
Increase related to tax positions taken during prior years8 42 137 
Decreases related to a lapse of the applicable statute of limitations(19)(18)(25)
Ending balance$285 $252 $308 
It is reasonably possible that of the $285 million of unrecognized tax benefits as of December 31, 2022, up to $63 million could decrease within the next 12 months due to agreements with tax authorities and the expiration of statutes of limitations. Management believes that we have sufficient accrued liabilities as of December 31, 2022 for tax exposures and related interest expense.
Income tax expense included related interest and penalties of approximately $8 million, $6 million and $6 million in 2022, 2021 and 2020, respectively. Total accrued interest and penalties were approximately $15 million, $9 million and $14 million as of December 31, 2022, 2021 and 2020, respectively.
v3.22.4
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
Basic EPS is calculated pursuant to the two-class method, by dividing net income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted EPS is calculated pursuant to the two-class method, by dividing net income available to common shareholders by the total weighted-average number of common shares outstanding for the period plus the shares representing the dilutive effect of equity-based awards. The effect of equity-based awards is excluded from the calculation of diluted EPS in periods in which their effect would be anti-dilutive.
The two-class method requires the allocation of undistributed net income between common and participating shareholders. Net income available to common shareholders, presented separately in our consolidated statement of income, is the basis for the calculation of both basic and diluted EPS. Participating securities are composed of unvested and fully vested SERP shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.
The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
Years Ended December 31,
(Dollars in millions, except per share amounts)202220212020
Net income$2,774 $2,693 $2,420 
Less:
Preferred stock dividends (112)(119)(162)
Dividends and undistributed earnings allocated to participating securities(1)
(2)(2)(1)
Net income available to common shareholders$2,660 $2,572 $2,257 
Average common shares outstanding (In thousands):
Basic average common shares365,214 352,565 352,865 
Effect of dilutive securities: equity-based awards4,895 5,397 4,241 
Diluted average common shares370,109 357,962 357,106 
Anti-dilutive securities(2)
866 3 1,066 
Earnings per common share:
Basic$7.28 $7.30 $6.40 
Diluted(3)
7.19 7.19 6.32 
(1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.
(2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided in Note 18.
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method.
v3.22.4
Line of Business Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Line of Business Information Line of Business Information
Our operations are organized into two lines of business: Investment Servicing and Investment Management, which are defined based on products and services provided. 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.
Investment Servicing, through State Street Investment Services, State Street Global MarketsSM, State Street Alpha, and State Street Digital, we provide investment services for institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, investment managers, foundations and endowments worldwide. Products include: back office products such as custody, accounting, regulatory reporting, investor services, performance and analytics; middle office products such as IBOR, transaction management, loans, cash, derivatives and collateral services, record keeping, client reporting and investment analytics; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment
facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk and compliance analytics; and financial data management to support institutional investors.
Included within our Investment Servicing line of business is the Charles River Investment Management Solution, a technology offering which is designed to automate and simplify the institutional investment process across asset classes, from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. With the acquisition of CRD in 2018, we took the first step in building our front-to-back platform, State Street Alpha. In 2021, we further expanded State Street Alpha's technology offering with the acquisition of Mercatus, Inc., enabling the launch of Alpha for Private Markets. Today our State Street Alpha platform combines portfolio management, trading and execution, analytics and compliance tools, and advanced data aggregation and integration with other industry platforms and providers.
In 2021, we established State Street Digital to focus on the development of services related to digital assets and related technologies, such as blockchain, tokenization, cryptocurrency, and central bank digital currency, including the evolution of a new integrated business and digital operating model designed to support primarily our institutional clients' digital investment cycle.
Investment Management provides a broad range of investment management strategies and products for our clients through State Street Global Advisors. Our investment management strategies and products for equity, fixed income and cash assets, including core and enhanced indexing, multi-asset strategies, active quantitative and fundamental active capabilities and alternative investment strategies span the risk/reward spectrum of these investment products. Our AUM is currently primarily weighted to indexed strategies. In addition, we provide a breadth of services and solutions, including ESG investing, defined benefit and defined contribution products, and Global Fiduciary Solutions. State Street Global Advisors is also a provider of ETFs, including the SPDR® ETF brand.
Our investment servicing strategy is to focus on total client relationships and the full integration of our products and services across our client base through cross-selling opportunities. In general, our clients will use a combination of services, depending on their needs, rather than one product or service. For
instance, a custody client may purchase securities finance and cash management services from different business units. Products and services that we provide to our clients are parts of an integrated offering to these clients. We price our products and services on the basis of overall client relationships and other factors; as a result, revenue may not necessarily reflect the stand-alone market price of these products and services within the business lines in the same way it would for separate business entities.
Our servicing and management fee revenue from the Investment Servicing and Investment Management business lines, including foreign exchange trading services and securities finance activities, represents approximately 70% to 80% of our consolidated total revenue. The remaining 20% to 30% is composed of software and processing fees, including front office software and data and lending related and other fees, as well as NII, which is largely generated by our investment of client deposits, short-term borrowings and long-term debt in a variety of assets, and net gains (losses) related to investment securities. These other revenue types are generally fully allocated to, or reside in, Investment Servicing and Investment Management.
Revenue and expenses are directly charged or allocated to our lines of business through management information systems. Assets and liabilities are allocated according to policies that support management’s strategic and tactical goals. Capital is allocated based on the relative risks and capital requirements inherent in each business line, along with management judgment. Capital allocations may not be representative of the capital that might be required if these lines of business were separate business entities.
The following is a summary of our line of business results "Other" column for the periods indicated.
Years Ended December 31,
Other
(Dollars in millions)202220212020
Fee revenue$23 $— $— 
Other Income— 111 — 
Net repositioning charges(70)3 (133)
Net acquisition and restructuring costs
(65)(65)(50)
Legal and related expenses— (18)9 
Deferred incentive compensation expense acceleration— (147)— 
Other expenses(10)(35)— 
Total$(122)$(151)$(174)
The following is a summary of our line of business results for the periods indicated. The "Other" columns represent amounts that are not allocated to our two lines of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals. In addition, the acceleration of deferred compensation of $147 million in 2021 was not allocated to our two lines of business. Prior reported results reflect reclassifications, for comparative purposes, related to management changes in methodologies associated with allocations of revenue and expenses to lines of business in 2022.
Years Ended December 31,
Investment
Servicing		Investment
Management		OtherTotal
(Dollars in millions)202220212020202220212020202220212020202220212020
Servicing fees$5,087 $5,531 $5,157 $— $— $— $— $— $— $5,087 $5,531 $5,157 
Management fees— — — 1,939 2,053 1,880 — — — 1,939 2,053 1,880 
Foreign exchange trading services1,271 1,149 1,299 82 62 64 23 — — 1,376 1,211 1,363 
Securities finance397 402 342 19 14 14 — — — 416 416 356 
Software and processing fees789 738 685 — — — — — — 789 738 685 
Other fee revenue(1)
46 59 31 (47)4 27 — — (1)63 58 
Total fee revenue7,590 7,879 7,514 1,993 2,133 1,985 23 — — 9,606 10,012 9,499 
Net interest income2,551 1,919 2,211 (7)(14)(11)— — — 2,544 1,905 2,200 
Total other income(2)(1)4 — — — — 111 — (2)110 4 
Total revenue10,139 9,797 9,729 1,986 2,119 1,974 23 111 — 12,148 12,027 11,703 
Provision for credit losses20 (33)88 — — — — — — 20 (33)88 
Total expenses7,260 7,182 7,071 1,396 1,445 1,471 145 262 174 8,801 8,889 8,716 
Income before income tax expense$2,859 $2,648 $2,570 $590 $674 $503 $(122)$(151)$(174)$3,327 $3,171 $2,899 
Pre-tax margin28 %27 %26 %30 %32 %25 %27 %26 %25 %
Average assets (in billions)$283.2 $296.5 $266.4 $3.2 $3.2 $2.9 $286.4 $299.7 $269.3 
(1) Investment Management includes other revenue items that are primarily driven by equity market movements.
v3.22.4
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
We account for revenue from contracts with customers in accordance with ASC 606. The amount of revenue that we recognize is measured based on the consideration specified in contracts with our customers, and excludes taxes collected from customers subsequently remitted to governmental authorities. We recognize revenue when a performance obligation is satisfied over time as the services are performed or at a point in time depending on the nature of the services provided as further discussed below. Revenue recognition guidance related to contracts with customers excludes our NII, revenue earned on security lending transactions entered into as principal, realized gains/losses on securities, revenue earned on foreign exchange activity, loans and related fees, and gains/losses on hedging and derivatives, to which we apply other applicable U.S. GAAP guidance.
For contracts with multiple performance obligations, or contracts that have been combined, we allocate the contracts' transaction price to each performance obligation using our best estimate of the standalone selling price. Our contractual fees are negotiated on a customer by customer basis and are representative of standalone selling price utilized for allocating revenue when there are multiple performance obligations.
Substantially all of our services are provided as a distinct series of daily performance obligations that the customer simultaneously benefits from as they are performed. Payments may be made to third party service providers and the expense is recognized gross when we control those services as we are deemed the principal.
Contract durations may vary from short- to long- term or may be open ended. Termination notice periods are in line with general market practice and typically do not include termination penalties. Therefore, for substantially all of our revenues, the duration of the contract and the enforceable rights and obligations do not extend beyond the services that are performed daily or at the transaction level. In instances where we have substantive termination penalties, the duration of the contract may extend through the date of substantive termination penalties.
Investment Servicing
Revenue from contracts with customers related to servicing fees is recognized over time as our customers benefit from the custody, administration, accounting, transfer agency and other related asset services as they are performed. At contract inception, no revenue is estimated as the fees are dependent on assets under custody and/or administration and/or actual transactions which are susceptible to market factors outside of our control. Therefore, revenue is recognized using a time-based output method as the customers benefit from the services over time and as the assets under custody or transactions are known or determinable during each reporting period based on contractual fee schedules. Payments made to third party service providers, such as sub-custodians, are generally recognized gross as we control those services and are deemed to be a principal in such arrangements.
Foreign exchange trading services revenue includes revenue generated from providing access and use of electronic trading platforms and other trading, transition management and brokerage services. Electronic FX services are dependent on the volume of actual transactions initiated through our electronic exchange platforms. Revenue is recognized over time using a time-based measure as access to, and use of, the electronic exchange platforms is made available to the customer and the activity is determinable. Revenue related to other trading, transition management and brokerage services is recognized when the customer obtains the benefit of such services which may be over time or at a point in time upon trade execution.
Securities finance revenue is related to services for providing agency lending programs to State Street Global Advisors managed investment funds and third-party investment managers and asset owners. This securities finance revenue is recognized over time using a time-based measure as our customers benefit from these lending services over time.
Revenue related to the front office solutions provided by CRD is primarily driven by the sale of licenses and software as service arrangements, including professional services such as consulting and implementation services, software support and maintenance. Revenue for a sale of software to be installed on premise is recognized at a point in time when the customer benefits from obtaining access to and use of the software license. Revenue for a SaaS related arrangement is recognized over time as services are provided.
Investment Management
Revenue from contracts with customers related to investment management, investment research and investment advisory services provided through State Street Global Advisors is recognized over time as our customers benefit from the services as they are performed. Substantially all of our investment management fees are determined by the value of assets under management and the investment strategies employed. At contract inception, no revenue is estimated as the fees are dependent on assets under management which are susceptible to market factors outside of our control.
Therefore, substantially all of our Investment Management services revenue is recognized using a time-based output method as the customers benefit from the services over time and as the assets under management are known or determinable during each reporting period based on contractual fee schedules. Payments made to third party service providers, such as payments to others in unitary fee arrangements, are generally recognized on a gross basis when State Street Global Advisors controls those services and is deemed to be a principal in such transactions.
Revenue by category
In the following table, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The amounts in the "Other" columns were not allocated to our business lines.
Year Ended December 31, 2022
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2022
Servicing fees$5,087 $— $5,087 $— $— $— $— $— $— $5,087 
Management fees— — — 1,939 — 1,939 — — — 1,939 
Foreign exchange trading services 363 908 1,271 82 — 82 — 23 23 1,376 
Securities finance233 164 397 — 19 19 — — — 416 
Software and processing fees 599 190 789 — — — — — — 789 
Other fee revenue— 46 46 (47)(47)— — — (1)
Total fee revenue6,282 1,308 7,590 2,021 (28)1,993 — 23 23 9,606 
Net interest income— 2,551 2,551 — (7)(7)— — — 2,544 
Total other income— (2)(2)— — — — — — (2)
Total revenue$6,282 $3,857 $10,139 $2,021 $(35)$1,986 $— $23 $23 $12,148 
Year Ended December 31, 2021
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2021
Servicing fees$5,531 $— $5,531 $— $— $— $— $— $— $5,531 
Management fees— — — 2,053 — 2,053 — — — 2,053 
Foreign exchange trading services 342 807 1,149 62 — 62 — — — 1,211 
Securities finance235 167 402 — 14 14 — — — 416 
Software and processing fees 535 203 738 — — — — — — 738 
Other fee revenue— 59 59 — 4 4 — — — 63 
Total fee revenue6,643 1,236 7,879 2,115 18 2,133 — — — 10,012 
Net interest income— 1,919 1,919 — (14)(14)— — — 1,905 
Total other income— (1)(1)— — — — 111 111 110 
Total revenue$6,643 $3,154 $9,797 $2,115 $4 $2,119 $— $111 $111 $12,027 
Year Ended December 31, 2020
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2020
Servicing fees$5,157 $— $5,157 $— $— $— $— $— $— $5,157 
Management fees— — — 1,880 — 1,880 — — — 1,880 
Foreign exchange trading services377 922 1,299 64 — 64 — — — 1,363 
Securities finance225 117 342 — 14 14 — — — 356 
Software and processing fees496 189 685 — — — — — — 685 
Other fee revenue— 31 31 — 27 27 — — — 58 
Total fee revenue6,255 1,259 7,514 1,944 41 1,985 — — — 9,499 
Net interest income— 2,211 2,211 — (11)(11)— — — 2,200 
Total other income— 4 4 — — — — — — 4 
Total revenue$6,255 $3,474 $9,729 $1,944 $30 $1,974 $— $— $— $11,703 
Contract balances and contract costs
As of December 31, 2022 and 2021, net receivables of $2.63 billion and $2.76 billion, respectively, are included in accrued interest and fees receivable, representing amounts billed or currently billable related to revenue from contracts with customers. As performance obligations are satisfied, we have an unconditional right to payment and billing is generally performed monthly or quarterly; therefore, we do not have significant contract assets.
We had $138 million and $130 million of deferred revenue as of December 31, 2022 and 2021, respectively. Deferred revenue is a contract liability which represents payments received and accounts receivable recorded in advance of providing services and is included in accrued expenses and other liabilities in the consolidated
statement of condition. In 2022, we recognized revenue of $109 million relating to deferred revenue as of December 31, 2021.
Transaction price allocated to the remaining performance obligations represents future, non-cancelable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. As of December 31, 2022, total remaining non-cancelable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $1.4 billion. We expect to recognize approximately half of this amount in revenue over the next three years, with the remainder to be recognized thereafter.
No adjustments are made to the promised amount of consideration for the effects of a significant financing component as the period between when we transfer a promised service to a customer and when the customer pays for that service is expected to be one year or less.
v3.22.4
Non-U.S. Activities
 12 Months Ended
Dec. 31, 2022
Segments, Geographical Areas [Abstract]  
Non-U.S. Activities Non-U.S. Activities
We define our non-U.S. activities as those revenue-producing business activities that arise from clients which are generally serviced or managed outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible.
Subjective estimates, assumptions and other judgments are applied to quantify the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset and liability management policies and our allocation of certain indirect corporate expenses. Management periodically reviews and updates its processes for quantifying the financial results and assets related to our non-U.S. activities.
The following table presents our U.S. and non-U.S. financial results for the periods indicated:
Years Ended December 31,
202220212020
(In millions)Non-U.S.(1)U.S.TotalNon-U.S.(1)U.S.TotalNon-U.S.(1)U.S.Total
Total revenue$5,170 $6,978 $12,148 $5,397 $6,630 $12,027 $5,177 $6,526 $11,703 
Income before income tax expense 1,358 1,969 3,327 1,590 1,581 3,171 1,326 1,573 2,899 
(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
Non-U.S. assets were $96.34 billion and $102.61 billion as of December 31, 2022 and 2021, respectively.
v3.22.4
Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Statements Parent Company Financial Statements
The following tables present the financial statements of the Parent Company without consolidation of its banking and non-banking subsidiaries, as of and for the years indicated:
Statement of Income - Parent Company
Years Ended December 31,
(In millions)202220212020
Cash dividends from consolidated banking subsidiary$1,500 $— $2,721 
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities198 170 118 
Other, net69 49 92 
Total revenue1,767 219 2,931 
Interest expense426 239 324 
Other expenses93 315 172 
Total expenses519 554 496 
Income tax (benefit)(121)(153)(109)
Income (Loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities1,369 (182)2,544 
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary1,275 2,657 (277)
Consolidated non-banking subsidiaries and unconsolidated entities130 218 153 
Net income$2,774 $2,693 $2,420 
Statement of Condition - Parent Company
As of December 31,
(In millions)20222021
Assets:
Interest-bearing deposits with consolidated banking subsidiary$460 $482 
Trading account assets425 440 
Investment securities available-for-sale260 150 
Investments in subsidiaries:
Consolidated banking subsidiary26,579 27,821 
Consolidated non-banking subsidiaries9,151 9,060 
Unconsolidated entities121 122 
Notes and other receivables from:
Consolidated banking subsidiary— 80 
Consolidated non-banking subsidiaries and unconsolidated entities3,512 5,029 
Other assets205 256 
Total assets$40,713 $43,440 
Liabilities:
Notes and other payables to:
  Consolidated banking subsidiary$22 $— 
  Consolidated non-banking subsidiaries and unconsolidated entities214 2,303 
Accrued expenses and other liabilities509 523 
Long-term debt14,777 13,250 
Total liabilities15,522 16,076 
Shareholders’ equity25,191 27,364 
Total liabilities and shareholders’ equity$40,713 $43,440 
Statement of Cash Flows - Parent Company
Years Ended December 31,
(In millions)202220212020
Net cash provided by (used in) operating activities$1,608 $(116)$3,513 
Investing Activities:
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary22 10 (64)
Proceeds from sales and maturities of available-for-sale securities780 525 1,000 
Purchases of available-for-sale securities(886)(575)(849)
Investments in consolidated banking and non-banking subsidiaries(16,252)(6,288)(7,406)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries15,092 7,006 4,999 
Net cash (used in) provided by investing activities(1,244)678 (2,320)
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs3,731 1,343 2,489 
Payments for long-term debt(1,500)(1,500)(1,700)
Payments for redemption of preferred stock— (500)(500)
Proceeds from issuance of common stock, net of issuance costs— 1,900 — 
Repurchases of common stock(1,500)(900)(515)
Repurchases of common stock for employee tax withholding(123)(39)(78)
Payments for cash dividends(972)(866)(889)
Net cash (used in) financing activities(364)(562)(1,193)
Net change— — — 
Cash and due from banks at beginning of year— — — 
Cash and due from banks at end of year$— $— $— 
v3.22.4
Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn January 26, 2023, we issued $500 million aggregate principal amount of 4.857% fixed-to-floating rate senior notes due 2026 and $750 million aggregate principal amount of 4.821% fixed-to-floating rate senior notes due 2034.
v3.22.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accounting and financial reporting policies of State Street Corporation conform to U.S. GAAP. State Street Corporation, 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, including our principal banking subsidiary, State Street Bank.
We have two lines of business:
Investment Servicing, through State Street Investment Services, State Street Global MarketsSM, State Street Alpha, and State Street Digital, we provide investment services for institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, investment managers, foundations and endowments worldwide. Products under the Investment Servicing line of business include: back office products such as custody, accounting, regulatory reporting, investor services, performance and analytics; middle office products such as IBOR, transaction management, loans, cash, derivatives and collateral services, record keeping, client reporting and investment analytics; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk and compliance analytics; and financial data management to support institutional investors.
Investment Management, provides a broad range of investment management strategies and products for our clients through State Street Global Advisors. Our investment management strategies and products for equity, fixed income and cash assets, including core and enhanced indexing, multi-asset strategies, active quantitative and fundamental active capabilities and alternative investment strategies span the risk/reward spectrum of these investment products. In addition, we provide a breadth of services and solutions, including ESG investing, defined benefit and defined contribution products, and Global Fiduciary Solutions. State Street Global Advisors is also a provider of ETFs, including the SPDR® ETF brand.
Consolidation
Consolidation
Our consolidated financial statements include the accounts of the Parent Company and its majority-
and wholly-owned and otherwise controlled subsidiaries, including State Street Bank. All material inter-company transactions and balances have been eliminated. Certain previously reported amounts have been reclassified to conform to current-year presentation.
We consolidate subsidiaries in which we exercise control. Investments in unconsolidated subsidiaries, recorded in other assets, generally are accounted for under the equity method of accounting if we have the ability to exercise significant influence over the operations of the investee. For investments accounted for under the equity method, our share of income or loss is recorded in other fee revenue in our consolidated statement of income. Investments not meeting the criteria for equity-method treatment are measured at fair value through earnings, except for investments where a fair market value is not readily available, which are accounted for under the cost method of accounting.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates.
Foreign Currency Translation
Foreign Currency Translation
The assets and liabilities of our operations with functional currencies other than the U.S. dollar are translated at month-end exchange rates, and revenue and expenses are translated at rates that approximate average monthly exchange rates. Gains or losses from the translation of the net assets of subsidiaries with functional currencies other than the U.S. dollar, net of related taxes, are recorded in AOCI, a component of shareholders’ equity.
Cash and Cash Equivalents
Cash and Cash Equivalents
For purposes of the consolidated statement of cash flows, cash and cash equivalents are defined as cash and due from banks.
Sanctions programs or government intervention may inhibit our ability to access cash and due from banks in certain accounts. For example, as of December 31, 2022, we held such accounts in Russia, inclusive of $767 million with our subcustodian, which is an affiliate of a large multinational bank, and with western European-based clearing agencies, for a total of approximately $1.3 billion. Cash and due from banks is evaluated as part of our allowance for credits losses.
Interest-Bearing Deposits with Banks
Interest-Bearing Deposits with Banks
Interest-bearing deposits with banks generally consist of highly liquid, short-term investments maintained at the Federal Reserve Bank and other non-U.S. central banks with original maturities at the time of purchase of one month or less.
Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements
Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements
Securities purchased under resale agreements and sold under repurchase agreements are accounted for as collateralized financing transactions, and are recorded in our consolidated statement of condition at the amounts at which the securities will be subsequently resold or repurchased, plus accrued interest. Our policy is to take possession or control of securities underlying resale agreements either directly or through agent banks, allowing borrowers the right of collateral substitution and/or short-notice termination. We revalue these securities daily to determine if additional collateral is necessary from the borrower to protect us against credit exposure. We can use these securities as collateral for repurchase agreements.
For securities sold under repurchase agreements collateralized by our investment securities portfolio, the dollar value of the securities remains in investment securities in our consolidated statement of condition. Where a master netting agreement exists or when both parties are members of a common clearing organization, resale and repurchase agreements are recorded on a net basis when specific netting criteria are met.
Fee and Net Interest Income
Fee and Net Interest Income
The majority of fees from investment servicing, investment management, securities finance, trading services and certain types of software and processing
fees are recorded in our consolidated statement of income based on the consideration specified in contracts with our customers, and excludes taxes collected from customers subsequently remitted to governmental authorities. We recognize revenue as the services are performed or at a point in time depending on the nature of the services provided. Payments made to third party service providers are generally recognized on a gross basis when we control those services and are deemed to be the principal. Additional information about revenue from contracts with customers is provided in Note 25.
Interest income on interest-earning assets and interest expense on interest-bearing liabilities are recorded in our consolidated statement of income as components of NII, and are generally based on the effective yield of the related financial asset or liability.
Recent Accounting Developments
Recent Accounting Developments
In March 2022, the SEC staff released Staff Accounting Bulletin No. 121 (SAB 121). SAB 121 expresses the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets. The guidance requires an entity that has obligations to safeguard crypto-assets held for their platform users to recognize a liability on its balance sheet, along with a corresponding asset, and provides extensive disclosures on the nature and amount of crypto-assets under custody. This guidance was adopted in the second quarter of 2022 and had no financial statement impact. We continue to evaluate the potential impact of the guidance on State Street Digital products and services currently in development.
We did not adopt any other new accounting standards in 2022 that had a material impact to our financial statements.
Relevant standards that were recently issued but not yet adopted as of December 31, 2022
StandardDescriptionDate of Adoption
Effects on the financial statements or other significant matters
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
The standard addresses two topics: 1) eliminates the accounting guidance for TDRs, now requiring an entity to determine whether a modification results in a new loan or a continuation of an existing loan, as well as expanding disclosures related to modifications and 2) requires disclosure of current period gross write-offs of financing receivables within the vintage disclosures table.
January 1, 2023
We have adopted the new standard as of January 1, 2023. There are no material impacts as a result of the adoption.
ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method
The standard makes targeted amendments to 1) expand the existing last-of-layer method to allow multiple hedging layers of a single closed portfolio (now renamed portfolio layer method), 2) expand the scope of the portfolio layer method to include nonprepayable financial assets, 3) clarify which hedging instruments are eligible for designation in a portfolio layer hedge, 4) provide additional guidance on the accounting for, and disclosure of, hedge basis adjustments that are applicable to the portfolio layer method and 5) define how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio.
January 1, 2023
We have adopted the new standard as of January 1, 2023. There are no material impacts as a result of the adoption.
Additionally, we continue to evaluate other accounting standards that were recently issued, but not yet adopted as of December 31, 2022; none are expected to have a material impact to our financial statements.
Fair Value Measurements
Fair Value Measurements
We carry trading account assets and liabilities, AFS debt securities, certain equity securities and various types of derivative financial instruments, at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of AOCI within shareholders' equity in our consolidated statement of condition.
We measure fair value for the above-described financial assets and liabilities in conformity with U.S. GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of U.S. GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to valuation methods using significant unobservable inputs (level 3). 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. Management's 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 of the valuation hierarchy are described below.
Level 1. Financial assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market. Our level 1 financial assets and liabilities primarily include positions in U.S. government securities and highly liquid U.S. and non-U.S. government fixed-income securities. Our level 1 financial assets also include actively traded exchange- traded equity securities.
Level 2. 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. Level 2 inputs include the following:
▪Quoted prices for similar assets or liabilities in active markets;
▪Quoted prices for identical or similar assets or liabilities in non-active markets;
▪Pricing models whose inputs are observable for substantially the full term of the asset or liability; and
▪Pricing models whose inputs are derived principally from, or corroborated by, observable market information through correlation or other means for substantially the full term of the asset or liability.
Our level 2 financial assets and liabilities primarily include non-U.S. debt securities carried in trading account assets and various types of fixed-income AFS investment securities, as well as various types of foreign exchange and interest rate derivative instruments.
Fair value for our AFS investment securities categorized in level 2 is measured primarily using information obtained from independent third parties. This third-party information is subject to review by management as part of a validation process, which includes obtaining an understanding of the underlying assumptions and the level of market participant information used to support those assumptions. In addition, management compares significant assumptions used by third parties to available market information. Such information may include known trades or, to the extent that trading activity is limited, comparisons to market research information pertaining to credit expectations, execution prices and the timing of cash flows and, where information is available, back- testing.
Derivative instruments categorized in level 2 predominantly represent foreign exchange contracts used in our trading activities, for which fair value is measured using discounted cash-flow techniques, with inputs consisting of observable spot and forward points, as well as observable interest rate curves. With respect to derivative instruments, we evaluate the impact on valuation of the credit risk of our counterparties. We consider factors such as the likelihood of default by our counterparties, our current and potential future net exposures and remaining maturities in determining the fair value. Valuation adjustments associated with derivative instruments were not material to those instruments for the years ended December 31, 2022 and 2021.
Level 3. Financial assets and liabilities with values based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall measurement of fair value. These inputs reflect management's judgment about the assumptions that a market participant would use in pricing the financial asset or liability, and are based on the best available information, some of which may be internally developed. The following provides a more detailed discussion of our financial assets and liabilities that we may categorize in level 3 and the related valuation methodology.
•The fair value of our investment securities categorized in level 3 is measured using information obtained from third-party sources, typically non-binding broker/dealer quotes, or through the use of internally-developed pricing models. Management has evaluated its methodologies used to measure fair value and has considered the level of observable market information to be insufficient to categorize the securities in level 2.
•The fair value of certain foreign exchange contracts, primarily options, is measured using an option-pricing model. Because of a limited number of observable transactions, certain model inputs are not observable, such as implied volatility surface, but are derived from observable market information.
Our level 3 financial assets and liabilities are similar in structure and profile to our level 1 and level 2 financial instruments, but they trade in less liquid markets, and the measurement of their fair value is therefore less observable.
v3.22.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Other Significant Accounting Policies
The following table identifies our other significant accounting policies and the note and page where a detailed description of each policy can be found:
Fair ValueNote2Page
Investment SecuritiesNote3Page
Loans and Allowance for Credit LossesNote4Page
Goodwill and Other Intangible AssetsNote5Page
Derivative Financial InstrumentsNote10Page
Offsetting ArrangementsNote11Page
ContingenciesNote13Page
Variable Interest EntitiesNote14Page
Equity-Based CompensationNote18Page
Income TaxesNote22Page
Earnings Per Common ShareNote23Page
Revenue from Contracts with CustomersNote25Page
New Accounting Standards Issued But Not Yet Adopted Relevant standards that were recently issued but not yet adopted as of December 31, 2022
StandardDescriptionDate of Adoption
Effects on the financial statements or other significant matters
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
The standard addresses two topics: 1) eliminates the accounting guidance for TDRs, now requiring an entity to determine whether a modification results in a new loan or a continuation of an existing loan, as well as expanding disclosures related to modifications and 2) requires disclosure of current period gross write-offs of financing receivables within the vintage disclosures table.
January 1, 2023
We have adopted the new standard as of January 1, 2023. There are no material impacts as a result of the adoption.
ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method
The standard makes targeted amendments to 1) expand the existing last-of-layer method to allow multiple hedging layers of a single closed portfolio (now renamed portfolio layer method), 2) expand the scope of the portfolio layer method to include nonprepayable financial assets, 3) clarify which hedging instruments are eligible for designation in a portfolio layer hedge, 4) provide additional guidance on the accounting for, and disclosure of, hedge basis adjustments that are applicable to the portfolio layer method and 5) define how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio.
January 1, 2023
We have adopted the new standard as of January 1, 2023. There are no material impacts as a result of the adoption.
v3.22.4
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated:
Fair Value Measurements on a Recurring Basis
As of December 31, 2022
(In millions)Quoted Market
Prices in Active
Markets
(Level 1)		Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)		Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$40 $— $— $40 
Non-U.S. government securities— 142 — 142 
Other— 468 — 468 
Total trading account assets40 610 — 650 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations7,981 — — 7,981 
Mortgage-backed securities— 8,509 — 8,509 
Total U.S. Treasury and federal agencies7,981 8,509 — 16,490 
Non-U.S. debt securities:
Mortgage-backed securities— 1,623 — 1,623 
Asset-backed securities— 1,669 — 1,669 
Non-U.S. sovereign, supranational and non-U.S. agency— 14,089 — 14,089 
Other— 2,091 — 2,091 
Total non-U.S. debt securities— 19,472 — 19,472 
Asset-backed securities:
Student loans— 115 — 115 
Collateralized loan obligations— 2,355 — 2,355 
Non-agency CMBS and RMBS(2)
— 231 — 231 
Other— 88 — 88 
Total asset-backed securities— 2,789 — 2,789 
State and political subdivisions— 823 — 823 
Other U.S. debt securities— 1,005 — 1,005 
Total available-for-sale investment securities7,981 32,598 — 40,579 
Other assets:
Derivative instruments:
Foreign exchange contracts9 26,173 4 $(18,522)7,664 
Interest rate contracts— — — — — 
Total derivative instruments9 26,173 4 (18,522)7,664 
Other6 600 — — 606 
Total assets carried at fair value$8,036 $59,981 $4 $(18,522)$49,499 
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts$2 $25,745 $2 $(17,951)$7,798 
Interest rate contracts1 — — — 1 
Other derivative contracts— 216 — — 216 
Total derivative instruments3 25,961 2 (17,951)8,015 
Total liabilities carried at fair value$3 $25,961 $2 $(17,951)$8,015 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $3.30 billion and $2.73 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
Fair Value Measurements on a Recurring Basis
As of December 31, 2021
(In millions)
Quoted Market
Prices in Active
Markets
(Level 1)
Pricing Methods
with Significant
Observable
Market Inputs
(Level 2)
Pricing Methods
with Significant
Unobservable
Market Inputs
(Level 3)
Impact of Netting(1)
Total Net
Carrying Value
in Consolidated
Statement of
Condition
Assets:
Trading account assets:
U.S. government securities$39 $— $— $39 
Non-U.S. government securities— 134 — 134 
Other— 585 — 585 
Total trading account assets39 719 — 758 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations17,939 — — 17,939 
Mortgage-backed securities— 18,208 — 18,208 
Total U.S. Treasury and federal agencies17,939 18,208 — 36,147 
Non-U.S. debt securities:
Mortgage-backed securities— 1,995 — 1,995 
Asset-backed securities— 2,087 — 2,087 
Non-U.S. sovereign, supranational and non-U.S. agency— 23,547 — 23,547 
Other— 3,098 — 3,098 
Total non-U.S. debt securities— 30,727 — 30,727 
Asset-backed securities:
Student loans— 211 — 211 
Collateralized loan obligations— 2,155 — 2,155 
Non-agency CMBS and RMBS(2)
— 52 — 52 
Other— 91 — 91 
Total asset-backed securities— 2,509 — 2,509 
State and political subdivisions— 1,272 — 1,272 
Other U.S. debt securities— 2,744 — 2,744 
Total available-for-sale investment securities17,939 55,460 — 73,399 
Other assets:
Derivative instruments:
Foreign exchange contracts2 15,183 — $(11,079)4,106 
Interest rate contracts2 — — — 2 
Total derivative instruments4 15,183 — (11,079)4,108 
Other
— 667 — — 667 
Total assets carried at fair value$17,982 $72,029 $— $(11,079)$78,932 
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
Derivative instruments:
Foreign exchange contracts$1 $15,824 $— $(10,395)$5,430 
Interest rate contracts— — — — — 
Other derivative contracts— 301 — — 301 
Total derivative instruments1 16,125 — (10,395)5,731 
Total liabilities carried at fair value$1 $16,125 $— $(10,395)$5,731 
(1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.97 billion and $1.28 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present activity related to our level 3 financial assets during the years ended December 31, 2022 and 2021, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. There were no transfers into or out of level 3 during the year ended December 31, 2022. During the year ended December 31, 2021, transfers into level 3 were primarily related to collateralized loan obligations and a U.S. corporate bond, for which fair value was measured using information obtained from third party sources, including non-binding broker/dealer quotes. During the year ended December 31, 2021, transfers out of level 3 were mainly related to collateralized loan obligations, certain non-U.S. debt securities and a U.S. corporate bond, for which fair value was measured using prices based on observable market information.
Fair Value Measurements Using Significant Unobservable Inputs
 Year Ended December 31, 2022
 Fair Value as of
December 31,
2021		Total Realized and
Unrealized Gains (Losses)		PurchasesSalesSettlementsTransfers into
Level 3		Transfers
out of Level 3
Fair Value 
as of December 31, 2022(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
December 31, 2022
(In millions)
Recorded in Revenue(1)
Recorded in Other Comprehensive Income
Assets:
Derivative instruments:
Foreign exchange contracts$— $(1)$— $5 $— $— $— $— $4 $— 
Total derivative instruments— (1)— 5 — — — — 4 — 
Total assets carried at fair value$— $(1)$— $5 $— $— $— $— $4 $— 
(1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.

Fair Value Measurements Using Significant Unobservable Inputs
 Year Ended December 31, 2021
 Fair Value
as of
December 31,
2020
Total Realized and
Unrealized Gains (Losses)
PurchasesSalesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3
Fair Value 
as of December 31, 2021(1)
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
December 31, 2021
(In millions)
Recorded
in
Revenue(1)
Recorded
in Other
Comprehensive
Income
Assets:
Available-for-sale Investment securities:
Asset-backed securities:
Collateralized loan obligations$14 $— $— $106 $— $— $— $(120)$— 
Total asset-backed securities14 — — 106 — — — (120)— 
Other U.S. debt securities— — — — — — 15 (15)— 
Total available-for-sale investment securities14 — — 106 — — 15 (135)— 
Other assets:
Derivative instruments:
Foreign exchange contracts2 (3)— 1 — — — — — $(1)
Total derivative instruments2 (3)— 1 — — — — — (1)
Total assets carried at fair value$16 $(3)$— $107 $— $— $15 $(135)$— $(1)
(1) Total realized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services.
Fair Value Inputs, Quantitative Information
The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level 3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level 3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker/dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer.
Quantitative Information about Level 3 Fair Value Measurements
Fair ValueRangeWeighted-Average
(Dollars in millions)As of December 31, 2022As of December 31, 2021Valuation Technique
Significant Unobservable Input(1)
As of December 31, 2022As of December 31, 2022As of December 31, 2021
Significant unobservable inputs readily available to State Street:
Assets:
Derivative Instruments, foreign exchange contracts$4 $— Option modelVolatility7.3%-19.2%11.4 %15.2 %
Total$4 $— 
Liabilities:
Derivative instruments, foreign exchange contracts$2 $— Option modelVolatility8.1%-19.2%9.8 %14.7 %
Total$2 $— 
(1) Significant changes in these unobservable inputs may result in significant changes in fair value measurement of the derivative instrument.
Carrying Value and Estimated Fair Value of Financial Instruments by Fair Value Hierarchy
The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value, as they would be categorized within the fair value hierarchy, as of the dates indicated:
 
Fair Value Hierarchy
(In millions)
Reported Amount 
Estimated Fair Value
Quoted Market Prices in Active Markets (Level 1)
Pricing Methods with Significant Observable Market Inputs (Level 2) 
Pricing Methods with Significant Unobservable Market Inputs (Level 3)
December 31, 2022
Financial Assets:    
Cash and due from banks$3,970 $3,970 $3,970 $— $— 
Interest-bearing deposits with banks101,593 101,593 — 101,593 — 
Securities purchased under resale agreements5,215 5,215 — 5,215 — 
Investment securities held-to-maturity64,700 57,913 11,336 46,577 — 
Net loans(1)
32,053 31,794 — 29,679 2,115 
Other(2)
3,626 3,626 — 3,626 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$46,755 $46,755 $— $46,755 $— 
   Interest-bearing - U.S.111,384 111,384 — 111,384 — 
   Interest-bearing - non-U.S.77,325 77,325 — 77,325 — 
Securities sold under repurchase agreements1,177 1,177 — 1,177 — 
Other short-term borrowings2,097 2,097 — 2,097 — 
Long-term debt14,996 14,273 — 14,102 171 
Other(2)
3,626 3,626 — 3,626 — 
(1) Includes $5 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2022.
(2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge.
Fair Value Hierarchy
(In millions)
Reported Amount 
Estimated Fair Value
Quoted Market Prices in Active Markets (Level 1)
Pricing Methods with Significant Observable Market Inputs (Level 2) 
Pricing Methods with Significant Unobservable Market Inputs (Level 3)
December 31, 2021
Financial Assets:
Cash and due from banks$3,631 $3,631 $3,631 $— $— 
Interest-bearing deposits with banks106,358 106,358 — 106,358 — 
Securities purchased under resale agreements3,012 3,012 — 3,012 — 
Investment securities held-to-maturity42,430 42,271 2,160 40,111 — 
Net loans(1)
32,445 32,528 — 29,862 2,666 
Other(2)
1 1 — 1 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$56,461 $56,461 $— $56,461 $— 
   Interest-bearing - U.S.102,985 102,985 — 102,985 — 
   Interest-bearing - non-U.S.95,589 95,589 — 95,589 — 
Securities sold under repurchase agreements1,575 1,575 — 1,575 — 
Other short-term borrowings128 128 — 128 — 
Long-term debt13,475 13,552 — 13,385 167 
Other(2)
1 1 — 1 — 
1) Includes $8 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2021.
(2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge.
v3.22.4
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated:
 December 31, 2022December 31, 2021
 Amortized
Cost		Gross
Unrealized		Fair
Value		Amortized
Cost		Gross
Unrealized		Fair
Value
(In millions)GainsLossesGainsLosses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$8,232 $10 $261 $7,981 $18,111 $24 $196 $17,939 
Mortgage-backed securities8,767 2 260 8,509 18,154 148 94 18,208 
Total U.S. Treasury and federal agencies16,999 12 521 16,490 36,265 172 290 36,147 
Non-U.S. debt securities:
Mortgage-backed securities1,642 — 19 1,623 1,986 12 3 1,995 
Asset-backed securities(1)
1,696 — 27 1,669 2,087 2 2 2,087 
Non-U.S. sovereign, supranational and non-U.S. agency14,512 1 424 14,089 23,533 114 100 23,547 
Other(2)
2,255 — 164 2,091 3,113 17 32 3,098 
Total non-U.S. debt securities20,105 1 634 19,472 30,719 145 137 30,727 
Asset-backed securities:
Student loans(3)
116 — 1 115 209 2 — 211 
Collateralized loan obligations(4)
2,394 — 39 2,355 2,155 2 2 2,155 
Non-agency CMBS and RMBS(5)
237 — 6 231 52 — — 52 
Other90 — 2 88 90 1 — 91 
Total asset-backed securities2,837 — 48 2,789 2,506 5 2 2,509 
State and political subdivisions839 1 17 823 1,216 59 3 1,272 
Other U.S. debt securities(6)
1,078 — 73 1,005 2,734 23 13 2,744 
Total available-for-sale securities(7)(8)
$41,858 $14 $1,293 $40,579 $73,440 $404 $445 $73,399 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$11,693 $— $341 $11,352 $2,170 $10 $— $2,180 
Mortgage-backed securities42,307 3 6,030 36,280 33,481 362 578 33,265 
Total U.S. Treasury and federal agencies54,000 3 6,371 47,632 35,651 372 578 35,445 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency6,603 — 304 6,299 1,564 — 9 1,555 
Total non-U.S. debt securities6,603 — 304 6,299 1,564 — 9 1,555 
Asset-backed securities:
Student loans(3)
3,955 1 134 3,822 4,908 48 14 4,942 
Non-agency CMBS and RMBS(9)
142 18 — 160 307 22 1— 329 
Total asset-backed securities4,097 19 134 3,982 5,215 70 14 5,271 
Total held-to-maturity securities(7)
$64,700 $22 $6,809 $57,913 $42,430 $442 $601 $42,271 
(1) As of December 31, 2022 and 2021, the fair value includes non-U.S. collateralized loan obligations of $0.86 billion and $0.83 billion, respectively.
(2) As of December 31, 2022 and 2021, the fair value includes non-U.S. corporate bonds of $1.14 billion and $1.53 billion, respectively,
(3) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans.
(4) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(5) Consists entirely of non-agency CMBS as of both December 31, 2022 and 2021.
(6) As of December 31, 2022 and 2021, the fair value of U.S. corporate bonds was $1.01 billion and $2.44 billion, respectively.
(7) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended December 31, 2022.
(8) As of both December 31, 2022 and December 31, 2021, total amortized cost included an allowance for credit losses on AFS investment securities of $2 million.
(9) As of December 31, 2022 and 2021, the total amortized cost included $133 million and $292 million, respectively, of non-agency CMBS and $9 million and $14 million of non-agency RMBS, respectively.
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities
The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated:
As of December 31, 2022
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,337 $15 $5,745 $246 $7,082 $261 
Mortgage-backed securities5,524 130 2,815 130 8,339 260 
Total U.S. Treasury and federal agencies6,861 145 8,560 376 15,421 521 
Non-U.S. debt securities:
Mortgage-backed securities1,278 15 272 4 1,550 19 
Asset-backed securities859 11 765 16 1,624 27 
Non-U.S. sovereign, supranational and non-U.S. agency6,750 108 5,800 316 12,550 424 
Other771 27 1,233 137 2,004 164 
Total non-U.S. debt securities9,658 161 8,070 473 17,728 634 
Asset-backed securities:
Student loans89 1 — — 89 1 
Collateralized loan obligations1,577 27 710 12 2,287 39 
Non-agency CMBS and RMBS193 6 3 — 196 6 
Other88 2 — — 88 2 
Total asset-backed securities1,947 36 713 12 2,660 48 
State and political subdivisions669 12 42 5 711 17 
Other U.S. debt securities294 15 708 58 1,002 73 
Total$19,429 $368 $18,093 $924 $37,522 $1,293 
As of December 31, 2021
Less than 12 months12 months or longerTotal
(In millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$14,749 $194 $1,624 $2 $16,373 $196 
Mortgage-backed securities10,417 80 369 14 10,786 94 
Total U.S. Treasury and federal agencies25,166 274 1,993 16 27,159 290 
Non-U.S. debt securities:
Mortgage-backed securities577 3 30 — 607 3 
Asset-backed securities1,021 2 127 — 1,148 2 
Non-U.S. sovereign, supranational and non-U.S. agency10,406 97 63 3 10,469 100 
Other1,570 31 19 1 1,589 32 
Total non-U.S. debt securities13,574 133 239 4 13,813 137 
Asset-backed securities:
Collateralized loan obligations1,268 2 — — 1,268 2 
Total asset-backed securities1,268 2 — — 1,268 2 
State and political subdivisions10 — 45 3 55 3 
Other U.S. debt securities1,214 13 — — 1,214 13 
Total$41,232 $422 $2,277 $23 $43,509 $445 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of December 31, 2022. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties.
As of December 31, 2022
(In millions)Under 1 Year1 to 5 Years6 to 10 YearsOver 10 YearsTotal
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Available-for-sale:
U.S. Treasury and federal agencies:
Direct obligations$1,966 $1,940 $5,731 $5,496 $535 $545 $— $— $8,232 $7,981 
Mortgage-backed securities51 49 459 454 6,513 6,345 1,744 1,661 8,767 8,509 
Total U.S. Treasury and federal agencies2,017 1,989 6,190 5,950 7,048 6,890 1,744 1,661 16,999 16,490 
Non-U.S. debt securities:
Mortgage-backed securities58 58 385 382 — — 1,199 1,183 1,642 1,623 
Asset-backed securities347 342 587 578 451 444 311 305 1,696 1,669 
Non-U.S. sovereign, supranational and
non-U.S. agency		4,619 4,567 7,236 6,897 2,657 2,625 — — 14,512 14,089 
Other190 187 1,904 1,769 141 120 20 15 2,255 2,091 
Total non-U.S. debt securities5,214 5,154 10,112 9,626 3,249 3,189 1,530 1,503 20,105 19,472 
Asset-backed securities:
Student loans39 39 — — — — 77 76 116 115 
Collateralized loan obligations183 182 397 390 1,225 1,205 589 578 2,394 2,355 
Non-agency CMBS and RMBS— — — — — — 237 231 237 231 
Other— — 90 88 — — — — 90 88 
Total asset-backed securities222 221 487 478 1,225 1,205 903 885 2,837 2,789 
State and political subdivisions146 144 273 266 376 373 44 40 839 823 
Other U.S. debt securities119 117 918 850 41 38 — — 1,078 1,005 
Total$7,718 $7,625 $17,980 $17,170 $11,939 $11,695 $4,221 $4,089 $41,858 $40,579 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$2,329 $2,285 $9,327 $9,032 $24 $22 $13 $13 $11,693 $11,352 
Mortgage-backed securities154 139 578 542 4,627 3,844 36,948 31,755 42,307 36,280 
Total U.S. Treasury and federal agencies2,483 2,424 9,905 9,574 4,651 3,866 36,961 31,768 54,000 47,632 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and
non-U.S. agency		1,518 1,492 4,520 4,293 565 514 — — 6,603 6,299 
Total non-U.S. debt securities1,518 1,492 4,520 4,293 565 514 — — 6,603 6,299 
Asset-backed securities:
Student loans290 279 8 8 931 911 2,726 2,624 3,955 3,822 
Non-agency CMBS and RMBS122 129 — — — — 20 31 142 160 
Total asset-backed securities412 408 8 8 931 911 2,746 2,655 4,097 3,982 
Total$4,413 $4,324 $14,433 $13,875 $6,147 $5,291 $39,707 $34,423 $64,700 $57,913 
v3.22.4
Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Net Loans
The following table presents our recorded investment in loans, by segment, as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Domestic(1):
Commercial and financial:
Fund Finance(2)
$12,154 $12,296 
Leveraged loans2,431 3,106 
Overdrafts1,707 1,796 
Collateralized loan obligations in loan form100 100 
Other(3)
1,871 2,262 
Commercial real estate2,985 2,554 
Total domestic21,248 22,114 
Foreign(1):
Commercial and financial:
Fund Finance(2)
3,949 4,965 
Leveraged loans1,118 1,328 
Overdrafts1,094 1,312 
Collateralized loan obligations in loan form4,741 2,813 
Other(3)
— — 
Total foreign10,902 10,418 
Total loans(2)
32,150 32,532 
Allowance for credit losses(97)(87)
Loans, net of allowance$32,053 $32,445 
(1) Domestic and foreign categorization is based on the borrower’s country of domicile.
(2) Fund finance loans include primarily $7.57 billion private equity capital call finance loans, $6.61 billion loans to real money funds and $1.11 billion loans to business development companies as of December 31, 2022, compared to $9.15 billion private equity capital call finance loans, $6.40 billion loans to real money funds and $1.39 billion loans to business development companies as of December 31, 2021.
(3) Includes $1.51 billion securities finance loans, $321 million loans to municipalities and $42 million other loans as of December 31, 2022 and $1.78 billion securities finance loans, $455 million loans to municipalities and $23 million other loans as of December 31, 2021.
Recorded Investment in Each Class of Total Loans and Leases by Credit Quality Indicator
The following tables present our recorded loans to counterparties by risk rating, as noted above, as of the dates indicated:
December 31, 2022Commercial and FinancialCommercial Real EstateTotal Loans
(In millions)
Investment grade$24,667 $2,509 $27,176 
Speculative4,103 388 4,491 
Special mention291 88 379 
Substandard99 — 99 
Total(1)(2)
$29,160 $2,985 $32,145 
December 31, 2021Commercial and FinancialCommercial Real EstateTotal Loans 
(In millions)
Investment grade$24,974 $2,222 $27,196 
Speculative4,714 270 4,984 
Special mention118 62 180 
Substandard164 — 164 
Total(2)
$29,970 $2,554 $32,524 
(1) Loans Include $2.80 billion and $3.11 billion of overdrafts as of December 31, 2022 and 2021, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of December 31, 2022, $2.41 billion overdrafts were investment grade and $0.39 billion overdrafts were speculative.
(2) Total does not include $5 million and $8 million of loans classified as held-for-sale as of December 31, 2022 and 2021, respectively.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2022. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement.
(In millions)20222021202020192018PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,577 $185 $72 $300 $— $9 $12,843 $14,986 
Speculative523 859 168 461 236 151 545 2,943 
Special mention— 120 — 105 19 — — 244 
Substandard— — 5 42 31 7 — 85 
Total commercial and financing$2,100 $1,164 $245 $908 $286 $167 $13,388 $18,258 
Commercial real estate:
Risk Rating:
Investment grade$519 $612 $100 $330 $511 $436 $— $2,508 
Speculative— — 49 163 111 65 — 388 
Special mention— — — 49 40 — — 89 
Total commercial real estate$519 $612 $149 $542 $662 $501 $— $2,985 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$2,986 $2,799 $— $— $— $— $3,897 $9,682 
Speculative234 529 100 181 107 — 9 1,160 
Special mention— — 18 5 23 — — 46 
Substandard— — — — 14 — — 14 
Total commercial and financing$3,220 $3,328 $118 $186 $144 $— $3,906 $10,902 
Total loans(2)
$5,839 $5,104 $512 $1,636 $1,092 $668 $17,294 $32,145 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2022, accrued interest receivable of $200 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $5 million of loans classified as held-for-sale as of December 31, 2022.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2021:
(In millions)20212020201920182017PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,988 $59 $347 $2 $37 $— $13,591 $16,024 
Speculative1,096 351 706 425 350 7 343 3,278 
Special mention— — 70 29 19 — — 118 
Substandard— 5 71 56 8 — — 140 
Total commercial and financing$3,084 $415 $1,194 $512 $414 $7 $13,934 $19,560 
Commercial real estate:
Risk Rating:
Investment grade$580 $129 $383 $657 $276 $197 $— $2,222 
Speculative24 49 149 20 — 28 — 270 
Special mention— — 22 40 — — — 62 
Total commercial real estate$604 $178 $554 $717 $276 $225 $— $2,554 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$4,087 $— $— $— $— $— $4,863 $8,950 
Speculative561 201 264 204 120 31 55 1,436 
Substandard— — — 24 — — — 24 
Total commercial and financing$4,648 $201 $264 $228 $120 $31 $4,918 $10,410 
Total loans(2)
$8,336 $794 $2,012 $1,457 $810 $263 $18,852 $32,524 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2021, accrued interest receivable of $86 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
(2) Total does not include $8 million of loans classified as held-for-sale as of December 31, 2021.
Schedule of Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for credit losses by portfolio and class for the years ended December 31, 2022 and 2021:
Year End December 31, 2022
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale securitiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$61 $12 $14 $2 $— $19 $— $108 
Charge-offs(2)
(6)— — — — — (1)(7)
Provision18 (7)5 — — 4 — 20 
Ending balance$73 $5 $19 $2 $— $23 $(1)$121 
(1) Includes $3 million allowance for credit losses on Fund Finance loans and $2 million on other loans.
(2) Related to the sale of leveraged loans in 2022.
Year Ended December 31, 2021
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale securitiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsAll Other Total
Allowance for credit losses:
Beginning balance$97 $17 $8 $— $3 $22 $1 $148 
Charge-offs(2)
(2)— — — — — — (2)
Provision(29)(6)6 2 (3)(2)(1)(33)
FX translation(5)1 — — — (1)— (5)
Ending balance$61 $12 $14 $2 $— $19 $— $108 
(1) Includes $11 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
(2) Related to the sale of leveraged loans in 2021.
v3.22.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes In The Carrying Amount Of Goodwill
The following table presents changes in the carrying amount of goodwill during the periods indicated:
(In millions)
Investment
Servicing(1)
Investment
Management		Total
Goodwill:
Ending balance December 31, 2020$7,413 $270 $7,683 
Acquisitions(2)
66 — 66 
Divestitures(3)
(17)— (17)
Foreign currency translation(108)(3)(111)
Ending balance December 31, 20217,354 267 7,621 
Acquisitions(2)
3 — 3 
Foreign currency translation(125)(4)(129)
Ending balance December 31, 2022$7,232 $263 $7,495 
(1) Investment Servicing includes our acquisition of CRD.
(2) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date.
(3) In the second quarter of 2021, we sold a majority share of our WMS business.
Schedule of Finite-Lived Intangible Assets
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated:
(In millions)
Investment
Servicing(1)
Investment
Management		Total
Other intangible assets:
Ending balance December 31, 2020$1,733 $94 $1,827 
Acquisitions(2)
264 — 264 
Amortization(221)(24)(245)
Foreign currency translation(30)— (30)
Ending balance December 31, 20211,746 70 1,816 
Amortization(217)(21)(238)
Foreign currency translation(34)— (34)
Ending balance December 31, 2022$1,495 $49 $1,544 
(1) Investment Servicing includes our acquisition of CRD.
(2) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date.     
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:
December 31, 2022Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships
$2,728 $(1,626)$1,102 
Technology
402 (178)224 
Core deposits
683 (477)206 
Other
84 (72)12 
Total
$3,897 $(2,353)$1,544 
December 31, 2021Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships
$2,786 $(1,497)$1,289 
Technology
403 (142)261 
Core deposits
696 (451)245 
Other
96 (75)21 
Total
$3,981 $(2,165)$1,816 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Expected future amortization expense for other intangible assets recorded as of December 31, 2022 is as follows:
(In millions)Future Amortization
Years Ended December 31,
2023$241 
2024238 
2025210 
2026201 
2027167 
v3.22.4
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Other Assets [Abstract]  
Components of Other Assets
The following table presents the components of other assets as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Securities borrowed(1)
$16,489 $22,300 
Derivative instruments, net7,664 4,108 
Bank-owned life insurance3,649 3,554 
Investments in joint ventures and other unconsolidated entities(2)
3,245 3,162 
Collateral, net1,833 1,011 
Deferred tax assets, net of valuation allowance(3)
1,127 254 
Prepaid expenses558 612 
Right-of-use assets500 542 
Accounts receivable404 236 
Receivable for securities settlement383 213 
Income taxes receivable235 317 
Deposits with clearing organizations62 62 
Other(4)
1,753 1,244 
Total$37,902 $37,615 
(1) Refer to Note 11, for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions.
(2) Includes equity securities without readily determinable fair values that are accounted for under the ASC 321 measurement alternative of $179 million and $109 million as of December 31, 2022 and December 31, 2021, respectively. For the year ended December 31, 2022, $54 million of upward adjustments resulting from observable pricing changes were recognized in other fee revenue related to such equity securities.
(3) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction.
(4) Includes advances of $1,201 million and $544 million as of December 31, 2022 and 2021, respectively.
v3.22.4
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Short-term Debt The following table presents information with respect to the amounts outstanding and weighted-average interest rates of the primary components of our short-term borrowings as of and for the years ended December 31:
(Dollars in millions)
Securities Sold Under
Repurchase Agreements
Tax-Exempt
Investment Program
Other
202220212020202220212020202220212020
Balance as of December 31$1,177 $1,575 $3,413 $— $— $616 $2,000 $— $3,302 
Maximum outstanding as of any month-end11,517 1,575 5,373 — 616 823 8,525 — 25,665 
Average outstanding during the year3,633 667 2,615 — 523 771 696 315 8,251 
Weighted-average interest rate as of year-end2.31 %.00 %.00 %— %— %.23 %4.18 %.00 %1.35 %
Weighted-average interest rate during the year.39 (.00).14 — .31 .78 .01 — 1.23 
The following table presents information about these securities and the carrying value of the related repurchase agreements, including accrued interest, as of December 31, 2022.
 Securities Sold
Repurchase Agreements(1)
(In millions)Amortized
Cost		Fair ValueAmortized
Cost
Overnight maturity$986 $963 $1,173 
(1) Collateralized by investment securities.
v3.22.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Long-Term Debt, Unclassified [Abstract]  
Schedule of Long-term Debt
(Dollars in millions)As of December 31,
Issuance DateMaturity DateCoupon RateSeniorityInterest Due Dates20222021
Parent Company and Non-Banking Subsidiary Issuances
August 18, 2015August 18, 20253.550 %Senior notes
2/18; 8/18(1)
$1,256 $1,370 
May 15, 2013
May 15, 2023(2)
3.100 %Subordinated notes5/15; 11/151,006 1,022 
November 19, 2013November 20, 20233.700 %Senior notes
5/20; 11/20(1)
985 1,043 
December 15, 2014December 16, 20243.300 %Senior notes
6/16; 12/16(1)
962 1,040 
November 1, 2019November 1, 20252.354 %Fixed-to-floating rate senior notes
5/1; 11/1(1)
951 1,019 
March 3, 2021March 3, 20312.200 %Senior subordinated notes3/3; 9/3844 843 
January 24, 2020January 24, 20302.400 %Senior notes1/24, 7/24797 803 
May 19, 2016May 19, 20262.650 %Senior notes
5/19; 11/19(1)
709 779 
August 4, 2022August 4, 20334.164 %Fixed-to-floating rate senior notes
2/4; 8/4(1)
677 — 
February 7, 2022February 7, 20282.203 %Fixed-to-floating rate senior notes8/7; 2/7589 — 
December 3, 2018December 3, 20294.141 %Fixed-to-floating rate senior notes
6/3; 12/3(1)
564 583 
November 1, 2019
November 1, 2034(2)
3.031 %Fixed-to-floating rate senior subordinated notes
5/1; 11/1(1)
532 541 
April 30, 2007June 15, 2047Floating-rateJunior subordinated debentures3/15; 6/15; 9/15; 12/15500 499 
November 4, 2022November 4, 20265.751 %Fixed-to-floating rate senior notes
5/4; 11/4(1)
498 — 
March 30, 2020March 30, 20313.152 %Fixed-to-floating rate senior notes3/30, 9/30498 498 
November 4, 2022November 4, 20285.820 %Fixed-to-floating rate senior notes
5/4; 11/4(1)
497 — 
May 13, 2022May 13, 20334.421 %Fixed-to-floating rate senior notes11/13; 5/13497 — 
November 18, 2021November 18, 20271.684 %Fixed-to-floating rate senior notes5/18; 11/18497 497 
December 3, 2018December 3, 20243.776 %Fixed-to-floating rate senior notes
6/3; 12/3(1)
492 523 
March 30, 2020March 30, 20262.901 %Fixed-to-floating rate senior notes
6/3; 12/3(1)
473 498 
February 7, 2022February 7, 20332.623 %Fixed-to-floating rate senior notes8/7; 2/7466 — 
February 7, 2022February 7, 20261.746 %Fixed-to-floating rate senior notes8/7; 2/7280 — 
June 21, 1996
June 15, 2026(3)
7.350 %Senior notes6/15; 12/15150 150 
May 15, 1998May 15, 2028Floating-rateJunior subordinated debentures
2/15; 5/15; 8/15; 11/15(1)
100 100 
May 15, 2017
May 15, 2023(4)
2.653 %Fixed-to-floating rate senior notes5/15; 11/15— 754 
March 30, 2020
March 30, 2023(4)
2.825 %Fixed-to-floating rate senior notes3/30, 9/30— 749 
Parent Company and Banking Subsidiaries
Long-term finance leases176 164 
Total long-term debt$14,996 $13,475 
(1) We have entered into interest rate swap agreements, recorded as fair value hedges, to modify our interest expense on these senior and subordinated notes from a fixed rate to a floating rate. As of December 31, 2022 and 2021, the carrying value of long-term debt associated with these fair value hedges was $282 million and $450 million, respectively. Refer to Note 10 for additional information about fair value hedges.
(2) The subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines.
(3) We may not redeem notes prior to their maturity.
(4) We redeemed the notes prior to original maturity date.
v3.22.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments including those entered into for trading and asset-and-liability management activities as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$8,683 $9,604 
Foreign exchange contracts:
Forward, swap and spot2,267,221 2,569,449 
Options purchased607 328 
Options written445 210 
Futures1,550 2,359 
Other:
Stable value contracts(1)
31,391 32,868 
Deferred value awards(2)
300 308 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements22,566 15,100 
Foreign exchange contracts:
Forward and swap8,213 6,700 
(1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values.
(2) Represents grants of deferred value awards to employees; refer to discussion in this note under "Derivatives Not Designated as Hedging Instruments."
Schedule of Derivative Assets at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. Fair value measurement for derivatives is further discussed in Note 2, and the impact of master netting agreements is provided in Note 11.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Derivatives not designated as hedging instruments:
Foreign exchange contracts$26,081 $15,126 $25,407 $15,790 
Other derivative contracts— — 216 301 
Total$26,081 $15,126 $25,623 $16,091 
Derivatives designated as hedging instruments:
Foreign exchange contracts$105 $59 $342 $35 
Interest rate contracts— 2 1 — 
Total$105 $61 $343 $35 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Schedule of Derivative Liabilities at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. Fair value measurement for derivatives is further discussed in Note 2, and the impact of master netting agreements is provided in Note 11.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Derivatives not designated as hedging instruments:
Foreign exchange contracts$26,081 $15,126 $25,407 $15,790 
Other derivative contracts— — 216 301 
Total$26,081 $15,126 $25,623 $16,091 
Derivatives designated as hedging instruments:
Foreign exchange contracts$105 $59 $342 $35 
Interest rate contracts— 2 1 — 
Total$105 $61 $343 $35 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Impact of Derivative Financial Instruments On Statement of Income
The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,
202220212020
(In millions)Location of Gain (Loss) on
Derivative in Consolidated
Statement of Income		Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income
Derivatives not designated as hedging instruments:
Foreign exchange contractsForeign exchange trading services revenue$938 $811 $922 
Foreign exchange contractsInterest expense(20)68 63 
Interest rate contractsForeign exchange trading services revenue3 3 3 
Interest rate contractsOther fee revenue1 — — 
Other derivative contracts(1)
Compensation and employee benefits(89)(332)(189)
Total$833 $550 $799 
(1) Amount in 2021 reflects a deferred compensation expense acceleration of $147 million associated with an amendment of certain outstanding cash settled deferred incentive compensation awards.
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,Years Ended December 31,
202220212020202220212020
(In millions)
Location of Gain (Loss) on Derivative in Consolidated Statement of Income
Amount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income
Hedged Item in Fair Value Hedging Relationship
Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income
Amount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$676 $14 $1 Available-for-sale securities
Net interest income
$(676)$(19)$(4)
Interest rate contractsNet interest income(1,160)(76)566 Long-term debtNet interest income1,160 75 (559)
Total$(484)$(62)$567 $484 $56 $(563)

Years Ended December 31,Years Ended December 31,
202220212020Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income202220212020
(In millions)Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts$(598)$(78)$176 Net interest income$(43)$84 $49 
Foreign exchange contracts156 91 (22)Net interest income92 11 23 
Total derivatives designated as cash flow hedges$(442)$13 $154 $49 $95 $72 
Derivatives designated as net investment hedges:
Foreign exchange contracts$291 $272 $(250)Gains (Losses) related to investment securities, net$— $— $— 
Total derivatives designated as net investment hedges291 272 (250)— — — 
Total$(151)$285 $(96)$49 $95 $72 
Schedule of Outstanding Hedges: (Notional Amount)
The following tables show the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:
December 31, 2022
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$12,513 $(644)$362 
Available-for-sale securities(2)(3)
9,801 (675)8 
December 31, 2021
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$9,026 $(64)$514 
Available-for-sale securities3,551 — 24 
(1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
(2) Included in these amounts is the amortized cost of the prepayable financial assets designated in last-of-layer hedging relationships (hedged item is the last layer of a closed portfolio of prepayable financial assets expected to remain outstanding at the end of the hedging relationship). As of December 31, 2022, the amortized cost of the closed portfolios used in these hedging relationships was $207 million, of which $64 million, was designated in the last-of-layer hedging relationship. As of December 31, 2022, the cumulative adjustment associated with these hedging relationships was ($4) million.
(3) Carrying amount represents amortized cost.
v3.22.4
Offsetting Arrangements (Tables)
 12 Months Ended
Dec. 31, 2022
Offsetting [Abstract]  
Offsetting Assets The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:December 31, 2022
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts
$26,186 $(15,224)$10,962 $— $10,962 
Interest rate contracts(6)
— — — — — 
Cash collateral and securities netting
NA(3,298)(3,298)(1,717)(5,015)
Total derivatives
26,186 (18,522)7,664 (1,717)5,947 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
125,797 (104,093)21,704 (20,960)744 
Total derivatives and other financial instruments$151,983 $(122,615)$29,368 $(22,677)$6,691 
Assets:December 31, 2021
Gross Amounts of Recognized
Assets(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Assets Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts
$15,185 $(9,113)$6,072 $— $6,072 
Interest rate contracts(6)
2 — 2 — 2 
Cash collateral and securities netting
NA(1,966)(1,966)(723)(2,689)
Total derivatives
15,187 (11,079)4,108 (723)3,385 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
102,375 (77,063)25,312 (25,096)216 
Total derivatives and other financial instruments$117,562 $(88,142)$29,420 $(25,819)$3,601 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities in connection with our securities borrowing transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $21.70 billion as of December 31, 2022 were $5.21 billion of resale agreements and $16.49 billion of collateral provided related to securities borrowing. Included in the $25.31 billion as of December 31, 2021 were $3.01 billion of resale agreements and $22.30 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions.
(8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
Offsetting Liabilities
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:
Liabilities:December 31, 2022
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$25,749 $(15,224)$10,525 $— $10,525 
Interest rate contracts(6)
1 — 1 — 1 
Other derivative contracts216 — 216 — 216 
Cash collateral and securities nettingNA(2,727)(2,727)(908)(3,635)
Total derivatives25,966 (17,951)8,015 (908)7,107 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
111,653 (104,093)7,560 (6,433)1,127 
Total derivatives and other financial instruments$137,619 $(122,044)$15,575 $(7,341)$8,234 
Liabilities:December 31, 2021
Gross Amounts of Recognized Liabilities(1)(2)
Gross Amounts Offset in Statement of Condition(3)
Net Amounts of Liabilities Presented in Statement of ConditionGross Amounts Not Offset in Statement of Condition
(In millions)
Cash and Securities Received(4)
Net Amount(5)
Derivatives:
Foreign exchange contracts$15,825 $(9,113)$6,712 $— $6,712 
Interest rate contracts(6)
— — — — — 
Other derivative contracts301 — 301 — 301 
Cash collateral and securities nettingNA(1,282)(1,282)(989)(2,271)
Total derivatives16,126 (10,395)5,731 (989)4,742 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
82,674 (77,063)5,611 (4,066)1,545 
Total derivatives and other financial instruments$98,800 $(87,458)$11,342 $(5,055)$6,287 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.
(3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.
(4) Includes securities provided in connection with our securities lending transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $7.56 billion as of December 31, 2022 were $1.18 billion of repurchase agreements and $6.38 billion of collateral received related to securities lending transactions. Included in the $5.61 billion as of December 31, 2021 were $1.57 billion of repurchase agreements and $4.04 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions.
(8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.
NA Not applicable
Securities Sold and Securities Loaned Under Repurchase Agreements
The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of the periods indicated:
As of December 31, 2022As of December 31, 2021
(In millions)Overnight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotal
Repurchase agreements:
U.S. Treasury and agency securities$100,899 $— $200 $— $101,099 $75,266 $— $— $— $75,266 
Non-US sovereign debt702 — — — 702 — — — — — 
Total101,601 — 200 — 101,801 75,266 — — — 75,266 
Securities lending transactions:
US Treasury and agency securities44 — — — 44 — — — — — 
Corporate debt securities67 — — — 67 92 — — — 92 
Equity securities4,509 — — 1,606 6,115 5,964 24 11 1,316 7,315 
Other(1)
3,626 — — — 3,626 1 — — — 1 
Total8,246 — — 1,606 9,852 6,057 24 11 1,316 7,408 
Gross amount of recognized liabilities for repurchase agreements and securities lending$109,847 $— $200 $1,606 $111,653 $81,323 $24 $11 $1,316 $82,674 
(1) Represents a security interest in underlying client assets related to our enhanced custody business, which assets clients have allowed us to transfer and re-pledge.
v3.22.4
Commitments and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Guarantor Obligations
The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and off-balance sheet guarantees as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Commitments:
Unfunded credit facilities$31,208 $33,026 
Guarantees(1):
Indemnified securities financing$348,924 $385,740 
Standby letters of credit$2,125 $3,237 
(1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.
Schedule of Repurchase Agreements The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:
(In millions)December 31, 2022December 31, 2021
Fair value of indemnified securities financing$348,924 $385,740 
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing366,895 404,121 
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements54,114 61,560 
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements57,903 67,014 
v3.22.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Preferred Shares
The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of December 31, 2022:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedOwnership Interest Per Depositary ShareLiquidation Preference Per ShareLiquidation Preference Per Depositary SharePer Annum Dividend RateDividend Payment FrequencyCarrying Value as of December 31, 2022
(In millions)
Redemption Date(2)
Series D(3)
February 201430,000,0001/4,000th100,000 25 
5.9% to but excluding March 15, 2024, then a floating rate equal to the three-month LIBOR plus 3.108%
Quarterly$742 March 15, 2024
Series F(4)(5)
May 2015250,0001/100th100,000 1,000 
5.25% to but excluding September 15, 2020, then a floating rate equal to the three-month LIBOR plus 3.597%, or 8.366% effective December 15, 2022
Quarterly247 September 15, 2020
Series G(6)
April 201620,000,0001/4,000th100,000 25 
5.35% to but excluding March 15, 2026, then a floating rate equal to the three-month LIBOR plus 3.709%
Quarterly493 March 15, 2026
Series H(7)
September 2018500,0001/100th100,000 1,000 
5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month LIBOR plus 2.539%
Semi-annually494 December 15, 2023
(1) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(2) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(3) The dividend rate for the floating rate period of the Series D preferred stock that begins on March 15, 2024 and all subsequent floating rate periods will transition to a new, fixed rate in accordance with the LIBOR Act and the contractual terms of the Series D preferred stock.
(4) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date.
(5) In accordance with the LIBOR Act, the benchmark interest rate used to calculate the dividend rate of the Series F preferred stock issued and outstanding will transition from LIBOR to CME Term SOFR, plus 0.26161%, beginning with the September 15, 2023 dividend period.
(6) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.
(7) In accordance with the LIBOR Act, the benchmark interest rate to be used to calculate the dividend rate during the floating rate period of the Series H preferred stock that begins on December 15, 2023 will transition from LIBOR to CME Term SOFR, plus 0.26161%.
Dividends Declared
The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
Years Ended December 31,
20222021
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D
$5,900 $1.48 $44 $5,900 $1.48 $44 
Series F
5,208 52.08 13 3,808 38.08 15 
Series G
5,352 1.32 27 5,352 1.32 27 
Series H
5,625 56.25 28 5,625 56.25 28 
Total
$112 $114 
The table below presents the dividends declared on common stock for the periods indicated:
Years Ended December 31,
20222021
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$2.40 $871 $2.18 $779 
Stock Repurchase Program
The table below presents the activity under our common share repurchase program for the period indicated:
Years Ended December 31,
2022
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2021 Program19.5 $76.81 $1,500 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2019$(70)$407 $(187)$(1,072)$46 $(876)
Other comprehensive income (loss) before reclassifications179 439 — 738 (250)1,106 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(52)— 9 — — (43)
Other comprehensive income (loss)127 439 9 738 (250)1,063 
Balance as of December 31, 2020$57 $846 $(178)$(334)$(204)$187 
Other comprehensive income (loss) before reclassifications11 (854)1 (685)272 (1,255)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(70)(42)47 — — (65)
Other comprehensive income (loss)(59)(896)48 (685)272 (1,320)
Balance as of December 31, 2021$(2)$(50)$(130)$(1,019)$68 $(1,133)
Other comprehensive income (loss) before reclassifications(321)(1,937)(1)(732)291 (2,700)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(36)170 (12)— — 122 
Other comprehensive income (loss)(357)(1,767)(13)(732)291 (2,578)
Balance as of December 31, 2022$(359)$(1,817)$(143)$(1,751)$359 $(3,711)
(1) Includes after-tax net unamortized unrealized gains (losses) related to AFS investment securities that have been transferred to HTM of ($749) million, $31 million and $55 million as of December 31, 2022, 2021 and 2020, respectively.
Schedule of Reclassifications Out of AOCI
The following table presents after-tax reclassifications into earnings for the periods indicated:
Years Ended December 31,
202220212020
(In millions)
Amounts Reclassified into EarningsAffected Line Item in Consolidated Statement of Income
Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of $1, ($15) and $0 respectively
$1 $(42)$— Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $96 in 2022
169 — — Net interest income
Cash flow hedges:
(Gains) losses reclassified from accumulated other comprehensive income into income, net of related taxes of ($13), ($25) and ($20) respectively
(36)(70)(52)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $($1), $16 and $3 respectively
(12)47 9 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$122 $(65)$(43)
v3.22.4
Regulatory Capital (Tables)
 12 Months Ended
Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]  
Schedule of Regulatory Capital
The following table presents the regulatory capital structure, total RWA, related regulatory capital ratios and the minimum required regulatory capital ratios for us and State Street Bank as of the dates indicated.
State Street Corporation
State Street Bank
(Dollars in millions)Basel III Advanced Approaches December 31, 2022Basel III Standardized Approach December 31, 2022Basel III Advanced Approaches December 31, 2021Basel III Standardized Approach December 31, 2021Basel III Advanced Approaches December 31, 2022Basel III Standardized Approach December 31, 2022Basel III Advanced Approaches December 31, 2021Basel III Standardized Approach December 31, 2021
 Common shareholders' equity:
Common stock and related surplus$11,234 $11,234 $11,291 $11,291 $13,033 $13,033 $13,047 $13,047 
Retained earnings27,028 27,028 25,238 25,238 16,975 16,975 15,700 15,700 
Accumulated other comprehensive income (loss)(3,711)(3,711)(1,133)(1,133)(3,428)(3,428)(926)(926)
Treasury stock, at cost(11,336)(11,336)(10,009)(10,009)— — — — 
Total23,215 23,215 25,387 25,387 26,580 26,580 27,821 27,821 
Regulatory capital adjustments:
Goodwill and other intangible assets, net of associated deferred tax liabilities(8,545)(8,545)(8,935)(8,935)(8,288)(8,288)(8,667)(8,667)
Other adjustments(1)
(123)(123)(505)(505)(19)(19)(309)(309)
 Common equity tier 1 capital14,547 14,547 15,947 15,947 18,273 18,273 18,845 18,845 
Preferred stock1,976 1,976 1,976 1,976 — — — — 
 Tier 1 capital16,523 16,523 17,923 17,923 18,273 18,273 18,845 18,845 
Qualifying subordinated long-term debt1,376 1,376 1,588 1,588 542 542 752 752 
Allowance for credit losses— 120 — 108 — 120 — 108 
 Total capital$17,899 $18,019 $19,511 $19,619 $18,815 $18,935 $19,597 $19,705 
 Risk-weighted assets:
Credit risk(2)
$61,108 $105,739 $63,735 $109,554 $54,675 $104,184 $57,405 $106,405 
Operational risk(3)
42,763  NA45,550 NA42,325 NA42,813 NA
Market risk1,488 1,488 2,113 2,113 1,488 1,488 2,113 2,113 
Total risk-weighted assets$105,359 $107,227 $111,398 $111,667 $98,488 $105,672 $102,331 $108,518 
Adjusted quarterly average assets$275,678 $275,678 $293,567 $293,567 $273,220 $273,220 $290,403 $290,403 
Capital Ratios:
2022 Minimum Requirements(4)
2021 Minimum Requirements(4)
Common equity tier 1 capital8.0 %8.0 %13.8 %13.6 %14.3 %14.3 %18.6 %17.3 %18.4 %17.4 %
Tier 1 capital9.5 9.5 15.7 15.4 16.1 16.1 18.6 17.3 18.4 17.4 
Total capital11.5 11.5 17.0 16.8 17.5 17.6 19.1 17.9 19.2 18.2 
Tier 1 leverage(5)
4.0 4.0 6.0 6.0 6.1 6.1 6.7 6.7 6.5 6.5 
(1) Other adjustments within CET1 capital include accumulated other comprehensive income (loss) on cash flow hedges that are not recognized at fair value on the balance sheet, the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, and other required credit risk-based deductions.
(2) Under the advanced approaches, credit risk RWA includes a CVA which reflects the risk of potential fair value adjustments for credit risk reflected in our valuation of over-the-counter (OTC) derivative contracts. We used a simple CVA approach in conformity with the Basel III advanced approaches.
(3) Under the current advanced approaches rules and regulatory guidance concerning operational risk models, RWA attributable to operational risk can vary substantially from period-to-period, without direct correlation to the effects of a particular loss event on our results of operations and financial condition and impacting dates and periods that may differ from the dates and periods as of and during which the loss event is reflected in our financial statements, with the timing and categorization dependent on the processes for model updates and, if applicable, model revalidation and regulatory review and related supervisory processes. An individual loss event can have a significant effect on the output of our operational RWA under the advanced approaches depending on the severity of the loss event and its categorization among the seven Basel-defined UOMs.
(4) Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%.
(5) State Street Bank is required to maintain a minimum Tier 1 leverage ratio of 5% as it is the insured depository institution subsidiary of State Street Corporation, a U.S. G-SIB.
NA Not applicable
v3.22.4
Net Interest Income (Tables)
 12 Months Ended
Dec. 31, 2022
Banking and Thrift, Interest [Abstract]  
Components of Interest Revenue and Interest Expense
The following table presents the components of interest income and interest expense, and related NII, for the periods indicated:
Years Ended December 31,
(In millions)202220212020
Interest income:
Interest-bearing deposits with banks$842 $(15)$76 
Investment securities:
Investment securities available-for-sale724 572 748 
Investment securities held-to-maturity979 665 829 
Investment securities purchased under money market liquidity facility— 4 117 
Total Investment securities1,703 1,241 1,694 
Securities purchased under resale agreements188 27 126 
Loans 972 638 624 
Other interest-earning assets383 17 55 
Total interest income4,088 1,908 2,575 
Interest expense:
Interest-bearing deposits967 (263)(117)
Short term borrowings under money market liquidity facility— 4 101 
Securities sold under repurchase agreements14 — 4 
Other short-term borrowings26 2 17 
Long-term debt376 219 312 
Other interest-bearing liabilities161 41 58 
Total interest expense1,544 3 375 
Net interest income$2,544 $1,905 $2,200 
v3.22.4
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Deferred Stock Awards
Shares
(In thousands)
Weighted-Average
Grant Date Fair
Value
Deferred Stock Awards:
Outstanding as of December 31, 20205,686 $69.70 
Granted3,136 69.48 
Vested(2,801)73.70 
Forfeited(244)68.77 
Outstanding as of December 31, 20215,777 67.55 
Granted2,841 81.37 
Vested(3,035)71.46 
Forfeited(304)70.96 
Outstanding as of December 31, 20225,279 72.43 
Schedule of Performance Awards
Shares
(In thousands)
Weighted-Average
Grant Date Fair Value
Performance Awards:
Outstanding as of December 31, 20202,517 $68.42 
Granted802 61.87 
Forfeited(14)57.66 
Paid out(716)78.94 
Outstanding as of December 31, 20212,589 63.54 
Granted684 81.86 
Forfeited(23)72.91 
Paid out(954)62.49 
Outstanding as of December 31, 20222,296 69.43 
Schedule of Cash Settled Stock Awards
Shares
(In thousands)
Weighted-Average
Grant Date Fair Value
Cash Settled Restricted Stock Awards:
Outstanding as of December 31, 2020— $— 
Granted46 69.95 
Forfeited— — 
Paid out(23)69.95 
Outstanding as of December 31, 202123 69.95 
Granted45 85.71 
Forfeited— — 
Paid out(33)80.77 
Outstanding as of December 31, 202235 79.99 
v3.22.4
Occupancy Expense and Information Systems and Communications Expense (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Summary of Lease Costs and Other Information
The following table presents lease costs, sublease rental income, cash flows and new leases arising from lease transactions for 2022:
Years Ended December 31,
(In millions)20222021
Finance lease:
Amortization of right-of-use assets$50 $27 
Interest on lease liabilities6 6 
Total finance lease expense56 33 
Sublease income (10)(11)
Net finance lease expense46 22 
Operating lease:
Operating lease expense130 147 
Sublease income (16)(18)
Net operating lease expense114 129 
Net lease expense$160 $151 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$6 $6 
Operating cash flows from operating leases161 198 
Financing cash flows from finance leases58 47 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$88 $69 
Finance leases99 108 
The following table presents details related to remaining lease terms and discount rate as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
Weighted-average remaining lease term (in years):
     Finance leases3.52.6
     Operating leases5.05.8
Weighted-average discount rate:
     Finance leases3 %4 %
     Operating leases3 %3 %
Schedule of Future Minimum Lease Payments, Operating Leases
The following table presents future minimum lease payments under non-cancellable leases as of December 31, 2022:
(In millions)Operating LeasesFinance LeasesTotal
2023$189 $50 $239 
2024125 52 177 
2025107 52 159 
202684 31 115 
202770 — 70 
Thereafter101 — 101 
Total future minimum lease payments676 185 861 
Less imputed interest(46)(9)(55)
     Total$630 $176 $806 
Schedule of Future Minimum Lease Payments, Finance Leases
The following table presents future minimum lease payments under non-cancellable leases as of December 31, 2022:
(In millions)Operating LeasesFinance LeasesTotal
2023$189 $50 $239 
2024125 52 177 
2025107 52 159 
202684 31 115 
202770 — 70 
Thereafter101 — 101 
Total future minimum lease payments676 185 861 
Less imputed interest(46)(9)(55)
     Total$630 $176 $806 
v3.22.4
Expenses (Tables)
 12 Months Ended
Dec. 31, 2022
Other Expenses [Abstract]  
Schedule of Expenses
The following table presents the components of other expenses for the periods indicated:
Years Ended December 31,
(In millions)202220212020
Professional services$375 $334 $364 
Sales advertising and public relations99 73 77 
Regulatory fees and assessments83 69 61 
Securities processing63 34 41 
Bank operations41 12 18 
Donations27 2 20 
Other387 372 384 
Total other expenses$1,075 $896 $965 
Restructuring and Related Costs
The following table presents aggregate activity for repositioning charges and activity related to previous Beacon restructuring charges for the periods indicated:
(In millions)Employee
Related Costs		Real Estate
Actions		Asset and Other Write-offsTotal
Accrual Balance at December 31, 2019$190 $7 $1 $198 
Accruals for Beacon(4)— — (4)
Accruals for Repositioning Charges82 51 — 133 
Payments and Other Adjustments(78)(52)(1)(131)
Accrual Balance at December 31, 2020190 6 — 196 
Accruals for Beacon(1)— — (1)
Accruals for Repositioning Charges
(32)29 — (3)
Payments and Other Adjustments(89)(29)— (118)
Accrual Balance at December 31, 202168 6 — 74 
Accruals for Repositioning Charges
58 20 — 78 
Payments and Other Adjustments(43)(21)— (64)
Accrual Balance at December 31, 2022$83 $5 $— $88 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) The following table presents the components of income tax expense (benefit) for the periods indicated: 
Years Ended December 31,
(In millions)202220212020
Current:
Federal$161 $172 $241 
State112 142 122 
Non-U.S.342 326 310 
Total current expense615 640 673 
Deferred:
Federal(16)(98)(168)
State(2)(61)5 
Non-U.S.(44)(3)(31)
Total deferred expense (benefit)(62)(162)(194)
Total income tax expense (benefit)$553 $478 $479 
Schedule of Effective Income Tax Rate Reconciliation The following table presents a reconciliation of the U.S. statutory income tax rate to our effective tax rate based on income before income tax expense for the periods indicated:
Years Ended December 31,
202220212020
U.S. federal income tax rate21.0 %21.0 %21.0 %
Changes from statutory rate:
State taxes, net of federal benefit3.1 2.2 3.8 
Tax-exempt income(1.0)(1.1)(1.3)
Business tax credits(1)
(4.0)(4.1)(5.1)
Foreign tax differential— 0.1 (0.8)
Foreign tax credit (benefits)/ limitations(2)
(0.1)(1.9)(0.9)
Change in Valuation Allowance(2.0)— — 
Other, net(0.4)(1.1)(0.2)
Effective tax rate16.6 %15.1 %16.5 %
(1) Business tax credits include low-income housing, production and investment tax credits.
(2) Foreign tax credit (benefits)/limitations includes the period expense for global intangible low-taxed income (GILTI).
Schedule of Deferred Tax Assets and Liabilities
The following table presents significant components of our gross deferred tax assets and gross deferred tax liabilities as of the dates indicated:
December 31,
(In millions)20222021
Deferred tax assets:
Other amortizable assets$267 $323 
Tax credit carryforwards530 526 
Lease obligations198 217 
Deferred compensation127 158 
Restructuring charges and other reserves118 88 
NOL and other carryforwards152 118 
Pension plan18 28 
Foreign currency translation74 16 
Unrealized losses on investment securities, net750 17 
Total deferred tax assets 2,234 1,491 
Valuation allowance for deferred tax assets(160)(250)
Deferred tax assets, net of valuation allowance$2,074 $1,241 
Deferred tax liabilities:
Fixed and intangible assets$597 $601 
Investment basis differences188 200 
Right-of-use Assets163 172 
Other21 58 
Total deferred tax liabilities$969 $1,031 
Summary of Valuation Allowance
The table below summarizes the deferred tax assets and related valuation allowances recognized as of December 31, 2022:
(In millions)Deferred Tax AssetValuation AllowanceExpiration
Other amortizable assets$267 $(93)None
Tax credits530 — 2033-2042
NOLs - Non-U.S.127 (48)2026-2042, None
NOLs - U.S.22 (16)2023-2041, None
Other carryforwards3 (3)None
Summary of Income Tax Contingencies The following table presents activity related to unrecognized tax benefits as of the dates indicated:
December 31,
(In millions)202220212020
Beginning balance$252 $308 $149 
Decrease related to agreements with tax authorities(4)(130)— 
Increase related to tax positions taken during current year48 50 47 
Increase related to tax positions taken during prior years8 42 137 
Decreases related to a lapse of the applicable statute of limitations(19)(18)(25)
Ending balance$285 $252 $308 
v3.22.4
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
Years Ended December 31,
(Dollars in millions, except per share amounts)202220212020
Net income$2,774 $2,693 $2,420 
Less:
Preferred stock dividends (112)(119)(162)
Dividends and undistributed earnings allocated to participating securities(1)
(2)(2)(1)
Net income available to common shareholders$2,660 $2,572 $2,257 
Average common shares outstanding (In thousands):
Basic average common shares365,214 352,565 352,865 
Effect of dilutive securities: equity-based awards4,895 5,397 4,241 
Diluted average common shares370,109 357,962 357,106 
Anti-dilutive securities(2)
866 3 1,066 
Earnings per common share:
Basic$7.28 $7.30 $6.40 
Diluted(3)
7.19 7.19 6.32 
(1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.
(2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided in Note 18.
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method.
v3.22.4
Line of Business Information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Components of Other in Segment Reporting
The following is a summary of our line of business results "Other" column for the periods indicated.
Years Ended December 31,
Other
(Dollars in millions)202220212020
Fee revenue$23 $— $— 
Other Income— 111 — 
Net repositioning charges(70)3 (133)
Net acquisition and restructuring costs
(65)(65)(50)
Legal and related expenses— (18)9 
Deferred incentive compensation expense acceleration— (147)— 
Other expenses(10)(35)— 
Total$(122)$(151)$(174)
Summary of Line of Business Results
The following is a summary of our line of business results for the periods indicated. The "Other" columns represent amounts that are not allocated to our two lines of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals. In addition, the acceleration of deferred compensation of $147 million in 2021 was not allocated to our two lines of business. Prior reported results reflect reclassifications, for comparative purposes, related to management changes in methodologies associated with allocations of revenue and expenses to lines of business in 2022.
Years Ended December 31,
Investment
Servicing		Investment
Management		OtherTotal
(Dollars in millions)202220212020202220212020202220212020202220212020
Servicing fees$5,087 $5,531 $5,157 $— $— $— $— $— $— $5,087 $5,531 $5,157 
Management fees— — — 1,939 2,053 1,880 — — — 1,939 2,053 1,880 
Foreign exchange trading services1,271 1,149 1,299 82 62 64 23 — — 1,376 1,211 1,363 
Securities finance397 402 342 19 14 14 — — — 416 416 356 
Software and processing fees789 738 685 — — — — — — 789 738 685 
Other fee revenue(1)
46 59 31 (47)4 27 — — (1)63 58 
Total fee revenue7,590 7,879 7,514 1,993 2,133 1,985 23 — — 9,606 10,012 9,499 
Net interest income2,551 1,919 2,211 (7)(14)(11)— — — 2,544 1,905 2,200 
Total other income(2)(1)4 — — — — 111 — (2)110 4 
Total revenue10,139 9,797 9,729 1,986 2,119 1,974 23 111 — 12,148 12,027 11,703 
Provision for credit losses20 (33)88 — — — — — — 20 (33)88 
Total expenses7,260 7,182 7,071 1,396 1,445 1,471 145 262 174 8,801 8,889 8,716 
Income before income tax expense$2,859 $2,648 $2,570 $590 $674 $503 $(122)$(151)$(174)$3,327 $3,171 $2,899 
Pre-tax margin28 %27 %26 %30 %32 %25 %27 %26 %25 %
Average assets (in billions)$283.2 $296.5 $266.4 $3.2 $3.2 $2.9 $286.4 $299.7 $269.3 
(1) Investment Management includes other revenue items that are primarily driven by equity market movements.
v3.22.4
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
In the following table, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The amounts in the "Other" columns were not allocated to our business lines.
Year Ended December 31, 2022
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2022
Servicing fees$5,087 $— $5,087 $— $— $— $— $— $— $5,087 
Management fees— — — 1,939 — 1,939 — — — 1,939 
Foreign exchange trading services 363 908 1,271 82 — 82 — 23 23 1,376 
Securities finance233 164 397 — 19 19 — — — 416 
Software and processing fees 599 190 789 — — — — — — 789 
Other fee revenue— 46 46 (47)(47)— — — (1)
Total fee revenue6,282 1,308 7,590 2,021 (28)1,993 — 23 23 9,606 
Net interest income— 2,551 2,551 — (7)(7)— — — 2,544 
Total other income— (2)(2)— — — — — — (2)
Total revenue$6,282 $3,857 $10,139 $2,021 $(35)$1,986 $— $23 $23 $12,148 
Year Ended December 31, 2021
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2021
Servicing fees$5,531 $— $5,531 $— $— $— $— $— $— $5,531 
Management fees— — — 2,053 — 2,053 — — — 2,053 
Foreign exchange trading services 342 807 1,149 62 — 62 — — — 1,211 
Securities finance235 167 402 — 14 14 — — — 416 
Software and processing fees 535 203 738 — — — — — — 738 
Other fee revenue— 59 59 — 4 4 — — — 63 
Total fee revenue6,643 1,236 7,879 2,115 18 2,133 — — — 10,012 
Net interest income— 1,919 1,919 — (14)(14)— — — 1,905 
Total other income— (1)(1)— — — — 111 111 110 
Total revenue$6,643 $3,154 $9,797 $2,115 $4 $2,119 $— $111 $111 $12,027 
Year Ended December 31, 2020
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2020
Servicing fees$5,157 $— $5,157 $— $— $— $— $— $— $5,157 
Management fees— — — 1,880 — 1,880 — — — 1,880 
Foreign exchange trading services377 922 1,299 64 — 64 — — — 1,363 
Securities finance225 117 342 — 14 14 — — — 356 
Software and processing fees496 189 685 — — — — — — 685 
Other fee revenue— 31 31 — 27 27 — — — 58 
Total fee revenue6,255 1,259 7,514 1,944 41 1,985 — — — 9,499 
Net interest income— 2,211 2,211 — (11)(11)— — — 2,200 
Total other income— 4 4 — — — — — — 4 
Total revenue$6,255 $3,474 $9,729 $1,944 $30 $1,974 $— $— $— $11,703 
v3.22.4
Non-U.S. Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Segments, Geographical Areas [Abstract]  
Schedule of Results from Non-U.S. Operations
The following table presents our U.S. and non-U.S. financial results for the periods indicated:
Years Ended December 31,
202220212020
(In millions)Non-U.S.(1)U.S.TotalNon-U.S.(1)U.S.TotalNon-U.S.(1)U.S.Total
Total revenue$5,170 $6,978 $12,148 $5,397 $6,630 $12,027 $5,177 $6,526 $11,703 
Income before income tax expense 1,358 1,969 3,327 1,590 1,581 3,171 1,326 1,573 2,899 
(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
v3.22.4
Parent Company Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Statement of Income - Parent Company
Statement of Income - Parent Company
Years Ended December 31,
(In millions)202220212020
Cash dividends from consolidated banking subsidiary$1,500 $— $2,721 
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities198 170 118 
Other, net69 49 92 
Total revenue1,767 219 2,931 
Interest expense426 239 324 
Other expenses93 315 172 
Total expenses519 554 496 
Income tax (benefit)(121)(153)(109)
Income (Loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities1,369 (182)2,544 
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary1,275 2,657 (277)
Consolidated non-banking subsidiaries and unconsolidated entities130 218 153 
Net income$2,774 $2,693 $2,420 
Statement of Condition - Parent Company Statement of Condition - Parent Company
As of December 31,
(In millions)20222021
Assets:
Interest-bearing deposits with consolidated banking subsidiary$460 $482 
Trading account assets425 440 
Investment securities available-for-sale260 150 
Investments in subsidiaries:
Consolidated banking subsidiary26,579 27,821 
Consolidated non-banking subsidiaries9,151 9,060 
Unconsolidated entities121 122 
Notes and other receivables from:
Consolidated banking subsidiary— 80 
Consolidated non-banking subsidiaries and unconsolidated entities3,512 5,029 
Other assets205 256 
Total assets$40,713 $43,440 
Liabilities:
Notes and other payables to:
  Consolidated banking subsidiary$22 $— 
  Consolidated non-banking subsidiaries and unconsolidated entities214 2,303 
Accrued expenses and other liabilities509 523 
Long-term debt14,777 13,250 
Total liabilities15,522 16,076 
Shareholders’ equity25,191 27,364 
Total liabilities and shareholders’ equity$40,713 $43,440 
Statement of Cash Flows - Parent Company Statement of Cash Flows - Parent Company
Years Ended December 31,
(In millions)202220212020
Net cash provided by (used in) operating activities$1,608 $(116)$3,513 
Investing Activities:
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary22 10 (64)
Proceeds from sales and maturities of available-for-sale securities780 525 1,000 
Purchases of available-for-sale securities(886)(575)(849)
Investments in consolidated banking and non-banking subsidiaries(16,252)(6,288)(7,406)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries15,092 7,006 4,999 
Net cash (used in) provided by investing activities(1,244)678 (2,320)
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs3,731 1,343 2,489 
Payments for long-term debt(1,500)(1,500)(1,700)
Payments for redemption of preferred stock— (500)(500)
Proceeds from issuance of common stock, net of issuance costs— 1,900 — 
Repurchases of common stock(1,500)(900)(515)
Repurchases of common stock for employee tax withholding(123)(39)(78)
Payments for cash dividends(972)(866)(889)
Net cash (used in) financing activities(364)(562)(1,193)
Net change— — — 
Cash and due from banks at beginning of year— — — 
Cash and due from banks at end of year$— $— $— 
v3.22.4
Summary of Significant Accounting Policies - Basis of Presentation (Details)
 12 Months Ended
Dec. 31, 2022
line_of_business
Dec. 31, 2022
reporting_segment
Dec. 31, 2022
reportable_segment
Dec. 31, 2021
reportable_segment
Accounting Policies [Abstract]        
Number of lines of business 2 2 2 2
v3.22.4
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Cash and Cash Equivalents [Line Items]  
Cash and due from banks, amount inaccessible $ 1,300
RUSSIA  
Cash and Cash Equivalents [Line Items]  
Cash and due from banks, amount inaccessible $ 767
v3.22.4
Fair Value - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets $ 650 $ 758
Available-for-sale investment securities: 40,579 73,399
Derivative assets 7,664 4,108
Derivative asset, collateral, cash offset 3,298 1,966
Derivative liability, collateral, cash offset 2,727 1,282
Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, Impact of Netting (17,951)  
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 650 758
Available-for-sale investment securities: 40,579 73,399
Derivative asset, Impact of Netting (18,522) (11,079)
Derivative assets 7,664 4,108
Other 606 667
Other assets - impact of netting 0 0
Total assets carried at fair value 49,499 78,932
Derivative liability, Impact of Netting (17,951) (10,395)
Derivative liabilities 8,015 5,731
Total liabilities carried at fair value 8,015 5,731
Recurring | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset, Impact of Netting (18,522) (11,079)
Derivative assets 7,664 4,106
Derivative liability, Impact of Netting   (10,395)
Derivative liabilities 7,798 5,430
Recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset, Impact of Netting 0 0
Derivative assets 0 2
Derivative liability, Impact of Netting 0 0
Derivative liabilities 1 0
Recurring | Other derivative contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, Impact of Netting 0 0
Derivative liabilities 216 301
Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 40 39
Recurring | Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 142 134
Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 468 585
Available-for-sale investment securities: 1,005 2,744
Recurring | US Treasury and federal agencies, direct obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 7,981 17,939
Recurring | US Treasury and federal agencies, mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 8,509 18,208
Recurring | Total U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 16,490 36,147
Recurring | Non-U.S. debt securities, mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 1,623 1,995
Recurring | Non-U.S. debt securities, asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 1,669 2,087
Recurring | Non-U.S. sovereign, supranational and non-U.S. agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 14,089 23,547
Recurring | Non-U.S. debt securities, other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,091 3,098
Recurring | Total non-U.S. debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 19,472 30,727
Recurring | Asset-backed securities, student loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 115 211
Recurring | Asset-backed securities, collateralized loan obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,355 2,155
Recurring | Asset-backed securities, non-agency CMBS and RMBS    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 231 52
Recurring | Asset-backed securities, other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 88 91
Recurring | Total asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,789 2,509
Recurring | State and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 823 1,272
Quoted Market Prices in Active Markets (Level 1) | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 2  
Quoted Market Prices in Active Markets (Level 1) | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 40 39
Available-for-sale investment securities: 7,981 17,939
Derivative asset 9 4
Other 6 0
Total assets carried at fair value 8,036 17,982
Derivative liability 3 1
Total liabilities carried at fair value 3 1
Quoted Market Prices in Active Markets (Level 1) | Recurring | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 9 2
Derivative liability   1
Quoted Market Prices in Active Markets (Level 1) | Recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 2
Derivative liability 1 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other derivative contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 40 39
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | US Treasury and federal agencies, direct obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 7,981 17,939
Quoted Market Prices in Active Markets (Level 1) | Recurring | US Treasury and federal agencies, mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 7,981 17,939
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. debt securities, mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. debt securities, asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. sovereign, supranational and non-U.S. agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. debt securities, other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total non-U.S. debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities, student loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities, collateralized loan obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities, non-agency CMBS and RMBS    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities, other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Quoted Market Prices in Active Markets (Level 1) | Recurring | State and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 25,745  
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 610 719
Available-for-sale investment securities: 32,598 55,460
Derivative asset 26,173 15,183
Other 600 667
Total assets carried at fair value 59,981 72,029
Derivative liability 25,961 16,125
Total liabilities carried at fair value 25,961 16,125
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 26,173 15,183
Derivative liability   15,824
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Derivative liability 0 0
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Other derivative contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 216 301
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 142 134
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 468 585
Available-for-sale investment securities: 1,005 2,744
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | US Treasury and federal agencies, direct obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | US Treasury and federal agencies, mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 8,509 18,208
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Total U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 8,509 18,208
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Non-U.S. debt securities, mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 1,623 1,995
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Non-U.S. debt securities, asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 1,669 2,087
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Non-U.S. sovereign, supranational and non-U.S. agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 14,089 23,547
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Non-U.S. debt securities, other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,091 3,098
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Total non-U.S. debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 19,472 30,727
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Asset-backed securities, student loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 115 211
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Asset-backed securities, collateralized loan obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,355 2,155
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Asset-backed securities, non-agency CMBS and RMBS    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 231 52
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Asset-backed securities, other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 88 91
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | Total asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 2,789 2,509
Pricing Methods with Significant Observable Market Inputs (Level 2)  | Recurring | State and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 823 1,272
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 2  
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Available-for-sale investment securities: 0 0
Derivative asset 4 0
Other 0 0
Total assets carried at fair value 4 0
Derivative liability 2 0
Total liabilities carried at fair value 2 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 4 0
Derivative liability   0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Derivative liability 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other derivative contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trading account assets 0 0
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | US Treasury and federal agencies, direct obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | US Treasury and federal agencies, mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total U.S. Treasury and federal agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. debt securities, mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. debt securities, asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. sovereign, supranational and non-U.S. agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. debt securities, other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total non-U.S. debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, student loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, collateralized loan obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, non-agency CMBS and RMBS    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: 0 0
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | State and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale investment securities: $ 0 $ 0
v3.22.4
Fair Value - Schedule of Fair Value Measurements, Assets, Using Significant Unobservable Inputs (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period $ 0 $ 16,000,000
Total realized and unrealized gain (losses) recorded in revenue (1,000,000) (3,000,000)
Total realized and unrealized gain (losses) recorded in other comprehensive income 0 0
Purchases 5,000,000 107,000,000
Sales 0 0
Settlements 0 0
Transfers into Level 3 0 15,000,000
Transfers out of Level 3 0 (135,000,000)
Fair value, end of period 4,000,000 0
Available-for-sale investment securities: 40,579,000,000 73,399,000,000
Change in unrealized gains (losses) related to financial instruments held 0 (1,000,000)
Derivative instruments, assets    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 0 2,000,000
Total realized and unrealized gain (losses) recorded in revenue (1,000,000) (3,000,000)
Total realized and unrealized gain (losses) recorded in other comprehensive income 0 0
Purchases 5,000,000 1,000,000
Sales 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value, end of period 4,000,000 0
Change in unrealized gains (losses) related to financial instruments held 0 (1,000,000)
Foreign exchange contracts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 0 2,000,000
Total realized and unrealized gain (losses) recorded in revenue (1,000,000) (3,000,000)
Total realized and unrealized gain (losses) recorded in other comprehensive income 0 0
Purchases 5,000,000 1,000,000
Sales 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value, end of period 4,000,000 0
Change in unrealized gains (losses) related to financial instruments held 0 (1,000,000)
Collateralized loan obligations    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 0 14,000,000
Total realized and unrealized gain (losses) recorded in revenue   0
Total realized and unrealized gain (losses) recorded in other comprehensive income   0
Purchases   106,000,000
Sales   0
Settlements   0
Transfers into Level 3   0
Transfers out of Level 3   (120,000,000)
Fair value, end of period   0
Total asset-backed securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 0 14,000,000
Total realized and unrealized gain (losses) recorded in revenue   0
Total realized and unrealized gain (losses) recorded in other comprehensive income   0
Purchases   106,000,000
Sales   0
Settlements   0
Transfers into Level 3   0
Transfers out of Level 3   (120,000,000)
Fair value, end of period   0
Other U.S. debt securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 0 0
Total realized and unrealized gain (losses) recorded in revenue   0
Total realized and unrealized gain (losses) recorded in other comprehensive income   0
Purchases   0
Sales   0
Settlements   0
Transfers into Level 3   15,000,000
Transfers out of Level 3   (15,000,000)
Fair value, end of period   0
Total available-for-sale investment securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period $ 0 14,000,000
Total realized and unrealized gain (losses) recorded in revenue   0
Total realized and unrealized gain (losses) recorded in other comprehensive income   0
Purchases   106,000,000
Sales   0
Settlements   0
Transfers into Level 3   15,000,000
Transfers out of Level 3   (135,000,000)
Fair value, end of period   $ 0
v3.22.4
Fair Value - Fair Value Inputs, Assets and Liabilities, Quantitative Information (Details) - Pricing Methods with Significant Unobservable Market Inputs (Level 3)
$ in Millions
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Measurement Input, Option Volatility | Valuation Technique, Option Pricing Model | Derivative instruments, liabilities | Minimum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative liability, measurement input 0.081  
Measurement Input, Option Volatility | Valuation Technique, Option Pricing Model | Derivative instruments, liabilities | Maximum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative liability, measurement input 0.192  
Measurement Input, Option Volatility | Valuation Technique, Option Pricing Model | Derivative instruments, liabilities | Weighted average    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative liability, measurement input 0.098 0.147
Measurement Input, Option Volatility | Valuation Technique, Option Pricing Model | Derivative instruments, assets | Minimum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative asset, measurement input 0.073  
Measurement Input, Option Volatility | Valuation Technique, Option Pricing Model | Derivative instruments, assets | Maximum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative asset, measurement input 0.192  
Measurement Input, Option Volatility | Valuation Technique, Option Pricing Model | Derivative instruments, assets | Weighted average    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative asset, measurement input 0.114 0.152
Significant unobservable inputs readily available to State Street:    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Total assets carried at fair value $ 4 $ 0
Total liabilities carried at fair value 2 0
Significant unobservable inputs readily available to State Street: | Derivative instruments, liabilities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative instruments, foreign exchange contracts, derivative asset 2 0
Significant unobservable inputs readily available to State Street: | Derivative instruments, assets    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Derivative instruments, foreign exchange contracts, derivative asset $ 4 $ 0
v3.22.4
Fair Value - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financial Assets:    
Cash and due from banks $ 3,970 $ 3,631
Interest-bearing deposits with banks 101,593 106,358
Securities purchased under resale agreements 5,215 3,012
Investment securities held-to-maturity 57,913 42,271
Financial Liabilities:    
Non-interest-bearing 46,755 56,461
Interest-bearing - U.S. 111,384 102,985
Interest-bearing - non-U.S. 77,325 95,589
Securities sold under repurchase agreements 1,177 1,575
Short-term borrowings 2,097 128
Pricing Methods with Significant Observable Market Inputs (Level 2)     
Financial Assets:    
Net loans (excluding leases) 5 8
Reported Amount     
Financial Assets:    
Cash and due from banks 3,970 3,631
Interest-bearing deposits with banks 101,593 106,358
Securities purchased under resale agreements 5,215 3,012
Investment securities held-to-maturity 64,700 42,430
Net loans (excluding leases) 32,053 32,445
Other 3,626 1
Financial Liabilities:    
Non-interest-bearing 46,755 56,461
Interest-bearing - U.S. 111,384 102,985
Interest-bearing - non-U.S. 77,325 95,589
Securities sold under repurchase agreements 1,177 1,575
Short-term borrowings 2,097 128
Long-term debt 14,996 13,475
Other 3,626 1
Estimated Fair Value    
Financial Assets:    
Cash and due from banks 3,970 3,631
Interest-bearing deposits with banks 101,593 106,358
Securities purchased under resale agreements 5,215 3,012
Investment securities held-to-maturity 57,913 42,271
Net loans (excluding leases) 31,794 32,528
Other 3,626 1
Financial Liabilities:    
Non-interest-bearing 46,755 56,461
Interest-bearing - U.S. 111,384 102,985
Interest-bearing - non-U.S. 77,325 95,589
Securities sold under repurchase agreements 1,177 1,575
Short-term borrowings 2,097 128
Long-term debt 14,273 13,552
Other 3,626 1
Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1)    
Financial Assets:    
Cash and due from banks 3,970 3,631
Interest-bearing deposits with banks 0 0
Securities purchased under resale agreements 0 0
Investment securities held-to-maturity 11,336 2,160
Net loans (excluding leases) 0 0
Other 0 0
Financial Liabilities:    
Non-interest-bearing 0 0
Interest-bearing - U.S. 0 0
Interest-bearing - non-U.S. 0 0
Securities sold under repurchase agreements 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other 0 0
Estimated Fair Value | Pricing Methods with Significant Observable Market Inputs (Level 2)     
Financial Assets:    
Cash and due from banks 0 0
Interest-bearing deposits with banks 101,593 106,358
Securities purchased under resale agreements 5,215 3,012
Investment securities held-to-maturity 46,577 40,111
Net loans (excluding leases) 29,679 29,862
Other 3,626 1
Financial Liabilities:    
Non-interest-bearing 46,755 56,461
Interest-bearing - U.S. 111,384 102,985
Interest-bearing - non-U.S. 77,325 95,589
Securities sold under repurchase agreements 1,177 1,575
Short-term borrowings 2,097 128
Long-term debt 14,102 13,385
Other 3,626 1
Estimated Fair Value | Pricing Methods with Significant Unobservable Market Inputs (Level 3)    
Financial Assets:    
Cash and due from banks 0 0
Interest-bearing deposits with banks 0 0
Securities purchased under resale agreements 0 0
Investment securities held-to-maturity 0 0
Net loans (excluding leases) 2,115 2,666
Other 0 0
Financial Liabilities:    
Non-interest-bearing 0 0
Interest-bearing - U.S. 0 0
Interest-bearing - non-U.S. 0 0
Securities sold under repurchase agreements 0 0
Short-term borrowings 0 0
Long-term debt 171 167
Other $ 0 $ 0
v3.22.4
Fair Value - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Text Block [Abstract]    
Transfers out of Level 3 $ 0 $ (135,000,000)
Transfers into Level 3 $ 0 $ 15,000,000
v3.22.4
Investment Securities - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
security
Dec. 31, 2020
USD ($)
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Gains (losses) from sales of available-for-sale securities, net $ (2,000) $ 57,000 $ 4,000
Debt securities, HTM, allowance 0 0 3,000
Debt securities, AFS, allowance $ 2,000 2,000 0
Percentage of investment portfolio considered investment grade 99.00%    
Marketable securities, unrealized gain (loss) $ 8,102,000 $ 1,046,000  
Number of securities in loss position | security 2,094 954  
Asset Pledged as Collateral      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Pledged securities not separately reported $ 70,520,000 $ 80,810,000  
Agency MBS      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Debt securities, available-for-sale, transferred security, at carrying value 23,560,000 1,250,000 8,600,000
Debt securities, available-for-sale, unrealized gain (loss) (1,260,000) 12,000 120,000
ABS and municipal bonds      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Securities sold 4,590,000 12,820,000 2,650,000
Gains (losses) from sales of available-for-sale securities, net $ (2,000) $ 57,000 $ (4,000)
Minimum | Agency MBS      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Debt securities, available-for-sale, securities transferred, security term 1 year 1 year  
Maximum | Agency MBS      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Debt securities, available-for-sale, securities transferred, security term 37 years 36 years  
v3.22.4
Investment Securities - Schedule of Marketable Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost $ 41,858 $ 73,440  
Available for sale, gross unrealized gains 14 404  
Available for sale, gross unrealized losses 1,293 445  
Available-for-sale investment securities: 40,579 73,399  
Held to maturity, amortized cost 64,700 42,430  
Investment securities held-to-maturity 57,913 42,271  
Debt securities, AFS, allowance 2 2 $ 0
US Treasury and federal agencies, direct obligations      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 8,232 18,111  
Available for sale, gross unrealized gains 10 24  
Available for sale, gross unrealized losses 261 196  
Available-for-sale investment securities: 7,981 17,939  
Held to maturity, amortized cost 11,693 2,170  
Held to maturity, gross unrealized gains 0 10  
Held to maturity, gross unrealized losses 341 0  
Investment securities held-to-maturity 11,352 2,180  
US Treasury and federal agencies, mortgage-backed securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 8,767 18,154  
Available for sale, gross unrealized gains 2 148  
Available for sale, gross unrealized losses 260 94  
Available-for-sale investment securities: 8,509 18,208  
Held to maturity, amortized cost 42,307 33,481  
Held to maturity, gross unrealized gains 3 362  
Held to maturity, gross unrealized losses 6,030 578  
Investment securities held-to-maturity 36,280 33,265  
Total U.S. Treasury and federal agencies      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 16,999 36,265  
Available for sale, gross unrealized gains 12 172  
Available for sale, gross unrealized losses 521 290  
Available-for-sale investment securities: 16,490 36,147  
Held to maturity, amortized cost 54,000 35,651  
Held to maturity, gross unrealized gains 3 372  
Held to maturity, gross unrealized losses 6,371 578  
Investment securities held-to-maturity 47,632 35,445  
Non-U.S. debt securities, mortgage-backed securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 1,642 1,986  
Available for sale, gross unrealized gains 0 12  
Available for sale, gross unrealized losses 19 3  
Available-for-sale investment securities: 1,623 1,995  
Non-U.S. debt securities, asset-backed securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 1,696 2,087  
Available for sale, gross unrealized gains 0 2  
Available for sale, gross unrealized losses 27 2  
Available-for-sale investment securities: 1,669 2,087  
Non-U.S. sovereign, supranational and non-U.S. agency      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 14,512 23,533  
Available for sale, gross unrealized gains 1 114  
Available for sale, gross unrealized losses 424 100  
Available-for-sale investment securities: 14,089 23,547  
Held to maturity, amortized cost 6,603 1,564  
Held to maturity, gross unrealized gains 0 0  
Held to maturity, gross unrealized losses 304 9  
Investment securities held-to-maturity 6,299 1,555  
Non-U.S. debt securities, other      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 2,255 3,113  
Available for sale, gross unrealized gains 0 17  
Available for sale, gross unrealized losses 164 32  
Available-for-sale investment securities: 2,091 3,098  
Total non-U.S. debt securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 20,105 30,719  
Available for sale, gross unrealized gains 1 145  
Available for sale, gross unrealized losses 634 137  
Available-for-sale investment securities: 19,472 30,727  
Held to maturity, amortized cost 6,603 1,564  
Held to maturity, gross unrealized gains 0 0  
Held to maturity, gross unrealized losses 304 9  
Investment securities held-to-maturity 6,299 1,555  
Asset-backed securities, student loans      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 116 209  
Available for sale, gross unrealized gains 0 2  
Available for sale, gross unrealized losses 1 0  
Available-for-sale investment securities: 115 211  
Held to maturity, amortized cost 3,955 4,908  
Held to maturity, gross unrealized gains 1 48  
Held to maturity, gross unrealized losses 134 14  
Investment securities held-to-maturity 3,822 4,942  
Asset-backed securities, collateralized loan obligations      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 2,394 2,155  
Available for sale, gross unrealized gains 0 2  
Available for sale, gross unrealized losses 39 2  
Available-for-sale investment securities: 2,355 2,155  
Asset-backed securities, non-agency CMBS and RMBS      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 237 52  
Available for sale, gross unrealized gains 0 0  
Available for sale, gross unrealized losses 6 0  
Available-for-sale investment securities: 231 52  
Held to maturity, amortized cost 142 307  
Held to maturity, gross unrealized gains 18 22  
Held to maturity, gross unrealized losses 0 0  
Investment securities held-to-maturity 160 329  
Asset-backed securities, other      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 90 90  
Available for sale, gross unrealized gains 0 1  
Available for sale, gross unrealized losses 2 0  
Available-for-sale investment securities: 88 91  
Total asset-backed securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 2,837 2,506  
Available for sale, gross unrealized gains 0 5  
Available for sale, gross unrealized losses 48 2  
Available-for-sale investment securities: 2,789 2,509  
Held to maturity, amortized cost 4,097 5,215  
Held to maturity, gross unrealized gains 19 70  
Held to maturity, gross unrealized losses 134 14  
Investment securities held-to-maturity 3,982 5,271  
State and political subdivisions      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 839 1,216  
Available for sale, gross unrealized gains 1 59  
Available for sale, gross unrealized losses 17 3  
Available-for-sale investment securities: 823 1,272  
Other U.S. debt securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 1,078 2,734  
Available for sale, gross unrealized gains 0 23  
Available for sale, gross unrealized losses 73 13  
Available-for-sale investment securities: 1,005 2,744  
Including money market mutual fund liquidity facility      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Held to maturity, amortized cost 64,700 42,430  
Held to maturity, gross unrealized gains 22 442  
Held to maturity, gross unrealized losses 6,809 601  
Investment securities held-to-maturity 57,913 42,271  
Non-US collateralized loan obligations      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 860 830  
Non-U.S. debt securities, corporate bonds      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost $ 1,140 1,530  
Federal family education loan program      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Federal government credit support guarantee, percentage minimum 97.00%    
US corporate bonds      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost $ 1,010 2,440  
Non-agency CMBS      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Debt securities, held-to-maturity, amortized cost, before allowance for credit loss 133 292  
Non-agency RMBS      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Debt securities, held-to-maturity, amortized cost, before allowance for credit loss $ 9 $ 14  
v3.22.4
Investment Securities - Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months $ 19,429 $ 41,232
Available for sale, gross unrealized losses less than 12 months 368 422
Available for sale, fair value 12 months or longer 18,093 2,277
Available for sale, gross unrealized losses 12 months or longer 924 23
Available for sale, fair value total 37,522 43,509
Available for sale, gross unrealized losses total 1,293 445
US Treasury and federal agencies, direct obligations    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 1,337 14,749
Available for sale, gross unrealized losses less than 12 months 15 194
Available for sale, fair value 12 months or longer 5,745 1,624
Available for sale, gross unrealized losses 12 months or longer 246 2
Available for sale, fair value total 7,082 16,373
Available for sale, gross unrealized losses total 261 196
US Treasury and federal agencies, mortgage-backed securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 5,524 10,417
Available for sale, gross unrealized losses less than 12 months 130 80
Available for sale, fair value 12 months or longer 2,815 369
Available for sale, gross unrealized losses 12 months or longer 130 14
Available for sale, fair value total 8,339 10,786
Available for sale, gross unrealized losses total 260 94
Total U.S. Treasury and federal agencies    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 6,861 25,166
Available for sale, gross unrealized losses less than 12 months 145 274
Available for sale, fair value 12 months or longer 8,560 1,993
Available for sale, gross unrealized losses 12 months or longer 376 16
Available for sale, fair value total 15,421 27,159
Available for sale, gross unrealized losses total 521 290
Non-U.S. debt securities, mortgage-backed securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 1,278 577
Available for sale, gross unrealized losses less than 12 months 15 3
Available for sale, fair value 12 months or longer 272 30
Available for sale, gross unrealized losses 12 months or longer 4 0
Available for sale, fair value total 1,550 607
Available for sale, gross unrealized losses total 19 3
Non-U.S. debt securities, asset-backed securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 859 1,021
Available for sale, gross unrealized losses less than 12 months 11 2
Available for sale, fair value 12 months or longer 765 127
Available for sale, gross unrealized losses 12 months or longer 16 0
Available for sale, fair value total 1,624 1,148
Available for sale, gross unrealized losses total 27 2
Non-U.S. sovereign, supranational and non-U.S. agency    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 6,750 10,406
Available for sale, gross unrealized losses less than 12 months 108 97
Available for sale, fair value 12 months or longer 5,800 63
Available for sale, gross unrealized losses 12 months or longer 316 3
Available for sale, fair value total 12,550 10,469
Available for sale, gross unrealized losses total 424 100
Non-U.S. debt securities, other    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 771 1,570
Available for sale, gross unrealized losses less than 12 months 27 31
Available for sale, fair value 12 months or longer 1,233 19
Available for sale, gross unrealized losses 12 months or longer 137 1
Available for sale, fair value total 2,004 1,589
Available for sale, gross unrealized losses total 164 32
Total non-U.S. debt securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 9,658 13,574
Available for sale, gross unrealized losses less than 12 months 161 133
Available for sale, fair value 12 months or longer 8,070 239
Available for sale, gross unrealized losses 12 months or longer 473 4
Available for sale, fair value total 17,728 13,813
Available for sale, gross unrealized losses total 634 137
Asset-backed securities, student loans    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 89  
Available for sale, gross unrealized losses less than 12 months 1  
Available for sale, fair value 12 months or longer 0  
Available for sale, gross unrealized losses 12 months or longer 0  
Available for sale, fair value total 89  
Available for sale, gross unrealized losses total 1  
Asset-backed securities, collateralized loan obligations    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 1,577 1,268
Available for sale, gross unrealized losses less than 12 months 27 2
Available for sale, fair value 12 months or longer 710 0
Available for sale, gross unrealized losses 12 months or longer 12 0
Available for sale, fair value total 2,287 1,268
Available for sale, gross unrealized losses total 39 2
Asset-backed securities, non-agency CMBS and RMBS    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 193  
Available for sale, gross unrealized losses less than 12 months 6  
Available for sale, fair value 12 months or longer 3  
Available for sale, gross unrealized losses 12 months or longer 0  
Available for sale, fair value total 196  
Available for sale, gross unrealized losses total 6  
Asset-backed securities, other    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 88  
Available for sale, gross unrealized losses less than 12 months 2  
Available for sale, fair value 12 months or longer 0  
Available for sale, gross unrealized losses 12 months or longer 0  
Available for sale, fair value total 88  
Available for sale, gross unrealized losses total 2  
Total asset-backed securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 1,947 1,268
Available for sale, gross unrealized losses less than 12 months 36 2
Available for sale, fair value 12 months or longer 713 0
Available for sale, gross unrealized losses 12 months or longer 12 0
Available for sale, fair value total 2,660 1,268
Available for sale, gross unrealized losses total 48 2
State and political subdivisions    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 669 10
Available for sale, gross unrealized losses less than 12 months 12 0
Available for sale, fair value 12 months or longer 42 45
Available for sale, gross unrealized losses 12 months or longer 5 3
Available for sale, fair value total 711 55
Available for sale, gross unrealized losses total 17 3
Other U.S. debt securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 294 1,214
Available for sale, gross unrealized losses less than 12 months 15 13
Available for sale, fair value 12 months or longer 708 0
Available for sale, gross unrealized losses 12 months or longer 58 0
Available for sale, fair value total 1,002 1,214
Available for sale, gross unrealized losses total $ 73 $ 13
v3.22.4
Investment Securities - Schedule of Contractual Maturities of Debt Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost $ 7,718  
Available for sale, under 1 year, fair value 7,625  
Available for sale, 1 to 5 years, amortized cost 17,980  
Available for sale, 1 to 5 years, fair value 17,170  
Available for sale, 6 to 10 years, amortized cost 11,939  
Available for sale, 6 to 10 years, fair value 11,695  
Available for sale, over 10 years, amortized cost 4,221  
Available for sale, over 10 years, fair value 4,089  
Available for sale, amortized cost 41,858 $ 73,440
Available-for-sale investment securities: 40,579 73,399
Held to maturity, under 1 year, amortized cost 4,413  
Held to maturity, under 1 year, fair value 4,324  
Held to maturity, 1 to 5 years, amortized cost 14,433  
Held to maturity, 1 to 5 years, fair value 13,875  
Held to maturity, 6 to 10 years, amortized cost 6,147  
Held to maturity, 6 to 10 years, fair value 5,291  
Held to maturity, over 10 years, amortized cost 39,707  
Held to maturity, over 10 years, fair value 34,423  
Held to maturity, amortized cost 64,700 42,430
Investment securities held-to-maturity 57,913 42,271
US Treasury and federal agencies, direct obligations    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 1,966  
Available for sale, under 1 year, fair value 1,940  
Available for sale, 1 to 5 years, amortized cost 5,731  
Available for sale, 1 to 5 years, fair value 5,496  
Available for sale, 6 to 10 years, amortized cost 535  
Available for sale, 6 to 10 years, fair value 545  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 8,232 18,111
Available-for-sale investment securities: 7,981 17,939
Held to maturity, under 1 year, amortized cost 2,329  
Held to maturity, under 1 year, fair value 2,285  
Held to maturity, 1 to 5 years, amortized cost 9,327  
Held to maturity, 1 to 5 years, fair value 9,032  
Held to maturity, 6 to 10 years, amortized cost 24  
Held to maturity, 6 to 10 years, fair value 22  
Held to maturity, over 10 years, amortized cost 13  
Held to maturity, over 10 years, fair value 13  
Held to maturity, amortized cost 11,693 2,170
Investment securities held-to-maturity 11,352 2,180
US Treasury and federal agencies, mortgage-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 51  
Available for sale, under 1 year, fair value 49  
Available for sale, 1 to 5 years, amortized cost 459  
Available for sale, 1 to 5 years, fair value 454  
Available for sale, 6 to 10 years, amortized cost 6,513  
Available for sale, 6 to 10 years, fair value 6,345  
Available for sale, over 10 years, amortized cost 1,744  
Available for sale, over 10 years, fair value 1,661  
Available for sale, amortized cost 8,767 18,154
Available-for-sale investment securities: 8,509 18,208
Held to maturity, under 1 year, amortized cost 154  
Held to maturity, under 1 year, fair value 139  
Held to maturity, 1 to 5 years, amortized cost 578  
Held to maturity, 1 to 5 years, fair value 542  
Held to maturity, 6 to 10 years, amortized cost 4,627  
Held to maturity, 6 to 10 years, fair value 3,844  
Held to maturity, over 10 years, amortized cost 36,948  
Held to maturity, over 10 years, fair value 31,755  
Held to maturity, amortized cost 42,307 33,481
Investment securities held-to-maturity 36,280 33,265
Total U.S. Treasury and federal agencies    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 2,017  
Available for sale, under 1 year, fair value 1,989  
Available for sale, 1 to 5 years, amortized cost 6,190  
Available for sale, 1 to 5 years, fair value 5,950  
Available for sale, 6 to 10 years, amortized cost 7,048  
Available for sale, 6 to 10 years, fair value 6,890  
Available for sale, over 10 years, amortized cost 1,744  
Available for sale, over 10 years, fair value 1,661  
Available for sale, amortized cost 16,999 36,265
Available-for-sale investment securities: 16,490 36,147
Held to maturity, under 1 year, amortized cost 2,483  
Held to maturity, under 1 year, fair value 2,424  
Held to maturity, 1 to 5 years, amortized cost 9,905  
Held to maturity, 1 to 5 years, fair value 9,574  
Held to maturity, 6 to 10 years, amortized cost 4,651  
Held to maturity, 6 to 10 years, fair value 3,866  
Held to maturity, over 10 years, amortized cost 36,961  
Held to maturity, over 10 years, fair value 31,768  
Held to maturity, amortized cost 54,000 35,651
Investment securities held-to-maturity 47,632 35,445
Non-U.S. debt securities, mortgage-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 58  
Available for sale, under 1 year, fair value 58  
Available for sale, 1 to 5 years, amortized cost 385  
Available for sale, 1 to 5 years, fair value 382  
Available for sale, 6 to 10 years, amortized cost 0  
Available for sale, 6 to 10 years, fair value 0  
Available for sale, over 10 years, amortized cost 1,199  
Available for sale, over 10 years, fair value 1,183  
Available for sale, amortized cost 1,642 1,986
Available-for-sale investment securities: 1,623 1,995
Non-U.S. debt securities, asset-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 347  
Available for sale, under 1 year, fair value 342  
Available for sale, 1 to 5 years, amortized cost 587  
Available for sale, 1 to 5 years, fair value 578  
Available for sale, 6 to 10 years, amortized cost 451  
Available for sale, 6 to 10 years, fair value 444  
Available for sale, over 10 years, amortized cost 311  
Available for sale, over 10 years, fair value 305  
Available for sale, amortized cost 1,696 2,087
Available-for-sale investment securities: 1,669 2,087
Non-U.S. sovereign, supranational and non-U.S. agency    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 4,619  
Available for sale, under 1 year, fair value 4,567  
Available for sale, 1 to 5 years, amortized cost 7,236  
Available for sale, 1 to 5 years, fair value 6,897  
Available for sale, 6 to 10 years, amortized cost 2,657  
Available for sale, 6 to 10 years, fair value 2,625  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 14,512 23,533
Available-for-sale investment securities: 14,089 23,547
Held to maturity, under 1 year, amortized cost 1,518  
Held to maturity, under 1 year, fair value 1,492  
Held to maturity, 1 to 5 years, amortized cost 4,520  
Held to maturity, 1 to 5 years, fair value 4,293  
Held to maturity, 6 to 10 years, amortized cost 565  
Held to maturity, 6 to 10 years, fair value 514  
Held to maturity, over 10 years, amortized cost 0  
Held to maturity, over 10 years, fair value 0  
Held to maturity, amortized cost 6,603 1,564
Investment securities held-to-maturity 6,299 1,555
Non-U.S. debt securities, other    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 190  
Available for sale, under 1 year, fair value 187  
Available for sale, 1 to 5 years, amortized cost 1,904  
Available for sale, 1 to 5 years, fair value 1,769  
Available for sale, 6 to 10 years, amortized cost 141  
Available for sale, 6 to 10 years, fair value 120  
Available for sale, over 10 years, amortized cost 20  
Available for sale, over 10 years, fair value 15  
Available for sale, amortized cost 2,255 3,113
Available-for-sale investment securities: 2,091 3,098
Total non-U.S. debt securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 5,214  
Available for sale, under 1 year, fair value 5,154  
Available for sale, 1 to 5 years, amortized cost 10,112  
Available for sale, 1 to 5 years, fair value 9,626  
Available for sale, 6 to 10 years, amortized cost 3,249  
Available for sale, 6 to 10 years, fair value 3,189  
Available for sale, over 10 years, amortized cost 1,530  
Available for sale, over 10 years, fair value 1,503  
Available for sale, amortized cost 20,105 30,719
Available-for-sale investment securities: 19,472 30,727
Held to maturity, under 1 year, amortized cost 1,518  
Held to maturity, under 1 year, fair value 1,492  
Held to maturity, 1 to 5 years, amortized cost 4,520  
Held to maturity, 1 to 5 years, fair value 4,293  
Held to maturity, 6 to 10 years, amortized cost 565  
Held to maturity, 6 to 10 years, fair value 514  
Held to maturity, over 10 years, amortized cost 0  
Held to maturity, over 10 years, fair value 0  
Held to maturity, amortized cost 6,603 1,564
Investment securities held-to-maturity 6,299 1,555
Asset-backed securities, student loans    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 39  
Available for sale, under 1 year, fair value 39  
Available for sale, 1 to 5 years, amortized cost 0  
Available for sale, 1 to 5 years, fair value 0  
Available for sale, 6 to 10 years, amortized cost 0  
Available for sale, 6 to 10 years, fair value 0  
Available for sale, over 10 years, amortized cost 77  
Available for sale, over 10 years, fair value 76  
Available for sale, amortized cost 116 209
Available-for-sale investment securities: 115 211
Held to maturity, under 1 year, amortized cost 290  
Held to maturity, under 1 year, fair value 279  
Held to maturity, 1 to 5 years, amortized cost 8  
Held to maturity, 1 to 5 years, fair value 8  
Held to maturity, 6 to 10 years, amortized cost 931  
Held to maturity, 6 to 10 years, fair value 911  
Held to maturity, over 10 years, amortized cost 2,726  
Held to maturity, over 10 years, fair value 2,624  
Held to maturity, amortized cost 3,955 4,908
Investment securities held-to-maturity 3,822 4,942
Asset-backed securities, collateralized loan obligations    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 183  
Available for sale, under 1 year, fair value 182  
Available for sale, 1 to 5 years, amortized cost 397  
Available for sale, 1 to 5 years, fair value 390  
Available for sale, 6 to 10 years, amortized cost 1,225  
Available for sale, 6 to 10 years, fair value 1,205  
Available for sale, over 10 years, amortized cost 589  
Available for sale, over 10 years, fair value 578  
Available for sale, amortized cost 2,394 2,155
Available-for-sale investment securities: 2,355 2,155
Asset-backed securities, non-agency CMBS and RMBS    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 0  
Available for sale, under 1 year, fair value 0  
Available for sale, 1 to 5 years, amortized cost 0  
Available for sale, 1 to 5 years, fair value 0  
Available for sale, 6 to 10 years, amortized cost 0  
Available for sale, 6 to 10 years, fair value 0  
Available for sale, over 10 years, amortized cost 237  
Available for sale, over 10 years, fair value 231  
Available for sale, amortized cost 237 52
Available-for-sale investment securities: 231 52
Held to maturity, under 1 year, amortized cost 122  
Held to maturity, under 1 year, fair value 129  
Held to maturity, 1 to 5 years, amortized cost 0  
Held to maturity, 1 to 5 years, fair value 0  
Held to maturity, 6 to 10 years, amortized cost 0  
Held to maturity, 6 to 10 years, fair value 0  
Held to maturity, over 10 years, amortized cost 20  
Held to maturity, over 10 years, fair value 31  
Held to maturity, amortized cost 142 307
Investment securities held-to-maturity 160 329
Asset-backed securities, other    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 0  
Available for sale, under 1 year, fair value 0  
Available for sale, 1 to 5 years, amortized cost 90  
Available for sale, 1 to 5 years, fair value 88  
Available for sale, 6 to 10 years, amortized cost 0  
Available for sale, 6 to 10 years, fair value 0  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 90 90
Available-for-sale investment securities: 88 91
Total asset-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 222  
Available for sale, under 1 year, fair value 221  
Available for sale, 1 to 5 years, amortized cost 487  
Available for sale, 1 to 5 years, fair value 478  
Available for sale, 6 to 10 years, amortized cost 1,225  
Available for sale, 6 to 10 years, fair value 1,205  
Available for sale, over 10 years, amortized cost 903  
Available for sale, over 10 years, fair value 885  
Available for sale, amortized cost 2,837 2,506
Available-for-sale investment securities: 2,789 2,509
Held to maturity, under 1 year, amortized cost 412  
Held to maturity, under 1 year, fair value 408  
Held to maturity, 1 to 5 years, amortized cost 8  
Held to maturity, 1 to 5 years, fair value 8  
Held to maturity, 6 to 10 years, amortized cost 931  
Held to maturity, 6 to 10 years, fair value 911  
Held to maturity, over 10 years, amortized cost 2,746  
Held to maturity, over 10 years, fair value 2,655  
Held to maturity, amortized cost 4,097 5,215
Investment securities held-to-maturity 3,982 5,271
State and political subdivisions    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 146  
Available for sale, under 1 year, fair value 144  
Available for sale, 1 to 5 years, amortized cost 273  
Available for sale, 1 to 5 years, fair value 266  
Available for sale, 6 to 10 years, amortized cost 376  
Available for sale, 6 to 10 years, fair value 373  
Available for sale, over 10 years, amortized cost 44  
Available for sale, over 10 years, fair value 40  
Available for sale, amortized cost 839 1,216
Available-for-sale investment securities: 823 1,272
Other U.S. debt securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 119  
Available for sale, under 1 year, fair value 117  
Available for sale, 1 to 5 years, amortized cost 918  
Available for sale, 1 to 5 years, fair value 850  
Available for sale, 6 to 10 years, amortized cost 41  
Available for sale, 6 to 10 years, fair value 38  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 1,078 2,734
Available-for-sale investment securities: $ 1,005 $ 2,744
v3.22.4
Loans and Allowance for Credit Losses - Net Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross $ 32,150 $ 32,532
Allowance for credit losses (97) (87)
Loans, net of allowance 32,053 32,445
Geographic Distribution, Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 21,248 22,114
Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 10,902 10,418
Fund Finance | Securities Finance Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,510 1,780
Fund Finance | Municipal Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 321 455
Fund Finance | Other Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 42 23
Fund Finance | Geographic Distribution, Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 12,154 12,296
Fund Finance | Geographic Distribution, Domestic | 40 Act Funds    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 6,610 6,400
Fund Finance | Geographic Distribution, Domestic | Private Equity Capital Call Finance Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 7,570 9,150
Fund Finance | Geographic Distribution, Domestic | Business Development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,110 1,390
Fund Finance | Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 3,949 4,965
Leveraged loans | Geographic Distribution, Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 2,431 3,106
Leveraged loans | Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,118 1,328
Overdrafts | Geographic Distribution, Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,707 1,796
Overdrafts | Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,094 1,312
Collateralized loan obligations | Geographic Distribution, Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 100 100
Collateralized loan obligations | Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 4,741 2,813
Other | Geographic Distribution, Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,871 2,262
Other | Non-U.S.    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 0 0
Commercial real estate | Geographic Distribution, Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross $ 2,985 $ 2,554
v3.22.4
Loans and Allowance for Credit Losses - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
loanSegment
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]      
Number of loans and leases segments | loanSegment 2    
Financing receivable, excluding accrued interest, after allowance for credit loss $ 32,053 $ 32,445  
Number of loans on non-accrual status | loan 0 0  
Sale of loans $ 1,786 $ 172 $ 324
Loans remained unsettled 5    
Provision for credit losses $ 20 $ (33) $ 88
Loans modified in troubled debt restructurings | loan 0 0  
Loans no longer meeting similar risk of collective pool | loan 6    
Loans no longer meeting similar risk of collective pool, amount $ 99    
Investment grade loans 85.00%    
Speculative grade loans 14.00%    
Speculative senior secured loans with BB or B rating 96.00%    
Asset Pledged as Collateral      
Financing Receivable, Credit Quality Indicator [Line Items]      
Financing receivable, excluding accrued interest, after allowance for credit loss $ 10,170 $ 10,800  
Leveraged Loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Sale of loans 1,800    
Provision for credit losses (6)    
Commercial and Financial      
Financing Receivable, Credit Quality Indicator [Line Items]      
Allowance for credit loss 5    
Collateralized loan obligations      
Financing Receivable, Credit Quality Indicator [Line Items]      
Payments to acquire loans receivable $ 1,980    
v3.22.4
Loans and Allowance for Credit Losses - Investments by Credit Quality (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale $ 32,145 $ 32,524
Financing receivable, held-for-sale 5 8
Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 27,176 27,196
Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 4,491 4,984
Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 379 180
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 99 164
Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 29,160 29,970
Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 24,667 24,974
Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 4,103 4,714
Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 291 118
Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 99 164
Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 2,985 2,554
Commercial Real Estate | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 2,509 2,222
Commercial Real Estate | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 388 270
Commercial Real Estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 88 62
Commercial Real Estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 0 0
Geographic Distribution, Domestic | Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 18,258 19,560
Geographic Distribution, Domestic | Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 14,986 16,024
Geographic Distribution, Domestic | Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 2,943 3,278
Geographic Distribution, Domestic | Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 244 118
Geographic Distribution, Domestic | Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 85 140
Geographic Distribution, Domestic | Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 2,985 2,554
Geographic Distribution, Domestic | Commercial Real Estate | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 2,508 2,222
Geographic Distribution, Domestic | Commercial Real Estate | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 388 270
Geographic Distribution, Domestic | Commercial Real Estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 89 62
Geographic Distribution, Domestic | Loans to investment funds    
Financing Receivable, Credit Quality Indicator [Line Items]    
Overdrafts 2,800 $ 3,110
Geographic Distribution, Domestic | Loans to investment funds | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Overdrafts 2,410  
Geographic Distribution, Domestic | Loans to investment funds | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Overdrafts $ 390  
v3.22.4
Loans and Allowance for Credit Losses - Amortized Cost Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 $ 5,839 $ 8,336
2021 5,104 794
2020 512 2,012
2019 1,636 1,457
2018 1,092 810
Prior 668 263
Revolving Loans 17,294 18,852
Loans, gross, excluding loans classified as held-for-sale 32,145 32,524
Accrued interest receivable 200 86
Financing receivable, held-for-sale 5 8
Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 27,176 27,196
Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 4,491 4,984
Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 379 180
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 99 164
Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 29,160 29,970
Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 24,667 24,974
Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 4,103 4,714
Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 291 118
Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 99 164
Commercial and Financial | Geographic Distribution, Domestic    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 2,100 3,084
2021 1,164 415
2020 245 1,194
2019 908 512
2018 286 414
Prior 167 7
Revolving Loans 13,388 13,934
Loans, gross, excluding loans classified as held-for-sale 18,258 19,560
Commercial and Financial | Geographic Distribution, Domestic | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 1,577 1,988
2021 185 59
2020 72 347
2019 300 2
2018 0 37
Prior 9 0
Revolving Loans 12,843 13,591
Loans, gross, excluding loans classified as held-for-sale 14,986 16,024
Commercial and Financial | Geographic Distribution, Domestic | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 523 1,096
2021 859 351
2020 168 706
2019 461 425
2018 236 350
Prior 151 7
Revolving Loans 545 343
Loans, gross, excluding loans classified as held-for-sale 2,943 3,278
Commercial and Financial | Geographic Distribution, Domestic | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 0 0
2021 120 0
2020 0 70
2019 105 29
2018 19 19
Prior 0 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 244 118
Commercial and Financial | Geographic Distribution, Domestic | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 0 0
2021 0 5
2020 5 71
2019 42 56
2018 31 8
Prior 7 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 85 140
Commercial and Financial | Non-U.S.    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 3,220 4,648
2021 3,328 201
2020 118 264
2019 186 228
2018 144 120
Prior 0 31
Revolving Loans 3,906 4,918
Loans, gross, excluding loans classified as held-for-sale 10,902 10,410
Commercial and Financial | Non-U.S. | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 2,986 4,087
2021 2,799 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans 3,897 4,863
Loans, gross, excluding loans classified as held-for-sale 9,682 8,950
Commercial and Financial | Non-U.S. | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 234 561
2021 529 201
2020 100 264
2019 181 204
2018 107 120
Prior 0 31
Revolving Loans 9 55
Loans, gross, excluding loans classified as held-for-sale 1,160 1,436
Commercial and Financial | Non-U.S. | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 0  
2021 0  
2020 18  
2019 5  
2018 23  
Prior 0  
Revolving Loans 0  
Loans, gross, excluding loans classified as held-for-sale 46  
Commercial and Financial | Non-U.S. | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 24
2018 14 0
Prior 0 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 14 24
Commercial real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 2,985 2,554
Commercial real estate | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 2,509 2,222
Commercial real estate | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 388 270
Commercial real estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 88 62
Commercial real estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 0 0
Commercial real estate | Geographic Distribution, Domestic    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 519 604
2021 612 178
2020 149 554
2019 542 717
2018 662 276
Prior 501 225
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 2,985 2,554
Commercial real estate | Geographic Distribution, Domestic | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 519 580
2021 612 129
2020 100 383
2019 330 657
2018 511 276
Prior 436 197
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 2,508 2,222
Commercial real estate | Geographic Distribution, Domestic | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 0 24
2021 0 49
2020 49 149
2019 163 20
2018 111 0
Prior 65 28
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 388 270
Commercial real estate | Geographic Distribution, Domestic | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 0 0
2021 0 0
2020 0 22
2019 49 40
2018 40 0
Prior 0 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale $ 89 $ 62
v3.22.4
Loans and Allowance for Credit Losses - Activity in the Allowance for Credit Losses for Loans Held for Investment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 87    
Provision for credit losses 20 $ (33) $ 88
Ending balance 97 87  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]      
AFS allowance, beginning balance 2 0  
AFS, charge-offs 0 0  
AFS, provision 0 2  
AFS, FX translation   0  
AFS allowance, ending balance 2 2 0
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]      
HTM, allowance beginning balance 0 3  
HTM, charge-offs 0 0  
HTM, provision 0 (3)  
HTM, FX translation   0  
HTM, allowance, ending balance 0 0 3
Leveraged Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 61 97  
Charge-offs (6) (2)  
Provision for credit losses 18 (29)  
FX translation   (5)  
Ending balance 73 61 97
Other Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 12 17  
Charge-offs 0 0  
Provision for credit losses (7) (6)  
FX translation   1  
Ending balance 5 12 17
Other Loans | Fund Finance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 11    
Ending balance 3 11  
Other Loans | Other Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 1    
Ending balance 2 1  
Commercial Real Estate      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 14 8  
Charge-offs 0 0  
Provision for credit losses 5 6  
FX translation   0  
Ending balance 19 14 8
Off-Balance Sheet Commitments      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 19 22  
Charge-offs 0 0  
Provision for credit losses 4 (2)  
FX translation   (1)  
Ending balance 23 19 22
All Other      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 0 1  
Charge-offs (1) 0  
Provision for credit losses 0 (1)  
FX translation   0  
Ending balance (1) 0 1
Total Credit Reserve      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 108 148  
Charge-offs (7) (2)  
Provision for credit losses 20 (33)  
FX translation   (5)  
Ending balance $ 121 $ 108 $ 148
v3.22.4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]      
Goodwill and intangible asset impairment $ 0 $ 0 $ 0
Amortization of other intangible assets $ 238,000,000 $ 245,000,000 $ 234,000,000
Client relationships | Minimum      
Finite-Lived Intangible Assets [Line Items]      
Useful life of intangible assets 5 years    
Client relationships | Maximum      
Finite-Lived Intangible Assets [Line Items]      
Useful life of intangible assets 20 years    
Technology | Minimum      
Finite-Lived Intangible Assets [Line Items]      
Useful life of intangible assets 3 years    
Technology | Maximum      
Finite-Lived Intangible Assets [Line Items]      
Useful life of intangible assets 10 years    
Core deposits | Minimum      
Finite-Lived Intangible Assets [Line Items]      
Useful life of intangible assets 16 years    
Core deposits | Maximum      
Finite-Lived Intangible Assets [Line Items]      
Useful life of intangible assets 22 years    
v3.22.4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details)
€ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2021
EUR (€)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Goodwill [Roll Forward]          
Beginning balance   $ 7,683   $ 7,621 $ 7,683
Acquisitions       3 66
Divestiture         (17)
Foreign currency translation       (129) (111)
Ending balance       7,495 7,621
Investment
Servicing          
Goodwill [Roll Forward]          
Beginning balance   7,413   7,354 7,413
Acquisitions       3 66
Divestiture         (17)
Foreign currency translation       (125) (108)
Ending balance       7,232 7,354
Investment Management          
Goodwill [Roll Forward]          
Beginning balance   270   267 270
Acquisitions       0 0
Divestiture         0
Foreign currency translation       (4) (3)
Ending balance       $ 263 $ 267
Fideuram Bank Luxembour | Investment
Servicing          
Goodwill [Roll Forward]          
Payment for acquisition   $ 258 € 220    
Mercatus, Inc | Investment
Servicing          
Goodwill [Roll Forward]          
Payment for acquisition $ 88        
v3.22.4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Other Intangible Assets (Details)
€ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2021
EUR (€)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Finite-lived Intangible Assets [Roll Forward]            
Beginning balance   $ 1,827   $ 1,816 $ 1,827  
Acquisitions         264  
Amortization       (238) (245) $ (234)
Foreign currency translation       (34) (30)  
Ending balance       1,544 1,816 1,827
Investment
Servicing            
Finite-lived Intangible Assets [Roll Forward]            
Beginning balance   1,733   1,746 1,733  
Acquisitions         264  
Amortization       (217) (221)  
Foreign currency translation       (34) (30)  
Ending balance       1,495 1,746 1,733
Investment Management            
Finite-lived Intangible Assets [Roll Forward]            
Beginning balance   94   70 94  
Acquisitions         0  
Amortization       (21) (24)  
Foreign currency translation       0 0  
Ending balance       $ 49 $ 70 $ 94
Fideuram Bank Luxembour | Investment
Servicing            
Finite-lived Intangible Assets [Roll Forward]            
Payment for acquisition   $ 258 € 220      
Mercatus, Inc | Investment
Servicing            
Finite-lived Intangible Assets [Roll Forward]            
Payment for acquisition $ 88          
v3.22.4
Goodwill and Other Intangible Assets - Gross Carrying Amount, Accumulated Amortization and Net Carrying Amount of Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 3,897 $ 3,981  
Accumulated Amortization (2,353) (2,165)  
Net Carrying Amount 1,544 1,816 $ 1,827
Client relationships      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 2,728 2,786  
Accumulated Amortization (1,626) (1,497)  
Net Carrying Amount 1,102 1,289  
Technology      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 402 403  
Accumulated Amortization (178) (142)  
Net Carrying Amount 224 261  
Core deposits      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 683 696  
Accumulated Amortization (477) (451)  
Net Carrying Amount 206 245  
Other      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 84 96  
Accumulated Amortization (72) (75)  
Net Carrying Amount $ 12 $ 21  
v3.22.4
Goodwill and Other Intangible Assets - Amortization Expense (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2023 $ 241
2024 238
2025 210
2026 201
2027 $ 167
v3.22.4
Other Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Other Assets [Abstract]    
Securities borrowed $ 16,489 $ 22,300
Derivative instruments, net 7,664 4,108
Bank-owned life insurance 3,649 3,554
Investments in joint ventures and other unconsolidated entities 3,245 3,162
Collateral, net 1,833 1,011
Deferred tax assets, net of valuation allowance 1,127 254
Prepaid expenses 558 612
Right-of-use assets 500 542
Accounts receivable 404 236
Receivable for securities settlement 383 213
Income taxes receivable 235 317
Deposits with clearing organizations 62 62
Other 1,753 1,244
Total 37,902 37,615
Equity securities without readily determinable fair value, amount 179 109
Upward price adjustment, annual amount 54  
Advances to affiliate $ 1,201 $ 544
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Total Total
v3.22.4
Deposits (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]    
Time deposits $ 2,980  
Time deposits in amounts of $250,000 or more 2,970 $ 1,310
Time deposit liability, uninsured, maturity, three months or less 500  
Time deposit liability, uninsured, maturity, over three months through six months 1,500  
Time deposit liability, uninsured, maturity, over 6 months through 12 months 980  
Demand deposit overdrafts 2,800 3,110
Non-U.S.    
Loans and Leases Receivable Disclosure [Line Items]    
Time deposits $ 100 $ 1,310
v3.22.4
Short-Term Borrowings - Narrative (Details)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
CAD ($)
Dec. 31, 2021
USD ($)
Short-term Debt [Line Items]      
Weighted-average interest rate as of year-end 0.83% 0.83% 0.31%
Average balance of securities purchased under agreement to resell and securities sold under agreement to repurchase $ 71,020,000,000.00   $ 62,150,000,000
Maximum borrowing on line of credit 1,030,000,000.00 $ 1,400,000,000  
Balance on line of credit 0   $ 0
Securities Sold      
Short-term Debt [Line Items]      
Fair value of overnight maturity $ 963,000,000    
v3.22.4
Short-Term Borrowings - Outstanding and Weighted-Average Interest Rates of Short-Term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Short-term Debt [Line Items]      
Weighted-average interest rate as of year-end 0.83% 0.31%  
Securities Sold Under Repurchase Agreements      
Short-term Debt [Line Items]      
Balance as of December 31 $ 1,177 $ 1,575 $ 3,413
Maximum outstanding as of any month-end 11,517 1,575 5,373
Average outstanding during the year $ 3,633 $ 667 $ 2,615
Weighted-average interest rate as of year-end 2.31% 0.00% 0.00%
Weighted-average interest rate during the year 0.39% (0.00%) 0.14%
Tax-Exempt Investment Program      
Short-term Debt [Line Items]      
Balance as of December 31 $ 0 $ 0 $ 616
Maximum outstanding as of any month-end 0 616 823
Average outstanding during the year $ 0 $ 523 $ 771
Weighted-average interest rate as of year-end 0.00% 0.00% 0.23%
Weighted-average interest rate during the year 0.00% 0.31% 0.78%
Other      
Short-term Debt [Line Items]      
Balance as of December 31 $ 2,000 $ 0 $ 3,302
Maximum outstanding as of any month-end 8,525 0 25,665
Average outstanding during the year $ 696 $ 315 $ 8,251
Weighted-average interest rate as of year-end 4.18% 0.00% 1.35%
Weighted-average interest rate during the year 0.01% 0.00% 1.23%
v3.22.4
Short-Term Borrowings - Overnight Maturity (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Securities Sold  
Short-term Debt [Line Items]  
Amortized cost of overnight maturity $ 986
Fair value of overnight maturity 963
Repurchase Agreements  
Short-term Debt [Line Items]  
Amortized cost of overnight maturity $ 1,173
v3.22.4
Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Long-term finance leases $ 167 $ 135
Total long-term debt 14,996 13,475
Fair Value Hedges    
Debt Instrument [Line Items]    
Decrease in carrying value of long-term debt $ 282 450
Senior notes | 3.55% notes due 2025    
Debt Instrument [Line Items]    
Interest rate on debt 3.55%  
Senior notes | 3.7% notes due in 2023    
Debt Instrument [Line Items]    
Interest rate on debt 3.70%  
Senior notes | 3.3% notes due 2024    
Debt Instrument [Line Items]    
Interest rate on debt 3.30%  
Senior notes | 2.400% notes due 2030    
Debt Instrument [Line Items]    
Interest rate on debt 2.40%  
Senior notes | 2.65% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 2.65%  
Senior notes | 7.35% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 7.35%  
Subordinated notes | 3.1% subordinated notes due 2023    
Debt Instrument [Line Items]    
Interest rate on debt 3.10%  
Fixed-to-floating rate senior notes | 2.354% notes due 2025    
Debt Instrument [Line Items]    
Interest rate on debt 2.354%  
Fixed-to-floating rate senior notes | 4.164% notes due 2033    
Debt Instrument [Line Items]    
Interest rate on debt 4.164%  
Fixed-to-floating rate senior notes | 2.203% notes due 2028    
Debt Instrument [Line Items]    
Interest rate on debt 2.203%  
Fixed-to-floating rate senior notes | 4.141% notes due 2029    
Debt Instrument [Line Items]    
Interest rate on debt 4.141%  
Fixed-to-floating rate senior notes | 5.751% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 5.751%  
Fixed-to-floating rate senior notes | 3.152% notes due 2031    
Debt Instrument [Line Items]    
Interest rate on debt 3.152%  
Fixed-to-floating rate senior notes | 5.82% notes due 2028    
Debt Instrument [Line Items]    
Interest rate on debt 5.82%  
Fixed-to-floating rate senior notes | 4.421% notes due 2033    
Debt Instrument [Line Items]    
Interest rate on debt 4.421%  
Fixed-to-floating rate senior notes | 1.684% notes due 2027    
Debt Instrument [Line Items]    
Interest rate on debt 1.684%  
Fixed-to-floating rate senior notes | 3.776% notes due 2024    
Debt Instrument [Line Items]    
Interest rate on debt 3.776%  
Fixed-to-floating rate senior notes | 2.901% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 2.901%  
Fixed-to-floating rate senior notes | 2.623% notes due 2023    
Debt Instrument [Line Items]    
Interest rate on debt 2.623%  
Fixed-to-floating rate senior notes | 1.746% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 1.746%  
Fixed-to-floating rate senior notes | 2.653% notes due 2023    
Debt Instrument [Line Items]    
Interest rate on debt 2.653%  
Fixed-to-floating rate senior notes | 2.825% notes due 2023    
Debt Instrument [Line Items]    
Interest rate on debt 2.825%  
Senior subordinated notes | 2.200% notes due 2031    
Debt Instrument [Line Items]    
Interest rate on debt 2.20%  
Fixed-to-floating rate senior subordinated notes | 3.031% notes due 2034    
Debt Instrument [Line Items]    
Interest rate on debt 3.031%  
Parent Company and Non-banking Subsidiaries | Senior notes | 3.55% notes due 2025    
Debt Instrument [Line Items]    
Long-term debt $ 1,256 1,370
Parent Company and Non-banking Subsidiaries | Senior notes | 3.7% notes due in 2023    
Debt Instrument [Line Items]    
Long-term debt 985 1,043
Parent Company and Non-banking Subsidiaries | Senior notes | 3.3% notes due 2024    
Debt Instrument [Line Items]    
Long-term debt 962 1,040
Parent Company and Non-banking Subsidiaries | Senior notes | 2.400% notes due 2030    
Debt Instrument [Line Items]    
Long-term debt 797 803
Parent Company and Non-banking Subsidiaries | Senior notes | 2.65% notes due 2026    
Debt Instrument [Line Items]    
Long-term debt 709 779
Parent Company and Non-banking Subsidiaries | Senior notes | 7.35% notes due 2026    
Debt Instrument [Line Items]    
Long-term debt 150 150
Parent Company and Non-banking Subsidiaries | Subordinated notes | 3.1% subordinated notes due 2023    
Debt Instrument [Line Items]    
Long-term debt 1,006 1,022
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.354% notes due 2025    
Debt Instrument [Line Items]    
Long-term debt 951 1,019
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.164% notes due 2033    
Debt Instrument [Line Items]    
Long-term debt 677 0
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.203% notes due 2028    
Debt Instrument [Line Items]    
Long-term debt 589 0
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.141% notes due 2029    
Debt Instrument [Line Items]    
Long-term debt 564 583
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 5.751% notes due 2026    
Debt Instrument [Line Items]    
Long-term debt 498 0
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 3.152% notes due 2031    
Debt Instrument [Line Items]    
Long-term debt 498 498
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 5.82% notes due 2028    
Debt Instrument [Line Items]    
Long-term debt 497 0
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.421% notes due 2033    
Debt Instrument [Line Items]    
Long-term debt 497 0
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 1.684% notes due 2027    
Debt Instrument [Line Items]    
Long-term debt 497 497
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 3.776% notes due 2024    
Debt Instrument [Line Items]    
Long-term debt 492 523
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.901% notes due 2026    
Debt Instrument [Line Items]    
Long-term debt 473 498
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.623% notes due 2023    
Debt Instrument [Line Items]    
Long-term debt 466 0
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 1.746% notes due 2026    
Debt Instrument [Line Items]    
Long-term debt 280 0
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.653% notes due 2023    
Debt Instrument [Line Items]    
Long-term debt 0 754
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.825% notes due 2023    
Debt Instrument [Line Items]    
Long-term debt 0 749
Parent Company and Non-banking Subsidiaries | Senior subordinated notes | 2.200% notes due 2031    
Debt Instrument [Line Items]    
Long-term debt 844 843
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior subordinated notes | 3.031% notes due 2034    
Debt Instrument [Line Items]    
Long-term debt 532 541
Parent Company and Non-banking Subsidiaries | Junior subordinated debentures | Floating-rate subordinated debentures due 2047    
Debt Instrument [Line Items]    
Long-term debt 500 499
Parent Company and Non-banking Subsidiaries | Junior subordinated debentures | Floating-rate subordinated notes due to State Street Capital Trust I in 2028    
Debt Instrument [Line Items]    
Long-term debt 100 100
State Street Bank    
Debt Instrument [Line Items]    
Long-term finance leases $ 176 $ 164
v3.22.4
Long-Term Debt - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Long-term finance leases $ 167 $ 135
State Street Bank    
Debt Instrument [Line Items]    
Long-term finance leases $ 176 $ 164
v3.22.4
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Cash flow hedge gain (loss) to be reclassified within twelve months $ 223  
Maximum length of time hedged in cash flow hedge 5 years  
Fair value of derivative liabilities $ 25,966 $ 16,126
Interest rate swap | Fair Value Hedges    
Derivative [Line Items]    
Notional amount of derivative instruments 20,320 $ 6,950
Credit swap agreements    
Derivative [Line Items]    
Fair value of derivative liabilities 3,060  
Cash collateral provided for derivative instruments 1,380  
Maximum additional amount of payments related to termination events $ 1,680  
v3.22.4
Derivative Financial Instruments - Schedule of Outstanding Hedges: (Notional Amount) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivatives not designated as hedging instruments | Interest rate contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments $ 8,683 $ 9,604
Derivatives not designated as hedging instruments | Foreign exchange contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 1,550 2,359
Derivatives not designated as hedging instruments | Foreign exchange contracts | Forward, swap and spot    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 2,267,221 2,569,449
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options purchased    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 607 328
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options written    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 445 210
Derivatives not designated as hedging instruments | Other derivative contracts | Stable value contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 31,391 32,868
Derivatives not designated as hedging instruments | Other derivative contracts | Deferred value awards    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 300 308
Derivatives designated as hedging instruments | Interest rate contracts | Swap agreements    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 22,566 15,100
Derivatives designated as hedging instruments | Foreign exchange contracts | Forward and swap    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments $ 8,213 $ 6,700
v3.22.4
Derivative Financial Instruments - Schedule of the Fair Values of Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets $ 26,186 $ 15,187
Fair value of derivative liabilities $ 25,966 16,126
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities  
Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets $ 26,186 15,185
Fair value of derivative liabilities 25,749 15,825
Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 0 2
Fair value of derivative liabilities 1 0
Derivatives not designated as hedging instruments | Derivative Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 26,081 15,126
Derivatives not designated as hedging instruments | Derivative Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 25,623 16,091
Derivatives not designated as hedging instruments | Foreign exchange contracts | Derivative Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 26,081 15,126
Derivatives not designated as hedging instruments | Foreign exchange contracts | Derivative Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 25,407 15,790
Derivatives not designated as hedging instruments | Other derivative contracts | Derivative Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 0 0
Derivatives not designated as hedging instruments | Other derivative contracts | Derivative Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 216 301
Derivatives designated as hedging instruments | Derivative Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 105 61
Derivatives designated as hedging instruments | Derivative Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 343 35
Derivatives designated as hedging instruments | Foreign exchange contracts | Derivative Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 105 59
Derivatives designated as hedging instruments | Foreign exchange contracts | Derivative Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities 342 35
Derivatives designated as hedging instruments | Interest rate contracts | Derivative Assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 0 2
Derivatives designated as hedging instruments | Interest rate contracts | Derivative Liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities $ 1 $ 0
v3.22.4
Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative [Line Items]      
Cash settled deferred incentive compensation awards, accelerated expense $ 147    
Derivatives not designated as hedging instruments      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income 833 $ 550 $ 799
Derivatives not designated as hedging instruments | Foreign exchange contracts | Foreign exchange trading services revenue      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income 938 811 922
Derivatives not designated as hedging instruments | Foreign exchange contracts | Interest expense      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income (20) 68 63
Derivatives not designated as hedging instruments | Interest rate contracts | Foreign exchange trading services revenue      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income 3 3 3
Derivatives not designated as hedging instruments | Interest rate contracts | Other fee revenue      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income 1 0 0
Derivatives not designated as hedging instruments | Other derivative contracts      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income $ (89) $ (332) $ (189)
v3.22.4
Derivative Financial Instruments - Carrying Amount and Cumulative Basis Adjustments for Hedge Accounting (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivatives designated as hedging instruments | Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Assets $ 12,513 $ 9,026
Active (644) (64)
Derivatives designated as hedging instruments | Total available-for-sale investment securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Assets 9,801 3,551
Active (675) 0
Derivatives designated as hedging instruments | Total available-for-sale investment securities | Closed Portfolio    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Assets 207  
Active (4)  
Last-of-layer, amount 64  
Derivatives not designated as hedging instruments | Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Assets 362 514
Derivatives not designated as hedging instruments | Total available-for-sale investment securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Assets $ 8 $ 24
v3.22.4
Derivative Financial Instruments - Impact on Derivatives and Hedged Items on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income $ (484) $ (62) $ 567
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income 484 56 (563)
Total available-for-sale investment securities | Net interest income | Interest rate contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income 676 14 1
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income (676) (19) (4)
Long-term debt | Net interest income | Interest rate contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income (1,160) (76) 566
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income $ 1,160 $ 75 $ (559)
v3.22.4
Derivative Financial Instruments - Schedule of Differences Between the Gains (Losses) on the Derivative and the Gains (Losses) on the Hedged Item (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative [Line Items]      
Gain (loss) on derivative recognized in OCI, cash flow hedge $ (442) $ 13 $ 154
Gain (loss) on derivative recognized in OCI, net investment hedge 291 272 (250)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative (151) 285 (96)
Gain (loss) on hedges reclassified to income, cash flow hedge 49 95 72
Gain (loss) on hedges reclassified to income, net investment hedge 0 0 0
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 49 95 72
Foreign exchange contracts      
Derivative [Line Items]      
Gain (loss) on derivative recognized in OCI, cash flow hedge 156 91 (22)
Gain (loss) on derivative recognized in OCI, net investment hedge 291 272 (250)
Foreign exchange contracts | Net interest revenue      
Derivative [Line Items]      
Gain (loss) on hedges reclassified to income, cash flow hedge 92 11 23
Foreign exchange contracts | Gains (Losses) related to investment securities, net      
Derivative [Line Items]      
Gain (loss) on hedges reclassified to income, net investment hedge 0 0 0
Interest rate contracts      
Derivative [Line Items]      
Gain (loss) on derivative recognized in OCI, cash flow hedge (598) (78) 176
Interest rate contracts | Net interest revenue      
Derivative [Line Items]      
Gain (loss) on hedges reclassified to income, cash flow hedge $ (43) $ 84 $ 49
v3.22.4
Offsetting Arrangements - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Offsetting [Abstract]    
Fair Value of securities received as collateral that can be resold or repledged $ 8,140 $ 1,600
Fair Value of securities received as collateral that have been resold or repledged $ 3,630 $ 0
v3.22.4
Offsetting Arrangements - Assets With Offsetting Arrangements (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Offsetting Assets [Line Items]    
Derivatives, Gross Amounts of Recognized Assets $ 26,186 $ 15,187
Derivatives, Gross Amounts Offset in Statement of Condition (18,522) (11,079)
Derivatives, Net Amounts of Assets Presented in Statement of Condition 7,664 4,108
Derivatives, Net Amount 5,947 3,385
Derivatives, Cash collateral and securities netting, cash offset (3,298) (1,966)
Derivatives, Cash collateral and securities netting, Cash and Securities Received (1,717) (723)
Derivatives, Cash collateral and securities netting, Net Amount (5,015) (2,689)
Resale agreements and securities borrowing, Gross Amounts of Recognized Assets 125,797 102,375
Resale agreements and securities borrowing, Gross Amounts Offset in Statement of Condition (104,093) (77,063)
Resale agreements and securities borrowing, Net Amounts of Assets Presented in Statement of Condition 21,704 25,312
Resale agreements and securities borrowing, Cash and Securities Received (20,960) (25,096)
Resale agreements and securities borrowing, Net Amount 744 216
Total derivatives and other financial instruments, Gross Amounts of Recognized Assets 151,983 117,562
Total derivatives and other financial instruments, Gross Amounts Offset in Statement of Condition (122,615) (88,142)
Total derivatives and other financial instruments, Net Amounts of Assets Presented in Statement of Condition 29,368 29,420
Total derivatives and other financial instruments, Cash and Securities Received (22,677) (25,819)
Total derivatives and other financial instruments, Net Amount 6,691 3,601
Securities purchased under resale agreements 5,215 3,012
Cash collateral provided for securities borrowing 16,490 22,300
Foreign exchange contracts    
Offsetting Assets [Line Items]    
Derivatives, Gross Amounts of Recognized Assets 26,186 15,185
Derivatives, Gross Amounts Offset in Statement of Condition (15,224) (9,113)
Derivatives, Net Amounts of Assets Presented in Statement of Condition 10,962 6,072
Derivatives, Net Amount 10,962 6,072
Interest rate contracts    
Offsetting Assets [Line Items]    
Derivatives, Gross Amounts of Recognized Assets 0 2
Derivatives, Gross Amounts Offset in Statement of Condition 0 0
Derivatives, Net Amounts of Assets Presented in Statement of Condition 0 2
Derivatives, Net Amount $ 0 $ 2
v3.22.4
Offsetting Arrangements - Liabilities With Offsetting Arrangements (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Offsetting Liabilities [Line Items]    
Derivatives, Gross amounts of recognized liabilities $ 25,966 $ 16,126
Derivatives, Gross amounts offset in statement of condition (17,951) (10,395)
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition 8,015 5,731
Derivative, Net Amount 7,107 4,742
Derivative liability, collateral, cash offset (2,727) (1,282)
Derivatives, Cash and collateral securities netting, Cash and Securities Provided (908) (989)
Derivatives, Cash and collateral securities netting, Net (3,635) (2,271)
Resale agreements and securities lending, Gross Amounts of Recognized Liabilities 111,653 82,674
Resale agreements and securities lending, Gross Amounts Offset in Statement of Condition (104,093) (77,063)
Resale agreements and securities lending, Net Amounts of Liabilities Presented in Statement of Condition 7,560 5,611
Resale agreements and securities lending, Cash and Securities Provided (6,433) (4,066)
Resale agreements and securities lending, Net Amount 1,127 1,545
Total derivatives and other financial instruments, Gross Amounts of Recognized Liabilities 137,619 98,800
Total derivatives and other financial instruments, Gross Amounts Offset in Statement of Condition (122,044) (87,458)
Total derivatives and other financial instruments, Net Amounts of Liabilities Presented in Statement of Condition 15,575 11,342
Total derivatives and other financial instruments, Cash and Securities Provided (7,341) (5,055)
Total derivatives and other financial instruments, Net Amount 8,234 6,287
Securities sold under repurchase agreements 1,177 1,575
Foreign exchange contracts    
Offsetting Liabilities [Line Items]    
Derivatives, Gross amounts of recognized liabilities 25,749 15,825
Derivatives, Gross amounts offset in statement of condition (15,224) (9,113)
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition 10,525 6,712
Derivative, Net Amount 10,525 6,712
Interest rate contracts    
Offsetting Liabilities [Line Items]    
Derivatives, Gross amounts of recognized liabilities 1 0
Derivatives, Gross amounts offset in statement of condition 0 0
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition 1 0
Derivative, Net Amount 1 0
Other derivative contracts    
Offsetting Liabilities [Line Items]    
Derivatives, Gross amounts of recognized liabilities 216 301
Derivatives, Gross amounts offset in statement of condition 0 0
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition 216 301
Derivative, Net Amount 216 301
Accrued expenses and other liabilities    
Offsetting Liabilities [Line Items]    
Cash collateral received in connection to securities finance activities $ 6,380 $ 4,040
v3.22.4
Offsetting Arrangements - Repo, Sec Lending Transactions Maturity by Category (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements $ 101,801 $ 75,266
Securities lending transactions 9,852 7,408
Gross amount of recognized liabilities for repurchase agreements and securities lending 111,653 82,674
U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 101,099 75,266
Securities lending transactions 44 0
Non-US sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 702 0
Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 67 92
Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 6,115 7,315
Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 3,626 1
Overnight and Continuous    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 101,601 75,266
Securities lending transactions 8,246 6,057
Gross amount of recognized liabilities for repurchase agreements and securities lending 109,847 81,323
Overnight and Continuous | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 100,899 75,266
Securities lending transactions 44 0
Overnight and Continuous | Non-US sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 702 0
Overnight and Continuous | Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 67 92
Overnight and Continuous | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 4,509 5,964
Overnight and Continuous | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 3,626 1
Up to 30 Days    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Securities lending transactions 0 24
Gross amount of recognized liabilities for repurchase agreements and securities lending 0 24
Up to 30 Days | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Securities lending transactions 0 0
Up to 30 Days | Non-US sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Up to 30 Days | Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 0
Up to 30 Days | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 24
Up to 30 Days | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 0
30-90 Days    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 200 0
Securities lending transactions 0 11
Gross amount of recognized liabilities for repurchase agreements and securities lending 200 11
30-90 Days | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 200 0
Securities lending transactions 0 0
30-90 Days | Non-US sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
30-90 Days | Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 0
30-90 Days | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 11
30-90 Days | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 0
Greater than 90 Days    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Securities lending transactions 1,606 1,316
Gross amount of recognized liabilities for repurchase agreements and securities lending 1,606 1,316
Greater than 90 Days | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Securities lending transactions 0 0
Greater than 90 Days | Non-US sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Greater than 90 Days | Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 0
Greater than 90 Days | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 1,606 1,316
Greater than 90 Days | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions $ 0 $ 0
v3.22.4
Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]    
Unfunded credit facilities $ 31,208 $ 33,026
Indemnified securities financing 348,924 385,740
Standby letters of credit $ 2,125 $ 3,237
v3.22.4
Commitments and Guarantees - Schedule of Repurchase Agreements (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]    
Fair value of indemnified securities financing $ 348,924 $ 385,740
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 366,895 404,121
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 54,114 61,560
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements $ 57,903 $ 67,014
v3.22.4
Commitments and Guarantees - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]    
Unfunded commitments to extend credit, short term 77.00%  
Term of unfunded commitment 1 year  
Cash collateral provided for securities lending $ 16,490 $ 22,300
Accrued expenses and other liabilities    
Loss Contingencies [Line Items]    
Cash collateral received in connection to securities finance activities $ 6,380 $ 4,040
v3.22.4
Contingencies (Details)
$ in Millions
 1 Months Ended
Aug. 31, 2021
plaintiff
May 31, 2021
USD ($)
plaintiff
Jun. 30, 2019
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Loss Contingencies [Line Items]              
Accrual of loss contingency       $ 17.0      
Estimate of possible loss       45.0      
Unrecognized tax benefits       285.0 $ 252.0 $ 308.0 $ 149.0
Invoicing Matter              
Loss Contingencies [Line Items]              
Payments for settlements     $ 48.8        
Invoicing Matter | United States Attorney For The District of Massachusetts              
Loss Contingencies [Line Items]              
Payments for settlements   $ 115.0          
Invoicing Matter | U.S. Securities And Exchange Commission              
Loss Contingencies [Line Items]              
Amount awarded to other party     40.0        
Invoicing Matter | Massachusetts Attorney General              
Loss Contingencies [Line Items]              
Amount awarded to other party     $ 5.5        
Gomes v State Street Corp.              
Loss Contingencies [Line Items]              
Loss contingency, number of plaintiffs | plaintiff   8          
Edmar Financial Company, LLC v. Currenex, Inc.              
Loss Contingencies [Line Items]              
Loss contingency, number of plaintiffs | plaintiff 2            
Legal Reserve | Invoicing Matter              
Loss Contingencies [Line Items]              
Estimate of possible loss       $ 350.0      
v3.22.4
Variable Interest Entities (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]    
Total standby bond purchase agreement committed to trusts $ 0 $ 0
Assets 301,450,000,000 314,624,000,000
Liabilities 276,259,000,000 287,261,000,000
VIE - primary beneficiary    
Variable Interest Entity [Line Items]    
Assets 0  
Liabilities 0  
VIE - not primary beneficiary    
Variable Interest Entity [Line Items]    
Potential maximum loss exposure of unconsolidated funds 15,000,000 17,000,000
VIE - not primary beneficiary | Low Income Housing Production And Investment Tax Credit Entities    
Variable Interest Entity [Line Items]    
Potential maximum loss exposure of unconsolidated funds $ 1,600,000,000 $ 1,690,000,000
v3.22.4
Shareholders' Equity - Schedule of Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended 63 Months Ended 64 Months Ended 119 Months Ended 121 Months Ended
Mar. 15, 2026
Mar. 15, 2024
Dec. 15, 2023
Dec. 31, 2021
Sep. 30, 2018
Apr. 30, 2016
May 31, 2015
Feb. 28, 2014
Sep. 14, 2021
Dec. 14, 2023
Sep. 14, 2020
Mar. 14, 2026
Mar. 14, 2024
Dec. 31, 2022
Sep. 30, 2021
Mar. 15, 2021
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                                
Class of Stock [Line Items]                                
Basis spread, variable rate                           0.26161%    
Series D Preferred Stock, Depository Share                                
Class of Stock [Line Items]                                
Shares issued (in shares)               30,000,000                
Liquidation preference per share (USD per share)               $ 25                
Series D Preferred Stock                                
Class of Stock [Line Items]                                
Ownership Interest Per Depositary Share               0.025%                
Liquidation preference per share (USD per share)               $ 100,000                
Preferred stock       $ 742                   $ 742    
Series D Preferred Stock | Forecast                                
Class of Stock [Line Items]                                
Per annum dividend rate                         5.90%      
Series D Preferred Stock | Forecast | London Interbank Offered Rate (LIBOR)                                
Class of Stock [Line Items]                                
Per annum dividend rate, basis spread on variable rate   3.108%                            
Series F Preferred Stock, Depository Share                                
Class of Stock [Line Items]                                
Shares issued (in shares)             250,000                  
Liquidation preference per share (USD per share)             $ 1,000                 $ 1,000
Series F Preferred Stock                                
Class of Stock [Line Items]                                
Ownership Interest Per Depositary Share             1.00%                  
Liquidation preference per share (USD per share)             $ 100,000                 $ 100,000
Per annum dividend rate                     5.25%          
Preferred stock       $ 247                   247    
Series F Preferred Stock | London Interbank Offered Rate (LIBOR)                                
Class of Stock [Line Items]                                
Per annum dividend rate, basis spread on variable rate       8.366%         3.597%              
Series G Preferred Stock, Depository Share                                
Class of Stock [Line Items]                                
Shares issued (in shares)           20,000,000                    
Liquidation preference per share (USD per share)           $ 25                    
Series G Preferred Stock                                
Class of Stock [Line Items]                                
Ownership Interest Per Depositary Share           0.025%                    
Liquidation preference per share (USD per share)           $ 100,000                    
Preferred stock       $ 493                   493    
Series G Preferred Stock | Forecast                                
Class of Stock [Line Items]                                
Per annum dividend rate                       5.35%        
Series G Preferred Stock | Forecast | London Interbank Offered Rate (LIBOR)                                
Class of Stock [Line Items]                                
Per annum dividend rate, basis spread on variable rate 3.709%                              
Series H Preferred Stock, Depository Share                                
Class of Stock [Line Items]                                
Shares issued (in shares)         500,000                      
Liquidation preference per share (USD per share)                             $ 1,000  
Series H Preferred Stock                                
Class of Stock [Line Items]                                
Ownership Interest Per Depositary Share         1.00%                      
Liquidation preference per share (USD per share)                             $ 100,000  
Preferred stock       $ 494                   $ 494    
Series H Preferred Stock | Forecast                                
Class of Stock [Line Items]                                
Per annum dividend rate                   5.625%            
Series H Preferred Stock | Forecast | London Interbank Offered Rate (LIBOR)                                
Class of Stock [Line Items]                                
Per annum dividend rate, basis spread on variable rate     2.539%                          
v3.22.4
Shareholders' Equity - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2023
Feb. 28, 2022
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jan. 31, 2023
Jul. 31, 2021
Mar. 15, 2021
Apr. 30, 2016
May 31, 2015
Feb. 28, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Preferred stock cash dividend             $ 112,000,000 $ 114,000,000 $ 152,000,000            
Total acquired     $ 1,500,000,000 $ 0 $ 0 $ 0                  
2021 Share Repurchase Program                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Amount of common stock authorized for repurchase                     $ 3,000,000,000        
2023 Share Repurchase Program | Subsequent Event                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Amount of common stock authorized for repurchase                   $ 4,500,000,000          
Series F Preferred Stock                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Redemption price                       $ 500,000,000      
Preferred shares to be redeemed (in shares)                       5,000      
Preferred stock, shares outstanding (in shares)     2,500       2,500         7,500      
Liquidation preference per share (USD per share)                       $ 100,000   $ 100,000  
Preferred dividends declared (USD per share)   $ 2,092         $ 5,208 $ 3,808              
Preferred stock cash dividend             $ 13,000,000 $ 15,000,000              
Series F Preferred Stock | Forecast                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Preferred stock cash dividend $ 5,000,000                            
Series F Preferred Stock, Depository Share                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Liquidation preference per share (USD per share)                       $ 1,000   $ 1,000  
Preferred dividends declared (USD per share)   20.92         $ 52.08 $ 38.08              
Series D Preferred Stock                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Preferred stock, shares outstanding (in shares)     7,500       7,500                
Liquidation preference per share (USD per share)                             $ 100,000
Preferred dividends declared (USD per share)   1,475         $ 5,900 $ 5,900              
Preferred stock cash dividend             $ 44,000,000 $ 44,000,000              
Series D Preferred Stock | Forecast                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Preferred stock cash dividend 11,000,000                            
Series G Preferred Stock                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Preferred stock, shares outstanding (in shares)     5,000       5,000                
Liquidation preference per share (USD per share)                         $ 100,000    
Preferred dividends declared (USD per share)   1,338         $ 5,352 $ 5,352              
Preferred stock cash dividend             $ 27,000,000 $ 27,000,000              
Series G Preferred Stock | Forecast                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Preferred stock cash dividend $ 7,000,000                            
Series D Preferred Stock, Depository Share                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Liquidation preference per share (USD per share)                             $ 25
Preferred dividends declared (USD per share)   0.37         $ 1.48 $ 1.48              
Series G Preferred Stock, Depository Share                              
Accumulated Other Comprehensive Income (Loss) [Line Items]                              
Liquidation preference per share (USD per share)                         $ 25    
Preferred dividends declared (USD per share)   $ 0.33         $ 1.32 $ 1.32              
v3.22.4
Shareholders' Equity - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dividends Payable [Line Items]        
Preferred stock cash dividend   $ 112 $ 114 $ 152
Series D Preferred Stock        
Dividends Payable [Line Items]        
Preferred dividends declared (USD per share) $ 1,475 $ 5,900 $ 5,900  
Preferred stock cash dividend   $ 44 $ 44  
Series D Preferred Stock, Depository Share        
Dividends Payable [Line Items]        
Preferred dividends declared (USD per share) 0.37 $ 1.48 $ 1.48  
Series F Preferred Stock        
Dividends Payable [Line Items]        
Preferred dividends declared (USD per share) 2,092 $ 5,208 $ 3,808  
Preferred stock cash dividend   $ 13 $ 15  
Series F Preferred Stock, Depository Share        
Dividends Payable [Line Items]        
Preferred dividends declared (USD per share) 20.92 $ 52.08 $ 38.08  
Series G Preferred Stock        
Dividends Payable [Line Items]        
Preferred dividends declared (USD per share) 1,338 $ 5,352 $ 5,352  
Preferred stock cash dividend   $ 27 $ 27  
Series G Preferred Stock, Depository Share        
Dividends Payable [Line Items]        
Preferred dividends declared (USD per share) $ 0.33 $ 1.32 $ 1.32  
Series H Preferred Stock        
Dividends Payable [Line Items]        
Preferred dividends declared (USD per share)   $ 5,625 $ 5,625  
Preferred stock cash dividend   $ 28 $ 28  
Series H Preferred Stock, Depository Share        
Dividends Payable [Line Items]        
Preferred dividends declared (USD per share)   $ 56.25 $ 56.25  
v3.22.4
Shareholders' Equity - Schedule of Common Stock (Details) - USD ($)
$ / shares in Units, shares in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]              
Total acquired $ 1,500,000,000 $ 0 $ 0 $ 0      
Cash dividends declared (in USD per share)         $ 2.40 $ 2.18 $ 2.08
Total (In millions)         $ 871,000,000 $ 779,000,000 $ 734,000,000
Two Thousand and Nineteen Share Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Shares acquired (in shares)         19.5    
Average Cost per Share (USD per share)         $ 76.81    
Total acquired         $ 1,500,000,000    
v3.22.4
Shareholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Equity [Abstract]    
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total $ (3,711) $ (1,133)
v3.22.4
Shareholders' Equity - Accumulated Other Comprehensive Income by Component (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 27,363 $ 26,200 $ 24,431
Other comprehensive income (loss) before reclassifications (2,700) (1,255) 1,106
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 122 (65) (43)
Other comprehensive income (loss) (2,578) (1,320) 1,063
Ending balance 25,191 27,363 26,200
Unrecognized gain (loss) in AOCI (749) 31 55
Net Unrealized Gains (Losses) on Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (2) 57 (70)
Other comprehensive income (loss) before reclassifications (321) 11 179
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income (36) (70) (52)
Other comprehensive income (loss) (357) (59) 127
Ending balance (359) (2) 57
Net Unrealized Gains (Losses) on Investment Securities(1)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (50) 846 407
Other comprehensive income (loss) before reclassifications (1,937) (854) 439
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 170 (42) 0
Other comprehensive income (loss) (1,767) (896) 439
Ending balance (1,817) (50) 846
Net Unrealized Losses on Retirement Plans      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (130) (178) (187)
Other comprehensive income (loss) before reclassifications (1) 1 0
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income (12) 47 9
Other comprehensive income (loss) (13) 48 9
Ending balance (143) (130) (178)
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (1,019) (334) (1,072)
Other comprehensive income (loss) before reclassifications (732) (685) 738
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 0 0 0
Other comprehensive income (loss) (732) (685) 738
Ending balance (1,751) (1,019) (334)
Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 68 (204) 46
Other comprehensive income (loss) before reclassifications 291 272 (250)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 0 0 0
Other comprehensive income (loss) 291 272 (250)
Ending balance 359 68 (204)
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (1,133) 187 (876)
Other comprehensive income (loss) (2,578) (1,320) 1,063
Ending balance $ (3,711) $ (1,133) $ 187
v3.22.4
Shareholders' Equity - Adjustments to Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Class of Stock [Line Items]      
Gains (losses) from sales of available-for-sale securities, net $ (2) $ 57 $ 4
Net interest income 2,544 1,905 2,200
Compensation and employee benefits expenses 4,428 4,554 4,450
Net income 2,774 2,693 2,420
Net realized gains from sales of available-for-sale securities, taxes 1 (15) 0
Amortization of net unrealized gain (loss), before adjustment, tax 96    
Net realized gains from sales of available-for-sale securities, tax (13) (25) (20)
Other comprehensive (income) loss, actuarial losses, tax (1) 16 3
Reclassification out of Accumulated Other Comprehensive Income      
Class of Stock [Line Items]      
Net income 122 (65) (43)
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Investment Securities(1)      
Class of Stock [Line Items]      
Gains (losses) from sales of available-for-sale securities, net 1 (42) 0
Reclassification out of Accumulated Other Comprehensive Income | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Transferred To Held-To-Maturity, Parent      
Class of Stock [Line Items]      
Net interest income 169   0
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Cash Flow Hedges      
Class of Stock [Line Items]      
Net interest income (36) (70) (52)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of Actuarial Losses      
Class of Stock [Line Items]      
Compensation and employee benefits expenses $ (12) $ 47 $ 9
v3.22.4
Regulatory Capital (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Retained earnings $ 27,028 $ 25,238
Capital ratio: required common equity tier 1 capital 8.00% 8.00%
Capital ratio: required tier 1 capital 0.095 0.095
Capital ratio: required total capital 0.115 0.115
Tier 1 leverage capital ratio, minimum 0.040 0.040
Capital conservation buffer, capital conserved, minimum 0.025  
Stress capital buffer, minimum 2.50%  
Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge 0.010  
Countercyclical capital buffer 0  
Leverage ratio minimum 0.05  
Basel III Advanced Approaches    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 11,234 $ 11,291
Retained earnings 27,028 25,238
Accumulated other comprehensive income (loss) (3,711) (1,133)
Treasury stock, at cost   (10,009)
Total 23,215 25,387
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,545) (8,935)
Other adjustments(1) (123) (505)
Common equity tier 1 capital 14,547 15,947
Preferred stock 1,976 1,976
Tier 1 capital 16,523 17,923
Qualifying subordinated long-term debt 1,376 1,588
Allowance for credit losses 0 0
Total capital 17,899 19,511
Credit risk 61,108 63,735
Operational risk 42,763 45,550
Market risk 1,488 2,113
Total risk-weighted assets 105,359 111,398
Adjusted quarterly average assets $ 275,678 $ 293,567
Common equity tier 1 capital 13.80% 14.30%
Tier 1 capital 0.157 0.161
Total capital 0.170 0.175
Tier 1 leverage capital ratio, actual 0.060 0.061
Basel III Standardized Approach    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 11,234 $ 11,291
Retained earnings 27,028 25,238
Accumulated other comprehensive income (loss) (3,711) (1,133)
Total 23,215 25,387
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,545) (8,935)
Other adjustments(1) (123) (505)
Common equity tier 1 capital 14,547 15,947
Preferred stock 1,976 1,976
Tier 1 capital 16,523 17,923
Qualifying subordinated long-term debt 1,376 1,588
Allowance for credit losses 120 108
Total capital 18,019 19,619
Credit risk 105,739 109,554
Market risk 1,488 2,113
Total risk-weighted assets 107,227 111,667
Adjusted quarterly average assets $ 275,678 $ 293,567
Common equity tier 1 capital 13.60% 14.30%
Tier 1 capital 0.154 0.161
Total capital 0.168 0.176
Tier 1 leverage capital ratio, actual 0.060 0.061
State Street Bank | Basel III Advanced Approaches    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 13,033 $ 13,047
Retained earnings 16,975 15,700
Accumulated other comprehensive income (loss) (3,428) (926)
Treasury stock, at cost 0 0
Total 26,580 27,821
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,288) (8,667)
Other adjustments(1) (19) (309)
Common equity tier 1 capital 18,273 18,845
Preferred stock 0 0
Tier 1 capital 18,273 18,845
Qualifying subordinated long-term debt 542 752
Allowance for credit losses 0 0
Total capital 18,815 19,597
Credit risk 54,675 57,405
Operational risk 42,325 42,813
Market risk 1,488 2,113
Total risk-weighted assets 98,488 102,331
Adjusted quarterly average assets $ 273,220 $ 290,403
Common equity tier 1 capital 18.60% 18.40%
Tier 1 capital 0.186 0.184
Total capital 0.191 0.192
Tier 1 leverage capital ratio, actual 0.067 0.065
State Street Bank | Basel III Standardized Approach    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 13,033 $ 13,047
Retained earnings 16,975 15,700
Accumulated other comprehensive income (loss) (3,428) (926)
Treasury stock, at cost 0 0
Total 26,580 27,821
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,288) (8,667)
Other adjustments(1) (19) (309)
Common equity tier 1 capital 18,273 18,845
Preferred stock 0 0
Tier 1 capital 18,273 18,845
Qualifying subordinated long-term debt 542 752
Allowance for credit losses 120 108
Total capital 18,935 19,705
Credit risk 104,184 106,405
Market risk 1,488 2,113
Total risk-weighted assets 105,672 108,518
Adjusted quarterly average assets $ 273,220 $ 290,403
Common equity tier 1 capital 17.30% 17.40%
Tier 1 capital 0.173 0.174
Total capital 0.179 0.182
Tier 1 leverage capital ratio, actual 0.067 0.065
v3.22.4
Net Interest Income - Components of Interest Revenue and Interest Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest income:      
Interest-bearing deposits with banks $ 842 $ (15) $ 76
Investment securities:      
Investment securities available-for-sale 724 572 748
Investment securities held-to-maturity 979 665 829
Investment securities purchased under money market liquidity facility 0 4 117
Total Investment securities 1,703 1,241 1,694
Securities purchased under resale agreements 188 27 126
Loans 972 638 624
Other interest-earning assets 383 17 55
Total interest income 4,088 1,908 2,575
Interest expense:      
Interest-bearing deposits 967 (263) (117)
Short term borrowings under money market liquidity facility 0 4 101
Securities sold under repurchase agreements 14 0 4
Other short-term borrowings 26 2 17
Long-term debt 376 219 312
Other interest-bearing liabilities 161 41 58
Total interest expense 1,544 3 375
Net interest income $ 2,544 $ 1,905 $ 2,200
v3.22.4
Equity-Based Compensation - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
May 31, 2017
Deferred Stock Awards And Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Allocated share-based compensation $ 240,000,000 $ 259,000,000 $ 240,000,000  
Accelerated recognition due to restructuring plan 21,000,000 5,000,000 29,000,000  
Deferred Stock Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Costs not yet recognized 203,000,000      
Fair value for vested in period $ 217,000,000 206,000,000 210,000,000  
Period of recognition for unrecognized share-based compensation 2 years 6 months      
Deferred Stock Awards | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period 1 year      
Deferred Stock Awards | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period 4 years      
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Costs not yet recognized $ 24,000,000      
Fair value for vested in period $ 60,000,000 $ 57,000,000 $ 30,000,000  
Period of recognition for unrecognized share-based compensation 1 year 9 months 18 days      
Performance Shares | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period 3 years      
Stock Appreciation Rights (SARs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercised (in shares) 0 0 0  
Costs not yet recognized $ 0      
Cash Settled Stock Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Costs not yet recognized 0      
Fair value for vested in period $ 3,000,000      
2017 Stock Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized for issuance (in shares)       8,300,000
Additional shares authorized (in shares) 20,800,000      
Accumulated number of shares awarded (in shares) 18,700,000 15,200,000 11,300,000  
Shares awarded, but not delivered, available for reissue (in shares) 4,500,000      
Shares available for grant (in shares) 14,900,000      
2006 Equity Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized for issuance (in shares)       28,500,000
v3.22.4
Equity-Based Compensation - Deferred Stock Awards (Details) - Deferred Stock Awards - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Shares    
Beginning of Period (in shares) 5,777 5,686
Granted (in shares) 2,841 3,136
Vested (in shares) (3,035) (2,801)
Forfeited (in shares) (304) (244)
End of Period (in shares) 5,279 5,777
Weighted-Average Grant Date Fair Value    
Beginning of Period (in USD per share) $ 67.55 $ 69.70
Granted (in USD per share) 81.37 69.48
Vested (in USD per share) 71.46 73.70
Forfeited (in USD per share) 70.96 68.77
End of Period (in USD per share) $ 72.43 $ 67.55
v3.22.4
Equity-Based Compensation - Schedule of Performance Awards (Details) - Performance Shares - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Shares    
Beginning of Period (in shares) 2,589 2,517
Granted (in shares) 684 802
Forfeited (in shares) (23) (14)
Paid Out (in shares) (954) (716)
End of Period (in shares) 2,296 2,589
Weighted-Average Grant Date Fair Value    
Beginning of Period (in USD per share) $ 63.54 $ 68.42
Granted (in USD per share) 81.86 61.87
Forfeited (in USD per share) 72.91 57.66
Paid Out (in USD per share) 62.49 78.94
End of Period (in USD per share) $ 69.43 $ 63.54
v3.22.4
Equity-Based Compensation - Schedule of Cash Settled Stock Awards (Details) - Cash Settled Stock Awards - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Shares    
Beginning of Period (in shares) 23 0
Granted (in shares) 45 46
Forfeited (in shares) 0 0
Paid Out (in shares) (33) (23)
End of Period (in shares) 35 23
Weighted-Average Grant Date Fair Value    
Beginning of Period (in USD per share) $ 69.95 $ 0
Granted (in USD per share) 85.71 69.95
Forfeited (in USD per share) 0 0
Paid Out (in USD per share) 80.77 69.95
End of Period (in USD per share) $ 79.99 $ 69.95
v3.22.4
Employee Benefits (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
employee
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit expense $ 21 $ 27 $ 25
Contributions by employer $ 171 171 $ 168
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Number of eligible employees for pension plan (in employee) | employee 0    
Defined benefit obligation $ 1,080 1,470  
Defined benefit overfunded (underfunded) status 28 49  
Postretirement Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit obligation 33 3  
Defined benefit overfunded (underfunded) status (33) (3)  
SERP      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit obligation 1 42  
Defined benefit overfunded (underfunded) status $ (1) $ (42)  
v3.22.4
Occupancy Expense and Information Systems and Communications Expense - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Expenses [Line Items]        
Depreciation and amortization   $ 842 $ 859 $ 858
Sale and leaseback transaction, gain (loss), net $ 11      
Sale leaseback transaction lease term   3 years    
Finance lease right-of-use asset 167 $ 167 135  
Total $ 176 $ 176 $ 164  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt Long-term debt  
Finance lease, right-of-use asset, accumulated amortization $ 40 $ 40    
Interest on lease liabilities   6 $ 6  
Right-of-use assets $ 500 $ 500 $ 542  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets Other assets  
Lease liabilities $ 630 $ 630    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued expenses and other liabilities Accrued expenses and other liabilities    
Operating leases not yet commenced $ 455 $ 455    
Operating leases not yet commenced, lease terms 15 years 15 years    
Sale Leaseback of Two Properties in United States in 2022        
Expenses [Line Items]        
Proceeds from sale of productive assets $ 27      
v3.22.4
Occupancy Expense and Information Systems and Communications Expense - Summary of Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Finance lease:    
Amortization of right-of-use assets $ 50 $ 27
Interest on lease liabilities 6 6
Total finance lease expense 56 33
Sublease income (10) (11)
Net finance lease expense 46 22
Operating lease:    
Operating lease expense 130 147
Sublease income (16) (18)
Net operating lease expense 114 129
Net lease expense 160 151
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from finance leases 6 6
Operating cash flows from operating leases 161 198
Financing cash flows from finance leases 58 47
Right-of-use assets obtained in exchange for new lease obligations:    
Operating leases 88 69
Finance leases $ 99 $ 108
v3.22.4
Occupancy Expense and Information Systems and Communications Expense - Summary of Future Minimum Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Operating Leases    
2023 $ 189  
2024 125  
2025 107  
2026 84  
2027 70  
Thereafter 101  
Total future minimum lease payments 676  
Less imputed interest (46)  
Total 630  
Finance Leases    
2023 50  
2024 52  
2025 52  
2026 31  
2027 0  
Thereafter 0  
Total future minimum lease payments 185  
Less imputed interest (9)  
Total 176 $ 164
2023 239  
2024 177  
2025 159  
2026 115  
2027 70  
Thereafter 101  
Total future minimum lease payments 861  
Less imputed interest (55)  
Total $ 806  
v3.22.4
Occupancy Expense and Information Systems and Communications Expense - Summary of Other Lease Information (Details)
Dec. 31, 2022
Dec. 31, 2021
Weighted-average remaining lease term (in years):    
Finance leases 3 years 6 months 2 years 7 months 6 days
Operating leases 5 years 5 years 9 months 18 days
Weighted-average discount rate:    
Finance leases 3.00% 4.00%
Operating leases 3.00% 3.00%
v3.22.4
Expenses - Schedule of Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other Expenses [Abstract]      
Professional services $ 375 $ 334 $ 364
Sales advertising and public relations 99 73 77
Regulatory fees and assessments 83 69 61
Securities processing 63 34 41
Bank operations 41 12 18
Donations 27 2 20
Other 387 372 384
Total other expenses $ 1,075 $ 896 $ 965
v3.22.4
Expenses - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 78    
Net repositioning benefit 78 $ (3) $ 133
Acquisition and restructuring costs 65 65 50
Charles River Development      
Restructuring Cost and Reserve [Line Items]      
Acquisitions costs   52  
BBH Investor Services      
Restructuring Cost and Reserve [Line Items]      
Acquisitions costs 65 13  
Restructuring charges 8    
Compensation and Employee Benefits      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 50    
Net repositioning benefit 58 (32) 82
Occupancy Costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 20    
Net repositioning benefit $ 20 $ 29 $ 51
v3.22.4
Expenses - Restructuring Reserve (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restructuring Reserve [Roll Forward]      
Beginning balance $ 74 $ 196 $ 198
Net repositioning benefit 78 (3) 133
Payments and Other Adjustments (64) (118) (131)
Ending balance 88 74 196
Employee Related Costs      
Restructuring Reserve [Roll Forward]      
Beginning balance 68 190 190
Net repositioning benefit 58 (32) 82
Payments and Other Adjustments (43) (89) (78)
Ending balance 83 68 190
Real Estate Actions      
Restructuring Reserve [Roll Forward]      
Beginning balance 6 6 7
Net repositioning benefit 20 29 51
Payments and Other Adjustments (21) (29) (52)
Ending balance 5 6 6
Asset and Other Write-offs      
Restructuring Reserve [Roll Forward]      
Beginning balance 0 0 1
Net repositioning benefit 0 0 0
Payments and Other Adjustments 0 0 (1)
Ending balance $ 0 0 0
State Street Beacon      
Restructuring Reserve [Roll Forward]      
Net repositioning benefit   (1) (4)
State Street Beacon | Employee Related Costs      
Restructuring Reserve [Roll Forward]      
Net repositioning benefit   (1) (4)
State Street Beacon | Real Estate Actions      
Restructuring Reserve [Roll Forward]      
Net repositioning benefit   0 0
State Street Beacon | Asset and Other Write-offs      
Restructuring Reserve [Roll Forward]      
Net repositioning benefit   $ 0 $ 0
v3.22.4
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current:      
Federal $ 161 $ 172 $ 241
State 112 142 122
Non-U.S. 342 326 310
Total current expense 615 640 673
Deferred:      
Federal (16) (98) (168)
State (2) (61) 5
Non-U.S. (44) (3) (31)
Total deferred expense (benefit) (62) (162) (194)
Total income tax expense (benefit) $ 553 $ 478 $ 479
v3.22.4
Income Taxes - Schedule of Reconciliation of the U.S. Statutory Income Tax Rate to the Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
U.S. federal income tax rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit 3.10% 2.20% 3.80%
Tax-exempt income (1.00%) (1.10%) (1.30%)
Business tax credits (4.00%) (4.10%) (5.10%)
Foreign tax differential 0.00% 0.10% (0.80%)
Foreign tax credit (benefits)/ limitations(2) (0.10%) (1.90%) (0.90%)
Change in Valuation Allowance (2.00%) 0.00% 0.00%
Other, net (0.40%) (1.10%) (0.20%)
Effective tax rate 16.60% 15.10% 16.50%
v3.22.4
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]        
Undistributed indefinitely reinvested earnings of certain foreign subsidiaries $ 6,600      
Unrecognized tax benefits 285 $ 252 $ 308 $ 149
Unrecognized tax benefits that would impact effective tax rate 272 243 294  
Maximum estimated income tax expense change in unrecognized tax benefit in the next 12 months 63      
Interest expense for tax examination 8 6 6  
Interest accrued for tax examination $ 15 $ 9 $ 14  
v3.22.4
Income Taxes - Schedule of Components of Deferred Tax Liabilities and Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Other amortizable assets $ 267 $ 323
Tax credit carryforwards 530 526
Lease obligations 198 217
Deferred compensation 127 158
Restructuring charges and other reserves 118 88
NOL and other carryforwards 152 118
Pension plan 18 28
Foreign currency translation 74 16
Unrealized losses on investment securities, net 750 17
Total deferred tax assets 2,234 1,491
Valuation allowance for deferred tax assets (160) (250)
Deferred tax assets, net of valuation allowance 2,074 1,241
Deferred tax liabilities:    
Fixed and intangible assets 597 601
Investment basis differences 188 200
Right-of-use Assets 163 172
Other 21 58
Total deferred tax liabilities $ 969 $ 1,031
v3.22.4
Income Taxes - Deferred Tax Asset Valuation Allowances (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Valuation Allowance [Line Items]    
Other amortizable assets $ 267 $ 323
Tax credits 530  
NOLs - Non-U.S. 127  
NOLs - U.S. 22  
Other carryforwards 3  
Valuation Allowance (160) $ (250)
Other amortizable assets    
Valuation Allowance [Line Items]    
Valuation Allowance (93)  
Tax credits    
Valuation Allowance [Line Items]    
Valuation Allowance 0  
NOLs - Non-U.S.    
Valuation Allowance [Line Items]    
Valuation Allowance (48)  
NOLs - U.S.    
Valuation Allowance [Line Items]    
Valuation Allowance (16)  
Other carryforwards    
Valuation Allowance [Line Items]    
Valuation Allowance $ (3)  
v3.22.4
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balance $ 252 $ 308 $ 149
Decrease related to agreements with tax authorities (4) (130) 0
Increase related to tax positions taken during current year 48 50 47
Increase related to tax positions taken during prior years 8 42 137
Decreases related to a lapse of the applicable statute of limitations (19) (18) (25)
Ending balance $ 285 $ 252 $ 308
v3.22.4
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share [Abstract]      
Net income $ 2,774 $ 2,693 $ 2,420
Preferred stock dividends (112) (119) (162)
Dividends and undistributed earnings allocated to participating securities (2) (2) (1)
Net Income (Loss) Available to Common Stockholders, Diluted 2,660 2,572 2,257
Net Income (Loss) Available to Common Stockholders, Basic $ 2,660 $ 2,572 $ 2,257
Basic average common shares (in shares) 365,214 352,565 352,865
Effect of dilutive securities: equity-based awards (in shares) 4,895 5,397 4,241
Diluted average common shares (in shares) 370,109 357,962 357,106
Anti-dilutive securities (in shares) 866 3 1,066
Basic (in USD per share) $ 7.28 $ 7.30 $ 6.40
Diluted (in USD per share) $ 7.19 $ 7.19 $ 6.32
v3.22.4
Line of Business Information - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
line_of_business
Dec. 31, 2022
USD ($)
Dec. 31, 2022
reporting_segment
Dec. 31, 2022
Dec. 31, 2022
reportable_segment
Dec. 31, 2021
USD ($)
reportable_segment
Dec. 31, 2020
USD ($)
Segment Reporting Information [Line Items]              
Number of lines of business 2   2   2 2  
Cash settled deferred incentive compensation awards, accelerated expense   $ 147          
Other              
Segment Reporting Information [Line Items]              
Cash settled deferred incentive compensation awards, accelerated expense   $ 0       $ 147 $ 0
Minimum | Investment Servicing and Management Services | Investment Servicing and Investment Management              
Segment Reporting Information [Line Items]              
Percentage of consolidated revenues by segment       70.00%      
Minimum | Processing and Other Services | Investment Servicing and Investment Management              
Segment Reporting Information [Line Items]              
Percentage of consolidated revenues by segment       20.00%      
Maximum | Investment Servicing and Management Services | Investment Servicing and Investment Management              
Segment Reporting Information [Line Items]              
Percentage of consolidated revenues by segment       80.00%      
Maximum | Processing and Other Services | Investment Servicing and Investment Management              
Segment Reporting Information [Line Items]              
Percentage of consolidated revenues by segment       30.00%      
v3.22.4
Line of Business Information - Components of Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Total fee revenue $ 9,606 $ 10,012 $ 9,499
Restructuring charges (78)    
Net acquisition and restructuring costs (65) (65) (50)
Deferred incentive compensation expense acceleration (147)    
Income before income tax expense 3,327 3,171 2,899
Other      
Segment Reporting Information [Line Items]      
Total fee revenue 23 0 0
Other Income 0 111 0
Restructuring charges (70) 3 (133)
Net acquisition and restructuring costs (65) (65) (50)
Legal and related expenses 0 (18) 9
Deferred incentive compensation expense acceleration 0 (147) 0
Other expenses (10) (35) 0
Income before income tax expense $ (122) $ (151) $ (174)
v3.22.4
Line of Business Information - Summary of Line of Business (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Servicing fees $ 5,087 $ 5,531 $ 5,157
Management fees 1,939 2,053 1,880
Foreign exchange trading services 1,376 1,211 1,363
Securities finance 416 416 356
Software and processing fees 789 738 685
Other fee revenue (1) 63 58
Total fee revenue 9,606 10,012 9,499
Net interest income 2,544 1,905 2,200
Total other income (2) 110 4
Total revenue 12,148 12,027 11,703
Provision for credit losses 20 (33) 88
Total expenses 8,801 8,889 8,716
Income before income tax expense $ 3,327 $ 3,171 $ 2,899
Pre-tax margin 27.00% 26.00% 25.00%
Average assets (in billions) $ 286,400 $ 299,700 $ 269,300
Operating Segments | Investment
Servicing      
Segment Reporting Information [Line Items]      
Servicing fees 5,087 5,531 5,157
Management fees 0 0 0
Foreign exchange trading services 1,271 1,149 1,299
Securities finance 397 402 342
Software and processing fees 789 738 685
Other fee revenue 46 59 31
Total fee revenue 7,590 7,879 7,514
Net interest income 2,551 1,919 2,211
Total other income (2) (1) 4
Total revenue 10,139 9,797 9,729
Provision for credit losses 20 (33) 88
Total expenses 7,260 7,182 7,071
Income before income tax expense $ 2,859 $ 2,648 $ 2,570
Pre-tax margin 28.00% 27.00% 26.00%
Average assets (in billions) $ 283,200 $ 296,500 $ 266,400
Operating Segments | Investment Management      
Segment Reporting Information [Line Items]      
Servicing fees 0 0 0
Management fees 1,939 2,053 1,880
Foreign exchange trading services 82 62 64
Securities finance 19 14 14
Software and processing fees 0 0 0
Other fee revenue (47) 4 27
Total fee revenue 1,993 2,133 1,985
Net interest income (7) (14) (11)
Total other income 0 0 0
Total revenue 1,986 2,119 1,974
Provision for credit losses 0 0 0
Total expenses 1,396 1,445 1,471
Income before income tax expense $ 590 $ 674 $ 503
Pre-tax margin 30.00% 32.00% 25.00%
Average assets (in billions) $ 3,200 $ 3,200 $ 2,900
Other      
Segment Reporting Information [Line Items]      
Servicing fees 0 0 0
Management fees 0 0 0
Foreign exchange trading services 23 0 0
Securities finance 0 0 0
Software and processing fees 0 0 0
Other fee revenue 0 0
Total fee revenue 23 0 0
Net interest income 0 0 0
Total other income 0 111 0
Total revenue 23 111 0
Provision for credit losses 0 0 0
Total expenses 145 262 174
Income before income tax expense $ (122) $ (151) $ (174)
v3.22.4
Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Servicing fees $ 5,087 $ 5,531 $ 5,157
Management fees 1,939 2,053 1,880
Foreign exchange trading services 1,376 1,211 1,363
Securities finance 416 416 356
Software and processing fees 789 738 685
Other fee revenue (1) 63 58
Total fee revenue 9,606 10,012 9,499
Net interest income 2,544 1,905 2,200
Total other income (2) 110 4
Total revenue 12,148 12,027 11,703
Operating Segments | Investment
Servicing      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 6,282 6,643 6,255
All other revenue 3,857 3,154 3,474
Servicing fees 5,087 5,531 5,157
Management fees 0 0 0
Foreign exchange trading services 1,271 1,149 1,299
Securities finance 397 402 342
Software and processing fees 789 738 685
Other fee revenue 46 59 31
Total fee revenue 7,590 7,879 7,514
Net interest income 2,551 1,919 2,211
Total other income (2) (1) 4
Total revenue 10,139 9,797 9,729
Operating Segments | Investment
Servicing | Servicing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 5,087 5,531 5,157
All other revenue 0 0 0
Servicing fees 5,087 5,531 5,157
Operating Segments | Investment
Servicing | Management fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Management fees 0 0 0
Operating Segments | Investment
Servicing | Foreign exchange trading services      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 363 342 377
All other revenue 908 807 922
Foreign exchange trading services 1,271 1,149 1,299
Operating Segments | Investment
Servicing | Securities finance      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 233 235 225
All other revenue 164 167 117
Securities finance 397 402 342
Operating Segments | Investment
Servicing | Software and processing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 599 535 496
All other revenue 190 203 189
Software and processing fees 789 738 685
Operating Segments | Investment
Servicing | Other fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 46 59 31
Other fee revenue 46 59 31
Operating Segments | Investment
Servicing | Total fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 6,282 6,643 6,255
All other revenue 1,308 1,236 1,259
Total fee revenue 7,590 7,879 7,514
Operating Segments | Investment
Servicing | Net interest income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 2,551 1,919 2,211
Net interest income 2,551 1,919 2,211
Operating Segments | Investment
Servicing | Total other income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue (2) (1) 4
Total other income (2) (1) 4
Operating Segments | Investment Management      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 2,021 2,115 1,944
All other revenue (35) 4 30
Servicing fees 0 0 0
Management fees 1,939 2,053 1,880
Foreign exchange trading services 82 62 64
Securities finance 19 14 14
Software and processing fees 0 0 0
Other fee revenue (47) 4 27
Total fee revenue 1,993 2,133 1,985
Net interest income (7) (14) (11)
Total other income 0 0 0
Total revenue 1,986 2,119 1,974
Operating Segments | Investment Management | Servicing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Servicing fees 0 0 0
Operating Segments | Investment Management | Management fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 1,939 2,053 1,880
All other revenue 0 0 0
Management fees 1,939 2,053 1,880
Operating Segments | Investment Management | Foreign exchange trading services      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 82 62 64
All other revenue 0 0 0
Foreign exchange trading services 82 62 64
Operating Segments | Investment Management | Securities finance      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 19 14 14
Securities finance 19 14 14
Operating Segments | Investment Management | Software and processing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Software and processing fees 0 0 0
Operating Segments | Investment Management | Other fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0
All other revenue (47) 4 27
Other fee revenue (47) 4 27
Operating Segments | Investment Management | Total fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 2,021 2,115 1,944
All other revenue (28) 18 41
Total fee revenue 1,993 2,133 1,985
Operating Segments | Investment Management | Net interest income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue (7) (14) (11)
Net interest income (7) (14) (11)
Operating Segments | Investment Management | Total other income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Total other income 0 0 0
Other      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 23 111 0
Servicing fees 0 0 0
Management fees 0 0 0
Foreign exchange trading services 23 0 0
Securities finance 0 0 0
Software and processing fees 0 0 0
Other fee revenue 0 0
Total fee revenue 23 0 0
Net interest income 0 0 0
Total other income 0 111 0
Total revenue 23 111 0
Other | Servicing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Servicing fees 0 0 0
Other | Management fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Management fees 0 0 0
Other | Foreign exchange trading services      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 23 0 0
Foreign exchange trading services 23 0 0
Other | Securities finance      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Securities finance 0 0 0
Other | Software and processing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Software and processing fees 0 0 0
Other | Other fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Other fee revenue 0 0 0
Other | Total fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 23 0 0
Total fee revenue 23 0 0
Other | Net interest income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Net interest income 0 0 0
Other | Total other income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 111 0
Total other income $ 0 $ 111 $ 0
v3.22.4
Revenue from Contracts with Customers - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
line_of_business
Dec. 31, 2022
USD ($)
reporting_segment
Dec. 31, 2022
USD ($)
reportable_segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
reportable_segment
Dec. 31, 2020
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Number of lines of business 2 2 2   2  
Contract with customer, liability         $ 138 $ 130
Revenue recognized       $ 109    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Remaining performance obligation, percentage 50.00% 50.00% 50.00% 50.00%    
Software License Sales & SaaS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Revenue, remaining performance obligation, amount $ 1,400 $ 1,400 $ 1,400 $ 1,400    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 years 3 years 3 years 3 years    
Accrued Interest and Fees Receivable            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Receivables related to contracts with customers $ 2,630 $ 2,630 $ 2,630 $ 2,630 $ 2,760  
v3.22.4
Non-U.S. Activities - Schedule of Results From Non-U.S. Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Total revenue $ 12,148 $ 12,027 $ 11,703
Income before income tax expense 3,327 3,171 2,899
Non-U.S.      
Segment Reporting Information [Line Items]      
Total revenue 5,170 5,397 5,177
Income before income tax expense 1,358 1,590 1,326
U.S.      
Segment Reporting Information [Line Items]      
Total revenue 6,978 6,630 6,526
Income before income tax expense $ 1,969 $ 1,581 $ 1,573
v3.22.4
Non-U.S. Activities - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]    
Total assets $ 301,450 $ 314,624
Non-U.S.    
Segment Reporting Information [Line Items]    
Total assets $ 96,340 $ 102,610
v3.22.4
Parent Company Financial Statements - Statement of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]      
Total revenue $ 12,148 $ 12,027 $ 11,703
Other 1,075 896 965
Total expenses 8,801 8,889 8,716
Income tax expense 553 478 479
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:      
Net income 2,774 2,693 2,420
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Cash dividends from consolidated banking subsidiary 1,500 0 2,721
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities 198 170 118
Other, net 69 49 92
Total revenue 1,767 219 2,931
Interest expense 426 239 324
Other 93 315 172
Total expenses 519 554 496
Income tax expense (121) (153) (109)
Income (Loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities 1,369 (182) 2,544
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:      
Consolidated banking subsidiary 1,275 2,657 (277)
Consolidated non-banking subsidiaries and unconsolidated entities 130 218 153
Net income $ 2,774 $ 2,693 $ 2,420
v3.22.4
Parent Company Financial Statements - Statement of Condition (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Assets:        
Interest-bearing deposits with banks $ 101,593 $ 106,358    
Trading account assets 650 758    
Other assets 37,902 37,615    
Total assets 301,450 314,624    
Liabilities:        
Consolidated banking subsidiary 22 0    
Consolidated non-banking subsidiaries and unconsolidated entities 214 2,303    
Total liabilities 276,259 287,261    
Shareholders’ equity 25,191 27,363 $ 26,200 $ 24,431
Total liabilities and shareholders' equity 301,450 314,624    
Parent Company        
Assets:        
Interest-bearing deposits with banks 460 482    
Trading account assets 425 440    
Investment securities available-for-sale 260 150    
Consolidated banking subsidiary 26,579 27,821    
Consolidated non-banking subsidiaries 9,151 9,060    
Unconsolidated entities 121 122    
Consolidated banking subsidiary 0 80    
Consolidated non-banking subsidiaries and unconsolidated entities 3,512 5,029    
Other assets 205 256    
Total assets 40,713 43,440    
Liabilities:        
Accrued expenses and other liabilities 509 523    
Long-term debt 14,777 13,250    
Total liabilities 15,522 16,076    
Shareholders’ equity 25,191 27,364    
Total liabilities and shareholders' equity $ 40,713 $ 43,440    
v3.22.4
Parent Company Financial Statements - Statement of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net cash provided by (used in) operating activities $ 11,954 $ (6,710) $ 3,532
Investing Activities:      
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary 4,765 10,602 (47,995)
Purchases of available-for-sale securities (18,029) (53,750) (37,873)
Net cash provided by (used in) investing activities 6,816 (2,172) (65,534)
Financing Activities:      
Proceeds from issuance of long-term debt, net of issuance costs 3,731 1,343 2,489
Payments for long-term debt (1,567) (1,443) (1,724)
Payments for redemption of preferred stock 0 (500) (500)
Proceeds from issuance of common stock, net of issuance costs 0 1,900 0
Repurchases of common stock (1,500) (900) (515)
Repurchases of common stock for employee tax withholding (123) (39) (78)
Payments for cash dividends (972) (866) (889)
Net cash (used in) provided by financing activities (18,431) 9,046 62,167
Net increase 339 164 165
Cash and due from banks at beginning of period 3,631 3,467 3,302
Cash and due from banks at end of period 3,970 3,631 3,467
Parent Company      
Operating Activities:      
Net cash provided by (used in) operating activities 1,608 (116) 3,513
Investing Activities:      
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary 22 10 (64)
Proceeds from sales and maturities of available-for-sale securities 780 525 1,000
Purchases of available-for-sale securities (886) (575) (849)
Investments in consolidated banking and non-banking subsidiaries (16,252) (6,288) (7,406)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries 15,092 7,006 4,999
Net cash provided by (used in) investing activities (1,244) 678 (2,320)
Financing Activities:      
Proceeds from issuance of long-term debt, net of issuance costs 3,731 1,343 2,489
Payments for long-term debt (1,500) (1,500) (1,700)
Payments for redemption of preferred stock 0 (500) (500)
Proceeds from issuance of common stock, net of issuance costs 0 1,900 0
Repurchases of common stock (1,500) (900) (515)
Repurchases of common stock for employee tax withholding (123) (39) (78)
Payments for cash dividends (972) (866) (889)
Net cash (used in) provided by financing activities (364) (562) (1,193)
Net increase 0 0 0
Cash and due from banks at beginning of period 0 0 0
Cash and due from banks at end of period $ 0 $ 0 $ 0
v3.22.4
Subsequent Events (Details) - Senior notes - Subsequent Event
$ in Millions
Jan. 26, 2023
USD ($)
Fixed-to-floating Rate Senor Notes Due 2026  
Subsequent Event [Line Items]  
Aggregate principal amount $ 500
Interest rate on debt 4.857%
Fixed-to-floating Rate Senor Notes Due 2034  
Subsequent Event [Line Items]  
Aggregate principal amount $ 750
Interest rate on debt 4.821%