STATE STREET CORP, 10-K filed on 2/13/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 28, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
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 Congress Street    
Entity Address, City or Town Boston,    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 02114    
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    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 22,090
Entity Common Stock, Shares Outstanding   288,469,096  
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 2025 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A on or before April 30, 2025 (Part III).
    
Entity Central Index Key 0000093751    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock, $1 par value per share      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, $1 par value per share    
Trading Symbol STT    
Security Exchange Name NYSE    
Series G Preferred Stock, Depository Share [Member]      
Entity Information [Line Items]      
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share    
Trading Symbol STT.PRG    
Security Exchange Name NYSE    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Firm ID 42
Auditor Location Boston, Massachusetts
v3.25.0.1
Consolidated Statement of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fee revenue:      
Servicing fees $ 5,016 $ 4,922 $ 5,087
Management fees 2,124 1,876 1,939
Foreign exchange trading services 1,401 1,265 1,376
Securities finance 438 426 416
Software and processing fees 888 811 789
Other fee revenue 289 180 (1)
Total fee revenue 10,156 9,480 9,606
Net interest income:      
Interest income 11,977 9,180 4,088
Interest expense 9,054 6,421 1,544
Net interest income 2,923 2,759 2,544
Other income:      
Gains (losses) from sales of available-for-sale securities, net (79) (294) (2)
Total other income (79) (294) (2)
Total revenue 13,000 11,945 12,148
Provision for credit losses 75 46 20
Expenses:      
Compensation and employee benefits 4,697 4,744 4,428
Information systems and communications 1,829 1,703 1,630
Transaction processing services 998 957 971
Occupancy 437 426 394
Acquisition and restructuring costs 0 (15) 65
Amortization of other intangible assets 230 239 238
Other 1,339 1,529 1,075
Total expenses 9,530 9,583 8,801
Income before income tax expense 3,395 2,316 3,327
Income tax expense 708 372 553
Net income 2,687 1,944 2,774
Net income available to common shareholders -basic 2,483 1,821 2,660
Net income available to common shareholders - diluted $ 2,483 $ 1,821 $ 2,660
Earnings per common share:      
Basic (in USD per share) $ 8.33 $ 5.65 $ 7.28
Diluted (in USD per share) $ 8.21 $ 5.58 $ 7.19
Average common shares outstanding (in thousands):      
Basic (in shares) 297,883 322,337 365,214
Diluted (in shares) 302,226 326,568 370,109
Cash dividends declared (in USD per share) $ 2.90 $ 2.64 $ 2.40
v3.25.0.1
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 2,687 $ 1,944 $ 2,774
Other comprehensive income (loss), net of related taxes:      
Foreign currency translation, net of related taxes of $153, ($19) and $47, respectively (228) 261 (441)
Net unrealized gains (losses) on investment securities, net of reclassification adjustment and net of related taxes of $164, $335 and ($650), respectively 467 870 (1,767)
Net unrealized gains (losses) on cash flow hedges, net of related taxes of $0, $85 and ($133), respectively (1) 228 (357)
Net unrealized gains (losses) on retirement plans, net of related taxes of $6, $0 and ($1), respectively 16 (2) (13)
Other comprehensive income (loss) 254 1,357 (2,578)
Total comprehensive income $ 2,941 $ 3,301 $ 196
v3.25.0.1
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Foreign currency translation, Taxes $ 153 $ (19) $ 47
Change in net unrealized gains (losses) on available-for-sale securities, Taxes 164 335 (650)
Change in net unrealized gains (losses) on cash flow hedges, Taxes 0 85 (133)
Change in unrealized gains (losses) on retirement plans, Taxes $ 6 $ 0 $ (1)
v3.25.0.1
Consolidated Statement of Condition - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Cash and due from banks $ 3,145 $ 4,047
Interest-bearing deposits with banks 112,957 87,665
Securities purchased under resale agreements 6,679 6,692
Trading account assets 768 773
Investment securities available-for-sale (less allowance for credit losses of $0 and $0) 58,895 44,526
Investment securities held-to-maturity (less allowance for credit losses of $0 and $1) (fair value of $41,906 and $51,503) 47,727 57,117
Loans (less allowance for credit losses on loans of $174 and $135) 43,026 36,496
Premises and equipment (net of accumulated depreciation of $6,461 and $6,062) 2,715 2,399
Accrued interest and fees receivable 4,034 3,806
Goodwill 7,691 7,611
Other intangible assets 1,089 1,320
Other assets 64,514 44,806
Total assets 353,240 297,258
Deposits:    
Non-interest-bearing 33,180 32,569
Interest-bearing - U.S. 166,483 121,738
Interest-bearing - non-U.S. 62,257 66,663
Total deposits 261,920 220,970
Securities sold under repurchase agreements 3,681 1,867
Other short-term borrowings 9,840 3,660
Accrued expenses and other liabilities 29,201 28,123
Long-term debt 23,272 18,839
Total liabilities 327,914 273,459
Commitments, guarantees and contingencies (Notes 12 and 13)
Shareholders’ equity:    
Common stock 504 504
Surplus 10,722 10,741
Retained earnings 29,582 27,957
Accumulated other comprehensive income (loss) (2,100) (2,354)
Treasury stock, at cost (215,113,190 and 201,935,599 shares) (16,198) (15,025)
Total shareholders’ equity 25,326 23,799
Total liabilities and shareholders’ equity 353,240 297,258
Series D Preferred Stock    
Shareholders’ equity:    
Preferred stock 0 742
Series F Preferred Stock    
Shareholders’ equity:    
Preferred stock 0 247
Series G Preferred Stock    
Shareholders’ equity:    
Preferred stock 493 493
Series H Preferred Stock    
Shareholders’ equity:    
Preferred stock 0 494
Series I Preferred Stock    
Shareholders’ equity:    
Preferred stock 1,481 0
Series J Preferred Stock    
Shareholders’ equity:    
Preferred stock $ 842 $ 0
v3.25.0.1
Consolidated Statement of Condition (Parenthetical) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Assets, Current [Abstract]    
Debt securities, AFS, allowance $ 0 $ 0
Debt securities, HTM, allowance 0 1,000,000
Investment securities held-to-maturity 41,906,000,000 51,503,000,000
Allowance for credit losses 174,000,000 135,000,000
Accumulated depreciation $ 6,461,000,000 $ 6,062,000,000
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, no par value (in USD per share) $ 0 $ 0
Preferred stock authorized (in shares) 3,500,000 3,500,000
Common stock, par value (in USD per share) $ 1 $ 1
Common stock, shares authorized (in shares) 750,000,000 750,000,000
Common stock, shares issued (in shares) 503,879,642 503,879,642
Common stock, shares outstanding (in shares) 288,766,452 301,944,043
Treasury stock, shares (in shares) 215,113,190 201,935,599
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  
Series I Preferred Stock    
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, shares issued (in shares) 15,000  
Preferred stock, shares outstanding (in shares) 15,000  
Series J Preferred Stock    
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, shares issued (in shares) 8,500  
Preferred stock, shares outstanding (in shares) 8,500  
v3.25.0.1
Consolidated Statement of Changes in Shareholders' Equity - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Surplus
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance at Dec. 31, 2021 $ 27,363 $ 1,976 $ 504 $ 10,787 $ 25,238 $ (1,133) $ (10,009)
Beginning balance ( in shares) at Dec. 31, 2021     503,880,000        
Treasury stock, beginning balance (in shares) at Dec. 31, 2021             137,897,000
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)             19,524,000
Common stock acquired (1,500)           $ (1,500)
Common stock awards exercised (in shares)             (2,565,000)
Common stock awards exercised 129     (43)     $ 172
Other (in shares)             (1,000)
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     503,880,000        
Treasury stock, ending balance (in shares) at Dec. 31, 2022             154,855,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,944       1,944    
Other comprehensive income (loss) 1,357         1,357  
Common stock dividends (837)       (837)    
Preferred stock cash dividend (122)       (122)    
Common stock acquired (in shares)             49,212,000
Common stock acquired (3,837)           $ (3,837)
Common stock awards exercised (in shares)             (2,133,000)
Common stock awards exercised 159     11     $ 148
Other (in shares)             2,000
Other (56)       (56)    
Ending balance at Dec. 31, 2023 $ 23,799 1,976 $ 504 10,741 27,957 (2,354) $ (15,025)
Ending balance (in shares) at Dec. 31, 2023     503,880,000        
Treasury stock, ending balance (in shares) at Dec. 31, 2023 201,935,599           201,936,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 2,687       2,687    
Other comprehensive income (loss) 254         254  
Common stock issued 2,323 2,323          
Preferred stock redeemed (1,500) (1,483)     (17)    
Common stock dividends (859)       (859)    
Preferred stock cash dividend (185)       (185)    
Common stock acquired (in shares)             15,135,000
Common stock acquired (1,312)           $ (1,312)
Common stock awards exercised (in shares)             (1,950,000)
Common stock awards exercised 118     (21)     $ 139
Other (in shares)             (8,000)
Other 1     2 (1)    
Ending balance at Dec. 31, 2024 $ 25,326 $ 2,816 $ 504 $ 10,722 $ 29,582 $ (2,100) $ (16,198)
Ending balance (in shares) at Dec. 31, 2024     503,880,000        
Treasury stock, ending balance (in shares) at Dec. 31, 2024 215,113,190           215,113,000
v3.25.0.1
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Cash dividends declared (in USD per share) $ 2.90 $ 2.64 $ 2.40
v3.25.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:      
Net income $ 2,687 $ 1,944 $ 2,774
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax (benefit) 145 (184) (62)
Amortization of other intangible assets 230 239 238
Other non-cash adjustments for depreciation, amortization and accretion, net 375 643 918
Losses related to investment securities, net 79 294 2
Provision for credit losses 75 46 20
Change in trading account assets, net 5 (123) 108
Change in accrued interest and fees receivable, net (224) (359) (156)
Change in collateral deposits, net (12,109) (2,246) 7,821
Change in unrealized (gains) losses on foreign exchange derivatives, net (7,191) 2,146 (1,125)
Change in other assets, net 1,672 (1,839) 421
Change in accrued expenses and other liabilities, net 743 (128) 557
Other, net 303 257 438
Net cash (used in) provided by operating activities (13,210) 690 11,954
Investing Activities:      
Net (increase) decrease in interest-bearing deposits with banks (25,292) 13,928 4,765
Net decrease (increase) in securities purchased under resale agreements 13 (1,477) (2,203)
Proceeds from sales of available-for-sale securities 10,973 4,917 4,590
Proceeds from maturities of available-for-sale securities 18,517 15,703 17,254
Purchases of available-for-sale securities (44,301) (23,089) (18,029)
Proceeds from maturities of held-to-maturity securities 9,330 9,474 9,817
Purchases of held-to-maturity securities (5) (1,582) (8,564)
Sale of loans 246 506 1,786
Net increase in loans (7,369) (4,746) (1,667)
Business acquisitions, net of cash acquired (194) (61) 0
Purchases of equity investments and other long-term assets (143) (136) (250)
Purchases of premises and equipment, net (926) (816) (734)
Other, net (332) 117 51
Net cash (used in) provided by investing activities (39,483) 12,738 6,816
Financing Activities:      
Net (decrease) increase in time deposits (19) 2,820 1,673
Net increase (decrease) in all other deposits 40,971 (17,311) (21,244)
Net increase (decrease) in securities sold under repurchase agreements 1,814 690 (398)
Net increase in other short-term borrowings 6,180 1,563 1,969
Proceeds from issuance of long-term debt, net of issuance costs 6,523 6,221 3,731
Payments for long-term debt and obligations under finance leases (2,046) (2,545) (1,567)
Payments for redemption of preferred stock (1,500) 0 0
Proceeds from issuance of preferred stock, net of issuance costs 2,323 0 0
Repurchases of common stock (1,319) (3,781) (1,500)
Repurchases of common stock for employee tax withholding (83) (95) (123)
Payments for cash dividends (1,033) (970) (972)
Other, net (20) 57 0
Net cash provided by (used in) financing activities 51,791 (13,351) (18,431)
Net (decrease) increase (902) 77 339
Cash and due from banks at beginning of period 4,047 3,970 3,631
Cash and due from banks at end of period 3,145 4,047 3,970
Supplemental disclosure:      
Interest paid 8,951 6,184 1,354
Income taxes paid, net $ 451 $ 423 $ 436
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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 provides a broad range of services and market and financing solutions to 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.
Through State Street Investment Services, State Street Global Markets® and State Street Alpha®, we offer a full range of back- and middle-office solutions, including custody, accounting and fund administration services for traditional and alternative assets, as well as multi-asset class investments; recordkeeping, client reporting and investment book of record, transaction management, loans, cash, derivatives and collateral services; investor services operations outsourcing; performance, risk and compliance analytics; financial data management to support institutional investors; foreign exchange, brokerage and other trading services; securities finance, including prime services products; and deposit and short-term investment facilities.
Together with our middle- and back-office services, CRD’s front- and middle-office technology offerings form the foundation of State Street Alpha®. 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. Included in CRD’s technology offerings are Charles River Investment Management Solution, a front-office technology offering that automates and simplifies 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; Charles River for Private Markets, an investment management solution for institutions investing in Private Credit, Private Equity, Real Estate, Infrastructure, and Funds; and Charles River Wealth Management Solution, which provides
portfolio management, trading compliance and manager/sponsor communication capabilities to wealth managers, private banks and financial advisors.
As the digital asset space continues to mature, we are building solutions to service, tokenize and safekeep digital assets. Our vision is to enable core digital asset infrastructure as a trusted provider of end-to-end solutions on a secure, interoperable blockchain.
Investment Management provides a comprehensive range of investment management solutions and products for our clients through State Street Global Advisors. Our investment management solutions include strategies across equity, fixed income, cash, multi-asset and alternatives; products such as SPDR® ETFs and index funds; and services including defined benefit, defined contribution, and Outsourced Chief Investment Officer.
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, 2024 and 2023, we held such accounts in Russia that were subject to sanctions restrictions, inclusive of $0.8 billion and $1.5 billion, respectively, 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 and $1.9 billion, respectively. The reduction in balances with our subcustodian in Russia was a result of various actions taken related to our contractual arrangements that resulted in the derecognition of certain cash balances and related client liabilities. Cash and due from banks is evaluated as part of our allowance for credit 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
Relevant standards that were adopted during the year ended December 31, 2024:
We adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, effective December 31, 2024. The standard expands the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This includes disclosure of segment expenses that are regularly provided to the CODM and other segment items that are included within each reported measure of segment profit or loss. The standard requires disclosure of the CODM’s title and position and how the CODM uses the reported measure of segment profit or loss in assessing segment performance and allocating resources. Refer to Note 24 for additional information.
Relevant standards that were recently issued, but not yet adopted as of December 31, 2024
StandardDescriptionEffective DateEffects on the financial statements or other significant matters
ASU 2024-03, Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures
The amendments require disclosure of information about certain costs and expenses in both interim and annual reporting periods. Specified information includes expense amounts relating to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses with the definition thereof.
Annual reporting for period ending December 31, 2027 and for interim reporting in 2028
We are currently evaluating the disclosure impact of the new standard.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresThe amendments related to the rate reconciliation and income taxes paid disclosures and require disclosures of (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additional amendments require (1) disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission regulations, and (2) remove disclosures that no longer are considered cost beneficial or relevant.Annual reporting for period ending December 31, 2025We are currently evaluating the disclosure impact of the new standard.
Additionally, we continue to evaluate other accounting standards that were recently issued, but not yet adopted as of December 31, 2024; none are expected to have a material impact to our financial statements.
v3.25.0.1
Fair Value
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023.
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 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, 2024
(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$34 $— $— $34 
Non-U.S. government securities— 121 — 121 
Other— 613 — 613 
Total trading account assets34 734 — 768 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations23,525 — — 23,525 
Mortgage-backed securities— 10,566 — 10,566 
Total U.S. Treasury and federal agencies23,525 10,566 — 34,091 
Non-U.S. debt securities:
Mortgage-backed securities— 2,430 — 2,430 
Asset-backed securities— 1,868 — 1,868 
Non-U.S. sovereign, supranational and non-U.S. agency— 13,939 — 13,939 
Other— 2,821 — 2,821 
Total non-U.S. debt securities— 21,058 — 21,058 
Asset-backed securities:
Student loans— 90 — 90 
Collateralized loan obligations— 3,453 — 3,453 
Non-agency CMBS and RMBS(2)
— 4 — 4 
Other— 91 — 91 
Total asset-backed securities— 3,638 — 3,638 
State and political subdivisions— 56 — 56 
Other U.S. debt securities— 52 — 52 
Total available-for-sale investment securities23,525 35,370 — 58,895 
Other assets:
Derivative instruments:
Foreign exchange contracts16 29,422 1 $(18,262)11,177 
Interest rate contracts5 23 — (23)5 
Other derivative contracts1 — — — 1 
Total derivative instruments22 29,445 1 (18,285)11,183 
Other20 747 — — 767 
Total assets carried at fair value$23,601 $66,296 $1 $(18,285)$71,613 
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts$— $28,904 $— $(22,527)$6,377 
Interest rate contracts— 1 — (1)— 
Other derivative contracts— 219 — — 219 
Total derivative instruments— 29,124 — (22,528)6,596 
Total liabilities carried at fair value$— $29,124 $— $(22,528)$6,596 
(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 $1.86 billion and $6.10 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, 2023
(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$36 $— $— $36 
Non-U.S. government securities— 138 — 138 
Other— 599 — 599 
Total trading account assets36 737 — 773 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations8,301 — — 8,301 
Mortgage-backed securities— 10,755 — 10,755 
Total U.S. Treasury and federal agencies8,301 10,755 — 19,056 
Non-U.S. debt securities:
Mortgage-backed securities— 1,857 — 1,857 
Asset-backed securities— 2,137 — 2,137 
Non-U.S. sovereign, supranational and non-U.S. agency— 15,100 — 15,100 
Other— 2,735 — 2,735 
Total non-U.S. debt securities— 21,829 — 21,829 
Asset-backed securities:
Student loans— 114 — 114 
Collateralized loan obligations— 2,527 — 2,527 
Non-agency CMBS and RMBS(2)
— 249 — 249 
Other— 90 — 90 
Total asset-backed securities— 2,980 — 2,980 
State and political subdivisions— 355 — 355 
Other U.S. debt securities— 306 — 306 
Total available-for-sale investment securities8,301 36,225 — 44,526 
Other assets:
Derivative instruments:
Foreign exchange contracts— 19,690 4 $(14,387)5,307 
Interest rate contracts— 13 — (13)— 
Total derivative instruments— 19,703 4 (14,400)5,307 
Other11 640 — — 651 
Total assets carried at fair value$8,348 $57,305 $4 $(14,400)$51,257 
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
Derivative instruments:
Foreign exchange contracts$1 $19,414 $1 $(11,909)$7,507 
Interest rate contracts4 — — — 4 
Other derivative contracts— 182 — — 182 
Total derivative instruments5 19,596 1 (11,909)7,693 
Total liabilities carried at fair value$5 $19,596 $1 $(11,909)$7,693 
(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 $3.90 billion and $1.41 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
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; federal funds purchased; 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, 2024
Financial Assets:    
Cash and due from banks$3,145 $3,145 $3,145 $— $— 
Interest-bearing deposits with banks112,957 112,957 — 112,957 — 
Securities purchased under resale agreements6,679 6,679 — 6,679 — 
Investment securities held-to-maturity47,727 41,906 5,354 36,552 — 
Net loans(1)
43,026 42,839 — 41,097 1,742 
Other(2)
6,752 6,752 — 6,752 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$33,180 $33,180 $— $33,180 $— 
   Interest-bearing - U.S.166,483 166,483 — 166,483 — 
   Interest-bearing - non-U.S.62,257 62,257 — 62,257 — 
Securities sold under repurchase agreements3,681 3,681 — 3,681 — 
Other short-term borrowings9,840 9,840 — 9,840 — 
Long-term debt23,272 23,078 — 22,882 196 
Other(2)
6,752 6,752 — 6,752 — 
(1) Includes $14 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2024.
(2) Represents a portion of underlying client assets related to our prime services 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, 2023
Financial Assets:
Cash and due from banks$4,047 $4,047 $4,047 $— $— 
Interest-bearing deposits with banks87,665 87,665 — 87,665 — 
Securities purchased under resale agreements6,692 6,692 — 6,692 — 
Investment securities held-to-maturity57,117 51,503 8,409 43,094 — 
Net loans
36,496 36,335 — 34,308 2,027 
Other(1)
6,866 6,866 — 6,866 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$32,569 $32,569 $— $32,569 $— 
   Interest-bearing - U.S.121,738 121,738 — 121,738 — 
   Interest-bearing - non-U.S.66,663 66,663 — 66,663 — 
Securities sold under repurchase agreements1,867 1,867 — 1,867 — 
Other short-term borrowings3,660 3,660 — 3,660 — 
Long-term debt18,839 18,417 — 18,216 201 
Other(1)
6,866 6,866 — 6,866 — 
(1) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.
v3.25.0.1
Investment Securities
 12 Months Ended
Dec. 31, 2024
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) from sales of available-for-sale 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, 2024December 31, 2023
 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$23,539 $38 $52 $23,525 $8,427 $39 $165 $8,301 
Mortgage-backed securities(1)
10,699 21 154 10,566 10,870 49 164 10,755 
Total U.S. Treasury and federal agencies34,238 59 206 34,091 19,297 88 329 19,056 
Non-U.S. debt securities:
Mortgage-backed securities2,426 5 1 2,430 1,861 3 7 1,857 
Asset-backed securities(2)
1,865 5 2 1,868 2,148 2 13 2,137 
Non-U.S. sovereign, supranational and non-U.S. agency13,954 54 69 13,939 15,159 73 132 15,100 
Other(3)
2,787 38 4 2,821 2,733 39 37 2,735 
Total non-U.S. debt securities21,032 102 76 21,058 21,901 117 189 21,829 
Asset-backed securities:
Student loans(4)
89 1 — 90 113 1 — 114 
Collateralized loan obligations(5)
3,447 6 — 3,453 90 — — 90 
Non-agency CMBS and RMBS(6)
1 3 — 4 252 — 3 249 
Other90 1 — 91 2,530 3 6 2,527 
Total asset-backed securities3,627 11 — 3,638 2,985 4 9 2,980 
State and political subdivisions56 — — 56 356 — 1 355 
Other U.S. debt securities(7)
53 — 1 52 314 — 8 306 
Total available-for-sale securities(8)(9)
$59,006 $172 $283 $58,895 $44,853 $209 $536 $44,526 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$5,417 $— $55 $5,362 $8,584 $— $163 $8,421 
Mortgage-backed securities(10)
36,101 2 5,677 30,426 39,472 7 5,271 34,208 
Total U.S. Treasury and federal agencies41,518 2 5,732 35,788 48,056 7 5,434 42,629 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency3,673 7 73 3,607 5,757 8 153 5,612 
Total non-U.S. debt securities3,673 7 73 3,607 5,757 8 153 5,612 
Asset-backed securities:
Student loans(4)
2,536 4 29 2,511 3,298 2 62 3,238 
Non-agency CMBS and RMBS(11)
— — — — 6 18 — 24 
Total asset-backed securities2,536 4 29 2,511 3,304 20 62 3,262 
Total held-to-maturity securities(8)(12)
$47,727 $13 $5,834 $41,906 $57,117 $35 $5,649 $51,503 
(1) As of December 31, 2024 and 2023, the total fair value included $4.36 billion and $5.54 billion, respectively, of agency CMBS and $6.20 billion and $5.21 billion, respectively, of agency MBS.
(2) As of December 31, 2024 and 2023, the fair value includes non-U.S. collateralized loan obligations of $0.70 billion and $1.02 billion, respectively.
(3) As of December 31, 2024 and 2023, the fair value includes non-U.S. corporate bonds of $2.54 billion and $2.36 billion, respectively.
(4) 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.
(5) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(6) Consists entirely of non-agency RMBS as of December 31, 2024 and entirely of non-agency CMBS as of December 31, 2023.
(7) As of December 31, 2024 and 2023, the fair value of U.S. corporate bonds was $0.05 billion and $0.31 billion, respectively.
(8) 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, 2024.
(9) As of December 31, 2024 and 2023, we had no allowance for credit losses on AFS investment securities.
(10) As of December 31, 2024 and 2023, the total amortized cost included $5.18 billion and $5.23 billion of agency CMBS, respectively.
(11) Consists entirely of non-agency RMBS as of December 31, 2023.
(12) As of December 31, 2024, we had no allowance for credit losses on HTM investment securities. As of December 31, 2023, we had $1 million allowance for credit losses on HTM investment securities.
Aggregate investment securities with carrying values of approximately $86.70 billion and $71.30 billion as of December 31, 2024 and 2023, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law.
In 2024, 2023 and 2022, proceeds from sales of AFS securities were approximately $10.97 billion, $4.92 billion and $4.59 billion, respectively, resulting in a pre-tax loss of approximately $79 million, $294 million and $2 million in 2024, 2023 and 2022, respectively. The pre-tax loss in 2024 was primarily driven by sales of U.S. Treasury, non-U.S. agency, supranational and mortgage-backed securities as part of an investment portfolio repositioning in the third quarter of 2024.
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, 2024
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$8,113 $25 $2,435 $27 $10,548 $52 
Mortgage-backed securities3,742 59 4,360 95 8,102 154 
Total U.S. Treasury and federal agencies11,855 84 6,795 122 18,650 206 
Non-U.S. debt securities:
Mortgage-backed securities730 1 225 — 955 1 
Asset-backed securities387 — 506 2 893 2 
Non-U.S. sovereign, supranational and non-U.S. agency4,695 49 2,695 20 7,390 69 
Other312 2 116 2 428 4 
Total non-U.S. debt securities6,124 52 3,542 24 9,666 76 
Asset-backed securities:
Student loans12 — — — 12 — 
Collateralized loan obligations684 — — — 684 — 
Total asset-backed securities696 — — — 696 — 
State and political subdivisions— — 26 — 26 — 
Other U.S. debt securities3 — 49 1 52 1 
Total$18,678 $136 $10,412 $147 $29,090 $283 

As of December 31, 2023
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$333 $2 $5,416 $163 $5,749 $165 
Mortgage-backed securities961 6 6,512 158 7,473 164 
Total U.S. Treasury and federal agencies1,294 8 11,928 321 13,222 329 
Non-U.S. debt securities:
Mortgage-backed securities424 1 719 6 1,143 7 
Asset-backed securities358 — 1,052 13 1,410 13 
Non-U.S. sovereign, supranational and non-U.S. agency3,972 7 5,788 125 9,760 132 
Other50 — 893 37 943 37 
Total non-U.S. debt securities4,804 8 8,452 181 13,256 189 
Asset-backed securities:
Collateralized loan obligations183 — 1,605 6 1,788 6 
Non-agency CMBS and RMBS35 — 180 3 215 3 
Total asset-backed securities218 — 1,785 9 2,003 9 
State and political subdivisions64 — 104 1 168 1 
Other U.S. debt securities3 — 303 8 306 8 
Total$6,383 $16 $22,572 $520 $28,955 $536 
The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of December 31, 2024. 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, 2024
(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$8,619 $8,625 $13,485 $13,474 $1,435 $1,426 $— $— $23,539 $23,525 
Mortgage-backed securities49 49 1,824 1,819 2,517 2,493 6,309 6,205 10,699 10,566 
Total U.S. Treasury and federal agencies8,668 8,674 15,309 15,293 3,952 3,919 6,309 6,205 34,238 34,091 
Non-U.S. debt securities:
Mortgage-backed securities58 58 427 427 38 38 1,903 1,907 2,426 2,430 
Asset-backed securities276 276 279 279 1,005 1,007 305 306 1,865 1,868 
Non-U.S. sovereign, supranational and
non-U.S. agency		2,706 2,700 10,138 10,136 1,110 1,103 — — 13,954 13,939 
Other371 371 2,314 2,346 102 104 — — 2,787 2,821 
Total non-U.S. debt securities3,411 3,405 13,158 13,188 2,255 2,252 2,208 2,213 21,032 21,058 
Asset-backed securities:
Student loans23 24 — — 12 12 54 54 89 90 
Collateralized loan obligations37 37 78 78 1,874 1,877 1,458 1,461 3,447 3,453 
Non-agency CMBS and RMBS— — — — — — 1 4 1 4 
Other— — 90 91 — — — — 90 91 
Total asset-backed securities60 61 168 169 1,886 1,889 1,513 1,519 3,627 3,638 
State and political subdivisions30 30 26 26 — — — — 56 56 
Other U.S. debt securities30 29 23 23 — — — — 53 52 
Total$12,199 $12,199 $28,684 $28,699 $8,093 $8,060 $10,030 $9,937 $59,006 $58,895 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$4,557 $4,521 $851 $832 $1 $1 $8 $8 $5,417 $5,362 
Mortgage-backed securities134 120 1,711 1,559 3,308 2,788 30,948 25,959 36,101 30,426 
Total U.S. Treasury and federal agencies4,691 4,641 2,562 2,391 3,309 2,789 30,956 25,967 41,518 35,788 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and
non-U.S. agency		1,409 1,397 2,044 1,998 220 212 — — 3,673 3,607 
Total non-U.S. debt securities1,409 1,397 2,044 1,998 220 212 — — 3,673 3,607 
Asset-backed securities:
Student loans149 147 310 309 380 379 1,697 1,676 2,536 2,511 
Total asset-backed securities149 147 310 309 380 379 1,697 1,676 2,536 2,511 
Total$6,249 $6,185 $4,916 $4,698 $3,909 $3,380 $32,653 $27,643 $47,727 $41,906 
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 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.
As of December 31, 2024, we had no allowance for credit losses on HTM investment securities. As of December 31, 2023, we had $1 million allowance for credit losses on HTM investment securities.
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 AFS investment securities for credit impairment 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.
As of both December 31, 2024 and 2023, we had no allowance for credit losses on AFS investment securities.
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.
As of December 31, 2024, 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 $6.12 billion and $6.19 billion related to 1,564 and 1,704 securities as of December 31, 2024 and 2023, respectively, to be primarily related to changes in interest rates, and not the result of any material changes in the credit characteristics of the
securities. The unrealized loss has not been recognized as of December 31, 2024, as management did not have the intent to sell, nor was it more likely than not that we would be required to sell these securities before the expected recovery of their amortized cost basis.
v3.25.0.1
Loans and Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
Domestic(1):
Commercial and financial:
Fund finance(2)
$16,347 $13,697 
Leveraged loans2,742 2,412 
Overdrafts1,208 1,225 
Collateralized loan obligations in loan form50 150 
Other(3)
3,220 2,512 
Commercial real estate2,842 3,069 
Total domestic26,409 23,065 
Foreign(1):
Commercial and financial:
Fund finance(2)
6,601 4,956 
Leveraged loans1,082 1,194 
Overdrafts772 1,047 
Collateralized loan obligations in loan form8,336 6,369 
Total foreign16,791 13,566 
Total loans(4)
43,200 36,631 
Allowance for credit losses(174)(135)
Loans, net of allowance$43,026 $36,496 
(1) Domestic and foreign categorization is based on the borrower’s country of domicile.
(2) Fund finance loans include primarily $11.54 billion private equity capital call finance loans, $8.09 billion loans to real money funds and $1.44 billion loans to business development companies as of December 31, 2024, compared to $9.69 billion private equity capital call finance loans, $6.63 billion loans to real money funds and $1.05 billion loans to business development companies as of December 31, 2023.
(3) Includes $3.01 billion securities finance loans and $214 million loans to municipalities as of December 31, 2024 and $2.23 billion securities finance loans, $276 million loans to municipalities and $5 million other loans as of December 31, 2023.
(4) As of December 31, 2024, excluding overdrafts, floating rate loans totaled $38.46 billion and fixed rate loans totaled $2.76 billion. We have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans. See Note 10 for additional details.
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, collateralized loan obligations in loan form, 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. 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, 2024 and 2023, the loans pledged as collateral totaled $13.90 billion and $13.00 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 December 31, 2024, we had two loans totaling $191 million on non-accrual status, of which one loan totaling $101 million was more than 90 days contractually past due. As of December 31, 2023, we had three loans totaling $70 million on non-accrual status.
In 2024, we purchased $3.72 billion of collateralized loan obligations in loan form, which were all investment grade as of December 31, 2024.
We sold $300 million of loans in 2024. We recorded a charge-off against the allowance for these loans of $37 million in 2024.
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 the 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 characteristics 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, 2024, we had 4 loans totaling $48 million in the commercial and financial segment and 5 loans totaling $402 million in the commercial real estate segment that no longer met the similar risk characteristics of their collective pool. As of December 31, 2024, $91 million of our allowance for credit losses was related to 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, the allowance for credit losses are
determined based on 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, 2024.
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 88% of our loans were rated as investment grade as of December 31, 2024 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 11% of our loans as of December 31, 2024, and are concentrated in leveraged loans. Approximately 91% of those leveraged loans have an external credit rating, or equivalent, of “BB” or “B” as of December 31, 2024.
•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, 2024Commercial and FinancialCommercial Real EstateTotal Loans
(In millions)
Investment grade$35,831 $1,969 $37,800 
Speculative4,278 409 4,687 
Special mention187 62 249 
Substandard48 211 259 
Doubtful— 191 191 
Total(1)(2)
$40,344 $2,842 $43,186 
December 31, 2023Commercial and FinancialCommercial Real EstateTotal Loans 
(In millions)
Investment grade$29,737 $2,287 $32,024 
Speculative3,546 449 3,995 
Special mention242 62 304 
Substandard14 224 238 
Doubtful23 47 70 
Total(1)
$33,562 $3,069 $36,631 
(1) Loans include $1.98 billion and $2.27 billion of overdrafts as of December 31, 2024 and 2023, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of December 31, 2024, $1.84 billion overdrafts were investment grade and $0.14 billion overdrafts were speculative.
(2) Total does not include $14 million of loans classified as held-for-sale as of December 31, 2024.
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, 2024. 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)20242023202220212020PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,946 $223 $89 $47 $6 $197 $18,044 $20,552 
Speculative1,834 173 154 387 53 155 136 2,892 
Special mention47 10 — 54 — — — 111 
Substandard— — 12 — — — — 12 
Total commercial and financing$3,827 $406 $255 $488 $59 $352 $18,180 $23,567 
Commercial real estate:
Risk Rating:
Investment grade$41 $63 $488 $278 $128 $971 $— $1,969 
Speculative— 153 20 69 100 67 — 409 
Special mention— — — — — 62 — 62 
Substandard— — — — — 211 — 211 
Doubtful— — — — — 191 — 191 
Total commercial real estate$41 $216 $508 $347 $228 $1,502 $— $2,842 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$4,243 $1,796 $1,152 $2,187 $— $— $5,901 $15,279 
Speculative607 174 44 246 46 43 226 1,386 
Special mention— 35 26 15 — — — 76 
Substandard— — — 36 — — — 36 
Total commercial and financing$4,850 $2,005 $1,222 $2,484 $46 $43 $6,127 $16,777 
Total loans(2)
$8,718 $2,627 $1,985 $3,319 $333 $1,897 $24,307 $43,186 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2024, accrued interest receivable of $327 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 $14 million of loans classified as held-for-sale as of December 31, 2024.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2023:
(In millions)20232022202120202019PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,399 $120 $199 $8 $272 $5 $15,476 $17,479 
Speculative615 285 747 149 291 141 81 2,309 
Special mention— 4 164 — 16 — — 184 
Doubtful5 — 18 — — — — 23 
Total commercial and financing$2,019 $409 $1,128 $157 $579 $146 $15,557 $19,995 
Commercial real estate:
Risk Rating:
Investment grade$216 $500 $498 $100 $375 $598 $— $2,287 
Speculative— 20 31 50 49 299 — 449 
Special mention— — — — 22 40 — 62 
Substandard— — — — 95 129 — 224 
Doubtful— — — — — 47 — 47 
Total commercial real estate$216 $520 $529 $150 $541 $1,113 $— $3,069 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$2,943 $1,956 $2,518 $— $— $— $4,841 $12,258 
Speculative394 135 481 88 109 18 12 1,237 
Special mention— — 29 29 — — — 58 
Substandard— — — — — 14 — 14 
Total commercial and financing$3,337 $2,091 $3,028 $117 $109 $32 $4,853 $13,567 
Total loans
$5,572 $3,020 $4,685 $424 $1,229 $1,291 $20,410 $36,631 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2023, accrued interest receivable of $318 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
The following tables present the activity in the allowance for credit losses by portfolio and class for the years ended December 31, 2024 and 2023:
Year End December 31, 2024
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsTotal
Allowance for credit losses:
Beginning balance$72 $3 $60 $1 $14 $150 
Provision13 1 67 (1)(5)75 
Charge-offs(2)
(17)— (25)— — (42)
Ending balance$68 $4 $102 $— $9 $183 
(1) Includes $3 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
(2) Related to the sale of commercial real estate and leveraged loans in 2024.
Year Ended December 31, 2023
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale securitiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsTotal
Allowance for credit losses:
Beginning balance$73 $4 $19 $2 $— $23 $121 
Provision16 (1)41 (2)1 (9)46 
Charge-offs(2)
(17)— — — — — (17)
Ending balance$72 $3 $60 $— $1 $14 $150 
(1) Includes $3 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
(2) Related to the sale of leveraged loans in 2023.
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. In 2024, we recorded a $75 million provision for credit losses, primarily reflecting an increase in loan loss reserves associated with certain commercial real estate and leveraged loans, compared to $46 million in 2023. 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, 2024, 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.
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
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 reviewed for impairment annually or more frequently if circumstances arise or events occur that indicate an impairment of the carrying amount may exist. 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 2024, 2023 and 2022.
The following table presents changes in the carrying amount of goodwill during the periods indicated for each of our goodwill reporting units:
(In millions)Investment
Servicing		Investment
Management		Total
Goodwill:
Ending balance December 31, 2022$7,232 $263 $7,495 
Acquisitions44 — 44 
Foreign currency translation70 2 72 
Ending balance December 31, 20237,346 265 7,611 
Acquisitions(1)
189 — 189 
Foreign currency translation(107)(2)(109)
Ending balance December 31, 2024$7,428 $263 $7,691 
(1) Investment Servicing includes the impact of the consolidation of one of our joint ventures in India.
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated:
(In millions)Investment
Servicing		Investment
Management		Total
Other intangible assets:
Ending balance December 31, 2022$1,495 $49 $1,544 
Amortization(217)(22)(239)
Foreign currency translation15 — 15 
Ending balance December 31, 20231,293 27 1,320 
Acquisitions7 13 20 
Amortization(216)(14)(230)
Foreign currency translation(21)— (21)
Ending balance December 31, 2024$1,063 $26 $1,089 
    
The following tables present the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:
December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships$2,706 $(1,919)$787 
Technology401 (252)149 
Core deposits677 (540)137 
Other95 (79)16 
Total$3,879 $(2,790)$1,089 
December 31, 2023Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships$2,761 $(1,808)$953 
Technology402 (216)186 
Core deposits690 (516)174 
Other85 (78)7 
Total$3,938 $(2,618)$1,320 
Amortization expense related to other intangible assets was $230 million, $239 million and $238 million in 2024, 2023 and 2022, respectively.
Expected future amortization expense for other intangible assets recorded as of December 31, 2024 is as follows:
(In millions)Future Amortization
Years Ended December 31,
2025$225 
2026202 
2027168 
2028122 
202964 
v3.25.0.1
Other Assets
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
Securities borrowed(1)
$37,451 $23,131 
Derivative instruments, net11,183 5,307 
Bank-owned life insurance3,856 3,742 
Investments in joint ventures and other unconsolidated entities(2)
3,317 2,981 
Collateral, net3,216 2,983 
Right-of-use assets818 805 
Prepaid expenses738 598 
Deferred tax assets, net of valuation allowance(3)
701 1,034 
Accounts receivable504 611 
Income taxes receivable144 246 
Receivable for securities settlement57 1,082 
Other(4)
2,529 2,286 
Total$64,514 $44,806 
(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 $341 million and $183 million as of December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, no impairments 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 $1.04 billion and $1.15 billion as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Deposits
 12 Months Ended
Dec. 31, 2024
Banking and Thrift, Other Disclosure [Abstract]  
Deposits DepositsWe had $5.78 billion and $5.80 billion of time deposits outstanding, of which $0.08 billion and $0.06 billion were non-U.S. time deposits as of December 31, 2024 and 2023, 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 $5.77 billion and $5.79 billion as of December 31, 2024 and 2023, respectively. As of December 31, 2024, uninsured time deposits of $1.07 billion were scheduled to mature in less than three months, $2.41 billion in three to six months, and $2.29 billion in six to twelve months. Demand deposit overdrafts of $1.98 billion and $2.27 billion were included as loan balances at December 31, 2024 and 2023, respectively.
v3.25.0.1
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Short-Term Borrowings Short-Term Borrowings
Our short-term borrowings include securities sold under repurchase agreements and FHLB and BTFP funding recorded in other short-term borrowings.
Collectively, short-term borrowings had weighted-average interest rates of 5.03% and 1.52% in 2024 and 2023, respectively.
The following tables present 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
Other(1)
2024202320242023
Balance as of December 31$3,681 $1,867 $9,815 $3,500 
Average outstanding during the year3,163 3,904 11,128 849 
Weighted-average interest rate as of year-end5.62 %.08 %4.77 %3.03 %
Weighted-average interest rate during the year4.93 .87 5.19 5.12 
(1) Primarily includes FHLB and Bank Term Funding Program borrowings.
Obligations to repurchase securities sold are recorded as a liability in our consolidated statement of condition. Applicable securities with a fair value of $4.36 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2024.

The following table presents information about these securities and the carrying value of the related repurchase agreements, including accrued interest, as of December 31, 2024.
 Securities Sold
Repurchase Agreements(1)
(In millions)Amortized
Cost		Fair ValueAmortized
Cost
Term maturity(2)
$3,588 $3,500 $3,505 
Overnight maturity875 861 176 
Total$4,463 $4,361 $3,681 
(1) Collateralized by investment securities.
(2) Maturity is greater than 90 days.
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 $191.26 billion on average in 2024 compared to $140.36 billion in 2023, primarily due to higher FICC repo volumes.
State Street Bank currently maintains a line of credit of CAD $1.40 billion, or approximately $0.97 billion, as of December 31, 2024, 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, 2024 and 2023, there was no balance outstanding on this line of credit.
v3.25.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
(Dollars in millions)As of December 31,
Issuance DateMaturity DateCoupon RateSeniorityInterest Due Dates20242023
Parent Company and Non-Banking Subsidiary Issuances
August 18, 2015
August 18, 2025(1)
3.550 %Senior notes
2/18; 8/18(2)
$1,285 $1,265 
August 3, 2023August 3, 20265.272 %Senior notes
2/3; 8/3(2)
1,203 1,211 
October 22, 2024October 22, 20274.330 %Senior notes
4/22, 10/22(2)
1,189 — 
May 18, 2023May 18, 20265.104 %Fixed-to-floating rate senior notes5/18; 11/18999 998 
May 18, 2023May 18, 20345.159 %Fixed-to-floating rate senior notes5/18; 11/18995 995 
March 18, 2024March 18, 20274.993 %Senior notes
3/18, 9/18(2)
993 — 
August 20, 2024February 20, 20294.530 %Fixed-to-floating rate senior notes
2/20; 8/20(2)
989 — 
November 21, 2023November 21, 20295.684 %Fixed-to-floating rate senior notes
5/21; 11/21(2)
986 995 
March 3, 2021
March 3, 2031(1)(3)
2.200 %Senior subordinated notes3/3; 9/3845 845 
October 22, 2024October 22, 20324.675 %Fixed-to-floating rate senior notes
4/22; 10/22(2)
789 — 
January 24, 2020
January 24, 2030(1)
2.400 %Senior notes
1/24, 7/24(2)
784 790 
May 19, 2016
May 19, 2026(1)
2.650 %Senior notes
5/19; 11/19(2)
728 719 
January 26, 2023January 26, 20344.821 %Fixed-to-floating rate senior notes
1/26, 7/26(2)
702 731 
August 4, 2022August 4, 20334.164 %Fixed-to-floating rate senior notes
2/4; 8/4(2)
665 687 
February 7, 2022February 7, 20282.203 %Fixed-to-floating rate senior notes
2/7; 8/7(2)
619 605 
December 3, 2018December 3, 20294.141 %Fixed-to-floating rate senior notes
6/3; 12/3(2)
535 556 
November 1, 2019
November 1, 2034(3)
3.031 %Fixed-to-floating rate senior subordinated notes
5/1; 11/1(2)
523 528 
April 30, 2007June 15, 2047Floating-rateJunior subordinated debentures3/15; 6/15; 9/15; 12/15500 500 
January 26, 2023
January 26, 2026
4.857 %Fixed-to-floating rate senior notes
1/26, 7/26(2)
499 496 
November 4, 2022November 4, 20265.751 %Fixed-to-floating rate senior notes
5/4; 11/4(2)
498 497 
March 30, 2020March 30, 20313.152 %Fixed-to-floating rate senior notes3/30, 9/30498 498 
May 13, 2022May 13, 20334.421 %Fixed-to-floating rate senior notes5/13; 11/13498 497 
November 18, 2021November 18, 20271.684 %Fixed-to-floating rate senior notes
5/18; 11/18(2)
497 496 
March 30, 2020March 30, 20262.901 %Fixed-to-floating rate senior notes
3/30; 9/30(2)
497 485 
November 4, 2022November 4, 20285.820 %Fixed-to-floating rate senior notes
5/4; 11/4(2)
495 497 
November 21, 2023
November 21, 2034(3)
6.123 %Fixed-to-floating rate senior subordinated notes
5/21; 11/21(2)
492 497 
February 7, 2022February 7, 20332.623 %Fixed-to-floating rate senior notes
2/7; 8/7(2)
465 476 
August 3, 2023August 3, 2026Floating-rateSenior notes2/3; 5/3; 8/3; 11/3299 299 
February 7, 2022
February 6, 2026
1.746 %Fixed-to-floating rate senior notes
2/6; 8/6(2)
299 290 
October 22, 2024October 22, 2027Floating-rateSenior notes1/22; 4/22; 7/22; 10/22299 — 
June 21, 1996
June 15, 2026(1)
7.350 %Senior notes6/15; 12/15150 150 
May 15, 1998May 15, 2028Floating-rateJunior subordinated debentures2/15; 5/15; 8/15; 11/15100 100 
December 15, 2014
December 16, 2024(1)
3.300 %Senior notes
6/16; 12/16(2)
— 977 
November 1, 2019
November 1, 2025(4)
2.354 %Fixed-to-floating rate senior notes
5/1; 11/1(2)
— 972 
State Street Bank issuances and lease obligations
November 25, 2024
November 25, 2026(1)
4.594 %Senior notes
5/25, 11/25
1,146 — 
November 25, 2024
November 23, 2029(1)
4.782 %Senior notes
5/23, 11/23
796 — 
November 25, 2024
November 25, 2026(1)
Floating-rateSenior notes
2/25; 5/25; 8/25; 11/25
299 — 
Long-term finance leases and equipment financing116 187 
Total long-term debt$23,272 $18,839 
(1) We may not redeem notes prior to their maturity.
(2) 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, 2024 and 2023, the carrying value of long-term debt associated with these fair value hedges was $220 million and $184 million, respectively. Refer to Note 10 for additional information about fair value hedges.
(3) The subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines.
(4) We redeemed the notes prior to original maturity date.
Parent Company and Non-Banking Subsidiaries
On January 27, 2025, we redeemed $500 million aggregate principal amount of 4.857% fixed-to-floating rate senior notes due 2026.
On February 6, 2025, we redeemed $300 million aggregate principal amount of 1.746% fixed-to-floating rate senior notes due 2026.
State Street Bank
As of December 31, 2024 and 2023, $79 million and $130 million, respectively, of long-term finance leases was related to information technology equipment. Refer to Note 20 for additional information.
v3.25.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2024
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, currency and other market 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, currency and other market risks 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
derivatives utilized in our trading activities are recorded in foreign exchange trading services revenue. We also utilize derivatives in our asset and liability management activities and to manage other market risks. The entire change in fair value of such derivatives are recorded in net interest income and other fee revenue, respectively.
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 and foreign exchange contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates and foreign exchange rates, respectively.
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 EURIBOR indexed floating-rate loans, Deposit Facility Interest Rate (DFR) indexed ECB deposits and Interest Rate on Reserve Balances (IORB) indexed floating-rate cash deposits held across the Federal Reserve Bank system. The interest rate swaps synthetically convert the interest receipts from a variable-rate to a fixed-rate, thereby mitigating the risk attributable to changes in the EURIBOR, DFR and IORB.
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, 2024 is approximately $136 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, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$47,222 $12,668 
Foreign exchange contracts:
Forward, swap and spot2,612,945 2,528,115 
Options purchased466 851 
Options written145 544 
Futures359 197 
Other:
Futures155 125 
Stable value contracts(1)
25,271 28,704 
Deferred value awards(2)
253 289 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements33,302 20,333 
Foreign exchange contracts:
Forward and swap10,260 9,777 
(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, 2024December 31, 2023December 31, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts$29,116 $19,498 $28,904 $19,153 
Other derivative contracts1 — 219 182 
Total$29,117 $19,498 $29,123 $19,335 
Derivatives designated as hedging instruments:
Foreign exchange contracts$323 $196 $— $263 
Interest rate contracts28 13 1 4 
Total$351 $209 $1 $267 
(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,
202420232022
(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$862 $803 $938 
Foreign exchange contractsInterest expense274 (54)(20)
Interest rate contractsForeign exchange trading services revenue21 (2)3 
Other Derivative contractsOther fee revenue(12)(3)— 
Interest rate contractsOther fee revenue— — 1 
Other derivative contracts(1)
Compensation and employee benefits(189)(121)(89)
Total$956 $623 $833 
(1) Amount in 2024 reflects a deferred compensation expense acceleration of $79 million, related to prior period incentive compensation awards to align our deferred pay mix with peers.
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, 2024
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$15,951 $(323)$103 
Available-for-sale securities(2)(3)
18,666 (376)1 
December 31, 2023
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$12,463 $(340)$156 
Available-for-sale securities(2)(3)
11,260 (503)3 
(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 financial assets designated in under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At December 31, 2024 and 2023, the amortized cost of the closed portfolios used in these hedging relationships was $3.32 billion and $685 million, respectively, of which $1.82 billion and $400 million, respectively, was designated under the portfolio layer hedging relationship. At December 31, 2024 and 2023, the cumulative adjustment associated with these hedging relationships was ($26) million and ($6) million, respectively.
(3) Carrying amount represents amortized cost.
As of December 31, 2024 and 2023, the total notional amount of the interest rate swaps of fair value hedges was $31.12 billion and $19.43 billion, respectively.
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,Years Ended December 31,
202420232022202420232022
(In millions)
Location of Gain (Loss) on Derivative in Consolidated Statement of Income
Amount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income
Hedged Item in Fair Value Hedging Relationship
Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income
Amount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$(55)$(164)$676 
Available-for-sale securities(1)
Net interest income
$55 $164 $(676)
Interest rate contractsNet interest income17 202 (1,160)Long-term debtNet interest income(17)(202)1,160 
Foreign exchange contracts
Other fee revenue
21 — — 
Available-for-sale securities
Other fee revenue
(21)— — 
Total$(17)$38 $(484)$17 $(38)$484 
(1) For the year ended December 31, 2024, approximately $93 million of net unrealized losses on AFS investment securities designated in fair value hedges were recognized in OCI compared to approximately $122 million of net unrealized losses in the same period of 2023.
Years Ended December 31,Years Ended December 31,
202420232022Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income202420232022
(In millions)
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts(1)
$(6)$14 $(598)Net interest income$(200)$(210)$(43)
Foreign exchange contracts59 91 156 Net interest income254 2 92 
Total derivatives designated as cash flow hedges$53 $105 $(442)$54 $(208)$49 
Derivatives designated as net investment hedges:
Foreign exchange contracts$540 $(89)$291 $— $— $— 
Total derivatives designated as net investment hedges540 (89)291 — — — 
Total$593 $16 $(151)$54 $(208)$49 
(1) As of December 31, 2024, the maximum maturity date of the underlying hedged items is approximately 5.0 years.
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 derivative 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, 2024 totaled approximately $7.41 billion, against which we provided $5.66 billion of collateral in the normal course of business. If our credit related contingent features underlying these agreements were triggered as of December 31, 2024, the maximum additional collateral we would be required to post to our counterparties is approximately $1.75 billion.
v3.25.0.1
Offsetting Arrangements
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $11.41 billion and $10.67 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same dates was $2.76 billion and $6.41 billion, 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, 2024
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
$29,439 $(16,424)$13,015 $— $13,015 
Interest rate contracts(6)
28 (1)27 — 27 
Other derivative contracts
1 — 1 — 1 
Cash collateral and securities netting
NA(1,860)(1,860)(1,197)(3,057)
Total derivatives
29,468 (18,285)11,183 (1,197)9,986 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
276,151 (232,021)44,130 (42,589)1,541 
Total derivatives and other financial instruments$305,619 $(250,306)$55,313 $(43,786)$11,527 
Assets:December 31, 2023
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
$19,694 $(10,496)$9,198 $— $9,198 
Interest rate contracts(6)
13 — 13 — 13 
Cash collateral and securities netting
NA(3,904)(3,904)(1,069)(4,973)
Total derivatives
19,707 (14,400)5,307 (1,069)4,238 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
230,384 (200,561)29,823 (28,016)1,807 
Total derivatives and other financial instruments$250,091 $(214,961)$35,130 $(29,085)$6,045 
(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 $44.13 billion as of December 31, 2024 were $6.68 billion of resale agreements and $37.45 billion of collateral provided related to securities borrowing. Included in the $29.82 billion as of December 31, 2023 were $6.69 billion of resale agreements and $23.13 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, 2024
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$28,904 $(16,424)$12,480 $— $12,480 
Interest rate contracts(6)
1 (1)— — — 
Other derivative contracts219 — 219 — 219 
Cash collateral and securities nettingNA(6,103)(6,103)(1,572)(7,675)
Total derivatives29,124 (22,528)6,596 (1,572)5,024 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
250,032 (232,021)18,011 (17,835)176 
Total derivatives and other financial instruments$279,156 $(254,549)$24,607 $(19,407)$5,200 
Liabilities:December 31, 2023
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$19,416 $(10,496)$8,920 $— $8,920 
Interest rate contracts(6)
4 — 4 — 4 
Other derivative contracts182 — 182 — 182 
Cash collateral and securities nettingNA(1,413)(1,413)(633)(2,046)
Total derivatives19,602 (11,909)7,693 (633)7,060 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
214,362 (200,561)13,801 (13,306)495 
Total derivatives and other financial instruments$233,964 $(212,470)$21,494 $(13,939)$7,555 
(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 $18.01 billion as of December 31, 2024 were $3.68 billion of repurchase agreements and $14.33 billion of collateral received related to securities lending transactions. Included in the $13.80 billion as of December 31, 2023 were $1.87 billion of repurchase agreements and $11.93 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, 2024As of December 31, 2023
(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$223,095 $350 $1,277 $2,500 $227,222 $196,212 $— $185 $1,360 $197,757 
Non-US sovereign debt— — — — — — — — — — 
Total223,095 350 1,277 2,500 227,222 196,212 — 185 1,360 197,757 
Securities lending transactions:
US Treasury and agency securities152 — — — 152 6 — — — 6 
Corporate debt securities193 — — — 193 278 — 3 — 281 
Equity securities11,181 13 — 4,519 15,713 7,128 20 13 2,291 9,452 
Other(1)
6,752 — — — 6,752 6,866 — — — 6,866 
Total18,278 13 — 4,519 22,810 14,278 20 16 2,291 16,605 
Gross amount of recognized liabilities for repurchase agreements and securities lending$241,373 $363 $1,277 $7,019 $250,032 $210,490 $20 $201 $3,651 $214,362 
(1) Represents a security interest in underlying client assets related to our prime services business, which assets clients have allowed us to transfer and re-pledge.
v3.25.0.1
Commitments and Guarantees
 12 Months Ended
Dec. 31, 2024
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 guarantees, as of the dates indicated:
(In millions)December 31, 2024December 31, 2023
Commitments:
Unfunded credit facilities$34,191 $34,197 
Guarantees(1):
Indemnified securities financing$310,814 $279,916 
Standby letters of credit908 1,510 
(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, 2024, approximately 75% 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, 2024December 31, 2023
Fair value of indemnified securities financing$310,814 $279,916 
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing325,611 293,855 
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements63,655 59,028 
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements68,507 63,105 
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, 2024 and 2023, we had approximately $37.45 billion and $23.13 billion, respectively, of collateral provided and approximately $14.33 billion and $11.93 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 certain industry clearing and settlement exchanges, 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 is depleted. It is difficult to estimate our maximum possible exposure under the membership agreements, since this would require an assessment of future claims that may be made against us that have not yet occurred. At both December 31, 2024 and 2023, 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.
v3.25.0.1
Contingencies
 12 Months Ended
Dec. 31, 2024
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, 2024, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately $15 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, 2024, for those matters for which we have accrued probable loss contingencies 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 $30 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.
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 April 3, 2024. The complaint named the plan sponsor as well as the committees overseeing the plan and their respective members as defendants, and alleged breach of fiduciary duty and violations of other duties owed to retirement plan participants under ERISA. We resolved this matter at a cost that was within our established accruals for loss contingencies.
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.
Pension Risk Transfer Litigation
State Street Global Advisors Trust Company (“SSGA”) is named as a defendant in a series of purported class action complaints filed by participants in pension plans where, in each case, SSGA was hired as independent fiduciary on behalf of the pension plan to conduct an ERISA-compliant due diligence review of potential insurers who could assume the plan’s liabilities and satisfy its payment obligations through the purchase of a group annuity contract, consistent with DOL guidance. The complaints, collectively, allege violations of ERISA’s fiduciary and prohibited transaction rules against SSGA, the plan sponsors, and others.
German Tax Matter
In connection with a routine audit including the period 2013-2015, German tax authorities have questioned whether State Street should have
withheld and be secondarily liable for certain taxes on dividends paid on securities of German issuers held as collateral over dividend record dates in client lending transactions with counterparties outside of Germany.
OFAC Matter
In June 2024, State Street entered into a settlement agreement with the U.S. Department of Treasury’s OFAC to resolve its investigation into apparent violations of OFAC’s Ukraine-/Russia-Related Sanctions Regulations. In connection with the settlement, we paid a civil monetary penalty of $7.45 million and made certain compliance commitments.
State of Texas et al v. Blackrock, Inc. et al
In November 2024, eleven state Attorneys General filed a complaint in Federal Court in the Eastern District of Texas against State Street, BlackRock and Vanguard, alleging antitrust violations on the theory that the three companies conspired to artificially suppress coal supply, resulting in harm to American consumers in the form of higher electricity costs.
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 were approximately $237 million as of both December 31, 2024 and December 31, 2023.
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 2017. Management believes that we have sufficiently accrued liabilities as of December 31, 2024 for potential tax exposures.
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [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 we have 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.
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. If consolidation of certain funds is required, we retain the specialized investment company accounting rules followed by the underlying funds. 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, 2024 and 2023, we had no consolidated funds. As of December 31, 2024
and 2023, 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 $19 million and $18 million as of December 31, 2024 and 2023, 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, 2024 and 2023, our potential maximum loss exposure related to these unconsolidated entities totaled $1.10 billion and $1.33 billion, respectively, most of which represented the carrying value of our investments, which are recorded in other assets in our consolidated statement of condition.
We account for our low-income housing tax credit investments (LIHTC) and production tax credit investments under the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized based on a percentage of the actual income tax credits and other income tax benefits allocated in the current period versus the total estimated income tax credits and other income tax benefits expected to be received over the life of the investment. The net benefit, representing the difference between amortization of the investment balance, recognition of the income tax credits and recognition of other income tax benefits from the investment is recognized as a component of income tax expense.
As of December 31, 2024, we had investments in LIHTC and production tax credit investments of $705 million and $291 million, respectively, which are included in other assets in our consolidated statement of condition. Contingent contributions related to the renewable energy production tax credit investments were $42 million at December 31, 2024. These contributions are contingent on production and expected to be paid through 2034. Deferred contributions related to LIHTC investments were $110 million at December 31, 2024. These deferred contributions are payable in accordance with the respective agreements and are expected to be paid through 2042.
The following table presents the impact of our tax credit programs for which we have elected to apply proportional amortization accounting on our consolidated statement of income for the periods indicated:
Years Ended December 31,
(In millions)20242023
Income (loss) recorded on investments within other fee revenue$29 $26 
Income recorded in total revenue29 26 
Tax credits and benefits recognized in income tax expense256 239 
Proportional amortization recognized in income tax expense(207)(182)
Net benefits included in income tax expense49 57 
Net benefit attributable to tax-advantaged investments included in the consolidated statement of income for which proportional amortization has been elected
$78 $83 
v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
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, 2024:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedOwnership Interest Per Depositary ShareLiquidation Preference Per ShareLiquidation Preference Per Depositary SharePer Annum Dividend RateDividend Payment Frequency
Carrying Value as of December 31, 2024
(In millions)
Redemption Date(2)
Series GApril 201620,000,0001/4,000th100,000 25 
5.35%(3)
Quarterly$493 March 15, 2026
Series IJanuary 20241,500,000 1/100th100,000 1,000 
6.700% through March 14, 2029; resets March 15, 2029 and every subsequent five year anniversary at the five-year U.S. Treasury rate plus 2.613%
Quarterly1,481 March 15, 2029
Series JJuly 2024850,000 1/100th100,000 1,000 
6.700% through September 14, 2029; resets September 15, 2029 and every subsequent five year anniversary at the five-year U.S. Treasury rate plus 2.628%
Quarterly842 September 15, 2029
(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 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.
On January 31, 2024, we issued 1.5 million depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset, non-cumulative perpetual preferred stock, Series I, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $1.5 billion.
On March 15, 2024, we redeemed an aggregate $1.0 billion, or all 7,500 outstanding shares, of our non-cumulative perpetual preferred stock, Series D (represented by 30,000,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $25 per depository share), plus all declared and unpaid dividends and all 2,500 of the outstanding shares of our noncumulative perpetual preferred stock, Series F (represented by 250,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends.
On July 24, 2024, we issued 850,000 depositary shares, each representing 1/100th ownership interest in shares of fixed rate reset, non-cumulative perpetual preferred stock, Series J, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $842 million.
On September 16, 2024, we redeemed an aggregate $500 million, or all 5,000 outstanding shares, of our non-cumulative perpetual preferred stock, Series H (represented by 500,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $1,000 per depository share), plus all declared and unpaid dividends.
On February 6, 2025, we issued 750,000 depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset, non-cumulative perpetual preferred stock, Series K, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $743 million. Dividends on the Series K Preferred Stock will be payable quarterly at an initial rate of 6.450% per annum commencing on June 15, 2025, with the first dividend payable on a pro-rata basis. Our preferred stock dividends, including the declaration, timing and amount thereof, are subject to consideration and approval by the Board at the relevant times.
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,
20242023
(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$1,475 $0.37 $11 $5,900 $1.48 $44 
Series F2,336 23.36 6 8,935 89.35 23 
Series G5,350 1.34 27 5,350 1.34 27 
Series H6,251 62.51 31 5,625 56.25 28 
Series I
5,863 58.63 88 — — — 
Series J
2,643 26.43 22 — — — 
Total$185 $122 
Common Stock
On January 19, 2024, we announced a new common share repurchase program, approved by our Board and superseding all prior programs, authorizing the purchase of up to $5.0 billion of our common stock beginning in the first quarter of 2024 with no set expiration date the “2024 Program”). During 2024, we repurchased $1.3 billion of our common stock under the 2024 Program and expect common share repurchases to continue under this program during 2025.
In 2023, we repurchased $3.8 billion of our common stock under the previously approved common share repurchase program authorizing the purchase of up to $4.5 billion of our common stock through December 31, 2023 (the “2023 Program”).
The tables below present the activity under our common share repurchase program for the period indicated:
Years Ended December 31,
20242023
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2024 Program
15.1 $85.89 $1,300 — $— $— 
2023 Program— — — 49.2 77.22 3,800 
The table below presents the dividends declared on common stock for the periods indicated:
Years Ended December 31,
20242023
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$2.90 $859 $2.64 $837 
Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2021$(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 $(3,711)
Other comprehensive income (loss) before reclassifications75 442 (3)351 (90)775 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income153 428 1 — — 582 
Other comprehensive income (loss)228 870 (2)351 (90)1,357 
Balance as of December 31, 2023$(131)$(947)$(145)$(1,400)$269 $(2,354)
Other comprehensive income (loss) before reclassifications39 15 14 (768)540 (160)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(40)452 2 — — 414 
Other comprehensive income (loss)(1)467 16 (768)540 254 
Balance as of December 31, 2024$(132)$(480)$(129)$(2,168)$809 $(2,100)
(1) Includes after-tax net unamortized unrealized gains (losses) of ($374) million, ($530) million and ($749) million as of December 31, 2024, 2023 and 2022, respectively, related to AFS investment securities previously transferred to HTM.
The following table presents after-tax reclassifications into earnings for the periods indicated:
Years Ended December 31,
202420232022
(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 $21, $81 and $1 respectively
$59 $213 $1 Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $137, $81 and $96 respectively
393 215 169 Net interest income
Cash flow hedges:
(Gains) losses reclassified from accumulated other comprehensive income into income, net of related taxes of ($14), $55 and ($13) respectively
(40)153 (36)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of nil, nil and $(1) respectively
2 1 (12)Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$414 $582 $122 
v3.25.0.1
Regulatory Capital
 12 Months Ended
Dec. 31, 2024
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 the U.S. Agencies. 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, 2024, we and State Street Bank exceeded all regulatory capital adequacy requirements to which we were subject. As of December 31, 2024, 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, 2024 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, 2024Basel III Standardized Approach December 31, 2024Basel III Advanced Approaches December 31, 2023Basel III Standardized Approach December 31, 2023Basel III Advanced Approaches December 31, 2024Basel III Standardized Approach December 31, 2024Basel III Advanced Approaches December 31, 2023Basel III Standardized Approach December 31, 2023
 Common shareholders’ equity:
Common stock and related surplus$11,226 $11,226 $11,245 $11,245 $13,333 $13,333 $13,033 $13,033 
Retained earnings29,582 29,582 27,957 27,957 15,977 15,977 14,454 14,454 
Accumulated other comprehensive income (loss)(2,100)(2,100)(2,354)(2,354)(1,805)(1,805)(2,097)(2,097)
Treasury stock, at cost(16,198)(16,198)(15,025)(15,025)— — — — 
Total22,510 22,510 21,823 21,823 27,505 27,505 25,390 25,390 
Regulatory capital adjustments:
Goodwill and other intangible assets, net of associated deferred tax liabilities(8,320)(8,320)(8,470)(8,470)(8,054)(8,054)(8,208)(8,208)
Other adjustments(1)
(391)(391)(382)(382)(278)(278)(298)(298)
 Common equity tier 1 capital13,799 13,799 12,971 12,971 19,173 19,173 16,884 16,884 
Preferred stock2,816 2,816 1,976 1,976 — — — — 
 Tier 1 capital16,615 16,615 14,947 14,947 19,173 19,173 16,884 16,884 
Qualifying subordinated long-term debt1,861 1,861 1,870 1,870 530 530 536 536 
Adjusted allowance for credit losses— 183 — 150 — 183 — 150 
 Total capital$18,476 $18,659 $16,817 $16,967 $19,703 $19,886 $17,420 $17,570 
 Risk-weighted assets:
Credit risk(2)
$63,252 $124,281 $61,210 $109,228 $57,883 $121,785 $54,942 $107,067 
Operational risk(3)
49,350  NA43,768 NA47,538 NA42,297 NA
Market risk2,000 2,000 2,475 2,475 2,000 2,000 2,475 2,475 
Total risk-weighted assets$114,602 $126,281 $107,453 $111,703 $107,421 $123,785 $99,714 $109,542 
Adjusted quarterly average assets$318,470 $318,470 $269,807 $269,807 $314,754 $314,754 $266,818 $266,818 
Capital Ratios:
2024 Minimum Requirements(4)
2023 Minimum Requirements(4)
Common equity tier 1 capital8.0 %8.0 %12.0 %10.9 %12.1 %11.6 %17.8 %15.5 %16.9 %15.4 %
Tier 1 capital9.5 9.5 14.5 13.2 13.9 13.4 17.8 15.5 16.9 15.4 
Total capital11.5 11.5 16.1 14.8 15.7 15.2 18.3 16.1 17.5 16.0 
Tier 1 leverage(5)
4.0 4.0 5.2 5.2 5.5 5.5 6.1 6.1 6.3 6.3 
(1) Other adjustments within CET1 capital primarily include disallowed deferred tax assets, cash flow hedges that are not recognized at fair value on the balance sheet, and the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities.
(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 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%. On June 26, 2024, we were notified by the Federal Reserve of the results from the 2024 supervisory stress test. Our SCB calculated under the 2024 supervisory stress test was well below the 2.5% minimum, resulting in an SCB at that floor, which remains in effect for the period from October 1, 2024 through September 30, 2025.
(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
v3.25.0.1
Net Interest Income
 12 Months Ended
Dec. 31, 2024
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)202420232022
Interest income:
Interest-bearing deposits with banks$3,634 $2,869 $842 
Investment securities:
Investment securities available-for-sale2,680 1,744 724 
Investment securities held-to-maturity1,090 1,262 979 
Total investment securities3,770 3,006 1,703 
Securities purchased under resale agreements686 312 188 
Loans 2,271 1,862 972 
Other interest-earning assets1,616 1,131 383 
Total interest income11,977 9,180 4,088 
Interest expense:
Interest-bearing deposits6,627 4,991 967 
Securities sold under repurchase agreements156 34 14 
Federal funds purchased— 3 — 
Short-term borrowings577 40 26 
Long-term debt1,086 888 376 
Other interest-bearing liabilities608 465 161 
Total interest expense9,054 6,421 1,544 
Net interest income$2,923 $2,759 $2,544 
v3.25.0.1
Equity-Based Compensation
 12 Months Ended
Dec. 31, 2024
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 amended and restated and approved by shareholders in May 2023 for issuance of stock and stock based awards. Awards may be made under the 2017 Plan for (i) up to 15.1 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, 2024, 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, 2024, a cumulative total of 24.7 million shares have been awarded under the 2017 Plan, compared to cumulative totals of 21.7 million shares and 18.7 million shares as of December 31, 2023 and 2022, 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, 2024, 7.0 million shares had been awarded under the 2017 Plan but not delivered, and have become available for re-issue. As of December 31, 2024, a total of 18.3 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 zero 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 $223 million, $208 million and $240 million for the years ended December 31, 2024, 2023 and 2022, respectively. Such expense for 2024, 2023 and 2022 excluded an expense of $3 million, $12 million and $21 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, 2024, 2023 and 2022, no stock appreciation rights were exercised. As of December 31, 2024, 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, 20225,279 $72.43 
Granted2,421 79.58 
Vested(2,587)71.54 
Forfeited(145)76.40 
Outstanding as of December 31, 20234,968 75.72 
Granted2,551 68.70 
Vested(2,513)73.62 
Forfeited(147)73.35 
Outstanding as of December 31, 20244,859 73.20 
The total fair value of deferred stock awards vested for the years ended December 31, 2024, 2023 and 2022, based on the weighted average grant date fair value in each respective year, was $185 million, $185 million and $217 million, respectively. As of December 31, 2024, total unrecognized compensation cost related to deferred stock awards, net of estimated forfeitures, was $169 million, which is expected to be recognized over a weighted-average period of 2.2 years.
Shares
(In thousands)		Weighted-Average
Grant Date Fair Value
Performance Awards:
Outstanding as of December 31, 20222,296 $69.43 
Granted614 79.96 
Forfeited(17)74.59 
Paid out(687)62.99 
Outstanding as of December 31, 20232,206 74.33 
Granted363 63.49 
Forfeited(28)80.01 
Paid out(502)65.70 
Outstanding as of December 31, 20242,039 74.44 
The total fair value of performance awards vested for the years ended December 31, 2024, 2023 and 2022, based on the weighted average grant date fair value in each respective year, was $33 million, $43 million and $60 million, respectively. As of December 31, 2024, total unrecognized compensation cost related to performance awards, net of estimated forfeitures, was $15 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, 202235 $79.99 
Granted24 83.80 
Paid out(32)79.99 
Outstanding as of December 31, 202327 83.37 
Granted40 69.96 
Paid out(38)76.11 
Outstanding as of December 31, 202429 74.52 
The total fair value of cash-settled restricted stock awards vested during both the years ended December 31, 2024 and 2023, based on the weighted average grant date fair value, was $3 million. As of December 31, 2024, 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.
v3.25.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2024
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 $17 million, $16 million and $21 million in 2024, 2023 and 2022, 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 $1.10 billion, $19 million and less than $1 million, respectively, as of December 31, 2024 and $1.16 billion, $25 million and $1 million, respectively, as of December 31, 2023. 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 $26 million and $10 million
as of December 31, 2024 and 2023, respectively. The non-qualified supplemental retirement plans were underfunded by $19 million and $25 million as of December 31, 2024 and 2023, respectively. The other post-retirement benefit plans were underfunded by less than $1 million and $1 million as of December 31, 2024 and 2023, 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 $212 million, $194 million and $171 million in 2024, 2023 and 2022, respectively.
v3.25.0.1
Occupancy Expense and Information Systems and Communications Expense
 12 Months Ended
Dec. 31, 2024
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 2024, 2023 and 2022 was $824 million, $829 million and $842 million, respectively.
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, 2024 and 2023, we had finance leases for information technology equipment of $67 million and $119 million, respectively, recorded in premises and equipment, with the related liability of $79 million and $130 million, respectively, recorded in long-term debt, in our consolidated statement of condition.
Finance lease right-of-use asset amortization is recorded in information systems and communications expense on a straight-line basis in our consolidated statement of income over the respective lease term. Lease payments are recorded as a reduction of the liability, with a portion recorded as imputed interest expense. Accumulated amortization of the finance lease right-of-use assets was $135 million as of December 31, 2024. Interest expense related to the finance lease obligation reflected in NII was $3 million and $5 million in 2024 and 2023, respectively.
As of December 31, 2024, aggregate net book value of the operating lease right-of-use assets recorded in other assets was $818 million, with the related lease liability 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, 2024, we have additional operating and finance leases, primarily for office space and equipment, that have not yet commenced with approximately $207 million of undiscounted future minimum lease payments. These leases will commence in fiscal year 2025 with lease terms ranging from 3 to 11 years.
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 2024:
Years Ended December 31,
(In millions)20242023
Finance lease:
Amortization of right-of-use assets$48 $48 
Interest on lease liabilities3 5 
Total finance lease expense51 53 
Sublease income — — 
Net finance lease expense51 53 
Operating lease:
Operating lease expense168 163 
Sublease income (17)(23)
Net operating lease expense151 140 
Net lease expense$202 $193 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$3 $5 
Operating cash flows from operating leases179 197 
Financing cash flows from finance leases46 45 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$174 $461 
Finance leases— — 
The following table presents future minimum lease payments under non-cancellable leases as of December 31, 2024:
(In millions)Operating LeasesFinance LeasesTotal
2025
$182 $55 $237 
2026152 26 178 
2027134 — 134 
2028118 — 118 
202988 — 88 
Thereafter342 — 342 
Total future minimum lease payments1,016 81 1,097 
Less imputed interest(177)(2)(179)
     Total$839 $79 $918 
The following table presents details related to remaining lease terms and discount rate as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Weighted-average remaining lease term (in years):
     Finance leases1.42.5
     Operating leases8.18.5
Weighted-average discount rate:
     Finance leases3 %3 %
     Operating leases4 %4 %
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 2024, 2023 and 2022 was $824 million, $829 million and $842 million, respectively.
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, 2024 and 2023, we had finance leases for information technology equipment of $67 million and $119 million, respectively, recorded in premises and equipment, with the related liability of $79 million and $130 million, respectively, recorded in long-term debt, in our consolidated statement of condition.
Finance lease right-of-use asset amortization is recorded in information systems and communications expense on a straight-line basis in our consolidated statement of income over the respective lease term. Lease payments are recorded as a reduction of the liability, with a portion recorded as imputed interest expense. Accumulated amortization of the finance lease right-of-use assets was $135 million as of December 31, 2024. Interest expense related to the finance lease obligation reflected in NII was $3 million and $5 million in 2024 and 2023, respectively.
As of December 31, 2024, aggregate net book value of the operating lease right-of-use assets recorded in other assets was $818 million, with the related lease liability 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, 2024, we have additional operating and finance leases, primarily for office space and equipment, that have not yet commenced with approximately $207 million of undiscounted future minimum lease payments. These leases will commence in fiscal year 2025 with lease terms ranging from 3 to 11 years.
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 2024:
Years Ended December 31,
(In millions)20242023
Finance lease:
Amortization of right-of-use assets$48 $48 
Interest on lease liabilities3 5 
Total finance lease expense51 53 
Sublease income — — 
Net finance lease expense51 53 
Operating lease:
Operating lease expense168 163 
Sublease income (17)(23)
Net operating lease expense151 140 
Net lease expense$202 $193 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$3 $5 
Operating cash flows from operating leases179 197 
Financing cash flows from finance leases46 45 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$174 $461 
Finance leases— — 
The following table presents future minimum lease payments under non-cancellable leases as of December 31, 2024:
(In millions)Operating LeasesFinance LeasesTotal
2025
$182 $55 $237 
2026152 26 178 
2027134 — 134 
2028118 — 118 
202988 — 88 
Thereafter342 — 342 
Total future minimum lease payments1,016 81 1,097 
Less imputed interest(177)(2)(179)
     Total$839 $79 $918 
The following table presents details related to remaining lease terms and discount rate as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Weighted-average remaining lease term (in years):
     Finance leases1.42.5
     Operating leases8.18.5
Weighted-average discount rate:
     Finance leases3 %3 %
     Operating leases4 %4 %
v3.25.0.1
Expenses
 12 Months Ended
Dec. 31, 2024
Other Expenses [Abstract]  
Expenses Expenses
The following table presents the components of other expenses for the periods indicated:
Years Ended December 31,
(In millions)202420232022
Professional services$465 $428 $375 
Regulatory fees and assessments(1)
142 464 83 
Sales advertising and public relations142 142 99 
Securities processing78 49 63 
Bank operations51 45 41 
Donations28 27 27 
Other433 374 387 
Total other expenses$1,339 $1,529 $1,075 
(1) Includes an FDIC special assessment of $99 million and $387 million in 2024 and 2023, respectively, related to FDIC’s recovery of estimated losses to the Deposit Insurance Fund associated with the closures of Silicon Valley Bank and Signature Bank reflected in other expenses.
Repositioning Charges
In 2024, we recorded a net repositioning release of $2 million, including a $15 million release reflected in compensation and employee benefits expenses, partially offset by $13 million of occupancy charges related to footprint optimization.
In 2023, we recorded net repositioning charges of approximately $203 million to enable the next phase of our productivity efforts to streamline operations and technology, and improve efficiency. Expenses for 2023 included $182 million of compensation and employee benefits expenses related to workforce rationalization and $21 million of occupancy costs related to real estate footprint optimization.
The following table presents aggregate activity for repositioning charges for the periods indicated:
(In millions)Employee
Related Costs		Real Estate
Actions		Total
Accrual Balance at December 31, 2021$68 $6 $74 
Accruals for Repositioning Charges
58 20 78 
Payments and Other Adjustments(43)(21)(64)
Accrual Balance at December 31, 202283 5 88 
Accruals for Repositioning Charges
182 21 203 
Payments and Other Adjustments(58)(25)(83)
Accrual Balance at December 31, 2023207 1 208 
Accruals for Repositioning Charges
(15)13 (2)
Payments and Other Adjustments(96)(14)(110)
Accrual Balance at December 31, 2024
$96 $— $96 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We 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)202420232022
Current:
Federal$108 $160 $161 
State68 79 112 
Non-U.S.387 317 342 
Total current expense563 556 615 
Deferred:
Federal77 (77)(16)
State2 (63)(2)
Non-U.S.66 (44)(44)
Total deferred expense (benefit)145 (184)(62)
Total income tax expense (benefit)$708 $372 $553 
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,
202420232022
U.S. federal income tax rate21.0 %21.0 %21.0 %
Changes from statutory rate:
State taxes, net of federal benefit1.8 2.4 3.1 
Tax-exempt income(1.0)(1.5)(1.0)
Business tax credits(1)
(2.0)(3.6)(4.0)
Foreign tax differential1.0 (0.6)— 
Foreign tax credit (benefits)/ limitations(2)
0.6 (2.0)(0.1)
Change in Valuation Allowance(0.5)(0.2)(2.0)
Other, net(0.1)0.6 (0.4)
Effective tax rate20.8 %16.1 %16.6 %
(1) Business tax credits include research, low-income housing, production and investment tax credits.
(2) Foreign tax credit (benefits)/limitations includes the period expense for global intangible low-taxed income.
Undistributed indefinitely reinvested earnings of certain foreign subsidiaries amounted to approximately $8.38 billion at December 31, 2024. 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)20242023
Deferred tax assets:
Other amortizable assets$189 $265 
Tax credit carryforwards577 673 
Lease obligations214 236 
Deferred compensation111 104 
Restructuring charges and other reserves227 224 
NOL and other carryforwards147 167 
Pension plan21 24 
Foreign currency translation63 51 
Unrealized losses on investment securities, net184 352 
Total deferred tax assets 1,733 2,096 
Valuation allowance for deferred tax assets(172)(200)
Deferred tax assets, net of valuation allowance$1,561 $1,896 
Deferred tax liabilities:
Fixed and intangible assets$634 $574 
Investment basis differences47 40 
Right-of-use Assets198 214 
Other40 68 
Total deferred tax liabilities$919 $896 
The table below summarizes the deferred tax assets, carryforwards and related valuation allowances recognized as of December 31, 2024:
(In millions)Deferred Tax AssetValuation AllowanceExpiration
Other amortizable assets$189 $(72)
None
Tax credits577 (8)
2042-2044
NOLs - Non-U.S.130 (80)
2026-2042, None
NOLs - U.S.14 (10)
2025-2043, None
Other carryforwards2 (2)
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, 2024, 2023 and 2022, the gross unrecognized tax benefits, excluding interest, were $237 million, $237 million and $285 million, respectively. Of this, the amounts that would reduce the effective tax rate, if recognized, are $220 million, $197 million and $272 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)202420232022
Beginning balance$237 $285 $252 
Decrease related to agreements with tax authorities(22)(32)(4)
Increase related to tax positions taken during current year36 39 48 
Increase/(Decrease) related to tax positions taken during prior years11 (34)8 
Decreases related to a lapse of the applicable statute of limitations(25)(21)(19)
Ending balance$237 $237 $285 
It is reasonably possible that of the $237 million of unrecognized tax benefits as of December 31, 2024, up to $37 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, 2024 for tax exposures and related interest expense.
Income tax expense included related interest and penalties of approximately $8 million, $7 million and $8 million in 2024, 2023 and 2022, respectively. Total accrued interest and penalties were approximately $21 million as of both December 31, 2024 and 2023, and $15 million as of December 31, 2022.
v3.25.0.1
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
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)202420232022
Net income$2,687 $1,944 $2,774 
Less:
Preferred stock dividends (202)(122)(112)
Dividends and undistributed earnings allocated to participating securities(1)
(2)(1)(2)
Net income available to common shareholders$2,483 $1,821 $2,660 
Average common shares outstanding (In thousands):
Basic average common shares297,883 322,337 365,214 
Effect of dilutive securities: equity-based awards4,343 4,231 4,895 
Diluted average common shares302,226 326,568 370,109 
Anti-dilutive securities(2)
14 1,251 866 
Earnings per common share:
Basic$8.33 $5.65 $7.28 
Diluted(3)
8.21 5.58 7.19 
(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.
v3.25.0.1
Line of Business Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Line of Business Information Line of Business Information
Our operations are organized into two lines of business, which represent our reportable segments: 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 provides a broad range of services and market and financing solutions to 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.
Through State Street Investment Services, State Street Global Markets® and State Street Alpha®, we offer a full range of back- and middle-office solutions,
including custody, accounting and fund administration services for traditional and alternative assets, as well as multi-asset class investments; recordkeeping, client reporting and investment book of record, transaction management, loans, cash, derivatives and collateral services; investor services operations outsourcing; performance, risk and compliance analytics; financial data management to support institutional investors; foreign exchange, brokerage and other trading services; securities finance, including prime services products; and deposit and short-term investment facilities.
Together with our middle- and back-office services, CRD’s front- and middle-office technology offerings form the foundation of State Street Alpha®. 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. Included in CRD’s technology offerings are Charles River Investment Management Solution, a front-office technology offering that automates and simplifies 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; Charles River for Private Markets, an investment management solution for institutions investing in Private Credit, Private Equity, Real Estate, Infrastructure, and Funds; and Charles River Wealth Management Solution, which provides portfolio management, trading compliance and manager/sponsor communication capabilities to wealth managers, private banks and financial advisors.
As the digital asset space continues to mature, we are building solutions to service, tokenize and safekeep digital assets. Our vision is to enable core digital asset infrastructure as a trusted provider of end-to-end solutions on a secure, interoperable blockchain.
Investment Management provides a comprehensive range of investment management solutions and products for our clients through State Street Global Advisors. Our investment management solutions include strategies across equity, fixed income, cash, multi-asset and alternatives; products such as SPDR® ETFs and index funds; and services including defined benefit, defined contribution, and Outsourced Chief Investment Officer.
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% of our consolidated total revenue. The remaining 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. Our CODM is the chief executive officer. The line of business results are regularly provided to the CODM to evaluate the performance of each line of business and to inform how resources are allocated between those lines of business to best achieve 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 for the periods indicated.
Years Ended December 31,
Investment
Servicing		Investment
Management		OtherTotal
(Dollars in millions)202420232022202420232022202420232022202420232022
Revenue:
Servicing fees$5,016 $4,922 $5,087 $— $— $— $— $— $— $5,016 $4,922 $5,087 
Management fees— — — 2,124 1,876 1,939 — — — 2,124 1,876 1,939 
Foreign exchange trading services1,248 1,140 1,271 138 125 82 15 — 23 1,401 1,265 1,376 
Securities finance415 402 397 23 24 19 — — — 438 426 416 
Software and processing fees888 811 789 — — — — — — 888 811 789 
Other fee revenue(1)
188 145 46 35 35 (47)66 — — 289 180 (1)
Total fee revenue7,755 7,420 7,590 2,320 2,060 1,993 81 — 23 10,156 9,480 9,606 
Net interest income2,899 2,740 2,551 24 19 (7)— — — 2,923 2,759 2,544 
Total other income2 — (2)— — — (81)(294)— (79)(294)(2)
Total revenue10,656 10,160 10,139 2,344 2,079 1,986 — (294)23 13,000 11,945 12,148 
Provision for credit losses75 46 20 — — — — — — 75 46 20 
Expenses:
Compensation and employee benefits4,078 4,033 3,896 555 520 478 64 191 54 4,697 4,744 4,428 
Information systems and communications1,743 1,568 1,535 86 94 95 — 41 — 1,829 1,703 1,630 
Transaction processing services825 777 809 173 180 162 — — — 998 957 971 
Other
1,041 1,035 1,020 841 746 661 124 398 91 2,006 2,179 1,772 
Total expenses7,687 7,413 7,260 1,655 1,540 1,396 188 630 145 9,530 9,583 8,801 
Income before income tax expense$2,894 $2,701 $2,859 $689 $539 $590 $(188)$(924)$(122)$3,395 $2,316 $3,327 
Pre-tax margin27 %27 %28 %29 %26 %30 %26 %19 %27 %
Average assets (in billions)$308.5 $271.5 $283.2 $3.2 $3.2 $3.2 $311.7 $274.7 $286.4 
(1) Investment Management includes other revenue items that are primarily driven by equity market movements.
The “Other” columns presented in the previous table, represent amounts that are not allocated to our two lines of business. The following provides additional information about the items included in the line of business results “Other” column for the periods indicated.
Years Ended December 31,
Other
(Dollars in millions)202420232022
Fee revenue(1)
$81 $— $23 
Other Income(2)
(81)(294)— 
Deferred incentive compensation expense acceleration(3)
(79)— — 
Net repositioning charges(4)
2 (203)(70)
Net acquisition and restructuring costs(5)
— 15 (65)
FDIC special assessment and other(6)
(111)(442)(10)
Total$(188)$(924)$(122)
(1) Includes a $66 million gain on sale of equity investment and a $15 million revenue-related recovery associated with the proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.
(2) Includes the loss on the sale of investment securities of $81 million and $294 million in 2024 and 2023, respectively, related to the repositioning of the investment portfolio.
(3) Deferred compensation expense acceleration of $79 million in 2024 reflected in compensation and employee benefits, associated with an amendment of certain outstanding deferred cash incentive compensation awards to align our deferred pay mix with peers.
(4) Net repositioning charges in 2024 includes a $15 million release reflected in compensation and employee benefits, partially offset by $13 million of occupancy charges related to footprint optimization. Net repositioning charges in 2023 includes $182 million reflected in compensation and employee benefits expenses related to workforce rationalization and $21 million of occupancy costs related to real estate footprint optimization.
(5) Acquisition and restructuring costs related to the Brown Brother Harriman Investor Services acquisition transaction that State Street is no longer pursuing.
(6) Includes an FDIC special assessment of $99 million and $387 million in 2024 and 2023, respectively, related to FDIC’s recovery of estimated losses to the Deposit Insurance Fund associated with the closures of Silicon Valley Bank and Signature Bank reflected in other expenses. Other includes a $12 million charge in 2024 reflected in other expenses and $41 million in 2023 reflected in information systems and communications, primarily related to operating model changes.
v3.25.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2024
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.
Revenue related to the front office solutions provided by CRD is primarily driven by the sale of licenses and SaaS 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, 2024
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2024
Servicing fees$5,016 $— $5,016 $— $— $— $— $— $— $5,016 
Management fees— — — 2,124 — 2,124 — — — 2,124 
Foreign exchange trading services 386 862 1,248 138 — 138 — 15 15 1,401 
Securities finance185 230 415 — 23 23 — — — 438 
Software and processing fees 685 203 888 — — — — — — 888 
Other fee revenue— 188 188 — 35 35 — 66 66 289 
Total fee revenue6,272 1,483 7,755 2,262 58 2,320 — 81 81 10,156 
Net interest income— 2,899 2,899 — 24 24 — — — 2,923 
Total other income— 2 2 — — — — (81)(81)(79)
Total revenue$6,272 $4,384 $10,656 $2,262 $82 $2,344 $— $— $— $13,000 
Year Ended December 31, 2023
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2023
Servicing fees$4,922 $— $4,922 $— $— $— $— $— $— $4,922 
Management fees— — — 1,876 — 1,876 — — — 1,876 
Foreign exchange trading services 344 796 1,140 125 — 125 — — — 1,265 
Securities finance225 177 402 — 24 24 — — — 426 
Software and processing fees 627 184 811 — — — — — — 811 
Other fee revenue— 145 145 — 35 35 — — — 180 
Total fee revenue6,118 1,302 7,420 2,001 59 2,060 — — — 9,480 
Net interest income— 2,740 2,740 — 19 19 — — — 2,759 
Total other income— — — — — — — (294)(294)(294)
Total revenue$6,118 $4,042 $10,160 $2,001 $78 $2,079 $— $(294)$(294)$11,945 
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 services363 908 1,271 82 — 82 — 23 23 1,376 
Securities finance233 164 397 — 19 19 — — — 416 
Software and processing fees599 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 
Contract balances and contract costs
As of December 31, 2024 and 2023, net receivables of $3.08 billion and $2.72 billion, respectively, are included in accrued interest and fees receivable and other assets, 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 $144 million and $133 million of deferred revenue as of December 31, 2024 and 2023, 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 the year ended December 31, 2024, we recognized revenue of $122 million relating to deferred revenue of $133 million as of December 31, 2023.
Transaction price allocated to the remaining performance obligations represents future, non-cancellable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and non-cancellable amounts that will be invoiced and recognized as revenue in future periods. As of December 31, 2024, total remaining non-cancelable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $1.87 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.
v3.25.0.1
Non-U.S. Activities
 12 Months Ended
Dec. 31, 2024
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 that 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,
202420232022
(In millions)
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Total revenue$5,485 $7,515 $13,000 $5,108 $6,837 $11,945 $5,170 $6,978 $12,148 
Income before income tax expense 1,376 2,019 3,395 1,057 1,259 2,316 1,358 1,969 3,327 
(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 $88.35 billion and $89.85 billion as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2024
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)202420232022
Cash dividends from consolidated banking subsidiary$1,250 $4,550 $1,500 
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities58 320 198 
Other, net516 274 69 
Total revenue1,824 5,144 1,767 
Interest expense1,170 975 426 
Other expenses239 198 93 
Total expenses1,409 1,173 519 
Income tax (benefit)(232)(224)(121)
Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities
647 4,195 1,369 
Equity in undistributed income (loss) of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary1,522 (2,464)1,275 
Consolidated non-banking subsidiaries and unconsolidated entities518 213 130 
Net income$2,687 $1,944 $2,774 
Statement of Condition - Parent Company
As of December 31,
(In millions)20242023
Assets:
Interest-bearing deposits with consolidated banking subsidiary$438 $659 
Trading account assets499 454 
Investment securities available-for-sale378 279 
Investments in:
Consolidated banking subsidiary27,504 25,391 
Consolidated non-banking subsidiaries10,487 10,055 
Unconsolidated entities114 111 
Notes and other receivables from:
Consolidated banking subsidiary170 2 
Consolidated non-banking subsidiaries and unconsolidated entities9,211 6,816 
Other assets127 230 
Total assets$48,928 $43,997 
Liabilities:
Notes and other payables to:
  Consolidated banking subsidiary$— $68 
  Consolidated non-banking subsidiaries and unconsolidated entities2,063 896 
Accrued expenses and other liabilities652 615 
Long-term debt20,887 18,619 
Total liabilities23,602 20,198 
Shareholders’ equity25,326 23,799 
Total liabilities and shareholders’ equity$48,928 $43,997 
Statement of Cash Flows - Parent Company
Years Ended December 31,
(In millions)202420232022
Net cash provided by (used in) operating activities$622 $4,194 $1,608 
Investing Activities:
Net increase (decrease) in interest-bearing deposits with consolidated banking subsidiary
221 (199)22 
Proceeds from sales and maturities of available-for-sale securities1,120 830 780 
Purchases of available-for-sale securities(1,204)(836)(886)
Investments in consolidated banking and non-banking subsidiaries(9,330)(10,784)(16,252)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries7,875 7,920 15,092 
Net cash used in investing activities
(1,318)(3,069)(1,244)
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs4,281 6,221 3,731 
Payments for long-term debt(2,000)(2,500)(1,500)
Proceeds from issuance of preferred stock, net of issuance costs2,350 — — 
Payments for redemption of preferred stock(1,500)— — 
Repurchases of common stock(1,319)(3,781)(1,500)
Repurchases of common stock for employee tax withholding(83)(95)(123)
Payments for cash dividends(1,033)(970)(972)
Net cash provided by (used in) financing activities
696 (1,125)(364)
Net change— — — 
Cash and due from banks at beginning of year— — — 
Cash and due from banks at end of year$— $— $— 
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On January 27, 2025, we redeemed $500 million aggregate principal amount of 4.857% fixed-to-floating rate senior notes due 2026.
On February 6, 2025, we redeemed $300 million aggregate principal amount of 1.746% fixed-to-floating rate senior notes due 2026.
On February 6, 2025, we issued 750,000 depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset, non-cumulative perpetual preferred stock, Series K, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $743 million.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 2,687 $ 1,944 $ 2,774
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity risk is an integral part of our enterprise risk management and is managed as part of our overall information technology risk under the direction of our Chief Information Security Officer (CISO). Our CISO is an executive vice president at State Street and is responsible for our overall information security program.
Before joining State Street, our CISO worked at a global information technology firm for more than 10 years, holding various positions, including senior vice president and chief security officer, and, prior to that, chief information security officer for that firm’s software division. Earlier on, she held leadership and general manager roles at an information management firm and an information security firm, each based in both the United States and Europe. She has worked with the World Economic Forum as a member of their Global Future Council on Cybersecurity. She holds a Doctor of Philosophy in information security and a Bachelor of Science in computer science.
We recognize the significance of cyber-attacks and take steps to mitigate the risks associated with them. We invest in building and maintaining a mature cybersecurity program to leverage people, technology and processes to protect our systems and the data in our care. We have also implemented a program to help us better measure and manage cybersecurity risk, including those risks we face when we engage third parties for products and services.
We design our information and systems access restrictions referencing the National Institute of Standards and Technology 800 53R5 and NIST CSF 2.0 Framework and use the supplemental requirements as implementation guidance. Our information security policies and standards are reviewed and updated for new regulatory changes and/or mandates. These standards are applicable to all corporate functions, business units, subsidiaries and controlled affiliates across the enterprise. Annual audits are conducted by internal and external parties to measure compliance and adherence to the standards.
All employees and third parties that have access to our systems or networks are required to adhere to our cybersecurity policy and standards. Our centralized information security group provides education and training. This training includes a required annual online training class for all employees and third parties that have access to our systems or networks, multiple simulated phishing attacks and regular information security awareness materials. Every employee and contractor has a defined role in protecting systems and information of State Street, our clients and others. They are responsible for complying with the information security program, reporting suspected violations and threats; and protecting the confidentiality of information assets of us, our clients and others at all times.
We employ Information Security Officers to help the business better understand and manage their information security risks, as well as to work with the centralized Global Cybersecurity team to drive awareness and compliance throughout the business.
We use independent third parties to perform ethical hacks of key systems and penetration tests of our network and certain applications to help us better understand the effectiveness of our controls and to implement more effective controls, and we engage with third parties to conduct reviews of our overall program to help us better align our cybersecurity program with what is required of a large financial services organization.
We have an incident response program in place that is designed to enable a coordinated response to mitigate the impact of cyber-attacks, recover from the attack and to drive the appropriate level of communication to internal and external stakeholders, including timely reporting of material incidents in accordance with SEC rules.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity risk is an integral part of our enterprise risk management and is managed as part of our overall information technology risk under the direction of our Chief Information Security Officer (CISO). Our CISO is an executive vice president at State Street and is responsible for our overall information security program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The TORC, an executive management committee, assesses and manages the effectiveness of our cybersecurity program, which is overseen by the TOPS of our Board. The TOPS receives regular cybersecurity updates throughout the year and is responsible for reviewing and approving the cybersecurity policy on an annual basis. We have not identified any risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations or financial condition.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The TORC, an executive management committee, assesses and manages the effectiveness of our cybersecurity program, which is overseen by the TOPS of our Board.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The TOPS receives regular cybersecurity updates throughout the year and is responsible for reviewing and approving the cybersecurity policy on an annual basis.
Cybersecurity Risk Role of Management [Text Block]
Cybersecurity risk is an integral part of our enterprise risk management and is managed as part of our overall information technology risk under the direction of our Chief Information Security Officer (CISO). Our CISO is an executive vice president at State Street and is responsible for our overall information security program.
Before joining State Street, our CISO worked at a global information technology firm for more than 10 years, holding various positions, including senior vice president and chief security officer, and, prior to that, chief information security officer for that firm’s software division. Earlier on, she held leadership and general manager roles at an information management firm and an information security firm, each based in both the United States and Europe. She has worked with the World Economic Forum as a member of their Global Future Council on Cybersecurity. She holds a Doctor of Philosophy in information security and a Bachelor of Science in computer science.
We recognize the significance of cyber-attacks and take steps to mitigate the risks associated with them. We invest in building and maintaining a mature cybersecurity program to leverage people, technology and processes to protect our systems and the data in our care. We have also implemented a program to help us better measure and manage cybersecurity risk, including those risks we face when we engage third parties for products and services.
We design our information and systems access restrictions referencing the National Institute of Standards and Technology 800 53R5 and NIST CSF 2.0 Framework and use the supplemental requirements as implementation guidance. Our information security policies and standards are reviewed and updated for new regulatory changes and/or mandates. These standards are applicable to all corporate functions, business units, subsidiaries and controlled affiliates across the enterprise. Annual audits are conducted by internal and external parties to measure compliance and adherence to the standards.
All employees and third parties that have access to our systems or networks are required to adhere to our cybersecurity policy and standards. Our centralized information security group provides education and training. This training includes a required annual online training class for all employees and third parties that have access to our systems or networks, multiple simulated phishing attacks and regular information security awareness materials. Every employee and contractor has a defined role in protecting systems and information of State Street, our clients and others. They are responsible for complying with the information security program, reporting suspected violations and threats; and protecting the confidentiality of information assets of us, our clients and others at all times.
We employ Information Security Officers to help the business better understand and manage their information security risks, as well as to work with the centralized Global Cybersecurity team to drive awareness and compliance throughout the business.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CISO is an executive vice president at State Street and is responsible for our overall information security program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Before joining State Street, our CISO worked at a global information technology firm for more than 10 years, holding various positions, including senior vice president and chief security officer, and, prior to that, chief information security officer for that firm’s software division. Earlier on, she held leadership and general manager roles at an information management firm and an information security firm, each based in both the United States and Europe. She has worked with the World Economic Forum as a member of their Global Future Council on Cybersecurity. She holds a Doctor of Philosophy in information security and a Bachelor of Science in computer science.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The TOPS receives regular cybersecurity updates throughout the year and is responsible for reviewing and approving the cybersecurity policy on an annual basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
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 provides a broad range of services and market and financing solutions to 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.
Through State Street Investment Services, State Street Global Markets® and State Street Alpha®, we offer a full range of back- and middle-office solutions, including custody, accounting and fund administration services for traditional and alternative assets, as well as multi-asset class investments; recordkeeping, client reporting and investment book of record, transaction management, loans, cash, derivatives and collateral services; investor services operations outsourcing; performance, risk and compliance analytics; financial data management to support institutional investors; foreign exchange, brokerage and other trading services; securities finance, including prime services products; and deposit and short-term investment facilities.
Together with our middle- and back-office services, CRD’s front- and middle-office technology offerings form the foundation of State Street Alpha®. 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. Included in CRD’s technology offerings are Charles River Investment Management Solution, a front-office technology offering that automates and simplifies 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; Charles River for Private Markets, an investment management solution for institutions investing in Private Credit, Private Equity, Real Estate, Infrastructure, and Funds; and Charles River Wealth Management Solution, which provides
portfolio management, trading compliance and manager/sponsor communication capabilities to wealth managers, private banks and financial advisors.
As the digital asset space continues to mature, we are building solutions to service, tokenize and safekeep digital assets. Our vision is to enable core digital asset infrastructure as a trusted provider of end-to-end solutions on a secure, interoperable blockchain.
Investment Management provides a comprehensive range of investment management solutions and products for our clients through State Street Global Advisors. Our investment management solutions include strategies across equity, fixed income, cash, multi-asset and alternatives; products such as SPDR® ETFs and index funds; and services including defined benefit, defined contribution, and Outsourced Chief Investment Officer.
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, 2024 and 2023, we held such accounts in Russia that were subject to sanctions restrictions, inclusive of $0.8 billion and $1.5 billion, respectively, 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 and $1.9 billion, respectively. The reduction in balances with our subcustodian in Russia was a result of various actions taken related to our contractual arrangements that resulted in the derecognition of certain cash balances and related client liabilities. Cash and due from banks is evaluated as part of our allowance for credit 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.
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.
Revenue related to the front office solutions provided by CRD is primarily driven by the sale of licenses and SaaS 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.
Recent Accounting Developments
Recent Accounting Developments
Relevant standards that were adopted during the year ended December 31, 2024:
We adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, effective December 31, 2024. The standard expands the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This includes disclosure of segment expenses that are regularly provided to the CODM and other segment items that are included within each reported measure of segment profit or loss. The standard requires disclosure of the CODM’s title and position and how the CODM uses the reported measure of segment profit or loss in assessing segment performance and allocating resources. Refer to Note 24 for additional information.
Relevant standards that were recently issued, but not yet adopted as of December 31, 2024
StandardDescriptionEffective DateEffects on the financial statements or other significant matters
ASU 2024-03, Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures
The amendments require disclosure of information about certain costs and expenses in both interim and annual reporting periods. Specified information includes expense amounts relating to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses with the definition thereof.
Annual reporting for period ending December 31, 2027 and for interim reporting in 2028
We are currently evaluating the disclosure impact of the new standard.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresThe amendments related to the rate reconciliation and income taxes paid disclosures and require disclosures of (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additional amendments require (1) disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission regulations, and (2) remove disclosures that no longer are considered cost beneficial or relevant.Annual reporting for period ending December 31, 2025We are currently evaluating the disclosure impact of the new standard.
Additionally, we continue to evaluate other accounting standards that were recently issued, but not yet adopted as of December 31, 2024; 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, 2024 and 2023.
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 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.
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) from sales of available-for-sale 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.
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.
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 reviewed for impairment annually or more frequently if circumstances arise or events occur that indicate an impairment of the carrying amount may exist. 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.
Derivative Financial Instruments Derivative Financial Instruments
We use derivative financial instruments to support our clients’ needs and to manage our interest rate, currency and other market 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, currency and other market risks 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
derivatives utilized in our trading activities are recorded in foreign exchange trading services revenue. We also utilize derivatives in our asset and liability management activities and to manage other market risks. The entire change in fair value of such derivatives are recorded in net interest income and other fee revenue, respectively.
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 and foreign exchange contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates and foreign exchange rates, respectively.
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.
Commitments
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, 2024, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately $15 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.
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 we have 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.
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. If consolidation of certain funds is required, we retain the specialized investment company accounting rules followed by the underlying funds. 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.
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.
Income Taxes
We 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.
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.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
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
StandardDescriptionEffective DateEffects on the financial statements or other significant matters
ASU 2024-03, Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures
The amendments require disclosure of information about certain costs and expenses in both interim and annual reporting periods. Specified information includes expense amounts relating to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses with the definition thereof.
Annual reporting for period ending December 31, 2027 and for interim reporting in 2028
We are currently evaluating the disclosure impact of the new standard.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresThe amendments related to the rate reconciliation and income taxes paid disclosures and require disclosures of (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additional amendments require (1) disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission regulations, and (2) remove disclosures that no longer are considered cost beneficial or relevant.Annual reporting for period ending December 31, 2025We are currently evaluating the disclosure impact of the new standard.
v3.25.0.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
(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$34 $— $— $34 
Non-U.S. government securities— 121 — 121 
Other— 613 — 613 
Total trading account assets34 734 — 768 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations23,525 — — 23,525 
Mortgage-backed securities— 10,566 — 10,566 
Total U.S. Treasury and federal agencies23,525 10,566 — 34,091 
Non-U.S. debt securities:
Mortgage-backed securities— 2,430 — 2,430 
Asset-backed securities— 1,868 — 1,868 
Non-U.S. sovereign, supranational and non-U.S. agency— 13,939 — 13,939 
Other— 2,821 — 2,821 
Total non-U.S. debt securities— 21,058 — 21,058 
Asset-backed securities:
Student loans— 90 — 90 
Collateralized loan obligations— 3,453 — 3,453 
Non-agency CMBS and RMBS(2)
— 4 — 4 
Other— 91 — 91 
Total asset-backed securities— 3,638 — 3,638 
State and political subdivisions— 56 — 56 
Other U.S. debt securities— 52 — 52 
Total available-for-sale investment securities23,525 35,370 — 58,895 
Other assets:
Derivative instruments:
Foreign exchange contracts16 29,422 1 $(18,262)11,177 
Interest rate contracts5 23 — (23)5 
Other derivative contracts1 — — — 1 
Total derivative instruments22 29,445 1 (18,285)11,183 
Other20 747 — — 767 
Total assets carried at fair value$23,601 $66,296 $1 $(18,285)$71,613 
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts$— $28,904 $— $(22,527)$6,377 
Interest rate contracts— 1 — (1)— 
Other derivative contracts— 219 — — 219 
Total derivative instruments— 29,124 — (22,528)6,596 
Total liabilities carried at fair value$— $29,124 $— $(22,528)$6,596 
(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 $1.86 billion and $6.10 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, 2023
(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$36 $— $— $36 
Non-U.S. government securities— 138 — 138 
Other— 599 — 599 
Total trading account assets36 737 — 773 
Available-for-sale investment securities:
U.S. Treasury and federal agencies:
Direct obligations8,301 — — 8,301 
Mortgage-backed securities— 10,755 — 10,755 
Total U.S. Treasury and federal agencies8,301 10,755 — 19,056 
Non-U.S. debt securities:
Mortgage-backed securities— 1,857 — 1,857 
Asset-backed securities— 2,137 — 2,137 
Non-U.S. sovereign, supranational and non-U.S. agency— 15,100 — 15,100 
Other— 2,735 — 2,735 
Total non-U.S. debt securities— 21,829 — 21,829 
Asset-backed securities:
Student loans— 114 — 114 
Collateralized loan obligations— 2,527 — 2,527 
Non-agency CMBS and RMBS(2)
— 249 — 249 
Other— 90 — 90 
Total asset-backed securities— 2,980 — 2,980 
State and political subdivisions— 355 — 355 
Other U.S. debt securities— 306 — 306 
Total available-for-sale investment securities8,301 36,225 — 44,526 
Other assets:
Derivative instruments:
Foreign exchange contracts— 19,690 4 $(14,387)5,307 
Interest rate contracts— 13 — (13)— 
Total derivative instruments— 19,703 4 (14,400)5,307 
Other11 640 — — 651 
Total assets carried at fair value$8,348 $57,305 $4 $(14,400)$51,257 
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
Derivative instruments:
Foreign exchange contracts$1 $19,414 $1 $(11,909)$7,507 
Interest rate contracts4 — — — 4 
Other derivative contracts— 182 — — 182 
Total derivative instruments5 19,596 1 (11,909)7,693 
Total liabilities carried at fair value$5 $19,596 $1 $(11,909)$7,693 
(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 $3.90 billion and $1.41 billion, respectively, for cash collateral received from and provided to derivative counterparties.
(2) Consists entirely of non-agency CMBS.
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, 2024
Financial Assets:    
Cash and due from banks$3,145 $3,145 $3,145 $— $— 
Interest-bearing deposits with banks112,957 112,957 — 112,957 — 
Securities purchased under resale agreements6,679 6,679 — 6,679 — 
Investment securities held-to-maturity47,727 41,906 5,354 36,552 — 
Net loans(1)
43,026 42,839 — 41,097 1,742 
Other(2)
6,752 6,752 — 6,752 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$33,180 $33,180 $— $33,180 $— 
   Interest-bearing - U.S.166,483 166,483 — 166,483 — 
   Interest-bearing - non-U.S.62,257 62,257 — 62,257 — 
Securities sold under repurchase agreements3,681 3,681 — 3,681 — 
Other short-term borrowings9,840 9,840 — 9,840 — 
Long-term debt23,272 23,078 — 22,882 196 
Other(2)
6,752 6,752 — 6,752 — 
(1) Includes $14 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2024.
(2) Represents a portion of underlying client assets related to our prime services 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, 2023
Financial Assets:
Cash and due from banks$4,047 $4,047 $4,047 $— $— 
Interest-bearing deposits with banks87,665 87,665 — 87,665 — 
Securities purchased under resale agreements6,692 6,692 — 6,692 — 
Investment securities held-to-maturity57,117 51,503 8,409 43,094 — 
Net loans
36,496 36,335 — 34,308 2,027 
Other(1)
6,866 6,866 — 6,866 — 
Financial Liabilities:
Deposits:
   Non-interest-bearing$32,569 $32,569 $— $32,569 $— 
   Interest-bearing - U.S.121,738 121,738 — 121,738 — 
   Interest-bearing - non-U.S.66,663 66,663 — 66,663 — 
Securities sold under repurchase agreements1,867 1,867 — 1,867 — 
Other short-term borrowings3,660 3,660 — 3,660 — 
Long-term debt18,839 18,417 — 18,216 201 
Other(1)
6,866 6,866 — 6,866 — 
(1) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge.
v3.25.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
 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$23,539 $38 $52 $23,525 $8,427 $39 $165 $8,301 
Mortgage-backed securities(1)
10,699 21 154 10,566 10,870 49 164 10,755 
Total U.S. Treasury and federal agencies34,238 59 206 34,091 19,297 88 329 19,056 
Non-U.S. debt securities:
Mortgage-backed securities2,426 5 1 2,430 1,861 3 7 1,857 
Asset-backed securities(2)
1,865 5 2 1,868 2,148 2 13 2,137 
Non-U.S. sovereign, supranational and non-U.S. agency13,954 54 69 13,939 15,159 73 132 15,100 
Other(3)
2,787 38 4 2,821 2,733 39 37 2,735 
Total non-U.S. debt securities21,032 102 76 21,058 21,901 117 189 21,829 
Asset-backed securities:
Student loans(4)
89 1 — 90 113 1 — 114 
Collateralized loan obligations(5)
3,447 6 — 3,453 90 — — 90 
Non-agency CMBS and RMBS(6)
1 3 — 4 252 — 3 249 
Other90 1 — 91 2,530 3 6 2,527 
Total asset-backed securities3,627 11 — 3,638 2,985 4 9 2,980 
State and political subdivisions56 — — 56 356 — 1 355 
Other U.S. debt securities(7)
53 — 1 52 314 — 8 306 
Total available-for-sale securities(8)(9)
$59,006 $172 $283 $58,895 $44,853 $209 $536 $44,526 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$5,417 $— $55 $5,362 $8,584 $— $163 $8,421 
Mortgage-backed securities(10)
36,101 2 5,677 30,426 39,472 7 5,271 34,208 
Total U.S. Treasury and federal agencies41,518 2 5,732 35,788 48,056 7 5,434 42,629 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and non-U.S. agency3,673 7 73 3,607 5,757 8 153 5,612 
Total non-U.S. debt securities3,673 7 73 3,607 5,757 8 153 5,612 
Asset-backed securities:
Student loans(4)
2,536 4 29 2,511 3,298 2 62 3,238 
Non-agency CMBS and RMBS(11)
— — — — 6 18 — 24 
Total asset-backed securities2,536 4 29 2,511 3,304 20 62 3,262 
Total held-to-maturity securities(8)(12)
$47,727 $13 $5,834 $41,906 $57,117 $35 $5,649 $51,503 
(1) As of December 31, 2024 and 2023, the total fair value included $4.36 billion and $5.54 billion, respectively, of agency CMBS and $6.20 billion and $5.21 billion, respectively, of agency MBS.
(2) As of December 31, 2024 and 2023, the fair value includes non-U.S. collateralized loan obligations of $0.70 billion and $1.02 billion, respectively.
(3) As of December 31, 2024 and 2023, the fair value includes non-U.S. corporate bonds of $2.54 billion and $2.36 billion, respectively.
(4) 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.
(5) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information.
(6) Consists entirely of non-agency RMBS as of December 31, 2024 and entirely of non-agency CMBS as of December 31, 2023.
(7) As of December 31, 2024 and 2023, the fair value of U.S. corporate bonds was $0.05 billion and $0.31 billion, respectively.
(8) 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, 2024.
(9) As of December 31, 2024 and 2023, we had no allowance for credit losses on AFS investment securities.
(10) As of December 31, 2024 and 2023, the total amortized cost included $5.18 billion and $5.23 billion of agency CMBS, respectively.
(11) Consists entirely of non-agency RMBS as of December 31, 2023.
(12) As of December 31, 2024, we had no allowance for credit losses on HTM investment securities. As of December 31, 2023, we had $1 million allowance for credit losses on HTM investment securities.
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, 2024
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$8,113 $25 $2,435 $27 $10,548 $52 
Mortgage-backed securities3,742 59 4,360 95 8,102 154 
Total U.S. Treasury and federal agencies11,855 84 6,795 122 18,650 206 
Non-U.S. debt securities:
Mortgage-backed securities730 1 225 — 955 1 
Asset-backed securities387 — 506 2 893 2 
Non-U.S. sovereign, supranational and non-U.S. agency4,695 49 2,695 20 7,390 69 
Other312 2 116 2 428 4 
Total non-U.S. debt securities6,124 52 3,542 24 9,666 76 
Asset-backed securities:
Student loans12 — — — 12 — 
Collateralized loan obligations684 — — — 684 — 
Total asset-backed securities696 — — — 696 — 
State and political subdivisions— — 26 — 26 — 
Other U.S. debt securities3 — 49 1 52 1 
Total$18,678 $136 $10,412 $147 $29,090 $283 

As of December 31, 2023
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$333 $2 $5,416 $163 $5,749 $165 
Mortgage-backed securities961 6 6,512 158 7,473 164 
Total U.S. Treasury and federal agencies1,294 8 11,928 321 13,222 329 
Non-U.S. debt securities:
Mortgage-backed securities424 1 719 6 1,143 7 
Asset-backed securities358 — 1,052 13 1,410 13 
Non-U.S. sovereign, supranational and non-U.S. agency3,972 7 5,788 125 9,760 132 
Other50 — 893 37 943 37 
Total non-U.S. debt securities4,804 8 8,452 181 13,256 189 
Asset-backed securities:
Collateralized loan obligations183 — 1,605 6 1,788 6 
Non-agency CMBS and RMBS35 — 180 3 215 3 
Total asset-backed securities218 — 1,785 9 2,003 9 
State and political subdivisions64 — 104 1 168 1 
Other U.S. debt securities3 — 303 8 306 8 
Total$6,383 $16 $22,572 $520 $28,955 $536 
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, 2024. 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, 2024
(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$8,619 $8,625 $13,485 $13,474 $1,435 $1,426 $— $— $23,539 $23,525 
Mortgage-backed securities49 49 1,824 1,819 2,517 2,493 6,309 6,205 10,699 10,566 
Total U.S. Treasury and federal agencies8,668 8,674 15,309 15,293 3,952 3,919 6,309 6,205 34,238 34,091 
Non-U.S. debt securities:
Mortgage-backed securities58 58 427 427 38 38 1,903 1,907 2,426 2,430 
Asset-backed securities276 276 279 279 1,005 1,007 305 306 1,865 1,868 
Non-U.S. sovereign, supranational and
non-U.S. agency		2,706 2,700 10,138 10,136 1,110 1,103 — — 13,954 13,939 
Other371 371 2,314 2,346 102 104 — — 2,787 2,821 
Total non-U.S. debt securities3,411 3,405 13,158 13,188 2,255 2,252 2,208 2,213 21,032 21,058 
Asset-backed securities:
Student loans23 24 — — 12 12 54 54 89 90 
Collateralized loan obligations37 37 78 78 1,874 1,877 1,458 1,461 3,447 3,453 
Non-agency CMBS and RMBS— — — — — — 1 4 1 4 
Other— — 90 91 — — — — 90 91 
Total asset-backed securities60 61 168 169 1,886 1,889 1,513 1,519 3,627 3,638 
State and political subdivisions30 30 26 26 — — — — 56 56 
Other U.S. debt securities30 29 23 23 — — — — 53 52 
Total$12,199 $12,199 $28,684 $28,699 $8,093 $8,060 $10,030 $9,937 $59,006 $58,895 
Held-to-maturity:
U.S. Treasury and federal agencies:
Direct obligations$4,557 $4,521 $851 $832 $1 $1 $8 $8 $5,417 $5,362 
Mortgage-backed securities134 120 1,711 1,559 3,308 2,788 30,948 25,959 36,101 30,426 
Total U.S. Treasury and federal agencies4,691 4,641 2,562 2,391 3,309 2,789 30,956 25,967 41,518 35,788 
Non-U.S. debt securities:
Non-U.S. sovereign, supranational and
non-U.S. agency		1,409 1,397 2,044 1,998 220 212 — — 3,673 3,607 
Total non-U.S. debt securities1,409 1,397 2,044 1,998 220 212 — — 3,673 3,607 
Asset-backed securities:
Student loans149 147 310 309 380 379 1,697 1,676 2,536 2,511 
Total asset-backed securities149 147 310 309 380 379 1,697 1,676 2,536 2,511 
Total$6,249 $6,185 $4,916 $4,698 $3,909 $3,380 $32,653 $27,643 $47,727 $41,906 
v3.25.0.1
Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Net Loans
The following table presents our recorded investment in loans, by segment, as of the dates indicated:
(In millions)December 31, 2024December 31, 2023
Domestic(1):
Commercial and financial:
Fund finance(2)
$16,347 $13,697 
Leveraged loans2,742 2,412 
Overdrafts1,208 1,225 
Collateralized loan obligations in loan form50 150 
Other(3)
3,220 2,512 
Commercial real estate2,842 3,069 
Total domestic26,409 23,065 
Foreign(1):
Commercial and financial:
Fund finance(2)
6,601 4,956 
Leveraged loans1,082 1,194 
Overdrafts772 1,047 
Collateralized loan obligations in loan form8,336 6,369 
Total foreign16,791 13,566 
Total loans(4)
43,200 36,631 
Allowance for credit losses(174)(135)
Loans, net of allowance$43,026 $36,496 
(1) Domestic and foreign categorization is based on the borrower’s country of domicile.
(2) Fund finance loans include primarily $11.54 billion private equity capital call finance loans, $8.09 billion loans to real money funds and $1.44 billion loans to business development companies as of December 31, 2024, compared to $9.69 billion private equity capital call finance loans, $6.63 billion loans to real money funds and $1.05 billion loans to business development companies as of December 31, 2023.
(3) Includes $3.01 billion securities finance loans and $214 million loans to municipalities as of December 31, 2024 and $2.23 billion securities finance loans, $276 million loans to municipalities and $5 million other loans as of December 31, 2023.
(4) As of December 31, 2024, excluding overdrafts, floating rate loans totaled $38.46 billion and fixed rate loans totaled $2.76 billion. We have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans. See Note 10 for additional details.
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, 2024Commercial and FinancialCommercial Real EstateTotal Loans
(In millions)
Investment grade$35,831 $1,969 $37,800 
Speculative4,278 409 4,687 
Special mention187 62 249 
Substandard48 211 259 
Doubtful— 191 191 
Total(1)(2)
$40,344 $2,842 $43,186 
December 31, 2023Commercial and FinancialCommercial Real EstateTotal Loans 
(In millions)
Investment grade$29,737 $2,287 $32,024 
Speculative3,546 449 3,995 
Special mention242 62 304 
Substandard14 224 238 
Doubtful23 47 70 
Total(1)
$33,562 $3,069 $36,631 
(1) Loans include $1.98 billion and $2.27 billion of overdrafts as of December 31, 2024 and 2023, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of December 31, 2024, $1.84 billion overdrafts were investment grade and $0.14 billion overdrafts were speculative.
(2) Total does not include $14 million of loans classified as held-for-sale as of December 31, 2024.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2024. 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)20242023202220212020PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,946 $223 $89 $47 $6 $197 $18,044 $20,552 
Speculative1,834 173 154 387 53 155 136 2,892 
Special mention47 10 — 54 — — — 111 
Substandard— — 12 — — — — 12 
Total commercial and financing$3,827 $406 $255 $488 $59 $352 $18,180 $23,567 
Commercial real estate:
Risk Rating:
Investment grade$41 $63 $488 $278 $128 $971 $— $1,969 
Speculative— 153 20 69 100 67 — 409 
Special mention— — — — — 62 — 62 
Substandard— — — — — 211 — 211 
Doubtful— — — — — 191 — 191 
Total commercial real estate$41 $216 $508 $347 $228 $1,502 $— $2,842 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$4,243 $1,796 $1,152 $2,187 $— $— $5,901 $15,279 
Speculative607 174 44 246 46 43 226 1,386 
Special mention— 35 26 15 — — — 76 
Substandard— — — 36 — — — 36 
Total commercial and financing$4,850 $2,005 $1,222 $2,484 $46 $43 $6,127 $16,777 
Total loans(2)
$8,718 $2,627 $1,985 $3,319 $333 $1,897 $24,307 $43,186 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2024, accrued interest receivable of $327 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 $14 million of loans classified as held-for-sale as of December 31, 2024.
The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2023:
(In millions)20232022202120202019PriorRevolving Loans
Total(1)
Domestic loans:
Commercial and financial:
Risk Rating:
Investment grade$1,399 $120 $199 $8 $272 $5 $15,476 $17,479 
Speculative615 285 747 149 291 141 81 2,309 
Special mention— 4 164 — 16 — — 184 
Doubtful5 — 18 — — — — 23 
Total commercial and financing$2,019 $409 $1,128 $157 $579 $146 $15,557 $19,995 
Commercial real estate:
Risk Rating:
Investment grade$216 $500 $498 $100 $375 $598 $— $2,287 
Speculative— 20 31 50 49 299 — 449 
Special mention— — — — 22 40 — 62 
Substandard— — — — 95 129 — 224 
Doubtful— — — — — 47 — 47 
Total commercial real estate$216 $520 $529 $150 $541 $1,113 $— $3,069 
Non-U.S. loans:
Commercial and financial:
Risk Rating:
Investment grade$2,943 $1,956 $2,518 $— $— $— $4,841 $12,258 
Speculative394 135 481 88 109 18 12 1,237 
Special mention— — 29 29 — — — 58 
Substandard— — — — — 14 — 14 
Total commercial and financing$3,337 $2,091 $3,028 $117 $109 $32 $4,853 $13,567 
Total loans
$5,572 $3,020 $4,685 $424 $1,229 $1,291 $20,410 $36,631 
(1) Any reserve associated with accrued interest is not material. As of December 31, 2023, accrued interest receivable of $318 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table.
Schedule of Activity in the Allowance for Loan Losses
The following tables present the activity in the allowance for credit losses by portfolio and class for the years ended December 31, 2024 and 2023:
Year End December 31, 2024
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsTotal
Allowance for credit losses:
Beginning balance$72 $3 $60 $1 $14 $150 
Provision13 1 67 (1)(5)75 
Charge-offs(2)
(17)— (25)— — (42)
Ending balance$68 $4 $102 $— $9 $183 
(1) Includes $3 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
(2) Related to the sale of commercial real estate and leveraged loans in 2024.
Year Ended December 31, 2023
Commercial and Financial
(In millions)Leveraged Loans
Other Loans(1)
Commercial Real EstateAvailable-for-sale securitiesHeld-to-Maturity SecuritiesOff-Balance Sheet CommitmentsTotal
Allowance for credit losses:
Beginning balance$73 $4 $19 $2 $— $23 $121 
Provision16 (1)41 (2)1 (9)46 
Charge-offs(2)
(17)— — — — — (17)
Ending balance$72 $3 $60 $— $1 $14 $150 
(1) Includes $3 million allowance for credit losses on Fund Finance loans and $1 million on other loans.
(2) Related to the sale of leveraged loans in 2023.
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
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 for each of our goodwill reporting units:
(In millions)Investment
Servicing		Investment
Management		Total
Goodwill:
Ending balance December 31, 2022$7,232 $263 $7,495 
Acquisitions44 — 44 
Foreign currency translation70 2 72 
Ending balance December 31, 20237,346 265 7,611 
Acquisitions(1)
189 — 189 
Foreign currency translation(107)(2)(109)
Ending balance December 31, 2024$7,428 $263 $7,691 
(1) Investment Servicing includes the impact of the consolidation of one of our joint ventures in India.
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		Investment
Management		Total
Other intangible assets:
Ending balance December 31, 2022$1,495 $49 $1,544 
Amortization(217)(22)(239)
Foreign currency translation15 — 15 
Ending balance December 31, 20231,293 27 1,320 
Acquisitions7 13 20 
Amortization(216)(14)(230)
Foreign currency translation(21)— (21)
Ending balance December 31, 2024$1,063 $26 $1,089 
    
The following tables present the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:
December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships$2,706 $(1,919)$787 
Technology401 (252)149 
Core deposits677 (540)137 
Other95 (79)16 
Total$3,879 $(2,790)$1,089 
December 31, 2023Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships$2,761 $(1,808)$953 
Technology402 (216)186 
Core deposits690 (516)174 
Other85 (78)7 
Total$3,938 $(2,618)$1,320 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Expected future amortization expense for other intangible assets recorded as of December 31, 2024 is as follows:
(In millions)Future Amortization
Years Ended December 31,
2025$225 
2026202 
2027168 
2028122 
202964 
v3.25.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
Securities borrowed(1)
$37,451 $23,131 
Derivative instruments, net11,183 5,307 
Bank-owned life insurance3,856 3,742 
Investments in joint ventures and other unconsolidated entities(2)
3,317 2,981 
Collateral, net3,216 2,983 
Right-of-use assets818 805 
Prepaid expenses738 598 
Deferred tax assets, net of valuation allowance(3)
701 1,034 
Accounts receivable504 611 
Income taxes receivable144 246 
Receivable for securities settlement57 1,082 
Other(4)
2,529 2,286 
Total$64,514 $44,806 
(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 $341 million and $183 million as of December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, no impairments 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 $1.04 billion and $1.15 billion as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The following tables present 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
Other(1)
2024202320242023
Balance as of December 31$3,681 $1,867 $9,815 $3,500 
Average outstanding during the year3,163 3,904 11,128 849 
Weighted-average interest rate as of year-end5.62 %.08 %4.77 %3.03 %
Weighted-average interest rate during the year4.93 .87 5.19 5.12 
(1) Primarily includes FHLB and Bank Term Funding Program borrowings.
The following table presents information about these securities and the carrying value of the related repurchase agreements, including accrued interest, as of December 31, 2024.
 Securities Sold
Repurchase Agreements(1)
(In millions)Amortized
Cost		Fair ValueAmortized
Cost
Term maturity(2)
$3,588 $3,500 $3,505 
Overnight maturity875 861 176 
Total$4,463 $4,361 $3,681 
(1) Collateralized by investment securities.
(2) Maturity is greater than 90 days.
v3.25.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
(Dollars in millions)As of December 31,
Issuance DateMaturity DateCoupon RateSeniorityInterest Due Dates20242023
Parent Company and Non-Banking Subsidiary Issuances
August 18, 2015
August 18, 2025(1)
3.550 %Senior notes
2/18; 8/18(2)
$1,285 $1,265 
August 3, 2023August 3, 20265.272 %Senior notes
2/3; 8/3(2)
1,203 1,211 
October 22, 2024October 22, 20274.330 %Senior notes
4/22, 10/22(2)
1,189 — 
May 18, 2023May 18, 20265.104 %Fixed-to-floating rate senior notes5/18; 11/18999 998 
May 18, 2023May 18, 20345.159 %Fixed-to-floating rate senior notes5/18; 11/18995 995 
March 18, 2024March 18, 20274.993 %Senior notes
3/18, 9/18(2)
993 — 
August 20, 2024February 20, 20294.530 %Fixed-to-floating rate senior notes
2/20; 8/20(2)
989 — 
November 21, 2023November 21, 20295.684 %Fixed-to-floating rate senior notes
5/21; 11/21(2)
986 995 
March 3, 2021
March 3, 2031(1)(3)
2.200 %Senior subordinated notes3/3; 9/3845 845 
October 22, 2024October 22, 20324.675 %Fixed-to-floating rate senior notes
4/22; 10/22(2)
789 — 
January 24, 2020
January 24, 2030(1)
2.400 %Senior notes
1/24, 7/24(2)
784 790 
May 19, 2016
May 19, 2026(1)
2.650 %Senior notes
5/19; 11/19(2)
728 719 
January 26, 2023January 26, 20344.821 %Fixed-to-floating rate senior notes
1/26, 7/26(2)
702 731 
August 4, 2022August 4, 20334.164 %Fixed-to-floating rate senior notes
2/4; 8/4(2)
665 687 
February 7, 2022February 7, 20282.203 %Fixed-to-floating rate senior notes
2/7; 8/7(2)
619 605 
December 3, 2018December 3, 20294.141 %Fixed-to-floating rate senior notes
6/3; 12/3(2)
535 556 
November 1, 2019
November 1, 2034(3)
3.031 %Fixed-to-floating rate senior subordinated notes
5/1; 11/1(2)
523 528 
April 30, 2007June 15, 2047Floating-rateJunior subordinated debentures3/15; 6/15; 9/15; 12/15500 500 
January 26, 2023
January 26, 2026
4.857 %Fixed-to-floating rate senior notes
1/26, 7/26(2)
499 496 
November 4, 2022November 4, 20265.751 %Fixed-to-floating rate senior notes
5/4; 11/4(2)
498 497 
March 30, 2020March 30, 20313.152 %Fixed-to-floating rate senior notes3/30, 9/30498 498 
May 13, 2022May 13, 20334.421 %Fixed-to-floating rate senior notes5/13; 11/13498 497 
November 18, 2021November 18, 20271.684 %Fixed-to-floating rate senior notes
5/18; 11/18(2)
497 496 
March 30, 2020March 30, 20262.901 %Fixed-to-floating rate senior notes
3/30; 9/30(2)
497 485 
November 4, 2022November 4, 20285.820 %Fixed-to-floating rate senior notes
5/4; 11/4(2)
495 497 
November 21, 2023
November 21, 2034(3)
6.123 %Fixed-to-floating rate senior subordinated notes
5/21; 11/21(2)
492 497 
February 7, 2022February 7, 20332.623 %Fixed-to-floating rate senior notes
2/7; 8/7(2)
465 476 
August 3, 2023August 3, 2026Floating-rateSenior notes2/3; 5/3; 8/3; 11/3299 299 
February 7, 2022
February 6, 2026
1.746 %Fixed-to-floating rate senior notes
2/6; 8/6(2)
299 290 
October 22, 2024October 22, 2027Floating-rateSenior notes1/22; 4/22; 7/22; 10/22299 — 
June 21, 1996
June 15, 2026(1)
7.350 %Senior notes6/15; 12/15150 150 
May 15, 1998May 15, 2028Floating-rateJunior subordinated debentures2/15; 5/15; 8/15; 11/15100 100 
December 15, 2014
December 16, 2024(1)
3.300 %Senior notes
6/16; 12/16(2)
— 977 
November 1, 2019
November 1, 2025(4)
2.354 %Fixed-to-floating rate senior notes
5/1; 11/1(2)
— 972 
State Street Bank issuances and lease obligations
November 25, 2024
November 25, 2026(1)
4.594 %Senior notes
5/25, 11/25
1,146 — 
November 25, 2024
November 23, 2029(1)
4.782 %Senior notes
5/23, 11/23
796 — 
November 25, 2024
November 25, 2026(1)
Floating-rateSenior notes
2/25; 5/25; 8/25; 11/25
299 — 
Long-term finance leases and equipment financing116 187 
Total long-term debt$23,272 $18,839 
(1) We may not redeem notes prior to their maturity.
(2) 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, 2024 and 2023, the carrying value of long-term debt associated with these fair value hedges was $220 million and $184 million, respectively. Refer to Note 10 for additional information about fair value hedges.
(3) The subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines.
(4) We redeemed the notes prior to original maturity date.
v3.25.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$47,222 $12,668 
Foreign exchange contracts:
Forward, swap and spot2,612,945 2,528,115 
Options purchased466 851 
Options written145 544 
Futures359 197 
Other:
Futures155 125 
Stable value contracts(1)
25,271 28,704 
Deferred value awards(2)
253 289 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements33,302 20,333 
Foreign exchange contracts:
Forward and swap10,260 9,777 
(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, 2024December 31, 2023December 31, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts$29,116 $19,498 $28,904 $19,153 
Other derivative contracts1 — 219 182 
Total$29,117 $19,498 $29,123 $19,335 
Derivatives designated as hedging instruments:
Foreign exchange contracts$323 $196 $— $263 
Interest rate contracts28 13 1 4 
Total$351 $209 $1 $267 
(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, 2024December 31, 2023December 31, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts$29,116 $19,498 $28,904 $19,153 
Other derivative contracts1 — 219 182 
Total$29,117 $19,498 $29,123 $19,335 
Derivatives designated as hedging instruments:
Foreign exchange contracts$323 $196 $— $263 
Interest rate contracts28 13 1 4 
Total$351 $209 $1 $267 
(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,
202420232022
(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$862 $803 $938 
Foreign exchange contractsInterest expense274 (54)(20)
Interest rate contractsForeign exchange trading services revenue21 (2)3 
Other Derivative contractsOther fee revenue(12)(3)— 
Interest rate contractsOther fee revenue— — 1 
Other derivative contracts(1)
Compensation and employee benefits(189)(121)(89)
Total$956 $623 $833 
(1) Amount in 2024 reflects a deferred compensation expense acceleration of $79 million, related to prior period incentive compensation awards to align our deferred pay mix with peers.
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Years Ended December 31,Years Ended December 31,
202420232022202420232022
(In millions)
Location of Gain (Loss) on Derivative in Consolidated Statement of Income
Amount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income
Hedged Item in Fair Value Hedging Relationship
Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income
Amount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$(55)$(164)$676 
Available-for-sale securities(1)
Net interest income
$55 $164 $(676)
Interest rate contractsNet interest income17 202 (1,160)Long-term debtNet interest income(17)(202)1,160 
Foreign exchange contracts
Other fee revenue
21 — — 
Available-for-sale securities
Other fee revenue
(21)— — 
Total$(17)$38 $(484)$17 $(38)$484 
(1) For the year ended December 31, 2024, approximately $93 million of net unrealized losses on AFS investment securities designated in fair value hedges were recognized in OCI compared to approximately $122 million of net unrealized losses in the same period of 2023.
Years Ended December 31,Years Ended December 31,
202420232022Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income202420232022
(In millions)
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts(1)
$(6)$14 $(598)Net interest income$(200)$(210)$(43)
Foreign exchange contracts59 91 156 Net interest income254 2 92 
Total derivatives designated as cash flow hedges$53 $105 $(442)$54 $(208)$49 
Derivatives designated as net investment hedges:
Foreign exchange contracts$540 $(89)$291 $— $— $— 
Total derivatives designated as net investment hedges540 (89)291 — — — 
Total$593 $16 $(151)$54 $(208)$49 
(1) As of December 31, 2024, the maximum maturity date of the underlying hedged items is approximately 5.0 years.
Schedule of Carrying Amount of Hedged Assets and Liabilities
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, 2024
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$15,951 $(323)$103 
Available-for-sale securities(2)(3)
18,666 (376)1 
December 31, 2023
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$12,463 $(340)$156 
Available-for-sale securities(2)(3)
11,260 (503)3 
(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 financial assets designated in under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At December 31, 2024 and 2023, the amortized cost of the closed portfolios used in these hedging relationships was $3.32 billion and $685 million, respectively, of which $1.82 billion and $400 million, respectively, was designated under the portfolio layer hedging relationship. At December 31, 2024 and 2023, the cumulative adjustment associated with these hedging relationships was ($26) million and ($6) million, respectively.
(3) Carrying amount represents amortized cost.
v3.25.0.1
Offsetting Arrangements (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
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
$29,439 $(16,424)$13,015 $— $13,015 
Interest rate contracts(6)
28 (1)27 — 27 
Other derivative contracts
1 — 1 — 1 
Cash collateral and securities netting
NA(1,860)(1,860)(1,197)(3,057)
Total derivatives
29,468 (18,285)11,183 (1,197)9,986 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
276,151 (232,021)44,130 (42,589)1,541 
Total derivatives and other financial instruments$305,619 $(250,306)$55,313 $(43,786)$11,527 
Assets:December 31, 2023
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
$19,694 $(10,496)$9,198 $— $9,198 
Interest rate contracts(6)
13 — 13 — 13 
Cash collateral and securities netting
NA(3,904)(3,904)(1,069)(4,973)
Total derivatives
19,707 (14,400)5,307 (1,069)4,238 
Other financial instruments:
Resale agreements and securities borrowing(7)(8)
230,384 (200,561)29,823 (28,016)1,807 
Total derivatives and other financial instruments$250,091 $(214,961)$35,130 $(29,085)$6,045 
(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 $44.13 billion as of December 31, 2024 were $6.68 billion of resale agreements and $37.45 billion of collateral provided related to securities borrowing. Included in the $29.82 billion as of December 31, 2023 were $6.69 billion of resale agreements and $23.13 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, 2024
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$28,904 $(16,424)$12,480 $— $12,480 
Interest rate contracts(6)
1 (1)— — — 
Other derivative contracts219 — 219 — 219 
Cash collateral and securities nettingNA(6,103)(6,103)(1,572)(7,675)
Total derivatives29,124 (22,528)6,596 (1,572)5,024 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
250,032 (232,021)18,011 (17,835)176 
Total derivatives and other financial instruments$279,156 $(254,549)$24,607 $(19,407)$5,200 
Liabilities:December 31, 2023
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$19,416 $(10,496)$8,920 $— $8,920 
Interest rate contracts(6)
4 — 4 — 4 
Other derivative contracts182 — 182 — 182 
Cash collateral and securities nettingNA(1,413)(1,413)(633)(2,046)
Total derivatives19,602 (11,909)7,693 (633)7,060 
Other financial instruments:
Repurchase agreements and securities lending(7)(8)
214,362 (200,561)13,801 (13,306)495 
Total derivatives and other financial instruments$233,964 $(212,470)$21,494 $(13,939)$7,555 
(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 $18.01 billion as of December 31, 2024 were $3.68 billion of repurchase agreements and $14.33 billion of collateral received related to securities lending transactions. Included in the $13.80 billion as of December 31, 2023 were $1.87 billion of repurchase agreements and $11.93 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, 2024As of December 31, 2023
(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$223,095 $350 $1,277 $2,500 $227,222 $196,212 $— $185 $1,360 $197,757 
Non-US sovereign debt— — — — — — — — — — 
Total223,095 350 1,277 2,500 227,222 196,212 — 185 1,360 197,757 
Securities lending transactions:
US Treasury and agency securities152 — — — 152 6 — — — 6 
Corporate debt securities193 — — — 193 278 — 3 — 281 
Equity securities11,181 13 — 4,519 15,713 7,128 20 13 2,291 9,452 
Other(1)
6,752 — — — 6,752 6,866 — — — 6,866 
Total18,278 13 — 4,519 22,810 14,278 20 16 2,291 16,605 
Gross amount of recognized liabilities for repurchase agreements and securities lending$241,373 $363 $1,277 $7,019 $250,032 $210,490 $20 $201 $3,651 $214,362 
(1) Represents a security interest in underlying client assets related to our prime services business, which assets clients have allowed us to transfer and re-pledge.
v3.25.0.1
Commitments and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2024
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 guarantees, as of the dates indicated:
(In millions)December 31, 2024December 31, 2023
Commitments:
Unfunded credit facilities$34,191 $34,197 
Guarantees(1):
Indemnified securities financing$310,814 $279,916 
Standby letters of credit908 1,510 
(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, 2024December 31, 2023
Fair value of indemnified securities financing$310,814 $279,916 
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing325,611 293,855 
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements63,655 59,028 
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements68,507 63,105 
v3.25.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Variable Interest Entities
The following table presents the impact of our tax credit programs for which we have elected to apply proportional amortization accounting on our consolidated statement of income for the periods indicated:
Years Ended December 31,
(In millions)20242023
Income (loss) recorded on investments within other fee revenue$29 $26 
Income recorded in total revenue29 26 
Tax credits and benefits recognized in income tax expense256 239 
Proportional amortization recognized in income tax expense(207)(182)
Net benefits included in income tax expense49 57 
Net benefit attributable to tax-advantaged investments included in the consolidated statement of income for which proportional amortization has been elected
$78 $83 
v3.25.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedOwnership Interest Per Depositary ShareLiquidation Preference Per ShareLiquidation Preference Per Depositary SharePer Annum Dividend RateDividend Payment Frequency
Carrying Value as of December 31, 2024
(In millions)
Redemption Date(2)
Series GApril 201620,000,0001/4,000th100,000 25 
5.35%(3)
Quarterly$493 March 15, 2026
Series IJanuary 20241,500,000 1/100th100,000 1,000 
6.700% through March 14, 2029; resets March 15, 2029 and every subsequent five year anniversary at the five-year U.S. Treasury rate plus 2.613%
Quarterly1,481 March 15, 2029
Series JJuly 2024850,000 1/100th100,000 1,000 
6.700% through September 14, 2029; resets September 15, 2029 and every subsequent five year anniversary at the five-year U.S. Treasury rate plus 2.628%
Quarterly842 September 15, 2029
(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 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.
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,
20242023
(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$1,475 $0.37 $11 $5,900 $1.48 $44 
Series F2,336 23.36 6 8,935 89.35 23 
Series G5,350 1.34 27 5,350 1.34 27 
Series H6,251 62.51 31 5,625 56.25 28 
Series I
5,863 58.63 88 — — — 
Series J
2,643 26.43 22 — — — 
Total$185 $122 
The table below presents the dividends declared on common stock for the periods indicated:
Years Ended December 31,
20242023
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$2.90 $859 $2.64 $837 
Stock Repurchase Program
The tables below present the activity under our common share repurchase program for the period indicated:
Years Ended December 31,
20242023
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2024 Program
15.1 $85.89 $1,300 — $— $— 
2023 Program— — — 49.2 77.22 3,800 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2021$(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 $(3,711)
Other comprehensive income (loss) before reclassifications75 442 (3)351 (90)775 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income153 428 1 — — 582 
Other comprehensive income (loss)228 870 (2)351 (90)1,357 
Balance as of December 31, 2023$(131)$(947)$(145)$(1,400)$269 $(2,354)
Other comprehensive income (loss) before reclassifications39 15 14 (768)540 (160)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(40)452 2 — — 414 
Other comprehensive income (loss)(1)467 16 (768)540 254 
Balance as of December 31, 2024$(132)$(480)$(129)$(2,168)$809 $(2,100)
(1) Includes after-tax net unamortized unrealized gains (losses) of ($374) million, ($530) million and ($749) million as of December 31, 2024, 2023 and 2022, respectively, related to AFS investment securities previously transferred to HTM.
Schedule of Reclassifications Out of AOCI
The following table presents after-tax reclassifications into earnings for the periods indicated:
Years Ended December 31,
202420232022
(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 $21, $81 and $1 respectively
$59 $213 $1 Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $137, $81 and $96 respectively
393 215 169 Net interest income
Cash flow hedges:
(Gains) losses reclassified from accumulated other comprehensive income into income, net of related taxes of ($14), $55 and ($13) respectively
(40)153 (36)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of nil, nil and $(1) respectively
2 1 (12)Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$414 $582 $122 
v3.25.0.1
Regulatory Capital (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024Basel III Standardized Approach December 31, 2024Basel III Advanced Approaches December 31, 2023Basel III Standardized Approach December 31, 2023Basel III Advanced Approaches December 31, 2024Basel III Standardized Approach December 31, 2024Basel III Advanced Approaches December 31, 2023Basel III Standardized Approach December 31, 2023
 Common shareholders’ equity:
Common stock and related surplus$11,226 $11,226 $11,245 $11,245 $13,333 $13,333 $13,033 $13,033 
Retained earnings29,582 29,582 27,957 27,957 15,977 15,977 14,454 14,454 
Accumulated other comprehensive income (loss)(2,100)(2,100)(2,354)(2,354)(1,805)(1,805)(2,097)(2,097)
Treasury stock, at cost(16,198)(16,198)(15,025)(15,025)— — — — 
Total22,510 22,510 21,823 21,823 27,505 27,505 25,390 25,390 
Regulatory capital adjustments:
Goodwill and other intangible assets, net of associated deferred tax liabilities(8,320)(8,320)(8,470)(8,470)(8,054)(8,054)(8,208)(8,208)
Other adjustments(1)
(391)(391)(382)(382)(278)(278)(298)(298)
 Common equity tier 1 capital13,799 13,799 12,971 12,971 19,173 19,173 16,884 16,884 
Preferred stock2,816 2,816 1,976 1,976 — — — — 
 Tier 1 capital16,615 16,615 14,947 14,947 19,173 19,173 16,884 16,884 
Qualifying subordinated long-term debt1,861 1,861 1,870 1,870 530 530 536 536 
Adjusted allowance for credit losses— 183 — 150 — 183 — 150 
 Total capital$18,476 $18,659 $16,817 $16,967 $19,703 $19,886 $17,420 $17,570 
 Risk-weighted assets:
Credit risk(2)
$63,252 $124,281 $61,210 $109,228 $57,883 $121,785 $54,942 $107,067 
Operational risk(3)
49,350  NA43,768 NA47,538 NA42,297 NA
Market risk2,000 2,000 2,475 2,475 2,000 2,000 2,475 2,475 
Total risk-weighted assets$114,602 $126,281 $107,453 $111,703 $107,421 $123,785 $99,714 $109,542 
Adjusted quarterly average assets$318,470 $318,470 $269,807 $269,807 $314,754 $314,754 $266,818 $266,818 
Capital Ratios:
2024 Minimum Requirements(4)
2023 Minimum Requirements(4)
Common equity tier 1 capital8.0 %8.0 %12.0 %10.9 %12.1 %11.6 %17.8 %15.5 %16.9 %15.4 %
Tier 1 capital9.5 9.5 14.5 13.2 13.9 13.4 17.8 15.5 16.9 15.4 
Total capital11.5 11.5 16.1 14.8 15.7 15.2 18.3 16.1 17.5 16.0 
Tier 1 leverage(5)
4.0 4.0 5.2 5.2 5.5 5.5 6.1 6.1 6.3 6.3 
(1) Other adjustments within CET1 capital primarily include disallowed deferred tax assets, cash flow hedges that are not recognized at fair value on the balance sheet, and the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities.
(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 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%. On June 26, 2024, we were notified by the Federal Reserve of the results from the 2024 supervisory stress test. Our SCB calculated under the 2024 supervisory stress test was well below the 2.5% minimum, resulting in an SCB at that floor, which remains in effect for the period from October 1, 2024 through September 30, 2025.
(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
v3.25.0.1
Net Interest Income (Tables)
 12 Months Ended
Dec. 31, 2024
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)202420232022
Interest income:
Interest-bearing deposits with banks$3,634 $2,869 $842 
Investment securities:
Investment securities available-for-sale2,680 1,744 724 
Investment securities held-to-maturity1,090 1,262 979 
Total investment securities3,770 3,006 1,703 
Securities purchased under resale agreements686 312 188 
Loans 2,271 1,862 972 
Other interest-earning assets1,616 1,131 383 
Total interest income11,977 9,180 4,088 
Interest expense:
Interest-bearing deposits6,627 4,991 967 
Securities sold under repurchase agreements156 34 14 
Federal funds purchased— 3 — 
Short-term borrowings577 40 26 
Long-term debt1,086 888 376 
Other interest-bearing liabilities608 465 161 
Total interest expense9,054 6,421 1,544 
Net interest income$2,923 $2,759 $2,544 
v3.25.0.1
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
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, 20225,279 $72.43 
Granted2,421 79.58 
Vested(2,587)71.54 
Forfeited(145)76.40 
Outstanding as of December 31, 20234,968 75.72 
Granted2,551 68.70 
Vested(2,513)73.62 
Forfeited(147)73.35 
Outstanding as of December 31, 20244,859 73.20 
Schedule of Performance Awards
Shares
(In thousands)		Weighted-Average
Grant Date Fair Value
Performance Awards:
Outstanding as of December 31, 20222,296 $69.43 
Granted614 79.96 
Forfeited(17)74.59 
Paid out(687)62.99 
Outstanding as of December 31, 20232,206 74.33 
Granted363 63.49 
Forfeited(28)80.01 
Paid out(502)65.70 
Outstanding as of December 31, 20242,039 74.44 
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, 202235 $79.99 
Granted24 83.80 
Paid out(32)79.99 
Outstanding as of December 31, 202327 83.37 
Granted40 69.96 
Paid out(38)76.11 
Outstanding as of December 31, 202429 74.52 
v3.25.0.1
Occupancy Expense and Information Systems and Communications Expense (Tables)
 12 Months Ended
Dec. 31, 2024
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 2024:
Years Ended December 31,
(In millions)20242023
Finance lease:
Amortization of right-of-use assets$48 $48 
Interest on lease liabilities3 5 
Total finance lease expense51 53 
Sublease income — — 
Net finance lease expense51 53 
Operating lease:
Operating lease expense168 163 
Sublease income (17)(23)
Net operating lease expense151 140 
Net lease expense$202 $193 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$3 $5 
Operating cash flows from operating leases179 197 
Financing cash flows from finance leases46 45 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$174 $461 
Finance leases— — 
The following table presents details related to remaining lease terms and discount rate as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Weighted-average remaining lease term (in years):
     Finance leases1.42.5
     Operating leases8.18.5
Weighted-average discount rate:
     Finance leases3 %3 %
     Operating leases4 %4 %
Schedule of Future Minimum Lease Payments, Operating Leases
The following table presents future minimum lease payments under non-cancellable leases as of December 31, 2024:
(In millions)Operating LeasesFinance LeasesTotal
2025
$182 $55 $237 
2026152 26 178 
2027134 — 134 
2028118 — 118 
202988 — 88 
Thereafter342 — 342 
Total future minimum lease payments1,016 81 1,097 
Less imputed interest(177)(2)(179)
     Total$839 $79 $918 
Schedule of Future Minimum Lease Payments, Finance Leases
The following table presents future minimum lease payments under non-cancellable leases as of December 31, 2024:
(In millions)Operating LeasesFinance LeasesTotal
2025
$182 $55 $237 
2026152 26 178 
2027134 — 134 
2028118 — 118 
202988 — 88 
Thereafter342 — 342 
Total future minimum lease payments1,016 81 1,097 
Less imputed interest(177)(2)(179)
     Total$839 $79 $918 
v3.25.0.1
Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
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)202420232022
Professional services$465 $428 $375 
Regulatory fees and assessments(1)
142 464 83 
Sales advertising and public relations142 142 99 
Securities processing78 49 63 
Bank operations51 45 41 
Donations28 27 27 
Other433 374 387 
Total other expenses$1,339 $1,529 $1,075 
(1) Includes an FDIC special assessment of $99 million and $387 million in 2024 and 2023, respectively, related to FDIC’s recovery of estimated losses to the Deposit Insurance Fund associated with the closures of Silicon Valley Bank and Signature Bank reflected in other expenses.
Restructuring and Related Costs
The following table presents aggregate activity for repositioning charges for the periods indicated:
(In millions)Employee
Related Costs		Real Estate
Actions		Total
Accrual Balance at December 31, 2021$68 $6 $74 
Accruals for Repositioning Charges
58 20 78 
Payments and Other Adjustments(43)(21)(64)
Accrual Balance at December 31, 202283 5 88 
Accruals for Repositioning Charges
182 21 203 
Payments and Other Adjustments(58)(25)(83)
Accrual Balance at December 31, 2023207 1 208 
Accruals for Repositioning Charges
(15)13 (2)
Payments and Other Adjustments(96)(14)(110)
Accrual Balance at December 31, 2024
$96 $— $96 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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)202420232022
Current:
Federal$108 $160 $161 
State68 79 112 
Non-U.S.387 317 342 
Total current expense563 556 615 
Deferred:
Federal77 (77)(16)
State2 (63)(2)
Non-U.S.66 (44)(44)
Total deferred expense (benefit)145 (184)(62)
Total income tax expense (benefit)$708 $372 $553 
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,
202420232022
U.S. federal income tax rate21.0 %21.0 %21.0 %
Changes from statutory rate:
State taxes, net of federal benefit1.8 2.4 3.1 
Tax-exempt income(1.0)(1.5)(1.0)
Business tax credits(1)
(2.0)(3.6)(4.0)
Foreign tax differential1.0 (0.6)— 
Foreign tax credit (benefits)/ limitations(2)
0.6 (2.0)(0.1)
Change in Valuation Allowance(0.5)(0.2)(2.0)
Other, net(0.1)0.6 (0.4)
Effective tax rate20.8 %16.1 %16.6 %
(1) Business tax credits include research, low-income housing, production and investment tax credits.
(2) Foreign tax credit (benefits)/limitations includes the period expense for global intangible low-taxed income.
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)20242023
Deferred tax assets:
Other amortizable assets$189 $265 
Tax credit carryforwards577 673 
Lease obligations214 236 
Deferred compensation111 104 
Restructuring charges and other reserves227 224 
NOL and other carryforwards147 167 
Pension plan21 24 
Foreign currency translation63 51 
Unrealized losses on investment securities, net184 352 
Total deferred tax assets 1,733 2,096 
Valuation allowance for deferred tax assets(172)(200)
Deferred tax assets, net of valuation allowance$1,561 $1,896 
Deferred tax liabilities:
Fixed and intangible assets$634 $574 
Investment basis differences47 40 
Right-of-use Assets198 214 
Other40 68 
Total deferred tax liabilities$919 $896 
Summary of Valuation Allowance
The table below summarizes the deferred tax assets, carryforwards and related valuation allowances recognized as of December 31, 2024:
(In millions)Deferred Tax AssetValuation AllowanceExpiration
Other amortizable assets$189 $(72)
None
Tax credits577 (8)
2042-2044
NOLs - Non-U.S.130 (80)
2026-2042, None
NOLs - U.S.14 (10)
2025-2043, None
Other carryforwards2 (2)
None
Schedule of Unrecognized Tax Benefits The following table presents activity related to unrecognized tax benefits as of the dates indicated:
December 31,
(In millions)202420232022
Beginning balance$237 $285 $252 
Decrease related to agreements with tax authorities(22)(32)(4)
Increase related to tax positions taken during current year36 39 48 
Increase/(Decrease) related to tax positions taken during prior years11 (34)8 
Decreases related to a lapse of the applicable statute of limitations(25)(21)(19)
Ending balance$237 $237 $285 
v3.25.0.1
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2024
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)202420232022
Net income$2,687 $1,944 $2,774 
Less:
Preferred stock dividends (202)(122)(112)
Dividends and undistributed earnings allocated to participating securities(1)
(2)(1)(2)
Net income available to common shareholders$2,483 $1,821 $2,660 
Average common shares outstanding (In thousands):
Basic average common shares297,883 322,337 365,214 
Effect of dilutive securities: equity-based awards4,343 4,231 4,895 
Diluted average common shares302,226 326,568 370,109 
Anti-dilutive securities(2)
14 1,251 866 
Earnings per common share:
Basic$8.33 $5.65 $7.28 
Diluted(3)
8.21 5.58 7.19 
(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.
v3.25.0.1
Line of Business Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summary of Line of Business Results
The following is a summary of our line of business results for the periods indicated.
Years Ended December 31,
Investment
Servicing		Investment
Management		OtherTotal
(Dollars in millions)202420232022202420232022202420232022202420232022
Revenue:
Servicing fees$5,016 $4,922 $5,087 $— $— $— $— $— $— $5,016 $4,922 $5,087 
Management fees— — — 2,124 1,876 1,939 — — — 2,124 1,876 1,939 
Foreign exchange trading services1,248 1,140 1,271 138 125 82 15 — 23 1,401 1,265 1,376 
Securities finance415 402 397 23 24 19 — — — 438 426 416 
Software and processing fees888 811 789 — — — — — — 888 811 789 
Other fee revenue(1)
188 145 46 35 35 (47)66 — — 289 180 (1)
Total fee revenue7,755 7,420 7,590 2,320 2,060 1,993 81 — 23 10,156 9,480 9,606 
Net interest income2,899 2,740 2,551 24 19 (7)— — — 2,923 2,759 2,544 
Total other income2 — (2)— — — (81)(294)— (79)(294)(2)
Total revenue10,656 10,160 10,139 2,344 2,079 1,986 — (294)23 13,000 11,945 12,148 
Provision for credit losses75 46 20 — — — — — — 75 46 20 
Expenses:
Compensation and employee benefits4,078 4,033 3,896 555 520 478 64 191 54 4,697 4,744 4,428 
Information systems and communications1,743 1,568 1,535 86 94 95 — 41 — 1,829 1,703 1,630 
Transaction processing services825 777 809 173 180 162 — — — 998 957 971 
Other
1,041 1,035 1,020 841 746 661 124 398 91 2,006 2,179 1,772 
Total expenses7,687 7,413 7,260 1,655 1,540 1,396 188 630 145 9,530 9,583 8,801 
Income before income tax expense$2,894 $2,701 $2,859 $689 $539 $590 $(188)$(924)$(122)$3,395 $2,316 $3,327 
Pre-tax margin27 %27 %28 %29 %26 %30 %26 %19 %27 %
Average assets (in billions)$308.5 $271.5 $283.2 $3.2 $3.2 $3.2 $311.7 $274.7 $286.4 
(1) Investment Management includes other revenue items that are primarily driven by equity market movements.
Components of Other in Segment Reporting The following provides additional information about the items included in the line of business results “Other” column for the periods indicated.
Years Ended December 31,
Other
(Dollars in millions)202420232022
Fee revenue(1)
$81 $— $23 
Other Income(2)
(81)(294)— 
Deferred incentive compensation expense acceleration(3)
(79)— — 
Net repositioning charges(4)
2 (203)(70)
Net acquisition and restructuring costs(5)
— 15 (65)
FDIC special assessment and other(6)
(111)(442)(10)
Total$(188)$(924)$(122)
(1) Includes a $66 million gain on sale of equity investment and a $15 million revenue-related recovery associated with the proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.
(2) Includes the loss on the sale of investment securities of $81 million and $294 million in 2024 and 2023, respectively, related to the repositioning of the investment portfolio.
(3) Deferred compensation expense acceleration of $79 million in 2024 reflected in compensation and employee benefits, associated with an amendment of certain outstanding deferred cash incentive compensation awards to align our deferred pay mix with peers.
(4) Net repositioning charges in 2024 includes a $15 million release reflected in compensation and employee benefits, partially offset by $13 million of occupancy charges related to footprint optimization. Net repositioning charges in 2023 includes $182 million reflected in compensation and employee benefits expenses related to workforce rationalization and $21 million of occupancy costs related to real estate footprint optimization.
(5) Acquisition and restructuring costs related to the Brown Brother Harriman Investor Services acquisition transaction that State Street is no longer pursuing.
(6) Includes an FDIC special assessment of $99 million and $387 million in 2024 and 2023, respectively, related to FDIC’s recovery of estimated losses to the Deposit Insurance Fund associated with the closures of Silicon Valley Bank and Signature Bank reflected in other expenses. Other includes a $12 million charge in 2024 reflected in other expenses and $41 million in 2023 reflected in information systems and communications, primarily related to operating model changes.
v3.25.0.1
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2024
Servicing fees$5,016 $— $5,016 $— $— $— $— $— $— $5,016 
Management fees— — — 2,124 — 2,124 — — — 2,124 
Foreign exchange trading services 386 862 1,248 138 — 138 — 15 15 1,401 
Securities finance185 230 415 — 23 23 — — — 438 
Software and processing fees 685 203 888 — — — — — — 888 
Other fee revenue— 188 188 — 35 35 — 66 66 289 
Total fee revenue6,272 1,483 7,755 2,262 58 2,320 — 81 81 10,156 
Net interest income— 2,899 2,899 — 24 24 — — — 2,923 
Total other income— 2 2 — — — — (81)(81)(79)
Total revenue$6,272 $4,384 $10,656 $2,262 $82 $2,344 $— $— $— $13,000 
Year Ended December 31, 2023
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2023
Servicing fees$4,922 $— $4,922 $— $— $— $— $— $— $4,922 
Management fees— — — 1,876 — 1,876 — — — 1,876 
Foreign exchange trading services 344 796 1,140 125 — 125 — — — 1,265 
Securities finance225 177 402 — 24 24 — — — 426 
Software and processing fees 627 184 811 — — — — — — 811 
Other fee revenue— 145 145 — 35 35 — — — 180 
Total fee revenue6,118 1,302 7,420 2,001 59 2,060 — — — 9,480 
Net interest income— 2,740 2,740 — 19 19 — — — 2,759 
Total other income— — — — — — — (294)(294)(294)
Total revenue$6,118 $4,042 $10,160 $2,001 $78 $2,079 $— $(294)$(294)$11,945 
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 services363 908 1,271 82 — 82 — 23 23 1,376 
Securities finance233 164 397 — 19 19 — — — 416 
Software and processing fees599 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 
v3.25.0.1
Non-U.S. Activities (Tables)
 12 Months Ended
Dec. 31, 2024
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,
202420232022
(In millions)
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Non-U.S.(1)
U.S.Total
Total revenue$5,485 $7,515 $13,000 $5,108 $6,837 $11,945 $5,170 $6,978 $12,148 
Income before income tax expense 1,376 2,019 3,395 1,057 1,259 2,316 1,358 1,969 3,327 
(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.
v3.25.0.1
Parent Company Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Statement of Income - Parent Company
Statement of Income - Parent Company
Years Ended December 31,
(In millions)202420232022
Cash dividends from consolidated banking subsidiary$1,250 $4,550 $1,500 
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities58 320 198 
Other, net516 274 69 
Total revenue1,824 5,144 1,767 
Interest expense1,170 975 426 
Other expenses239 198 93 
Total expenses1,409 1,173 519 
Income tax (benefit)(232)(224)(121)
Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities
647 4,195 1,369 
Equity in undistributed income (loss) of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary1,522 (2,464)1,275 
Consolidated non-banking subsidiaries and unconsolidated entities518 213 130 
Net income$2,687 $1,944 $2,774 
Statement of Condition - Parent Company
Statement of Condition - Parent Company
As of December 31,
(In millions)20242023
Assets:
Interest-bearing deposits with consolidated banking subsidiary$438 $659 
Trading account assets499 454 
Investment securities available-for-sale378 279 
Investments in:
Consolidated banking subsidiary27,504 25,391 
Consolidated non-banking subsidiaries10,487 10,055 
Unconsolidated entities114 111 
Notes and other receivables from:
Consolidated banking subsidiary170 2 
Consolidated non-banking subsidiaries and unconsolidated entities9,211 6,816 
Other assets127 230 
Total assets$48,928 $43,997 
Liabilities:
Notes and other payables to:
  Consolidated banking subsidiary$— $68 
  Consolidated non-banking subsidiaries and unconsolidated entities2,063 896 
Accrued expenses and other liabilities652 615 
Long-term debt20,887 18,619 
Total liabilities23,602 20,198 
Shareholders’ equity25,326 23,799 
Total liabilities and shareholders’ equity$48,928 $43,997 
Statement of Cash Flows - Parent Company
Statement of Cash Flows - Parent Company
Years Ended December 31,
(In millions)202420232022
Net cash provided by (used in) operating activities$622 $4,194 $1,608 
Investing Activities:
Net increase (decrease) in interest-bearing deposits with consolidated banking subsidiary
221 (199)22 
Proceeds from sales and maturities of available-for-sale securities1,120 830 780 
Purchases of available-for-sale securities(1,204)(836)(886)
Investments in consolidated banking and non-banking subsidiaries(9,330)(10,784)(16,252)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries7,875 7,920 15,092 
Net cash used in investing activities
(1,318)(3,069)(1,244)
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs4,281 6,221 3,731 
Payments for long-term debt(2,000)(2,500)(1,500)
Proceeds from issuance of preferred stock, net of issuance costs2,350 — — 
Payments for redemption of preferred stock(1,500)— — 
Repurchases of common stock(1,319)(3,781)(1,500)
Repurchases of common stock for employee tax withholding(83)(95)(123)
Payments for cash dividends(1,033)(970)(972)
Net cash provided by (used in) financing activities
696 (1,125)(364)
Net change— — — 
Cash and due from banks at beginning of year— — — 
Cash and due from banks at end of year$— $— $— 
v3.25.0.1
Summary of Significant Accounting Policies - Basis of Presentation (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
line_of_business
Dec. 31, 2024
USD ($)
reporting_segment
Dec. 31, 2024
USD ($)
reportable_segment
Accounting Policies [Abstract]      
Number of reportable segments 2 2 2
Accrual of loss contingency $ 15 $ 15 $ 15
v3.25.0.1
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)
$ in Billions
Dec. 31, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]    
Cash and due from banks, amount inaccessible $ 1.3 $ 1.9
RUSSIA    
Cash and Cash Equivalents [Line Items]    
Cash and due from banks, amount inaccessible $ 0.8 $ 1.5
v3.25.0.1
Fair Value - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets $ 768,000,000 $ 773,000,000  
Available-for-sale investment securities: 58,895,000,000 44,526,000,000  
Derivative assets 11,183,000,000 5,307,000,000  
Derivative asset, collateral, cash offset 1,860,000,000 3,904,000,000  
Derivative liability, collateral, cash offset 6,103,000,000 1,413,000,000  
Available for sale, amortized cost 59,006,000,000 44,853,000,000  
Debt securities, AFS, allowance 0 0 $ 2,000,000
Investment securities held-to-maturity (less allowance for credit losses of $0 and $1) (fair value of $41,906 and $51,503) 47,727,000,000 57,117,000,000  
Debt securities, HTM, allowance 0 1,000,000 $ 0
Agency CMBS      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available for sale, amortized cost 4,360,000,000 5,540,000,000  
Investment securities held-to-maturity (less allowance for credit losses of $0 and $1) (fair value of $41,906 and $51,503) 5,180,000,000 5,230,000,000  
Agency MBS      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available for sale, amortized cost 6,200,000,000 5,210,000,000  
Non-US collateralized loan obligations      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available for sale, amortized cost 700,000,000 1,020,000,000.00  
Non-U.S. debt securities, corporate bonds      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available for sale, amortized cost 2,540,000,000 2,360,000,000  
Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 768,000,000 773,000,000  
Available-for-sale investment securities: 58,895,000,000 44,526,000,000  
Derivative asset, Impact of Netting (18,285,000,000) (14,400,000,000)  
Derivative assets 11,183,000,000 5,307,000,000  
Other 767,000,000 651,000,000  
Other assets - impact of netting 0 0  
Total assets carried at fair value 71,613,000,000 51,257,000,000  
Derivative liability, Impact of Netting (22,528,000,000) (11,909,000,000)  
Derivative liabilities 6,596,000,000 7,693,000,000  
Total liabilities carried at fair value 6,596,000,000 7,693,000,000  
Recurring | Foreign exchange contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset, Impact of Netting (18,262,000,000) (14,387,000,000)  
Derivative assets 11,177,000,000 5,307,000,000  
Derivative liability, Impact of Netting (22,527,000,000) (11,909,000,000)  
Derivative liabilities 6,377,000,000 7,507,000,000  
Recurring | Interest rate contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset, Impact of Netting (23,000,000) (13,000,000)  
Derivative assets 5,000,000 0  
Derivative liability, Impact of Netting (1,000,000) 0  
Derivative liabilities 0 4,000,000  
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 219,000,000 182,000,000  
Recurring | Other derivative contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset, Impact of Netting 0    
Derivative assets 1,000,000    
Recurring | U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 34,000,000 36,000,000  
Recurring | Non-U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 121,000,000 138,000,000  
Recurring | Other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 613,000,000 599,000,000  
Available-for-sale investment securities: 52,000,000 306,000,000  
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: 23,525,000,000 8,301,000,000  
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: 10,566,000,000 10,755,000,000  
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: 34,091,000,000 19,056,000,000  
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: 2,430,000,000 1,857,000,000  
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: 1,868,000,000 2,137,000,000  
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: 13,939,000,000 15,100,000,000  
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: 2,821,000,000 2,735,000,000  
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: 21,058,000,000 21,829,000,000  
Recurring | Asset-backed securities, student loans      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 90,000,000 114,000,000  
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: 3,453,000,000 2,527,000,000  
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: 4,000,000 249,000,000  
Recurring | Asset-backed securities, other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 91,000,000 90,000,000  
Recurring | Total asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 3,638,000,000 2,980,000,000  
Recurring | State and political subdivisions      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 56,000,000 355,000,000  
Recurring | Quoted Market Prices in Active Markets (Level 1)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 34,000,000 36,000,000  
Available-for-sale investment securities: 23,525,000,000 8,301,000,000  
Derivative asset 22,000,000 0  
Other 20,000,000 11,000,000  
Total assets carried at fair value 23,601,000,000 8,348,000,000  
Derivative liability 0 5,000,000  
Total liabilities carried at fair value 0 5,000,000  
Recurring | 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 asset 16,000,000 0  
Derivative liability 0 1,000,000  
Recurring | Quoted Market Prices in Active Markets (Level 1) | Interest rate contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset 5,000,000 0  
Derivative liability 0 4,000,000  
Recurring | Quoted Market Prices in Active Markets (Level 1) | Other derivative contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability 0 0  
Recurring | Quoted Market Prices in Active Markets (Level 1) | Other derivative contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset 1,000,000    
Recurring | Quoted Market Prices in Active Markets (Level 1) | U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 34,000,000 36,000,000  
Recurring | Quoted Market Prices in Active Markets (Level 1) | Non-U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 0 0  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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: 23,525,000,000 8,301,000,000  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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: 23,525,000,000 8,301,000,000  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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  
Recurring | Quoted Market Prices in Active Markets (Level 1) | Asset-backed securities, other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 0 0  
Recurring | Quoted Market Prices in Active Markets (Level 1) | Total asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 0 0  
Recurring | Quoted Market Prices in Active Markets (Level 1) | State and political subdivisions      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 0 0  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)       
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 734,000,000 737,000,000  
Available-for-sale investment securities: 35,370,000,000 36,225,000,000  
Derivative asset 29,445,000,000 19,703,000,000  
Other 747,000,000 640,000,000  
Total assets carried at fair value 66,296,000,000 57,305,000,000  
Derivative liability 29,124,000,000 19,596,000,000  
Total liabilities carried at fair value 29,124,000,000 19,596,000,000  
Recurring | 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 asset 29,422,000,000 19,690,000,000  
Derivative liability 28,904,000,000 19,414,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Interest rate contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset 23,000,000 13,000,000  
Derivative liability 1,000,000 0  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Other derivative contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability 219,000,000 182,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Other derivative contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset 0    
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 0 0  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Non-U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 121,000,000 138,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 613,000,000 599,000,000  
Available-for-sale investment securities: 52,000,000 306,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | 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  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | 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: 10,566,000,000 10,755,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | 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: 10,566,000,000 10,755,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | 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: 2,430,000,000 1,857,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | 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: 1,868,000,000 2,137,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | 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: 13,939,000,000 15,100,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Non-U.S. debt securities, other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 2,821,000,000 2,735,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Total non-U.S. debt securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 21,058,000,000 21,829,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Asset-backed securities, student loans      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 90,000,000 114,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Asset-backed securities, collateralized loan obligations      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 3,453,000,000 2,527,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | 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: 4,000,000 249,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Asset-backed securities, other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 91,000,000 90,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | Total asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 3,638,000,000 2,980,000,000  
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2)  | State and political subdivisions      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 56,000,000 355,000,000  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3)      
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 1,000,000 4,000,000  
Other 0 0  
Total assets carried at fair value 1,000,000 4,000,000  
Derivative liability 0 1,000,000  
Total liabilities carried at fair value 0 1,000,000  
Recurring | 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 asset 1,000,000 4,000,000  
Derivative liability 0 1,000,000  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Interest rate contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset 0 0  
Derivative liability 0 0  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other derivative contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability 0 0  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other derivative contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative asset 0    
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 0 0  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading account assets 0 0  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 0 0  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Total asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: 0 0  
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale investment securities: $ 0 $ 0  
v3.25.0.1
Fair Value - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Financial Assets:    
Cash and due from banks $ 3,145 $ 4,047
Interest-bearing deposits with banks 112,957 87,665
Securities purchased under resale agreements 6,679 6,692
Investment securities held-to-maturity 41,906 51,503
Financial Liabilities:    
Non-interest-bearing 33,180 32,569
Interest-bearing - U.S. 166,483 121,738
Interest-bearing - non-U.S. 62,257 66,663
Securities sold under repurchase agreements 3,681 1,867
Other short-term borrowings 9,840 3,660
Pricing Methods with Significant Observable Market Inputs (Level 2)     
Financial Assets:    
Net loans 14  
Reported Amount     
Financial Assets:    
Cash and due from banks 3,145 4,047
Interest-bearing deposits with banks 112,957 87,665
Securities purchased under resale agreements 6,679 6,692
Investment securities held-to-maturity 47,727 57,117
Net loans 43,026 36,496
Other 6,752 6,866
Financial Liabilities:    
Non-interest-bearing 33,180 32,569
Interest-bearing - U.S. 166,483 121,738
Interest-bearing - non-U.S. 62,257 66,663
Securities sold under repurchase agreements 3,681 1,867
Other short-term borrowings 9,840 3,660
Long-term debt 23,272 18,839
Other 6,752 6,866
Estimated Fair Value    
Financial Assets:    
Cash and due from banks 3,145 4,047
Interest-bearing deposits with banks 112,957 87,665
Securities purchased under resale agreements 6,679 6,692
Investment securities held-to-maturity 41,906 51,503
Net loans 42,839 36,335
Other 6,752 6,866
Financial Liabilities:    
Non-interest-bearing 33,180 32,569
Interest-bearing - U.S. 166,483 121,738
Interest-bearing - non-U.S. 62,257 66,663
Securities sold under repurchase agreements 3,681 1,867
Other short-term borrowings 9,840 3,660
Long-term debt 23,078 18,417
Other 6,752 6,866
Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1)    
Financial Assets:    
Cash and due from banks 3,145 4,047
Interest-bearing deposits with banks 0 0
Securities purchased under resale agreements 0 0
Investment securities held-to-maturity 5,354 8,409
Net loans 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
Other 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 112,957 87,665
Securities purchased under resale agreements 6,679 6,692
Investment securities held-to-maturity 36,552 43,094
Net loans 41,097 34,308
Other 6,752 6,866
Financial Liabilities:    
Non-interest-bearing 33,180 32,569
Interest-bearing - U.S. 166,483 121,738
Interest-bearing - non-U.S. 62,257 66,663
Securities sold under repurchase agreements 3,681 1,867
Other short-term borrowings 9,840 3,660
Long-term debt 22,882 18,216
Other 6,752 6,866
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 1,742 2,027
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
Other short-term borrowings 0 0
Long-term debt 196 201
Other $ 0 $ 0
v3.25.0.1
Investment Securities - Schedule of Marketable Securities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost $ 59,006,000,000 $ 44,853,000,000  
Available for sale, gross unrealized gains 172,000,000 209,000,000  
Available for sale, gross unrealized losses 283,000,000 536,000,000  
Available-for-sale investment securities: 58,895,000,000 44,526,000,000  
Held to maturity, amortized cost 47,727,000,000 57,117,000,000  
Investment securities held-to-maturity 41,906,000,000 51,503,000,000  
Debt securities, HTM, allowance 0 1,000,000 $ 0
US Treasury and federal agencies, direct obligations      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 23,539,000,000 8,427,000,000  
Available for sale, gross unrealized gains 38,000,000 39,000,000  
Available for sale, gross unrealized losses 52,000,000 165,000,000  
Available-for-sale investment securities: 23,525,000,000 8,301,000,000  
Held to maturity, amortized cost 5,417,000,000 8,584,000,000  
Held to maturity, gross unrealized gains 0 0  
Held to maturity, gross unrealized losses 55,000,000 163,000,000  
Investment securities held-to-maturity 5,362,000,000 8,421,000,000  
US Treasury and federal agencies, mortgage-backed securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 10,699,000,000 10,870,000,000  
Available for sale, gross unrealized gains 21,000,000 49,000,000  
Available for sale, gross unrealized losses 154,000,000 164,000,000  
Available-for-sale investment securities: 10,566,000,000 10,755,000,000  
Held to maturity, amortized cost 36,101,000,000 39,472,000,000  
Held to maturity, gross unrealized gains 2,000,000 7,000,000  
Held to maturity, gross unrealized losses 5,677,000,000 5,271,000,000  
Investment securities held-to-maturity 30,426,000,000 34,208,000,000  
Total U.S. Treasury and federal agencies      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 34,238,000,000 19,297,000,000  
Available for sale, gross unrealized gains 59,000,000 88,000,000  
Available for sale, gross unrealized losses 206,000,000 329,000,000  
Available-for-sale investment securities: 34,091,000,000 19,056,000,000  
Held to maturity, amortized cost 41,518,000,000 48,056,000,000  
Held to maturity, gross unrealized gains 2,000,000 7,000,000  
Held to maturity, gross unrealized losses 5,732,000,000 5,434,000,000  
Investment securities held-to-maturity 35,788,000,000 42,629,000,000  
Non-U.S. debt securities, mortgage-backed securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 2,426,000,000 1,861,000,000  
Available for sale, gross unrealized gains 5,000,000 3,000,000  
Available for sale, gross unrealized losses 1,000,000 7,000,000  
Available-for-sale investment securities: 2,430,000,000 1,857,000,000  
Non-U.S. debt securities, asset-backed securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 1,865,000,000 2,148,000,000  
Available for sale, gross unrealized gains 5,000,000 2,000,000  
Available for sale, gross unrealized losses 2,000,000 13,000,000  
Available-for-sale investment securities: 1,868,000,000 2,137,000,000  
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 13,954,000,000 15,159,000,000  
Available for sale, gross unrealized gains 54,000,000 73,000,000  
Available for sale, gross unrealized losses 69,000,000 132,000,000  
Available-for-sale investment securities: 13,939,000,000 15,100,000,000  
Held to maturity, amortized cost 3,673,000,000 5,757,000,000  
Held to maturity, gross unrealized gains 7,000,000 8,000,000  
Held to maturity, gross unrealized losses 73,000,000 153,000,000  
Investment securities held-to-maturity 3,607,000,000 5,612,000,000  
Non-U.S. debt securities, other      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 2,787,000,000 2,733,000,000  
Available for sale, gross unrealized gains 38,000,000 39,000,000  
Available for sale, gross unrealized losses 4,000,000 37,000,000  
Available-for-sale investment securities: 2,821,000,000 2,735,000,000  
Total non-U.S. debt securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 21,032,000,000 21,901,000,000  
Available for sale, gross unrealized gains 102,000,000 117,000,000  
Available for sale, gross unrealized losses 76,000,000 189,000,000  
Available-for-sale investment securities: 21,058,000,000 21,829,000,000  
Held to maturity, amortized cost 3,673,000,000 5,757,000,000  
Held to maturity, gross unrealized gains 7,000,000 8,000,000  
Held to maturity, gross unrealized losses 73,000,000 153,000,000  
Investment securities held-to-maturity 3,607,000,000 5,612,000,000  
Asset-backed securities, student loans      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 89,000,000 113,000,000  
Available for sale, gross unrealized gains 1,000,000 1,000,000  
Available for sale, gross unrealized losses 0 0  
Available-for-sale investment securities: 90,000,000 114,000,000  
Held to maturity, amortized cost 2,536,000,000 3,298,000,000  
Held to maturity, gross unrealized gains 4,000,000 2,000,000  
Held to maturity, gross unrealized losses 29,000,000 62,000,000  
Investment securities held-to-maturity 2,511,000,000 3,238,000,000  
Asset-backed securities, collateralized loan obligations      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 3,447,000,000 90,000,000  
Available for sale, gross unrealized gains 6,000,000 0  
Available for sale, gross unrealized losses 0 0  
Available-for-sale investment securities: 3,453,000,000 90,000,000  
Asset-backed securities, non-agency CMBS and RMBS      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 1,000,000 252,000,000  
Available for sale, gross unrealized gains 3,000,000 0  
Available for sale, gross unrealized losses 0 3,000,000  
Available-for-sale investment securities: 4,000,000 249,000,000  
Held to maturity, amortized cost 0 6,000,000  
Held to maturity, gross unrealized gains 0 18,000,000  
Held to maturity, gross unrealized losses 0 0  
Investment securities held-to-maturity 0 24,000,000  
Asset-backed securities, other      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 90,000,000 2,530,000,000  
Available for sale, gross unrealized gains 1,000,000 3,000,000  
Available for sale, gross unrealized losses 0 6,000,000  
Available-for-sale investment securities: 91,000,000 2,527,000,000  
Total asset-backed securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 3,627,000,000 2,985,000,000  
Available for sale, gross unrealized gains 11,000,000 4,000,000  
Available for sale, gross unrealized losses 0 9,000,000  
Available-for-sale investment securities: 3,638,000,000 2,980,000,000  
Held to maturity, amortized cost 2,536,000,000 3,304,000,000  
Held to maturity, gross unrealized gains 4,000,000 20,000,000  
Held to maturity, gross unrealized losses 29,000,000 62,000,000  
Investment securities held-to-maturity 2,511,000,000 3,262,000,000  
State and political subdivisions      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 56,000,000 356,000,000  
Available for sale, gross unrealized gains 0 0  
Available for sale, gross unrealized losses 0 1,000,000  
Available-for-sale investment securities: 56,000,000 355,000,000  
Other U.S. debt securities      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 53,000,000 314,000,000  
Available for sale, gross unrealized gains 0 0  
Available for sale, gross unrealized losses 1,000,000 8,000,000  
Available-for-sale investment securities: 52,000,000 306,000,000  
Including money market mutual fund liquidity facility      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Held to maturity, amortized cost 47,727,000,000 57,117,000,000  
Held to maturity, gross unrealized gains 13,000,000 35,000,000  
Held to maturity, gross unrealized losses 5,834,000,000 5,649,000,000  
Investment securities held-to-maturity 41,906,000,000 51,503,000,000  
Agency CMBS      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 4,360,000,000 5,540,000,000  
Held to maturity, amortized cost 5,180,000,000 5,230,000,000  
Agency MBS      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 6,200,000,000 5,210,000,000  
Non-US collateralized loan obligations      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost 700,000,000 1,020,000,000.00  
Non-U.S. debt securities, corporate bonds      
Available-For-Sale and Held-To-Maturity-Securities [Line Items]      
Available for sale, amortized cost $ 2,540,000,000 2,360,000,000  
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 $ 50,000,000.00 $ 310,000,000  
v3.25.0.1
Investment Securities - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Gains (losses) from sales of available-for-sale securities, net $ 79,000,000 $ 294,000,000 $ 2,000,000
Debt securities, AFS, allowance 0 0 2,000,000
Asset Pledged as Collateral      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Pledged securities not separately reported 86,700,000,000 71,300,000,000  
ABS and municipal bonds      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Securities sold 10,970,000,000 4,920,000,000 4,590,000,000
Gains (losses) from sales of available-for-sale securities, net $ 79,000,000 $ 294,000,000 $ 2,000,000
v3.25.0.1
Investment Securities - Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months $ 18,678 $ 6,383
Available for sale, gross unrealized losses less than 12 months 136 16
Available for sale, fair value 12 months or longer 10,412 22,572
Available for sale, gross unrealized losses 12 months or longer 147 520
Available for sale, fair value total 29,090 28,955
Available for sale, gross unrealized losses total 283 536
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 8,113 333
Available for sale, gross unrealized losses less than 12 months 25 2
Available for sale, fair value 12 months or longer 2,435 5,416
Available for sale, gross unrealized losses 12 months or longer 27 163
Available for sale, fair value total 10,548 5,749
Available for sale, gross unrealized losses total 52 165
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 3,742 961
Available for sale, gross unrealized losses less than 12 months 59 6
Available for sale, fair value 12 months or longer 4,360 6,512
Available for sale, gross unrealized losses 12 months or longer 95 158
Available for sale, fair value total 8,102 7,473
Available for sale, gross unrealized losses total 154 164
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 11,855 1,294
Available for sale, gross unrealized losses less than 12 months 84 8
Available for sale, fair value 12 months or longer 6,795 11,928
Available for sale, gross unrealized losses 12 months or longer 122 321
Available for sale, fair value total 18,650 13,222
Available for sale, gross unrealized losses total 206 329
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 730 424
Available for sale, gross unrealized losses less than 12 months 1 1
Available for sale, fair value 12 months or longer 225 719
Available for sale, gross unrealized losses 12 months or longer 0 6
Available for sale, fair value total 955 1,143
Available for sale, gross unrealized losses total 1 7
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 387 358
Available for sale, gross unrealized losses less than 12 months 0 0
Available for sale, fair value 12 months or longer 506 1,052
Available for sale, gross unrealized losses 12 months or longer 2 13
Available for sale, fair value total 893 1,410
Available for sale, gross unrealized losses total 2 13
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 4,695 3,972
Available for sale, gross unrealized losses less than 12 months 49 7
Available for sale, fair value 12 months or longer 2,695 5,788
Available for sale, gross unrealized losses 12 months or longer 20 125
Available for sale, fair value total 7,390 9,760
Available for sale, gross unrealized losses total 69 132
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 312 50
Available for sale, gross unrealized losses less than 12 months 2 0
Available for sale, fair value 12 months or longer 116 893
Available for sale, gross unrealized losses 12 months or longer 2 37
Available for sale, fair value total 428 943
Available for sale, gross unrealized losses total 4 37
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 6,124 4,804
Available for sale, gross unrealized losses less than 12 months 52 8
Available for sale, fair value 12 months or longer 3,542 8,452
Available for sale, gross unrealized losses 12 months or longer 24 181
Available for sale, fair value total 9,666 13,256
Available for sale, gross unrealized losses total 76 189
Asset-backed securities, student loans    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 12  
Available for sale, gross unrealized losses less than 12 months 0  
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 12  
Available for sale, gross unrealized losses total 0  
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 684 183
Available for sale, gross unrealized losses less than 12 months 0 0
Available for sale, fair value 12 months or longer 0 1,605
Available for sale, gross unrealized losses 12 months or longer 0 6
Available for sale, fair value total 684 1,788
Available for sale, gross unrealized losses total 0 6
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   35
Available for sale, gross unrealized losses less than 12 months   0
Available for sale, fair value 12 months or longer   180
Available for sale, gross unrealized losses 12 months or longer   3
Available for sale, fair value total   215
Available for sale, gross unrealized losses total   3
Total asset-backed securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 696 218
Available for sale, gross unrealized losses less than 12 months 0 0
Available for sale, fair value 12 months or longer 0 1,785
Available for sale, gross unrealized losses 12 months or longer 0 9
Available for sale, fair value total 696 2,003
Available for sale, gross unrealized losses total 0 9
State and political subdivisions    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 0 64
Available for sale, gross unrealized losses less than 12 months 0 0
Available for sale, fair value 12 months or longer 26 104
Available for sale, gross unrealized losses 12 months or longer 0 1
Available for sale, fair value total 26 168
Available for sale, gross unrealized losses total 0 1
Other U.S. debt securities    
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items]    
Available for sale, fair value less than 12 months 3 3
Available for sale, gross unrealized losses less than 12 months 0 0
Available for sale, fair value 12 months or longer 49 303
Available for sale, gross unrealized losses 12 months or longer 1 8
Available for sale, fair value total 52 306
Available for sale, gross unrealized losses total $ 1 $ 8
v3.25.0.1
Investment Securities - Schedule of Contractual Maturities of Debt Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost $ 12,199  
Available for sale, under 1 year, fair value 12,199  
Available for sale, 1 to 5 years, amortized cost 28,684  
Available for sale, 1 to 5 years, fair value 28,699  
Available for sale, 6 to 10 years, amortized cost 8,093  
Available for sale, 6 to 10 years, fair value 8,060  
Available for sale, over 10 years, amortized cost 10,030  
Available for sale, over 10 years, fair value 9,937  
Available for sale, amortized cost 59,006 $ 44,853
Available-for-sale investment securities: 58,895 44,526
Held to maturity, amortized cost 47,727 57,117
Investment securities held-to-maturity 41,906 51,503
US Treasury and federal agencies, direct obligations    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 8,619  
Available for sale, under 1 year, fair value 8,625  
Available for sale, 1 to 5 years, amortized cost 13,485  
Available for sale, 1 to 5 years, fair value 13,474  
Available for sale, 6 to 10 years, amortized cost 1,435  
Available for sale, 6 to 10 years, fair value 1,426  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 23,539 8,427
Available-for-sale investment securities: 23,525 8,301
Held to maturity, under 1 year, amortized cost 4,557  
Held to maturity, under 1 year, fair value 4,521  
Held to maturity, 1 to 5 years, amortized cost 851  
Held to maturity, 1 to 5 years, fair value 832  
Held to maturity, 6 to 10 years, amortized cost 1  
Held to maturity, 6 to 10 years, fair value 1  
Held to maturity, over 10 years, amortized cost 8  
Held to maturity, over 10 years, fair value 8  
Held to maturity, amortized cost 5,417 8,584
Investment securities held-to-maturity 5,362 8,421
US Treasury and federal agencies, mortgage-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 49  
Available for sale, under 1 year, fair value 49  
Available for sale, 1 to 5 years, amortized cost 1,824  
Available for sale, 1 to 5 years, fair value 1,819  
Available for sale, 6 to 10 years, amortized cost 2,517  
Available for sale, 6 to 10 years, fair value 2,493  
Available for sale, over 10 years, amortized cost 6,309  
Available for sale, over 10 years, fair value 6,205  
Available for sale, amortized cost 10,699 10,870
Available-for-sale investment securities: 10,566 10,755
Held to maturity, under 1 year, amortized cost 134  
Held to maturity, under 1 year, fair value 120  
Held to maturity, 1 to 5 years, amortized cost 1,711  
Held to maturity, 1 to 5 years, fair value 1,559  
Held to maturity, 6 to 10 years, amortized cost 3,308  
Held to maturity, 6 to 10 years, fair value 2,788  
Held to maturity, over 10 years, amortized cost 30,948  
Held to maturity, over 10 years, fair value 25,959  
Held to maturity, amortized cost 36,101 39,472
Investment securities held-to-maturity 30,426 34,208
Total U.S. Treasury and federal agencies    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 8,668  
Available for sale, under 1 year, fair value 8,674  
Available for sale, 1 to 5 years, amortized cost 15,309  
Available for sale, 1 to 5 years, fair value 15,293  
Available for sale, 6 to 10 years, amortized cost 3,952  
Available for sale, 6 to 10 years, fair value 3,919  
Available for sale, over 10 years, amortized cost 6,309  
Available for sale, over 10 years, fair value 6,205  
Available for sale, amortized cost 34,238 19,297
Available-for-sale investment securities: 34,091 19,056
Held to maturity, under 1 year, amortized cost 4,691  
Held to maturity, under 1 year, fair value 4,641  
Held to maturity, 1 to 5 years, amortized cost 2,562  
Held to maturity, 1 to 5 years, fair value 2,391  
Held to maturity, 6 to 10 years, amortized cost 3,309  
Held to maturity, 6 to 10 years, fair value 2,789  
Held to maturity, over 10 years, amortized cost 30,956  
Held to maturity, over 10 years, fair value 25,967  
Held to maturity, amortized cost 41,518 48,056
Investment securities held-to-maturity 35,788 42,629
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 427  
Available for sale, 1 to 5 years, fair value 427  
Available for sale, 6 to 10 years, amortized cost 38  
Available for sale, 6 to 10 years, fair value 38  
Available for sale, over 10 years, amortized cost 1,903  
Available for sale, over 10 years, fair value 1,907  
Available for sale, amortized cost 2,426 1,861
Available-for-sale investment securities: 2,430 1,857
Non-U.S. debt securities, asset-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 276  
Available for sale, under 1 year, fair value 276  
Available for sale, 1 to 5 years, amortized cost 279  
Available for sale, 1 to 5 years, fair value 279  
Available for sale, 6 to 10 years, amortized cost 1,005  
Available for sale, 6 to 10 years, fair value 1,007  
Available for sale, over 10 years, amortized cost 305  
Available for sale, over 10 years, fair value 306  
Available for sale, amortized cost 1,865 2,148
Available-for-sale investment securities: 1,868 2,137
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 2,706  
Available for sale, under 1 year, fair value 2,700  
Available for sale, 1 to 5 years, amortized cost 10,138  
Available for sale, 1 to 5 years, fair value 10,136  
Available for sale, 6 to 10 years, amortized cost 1,110  
Available for sale, 6 to 10 years, fair value 1,103  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 13,954 15,159
Available-for-sale investment securities: 13,939 15,100
Held to maturity, under 1 year, amortized cost 1,409  
Held to maturity, under 1 year, fair value 1,397  
Held to maturity, 1 to 5 years, amortized cost 2,044  
Held to maturity, 1 to 5 years, fair value 1,998  
Held to maturity, 6 to 10 years, amortized cost 220  
Held to maturity, 6 to 10 years, fair value 212  
Held to maturity, over 10 years, amortized cost 0  
Held to maturity, over 10 years, fair value 0  
Held to maturity, amortized cost 3,673 5,757
Investment securities held-to-maturity 3,607 5,612
Non-U.S. debt securities, other    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 371  
Available for sale, under 1 year, fair value 371  
Available for sale, 1 to 5 years, amortized cost 2,314  
Available for sale, 1 to 5 years, fair value 2,346  
Available for sale, 6 to 10 years, amortized cost 102  
Available for sale, 6 to 10 years, fair value 104  
Available for sale, over 10 years, amortized cost 0  
Available for sale, over 10 years, fair value 0  
Available for sale, amortized cost 2,787 2,733
Available-for-sale investment securities: 2,821 2,735
Total non-U.S. debt securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 3,411  
Available for sale, under 1 year, fair value 3,405  
Available for sale, 1 to 5 years, amortized cost 13,158  
Available for sale, 1 to 5 years, fair value 13,188  
Available for sale, 6 to 10 years, amortized cost 2,255  
Available for sale, 6 to 10 years, fair value 2,252  
Available for sale, over 10 years, amortized cost 2,208  
Available for sale, over 10 years, fair value 2,213  
Available for sale, amortized cost 21,032 21,901
Available-for-sale investment securities: 21,058 21,829
Held to maturity, under 1 year, amortized cost 1,409  
Held to maturity, under 1 year, fair value 1,397  
Held to maturity, 1 to 5 years, amortized cost 2,044  
Held to maturity, 1 to 5 years, fair value 1,998  
Held to maturity, 6 to 10 years, amortized cost 220  
Held to maturity, 6 to 10 years, fair value 212  
Held to maturity, over 10 years, amortized cost 0  
Held to maturity, over 10 years, fair value 0  
Held to maturity, amortized cost 3,673 5,757
Investment securities held-to-maturity 3,607 5,612
Asset-backed securities, student loans    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 23  
Available for sale, under 1 year, fair value 24  
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 12  
Available for sale, 6 to 10 years, fair value 12  
Available for sale, over 10 years, amortized cost 54  
Available for sale, over 10 years, fair value 54  
Available for sale, amortized cost 89 113
Available-for-sale investment securities: 90 114
Held to maturity, under 1 year, amortized cost 149  
Held to maturity, under 1 year, fair value 147  
Held to maturity, 1 to 5 years, amortized cost 310  
Held to maturity, 1 to 5 years, fair value 309  
Held to maturity, 6 to 10 years, amortized cost 380  
Held to maturity, 6 to 10 years, fair value 379  
Held to maturity, over 10 years, amortized cost 1,697  
Held to maturity, over 10 years, fair value 1,676  
Held to maturity, amortized cost 2,536 3,298
Investment securities held-to-maturity 2,511 3,238
Asset-backed securities, collateralized loan obligations    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 37  
Available for sale, under 1 year, fair value 37  
Available for sale, 1 to 5 years, amortized cost 78  
Available for sale, 1 to 5 years, fair value 78  
Available for sale, 6 to 10 years, amortized cost 1,874  
Available for sale, 6 to 10 years, fair value 1,877  
Available for sale, over 10 years, amortized cost 1,458  
Available for sale, over 10 years, fair value 1,461  
Available for sale, amortized cost 3,447 90
Available-for-sale investment securities: 3,453 90
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 1  
Available for sale, over 10 years, fair value 4  
Available for sale, amortized cost 1 252
Available-for-sale investment securities: 4 249
Held to maturity, amortized cost 0 6
Investment securities held-to-maturity 0 24
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 91  
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 2,530
Available-for-sale investment securities: 91 2,527
Total asset-backed securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 60  
Available for sale, under 1 year, fair value 61  
Available for sale, 1 to 5 years, amortized cost 168  
Available for sale, 1 to 5 years, fair value 169  
Available for sale, 6 to 10 years, amortized cost 1,886  
Available for sale, 6 to 10 years, fair value 1,889  
Available for sale, over 10 years, amortized cost 1,513  
Available for sale, over 10 years, fair value 1,519  
Available for sale, amortized cost 3,627 2,985
Available-for-sale investment securities: 3,638 2,980
Held to maturity, under 1 year, amortized cost 149  
Held to maturity, under 1 year, fair value 147  
Held to maturity, 1 to 5 years, amortized cost 310  
Held to maturity, 1 to 5 years, fair value 309  
Held to maturity, 6 to 10 years, amortized cost 380  
Held to maturity, 6 to 10 years, fair value 379  
Held to maturity, over 10 years, amortized cost 1,697  
Held to maturity, over 10 years, fair value 1,676  
Held to maturity, amortized cost 2,536 3,304
Investment securities held-to-maturity 2,511 3,262
State and political subdivisions    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 30  
Available for sale, under 1 year, fair value 30  
Available for sale, 1 to 5 years, amortized cost 26  
Available for sale, 1 to 5 years, fair value 26  
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 56 356
Available-for-sale investment securities: 56 355
Other U.S. debt securities    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Available for sale, under 1 year, amortized cost 30  
Available for sale, under 1 year, fair value 29  
Available for sale, 1 to 5 years, amortized cost 23  
Available for sale, 1 to 5 years, fair value 23  
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 53 314
Available-for-sale investment securities: 52 $ 306
Total HTM and Collateralized Obligations    
Contractual Maturities Of Debt Investment Securities [Line Items]    
Held to maturity, under 1 year, amortized cost 6,249  
Held to maturity, under 1 year, fair value 6,185  
Held to maturity, 1 to 5 years, amortized cost 4,916  
Held to maturity, 1 to 5 years, fair value 4,698  
Held to maturity, 6 to 10 years, amortized cost 3,909  
Held to maturity, 6 to 10 years, fair value 3,380  
Held to maturity, over 10 years, amortized cost 32,653  
Held to maturity, over 10 years, fair value 27,643  
Held to maturity, amortized cost 47,727  
Investment securities held-to-maturity $ 41,906  
v3.25.0.1
Loans and Allowance for Credit Losses - Net Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross $ 43,200 $ 36,631
Allowance for credit losses (174) (135)
Loans, net of allowance 43,026 36,496
Commercial and financial | Securities Finance Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 3,010 2,230
Commercial and financial | Municipal Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 214 276
Commercial and financial | Total Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross   5
Commercial and financial | Floating rate loans excluding overdrafts    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 38,460  
Commercial and financial | Fixed Rate Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 2,760  
Domestic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 26,409 23,065
Domestic | Commercial and financial | Fund finance    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 16,347 13,697
Domestic | Commercial and financial | Private equity capital call finance loan    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 11,540 9,690
Domestic | Commercial and financial | 40 Act Funds    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 8,090 6,630
Domestic | Commercial and financial | Business development loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,440 1,050
Domestic | Commercial and financial | Leveraged loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 2,742 2,412
Domestic | Commercial and financial | Overdrafts    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,208 1,225
Domestic | Commercial and financial | Collateralized loan obligations in loan form    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 50 150
Domestic | Commercial and financial | Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 3,220 2,512
Domestic | Commercial real estate | Commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 2,842 3,069
Foreign    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 16,791 13,566
Foreign | Commercial and financial | Fund finance    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 6,601 4,956
Foreign | Commercial and financial | Leveraged loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 1,082 1,194
Foreign | Commercial and financial | Overdrafts    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross 772 1,047
Foreign | Commercial and financial | Collateralized loan obligations in loan form    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans, gross $ 8,336 $ 6,369
v3.25.0.1
Loans and Allowance for Credit Losses - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
security
loan
loanSegment
Dec. 31, 2023
USD ($)
security
loan
Dec. 31, 2022
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]      
Percentage of investment portfolio considered investment grade 99.00%    
Marketable securities, unrealized gain (loss) $ 6,120 $ 6,190  
Number of securities in loss position | security 1,564 1,704  
Number of loans and leases segments | loanSegment 2    
Financing receivable, excluding accrued interest, after allowance for credit loss $ 43,026 $ 36,496  
Number of loans on non-accrual status | loan 2 3  
Financing receivable, nonaccrual $ 191 $ 70  
Sale of loans 246 506 $ 1,786
Provision for credit losses $ 75 46 $ 20
Investment grade loans 88.00%    
Speculative grade loans 11.00%    
Speculative senior secured loans with BB or B rating 91.00%    
Non-accrual status, more than 90 days      
Financing Receivable, Credit Quality Indicator [Line Items]      
Number of loans on non-accrual status | loan 1    
Financing receivable, nonaccrual $ 101    
Asset Pledged as Collateral      
Financing Receivable, Credit Quality Indicator [Line Items]      
Financing receivable, excluding accrued interest, after allowance for credit loss 13,900 $ 13,000  
Leveraged loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Sale of loans 300    
Provision for credit losses $ (37)    
Commercial and Financial      
Financing Receivable, Credit Quality Indicator [Line Items]      
Loans no longer meeting similar risk of collective pool | loan 4    
Loans no longer meeting similar risk of collective pool, amount $ 48    
Allowance for credit loss 91    
Collateralized loan obligations in loan form      
Financing Receivable, Credit Quality Indicator [Line Items]      
Payments to acquire loans receivable $ 3,720    
Commercial Real Estate      
Financing Receivable, Credit Quality Indicator [Line Items]      
Loans no longer meeting similar risk of collective pool | loan 5    
Loans no longer meeting similar risk of collective pool, amount $ 402    
v3.25.0.1
Loans and Allowance for Credit Losses - Investments by Credit Quality (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Total $ 43,186 $ 36,631
Overdrafts 1,980 2,270
Loans held-for-sale 14  
Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 37,800 32,024
Overdrafts 1,840  
Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 4,687 3,995
Overdrafts 140  
Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 249 304
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 259 238
Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 191 70
Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 40,344 33,562
Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 35,831 29,737
Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 4,278 3,546
Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 187 242
Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 48 14
Commercial and Financial | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 0 23
Commercial real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 2,842 3,069
Commercial real estate | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 1,969 2,287
Commercial real estate | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 409 449
Commercial real estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 62 62
Commercial real estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 211 224
Commercial real estate | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total $ 191 $ 47
v3.25.0.1
Loans and Allowance for Credit Losses - Amortized Cost Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one $ 8,718 $ 5,572
Year two 2,627 3,020
Year three 1,985 4,685
Year four 3,319 424
Year five 333 1,229
Prior 1,897 1,291
Revolving Loans 24,307 20,410
Loans, gross, excluding loans classified as held-for-sale 43,186 36,631
Accrued interest receivable 327 318
Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 37,800 32,024
Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 4,687 3,995
Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 249 304
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 259 238
Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 191 70
Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 40,344 33,562
Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 35,831 29,737
Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 4,278 3,546
Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 187 242
Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 48 14
Commercial and Financial | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 0 23
Commercial real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 2,842 3,069
Commercial real estate | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 1,969 2,287
Commercial real estate | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 409 449
Commercial real estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 62 62
Commercial real estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 211 224
Commercial real estate | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans, gross, excluding loans classified as held-for-sale 191 47
Domestic | Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 3,827 2,019
Year two 406 409
Year three 255 1,128
Year four 488 157
Year five 59 579
Prior 352 146
Revolving Loans 18,180 15,557
Loans, gross, excluding loans classified as held-for-sale 23,567 19,995
Domestic | Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 1,946 1,399
Year two 223 120
Year three 89 199
Year four 47 8
Year five 6 272
Prior 197 5
Revolving Loans 18,044 15,476
Loans, gross, excluding loans classified as held-for-sale 20,552 17,479
Domestic | Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 1,834 615
Year two 173 285
Year three 154 747
Year four 387 149
Year five 53 291
Prior 155 141
Revolving Loans 136 81
Loans, gross, excluding loans classified as held-for-sale 2,892 2,309
Domestic | Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 47 0
Year two 10 4
Year three 0 164
Year four 54 0
Year five 0 16
Prior 0 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 111 184
Domestic | Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0  
Year two 0  
Year three 12  
Year four 0  
Year five 0  
Prior 0  
Revolving Loans 0  
Loans, gross, excluding loans classified as held-for-sale 12  
Domestic | Commercial and Financial | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one   5
Year two   0
Year three   18
Year four   0
Year five   0
Prior   0
Revolving Loans   0
Loans, gross, excluding loans classified as held-for-sale   23
Domestic | Commercial real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 41 216
Year two 216 520
Year three 508 529
Year four 347 150
Year five 228 541
Prior 1,502 1,113
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 2,842 3,069
Domestic | Commercial real estate | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 41 216
Year two 63 500
Year three 488 498
Year four 278 100
Year five 128 375
Prior 971 598
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 1,969 2,287
Domestic | Commercial real estate | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 153 20
Year three 20 31
Year four 69 50
Year five 100 49
Prior 67 299
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 409 449
Domestic | Commercial real estate | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 22
Prior 62 40
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 62 62
Domestic | Commercial real estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 95
Prior 211 129
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 211 224
Domestic | Commercial real estate | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 191 47
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 191 47
Foreign | Commercial and Financial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 4,850 3,337
Year two 2,005 2,091
Year three 1,222 3,028
Year four 2,484 117
Year five 46 109
Prior 43 32
Revolving Loans 6,127 4,853
Loans, gross, excluding loans classified as held-for-sale 16,777 13,567
Foreign | Commercial and Financial | Investment grade    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 4,243 2,943
Year two 1,796 1,956
Year three 1,152 2,518
Year four 2,187 0
Year five 0 0
Prior 0 0
Revolving Loans 5,901 4,841
Loans, gross, excluding loans classified as held-for-sale 15,279 12,258
Foreign | Commercial and Financial | Speculative    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 607 394
Year two 174 135
Year three 44 481
Year four 246 88
Year five 46 109
Prior 43 18
Revolving Loans 226 12
Loans, gross, excluding loans classified as held-for-sale 1,386 1,237
Foreign | Commercial and Financial | Special mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 35 0
Year three 26 29
Year four 15 29
Year five 0 0
Prior 0 0
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale 76 58
Foreign | Commercial and Financial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 36 0
Year five 0 0
Prior 0 14
Revolving Loans 0 0
Loans, gross, excluding loans classified as held-for-sale $ 36 $ 14
v3.25.0.1
Loans and Allowance for Credit Losses - Activity in the Allowance for Credit Losses for Loans Held for Investment (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 135,000,000    
Provision for credit losses 75,000,000 $ 46,000,000 $ 20,000,000
Ending balance 174,000,000 135,000,000  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]      
AFS allowance, beginning balance 0 2,000,000  
AFS, provision   (2,000,000)  
AFS, charge-offs   0  
AFS allowance, ending balance 0 0 2,000,000
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]      
HTM, allowance beginning balance 1,000,000 0  
HTM, provision (1,000,000) 1,000,000  
HTM, charge-offs 0 0  
HTM, allowance, ending balance 0 1,000,000 0
Leveraged Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 72,000,000 73,000,000  
Provision for credit losses 13,000,000 16,000,000  
Charge-offs (17,000,000) (17,000,000)  
Ending balance 68,000,000 72,000,000 73,000,000
Other Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 3,000,000 4,000,000  
Provision for credit losses 1,000,000 (1,000,000)  
Charge-offs 0 0  
Ending balance 4,000,000 3,000,000 4,000,000
Other Loans | Fund Finance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 3,000,000    
Ending balance 3,000,000 3,000,000  
Other Loans | Total Other      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 1,000,000    
Ending balance 1,000,000 1,000,000  
Commercial Real Estate      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 60,000,000 19,000,000  
Provision for credit losses 67,000,000 41,000,000  
Charge-offs (25,000,000) 0  
Ending balance 102,000,000 60,000,000 19,000,000
Off-Balance Sheet Commitments      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 14,000,000 23,000,000  
Provision for credit losses (5,000,000) (9,000,000)  
Charge-offs 0 0  
Ending balance 9,000,000 14,000,000 23,000,000
Total Credit Reserve      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 150,000,000 121,000,000  
Provision for credit losses 75,000,000 46,000,000  
Charge-offs (42,000,000) (17,000,000)  
Ending balance $ 183,000,000 $ 150,000,000 $ 121,000,000
v3.25.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Goodwill and intangible asset impairment $ 0 $ 0 $ 0
Amortization of other intangible assets $ 230,000,000 $ 239,000,000 $ 238,000,000
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    
v3.25.0.1
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Beginning balance $ 7,611 $ 7,495
Acquisitions 189 44
Foreign currency translation (109) 72
Ending balance 7,691 7,611
Investment
Servicing    
Goodwill [Roll Forward]    
Beginning balance 7,346 7,232
Acquisitions 189 44
Foreign currency translation (107) 70
Ending balance 7,428 7,346
Investment Management    
Goodwill [Roll Forward]    
Beginning balance 265 263
Acquisitions 0 0
Foreign currency translation (2) 2
Ending balance $ 263 $ 265
v3.25.0.1
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Other Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance $ 1,320 $ 1,544  
Acquisitions 20    
Amortization (230) (239) $ (238)
Foreign currency translation (21) 15  
Ending balance 1,089 1,320 1,544
Investment
Servicing      
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance 1,293 1,495  
Acquisitions 7    
Amortization (216) (217)  
Foreign currency translation (21) 15  
Ending balance 1,063 1,293 1,495
Investment Management      
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance 27 49  
Acquisitions 13    
Amortization (14) (22)  
Foreign currency translation 0 0  
Ending balance $ 26 $ 27 $ 49
v3.25.0.1
Goodwill and Other Intangible Assets - Gross Carrying Amount, Accumulated Amortization and Net Carrying Amount of Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 3,879 $ 3,938  
Accumulated Amortization (2,790) (2,618)  
Net Carrying Amount 1,089 1,320 $ 1,544
Client relationships      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 2,706 2,761  
Accumulated Amortization (1,919) (1,808)  
Net Carrying Amount 787 953  
Technology      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 401 402  
Accumulated Amortization (252) (216)  
Net Carrying Amount 149 186  
Core deposits      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 677 690  
Accumulated Amortization (540) (516)  
Net Carrying Amount 137 174  
Other      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 95 85  
Accumulated Amortization (79) (78)  
Net Carrying Amount $ 16 $ 7  
v3.25.0.1
Goodwill and Other Intangible Assets - Amortization Expense (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2025 $ 225
2026 202
2027 168
2028 122
2029 $ 64
v3.25.0.1
Other Assets (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Other Assets [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Total Total
Securities borrowed $ 37,451,000,000 $ 23,131,000,000
Derivative instruments, net 11,183,000,000 5,307,000,000
Bank-owned life insurance 3,856,000,000 3,742,000,000
Investments in joint ventures and other unconsolidated entities 3,317,000,000 2,981,000,000
Collateral, net 3,216,000,000 2,983,000,000
Right-of-use assets 818,000,000 805,000,000
Prepaid expenses 738,000,000 598,000,000
Deferred tax assets, net of valuation allowance 701,000,000 1,034,000,000
Accounts receivable 504,000,000 611,000,000
Income taxes receivable 144,000,000 246,000,000
Receivable for securities settlement 57,000,000 1,082,000,000
Other 2,529,000,000 2,286,000,000
Total 64,514,000,000 44,806,000,000
Equity securities without readily determinable fair value, amount 341,000,000 183,000,000
Impairment 0  
Advances to affiliate $ 1,040,000,000.00 $ 1,150,000,000
v3.25.0.1
Deposits (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]    
Time deposits $ 5,780 $ 5,800
Time deposits in amounts of $250,000 or more 5,770 5,790
Time deposit liability, uninsured, maturity, three months or less 1,070  
Time deposit liability, uninsured, maturity, over three months through six months 2,410  
Time deposit liability, uninsured, maturity, over 6 months through 12 months 2,290  
Demand deposit overdrafts 1,980 2,270
Foreign    
Loans and Leases Receivable Disclosure [Line Items]    
Time deposits $ 80 $ 60
v3.25.0.1
Short-Term Borrowings - Narrative (Details)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
CAD ($)
Dec. 31, 2023
USD ($)
Short-term Debt [Line Items]      
Weighted-average interest rate as of year-end 5.03% 5.03% 1.52%
Average balance of securities purchased under agreement to resell and securities sold under agreement to repurchase $ 191,260,000,000   $ 140,360,000,000
Maximum borrowing on line of credit 970,000,000 $ 1,400,000,000  
Balance on line of credit 0   $ 0
Estimated Fair Value      
Short-term Debt [Line Items]      
Obligations to repurchase securities sold 4,361,000,000    
Securities Sold | Estimated Fair Value      
Short-term Debt [Line Items]      
Obligations to repurchase securities sold $ 4,360,000,000    
v3.25.0.1
Short-Term Borrowings - Outstanding and Weighted-Average Interest Rates of Short-Term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Short-term Debt [Line Items]    
Weighted-average interest rate as of year-end 5.03% 1.52%
Securities Sold Under Repurchase Agreements    
Short-term Debt [Line Items]    
Balance as of December 31 $ 3,681 $ 1,867
Average outstanding during the year $ 3,163 $ 3,904
Weighted-average interest rate as of year-end 5.62% 0.08%
Weighted-average interest rate during the year 4.93% 0.87%
Other    
Short-term Debt [Line Items]    
Balance as of December 31 $ 9,815 $ 3,500
Average outstanding during the year $ 11,128 $ 849
Weighted-average interest rate as of year-end 4.77% 3.03%
Weighted-average interest rate during the year 5.19% 5.12%
v3.25.0.1
Short-Term Borrowings - Overnight Maturity (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Estimated Fair Value  
Short-term Debt [Line Items]  
Total $ 4,361
Term maturity | Estimated Fair Value  
Short-term Debt [Line Items]  
Total 3,500
Overnight maturity | Estimated Fair Value  
Short-term Debt [Line Items]  
Total 861
Securities Sold | Reported Amount   
Short-term Debt [Line Items]  
Total 4,463
Securities Sold | Estimated Fair Value  
Short-term Debt [Line Items]  
Total 4,360
Securities Sold | Term maturity | Reported Amount   
Short-term Debt [Line Items]  
Total 3,588
Securities Sold | Overnight maturity | Reported Amount   
Short-term Debt [Line Items]  
Total 875
Repurchase Agreements | Reported Amount   
Short-term Debt [Line Items]  
Total 3,681
Repurchase Agreements | Term maturity | Reported Amount   
Short-term Debt [Line Items]  
Total 3,505
Repurchase Agreements | Overnight maturity | Reported Amount   
Short-term Debt [Line Items]  
Total $ 176
v3.25.0.1
Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term finance leases and equipment financing $ 67 $ 119
Total long-term debt 23,272 18,839
Fair Value Hedges    
Debt Instrument [Line Items]    
Decrease in carrying value of long-term debt $ 220 184
Parent Company and Non-banking Subsidiaries | Senior notes | 3.55% Notes due 2025    
Debt Instrument [Line Items]    
Interest rate on debt 3.55%  
Long-term debt $ 1,285 1,265
Parent Company and Non-banking Subsidiaries | Senior notes | 5.272% Notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 5.272%  
Long-term debt $ 1,203 1,211
Parent Company and Non-banking Subsidiaries | Senior notes | 4.330% Notes Due 2027    
Debt Instrument [Line Items]    
Interest rate on debt 4.33%  
Long-term debt $ 1,189 0
Parent Company and Non-banking Subsidiaries | Senior notes | 4.993% Notes Due 2027    
Debt Instrument [Line Items]    
Interest rate on debt 4.993%  
Long-term debt $ 993 0
Parent Company and Non-banking Subsidiaries | Senior notes | 2.400% notes due 2030    
Debt Instrument [Line Items]    
Interest rate on debt 2.40%  
Long-term debt $ 784 790
Parent Company and Non-banking Subsidiaries | Senior notes | 2.65% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 2.65%  
Long-term debt $ 728 719
Parent Company and Non-banking Subsidiaries | Senior notes | Floating Rate Notes Due 2026    
Debt Instrument [Line Items]    
Long-term debt 299 299
Parent Company and Non-banking Subsidiaries | Senior notes | Floating Rate Notes Due 2027    
Debt Instrument [Line Items]    
Long-term debt $ 299 0
Parent Company and Non-banking Subsidiaries | Senior notes | 7.35% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 7.35%  
Long-term debt $ 150 150
Parent Company and Non-banking Subsidiaries | Senior notes | 3.300% Senior Notes Due 2024    
Debt Instrument [Line Items]    
Interest rate on debt 3.30%  
Long-term debt $ 0 977
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 5.104% Notes Due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 5.104%  
Long-term debt $ 999 998
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 5.159% Notes Due 2034    
Debt Instrument [Line Items]    
Interest rate on debt 5.159%  
Long-term debt $ 995 995
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.530% Notes Due 2029    
Debt Instrument [Line Items]    
Interest rate on debt 4.53%  
Long-term debt $ 989 0
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 5.684% Notes Due 2029    
Debt Instrument [Line Items]    
Interest rate on debt 5.684%  
Long-term debt $ 986 995
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.675% Notes Due 2032    
Debt Instrument [Line Items]    
Interest rate on debt 4.675%  
Long-term debt $ 789 0
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.821% Notes Due 2034    
Debt Instrument [Line Items]    
Interest rate on debt 4.821%  
Long-term debt $ 702 731
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.164% notes due 2033    
Debt Instrument [Line Items]    
Interest rate on debt 4.164%  
Long-term debt $ 665 687
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.203% notes due 2028    
Debt Instrument [Line Items]    
Interest rate on debt 2.203%  
Long-term debt $ 619 605
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.141% notes due 2029    
Debt Instrument [Line Items]    
Interest rate on debt 4.141%  
Long-term debt $ 535 556
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.857% Notes due 2034    
Debt Instrument [Line Items]    
Interest rate on debt 4.857%  
Long-term debt $ 499 496
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 5.751% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 5.751%  
Long-term debt $ 498 497
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 3.152% notes due 2031    
Debt Instrument [Line Items]    
Interest rate on debt 3.152%  
Long-term debt $ 498 498
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 4.421% notes due 2033    
Debt Instrument [Line Items]    
Interest rate on debt 4.421%  
Long-term debt $ 498 497
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 1.684% notes due 2027    
Debt Instrument [Line Items]    
Interest rate on debt 1.684%  
Long-term debt $ 497 496
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.901% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 2.901%  
Long-term debt $ 497 485
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 5.82% notes due 2028    
Debt Instrument [Line Items]    
Interest rate on debt 5.82%  
Long-term debt $ 495 497
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.623% notes due 2023    
Debt Instrument [Line Items]    
Interest rate on debt 2.623%  
Long-term debt $ 465 476
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 1.746% notes due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 1.746%  
Long-term debt $ 299 290
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior notes | 2.354% notes due 2025    
Debt Instrument [Line Items]    
Interest rate on debt 2.354%  
Long-term debt $ 0 972
Parent Company and Non-banking Subsidiaries | Senior subordinated notes | 2.200% notes due 2031    
Debt Instrument [Line Items]    
Interest rate on debt 2.20%  
Long-term debt $ 845 845
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior subordinated notes | 3.031% notes due 2034    
Debt Instrument [Line Items]    
Interest rate on debt 3.031%  
Long-term debt $ 523 528
Parent Company and Non-banking Subsidiaries | Fixed-to-floating rate senior subordinated notes | 6.123% Notes Due 2034    
Debt Instrument [Line Items]    
Interest rate on debt 6.123%  
Long-term debt $ 492 497
Parent Company and Non-banking Subsidiaries | Junior subordinated debentures | Floating-rate subordinated debentures due 2047    
Debt Instrument [Line Items]    
Long-term debt 500 500
Parent Company and Non-banking Subsidiaries | Junior subordinated debentures | Floating Rate Subordinated Debentures Due 2028    
Debt Instrument [Line Items]    
Long-term debt 100 100
State Street Bank    
Debt Instrument [Line Items]    
Long-term finance leases and equipment financing $ 116 187
State Street Bank | Senior notes | 4.594% Senior Notes Due 2026    
Debt Instrument [Line Items]    
Interest rate on debt 4.594%  
Long-term debt $ 1,146 0
State Street Bank | Senior notes | 4.782% Senior Notes Due 2029    
Debt Instrument [Line Items]    
Interest rate on debt 4.782%  
Long-term debt $ 796 0
State Street Bank | Senior notes | Floating Rate Senior Notes Due 2026    
Debt Instrument [Line Items]    
Long-term debt $ 299 $ 0
v3.25.0.1
Long-Term Debt - Narrative (Details) - USD ($)
Feb. 06, 2025
Jan. 07, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Long-term finance leases and equipment financing     $ 67,000,000 $ 119,000,000
Finance lease liability     $ 79,000,000 $ 130,000,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]     Long-term debt Long-term debt
State Street Bank        
Debt Instrument [Line Items]        
Long-term finance leases and equipment financing     $ 116,000,000 $ 187,000,000
Parent Company and Non-banking Subsidiaries | 4.857% Notes due 2034 | Fixed-to-floating rate senior notes        
Debt Instrument [Line Items]        
Interest rate on debt     4.857%  
Parent Company and Non-banking Subsidiaries | 4.857% Notes due 2034 | Fixed-to-floating rate senior notes | Subsequent Event        
Debt Instrument [Line Items]        
Debt redeemed   $ 500,000,000    
Interest rate on debt   4.857%    
Parent Company and Non-banking Subsidiaries | 1.746% notes due 2026 | Fixed-to-floating rate senior notes        
Debt Instrument [Line Items]        
Interest rate on debt     1.746%  
Parent Company and Non-banking Subsidiaries | 1.746% notes due 2026 | Fixed-to-floating rate senior notes | Subsequent Event        
Debt Instrument [Line Items]        
Debt redeemed $ 300,000,000      
Interest rate on debt 1.746%      
v3.25.0.1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Cash flow hedge gain (loss) to be reclassified within twelve months $ 136  
Maximum length of time hedged in cash flow hedge 5 years  
Fair value of derivative liabilities $ 29,124 $ 19,602
Interest rate swap | Fair Value Hedges    
Derivative [Line Items]    
Notional amount of derivative instruments 31,120 $ 19,430
Credit swap agreements    
Derivative [Line Items]    
Fair value of derivative liabilities 7,410  
Cash collateral provided for derivative instruments 5,660  
Maximum additional amount of payments related to termination events $ 1,750  
v3.25.0.1
Derivative Financial Instruments - Schedule of Outstanding Hedges: (Notional Amount) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives not designated as hedging instruments | Interest rate contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments $ 47,222 $ 12,668
Derivatives not designated as hedging instruments | Foreign exchange contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 359 197
Derivatives not designated as hedging instruments | Foreign exchange contracts | Forward, swap and spot    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 2,612,945 2,528,115
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options purchased    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 466 851
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options written    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 145 544
Derivatives not designated as hedging instruments | Other derivative contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 155 125
Derivatives not designated as hedging instruments | Other derivative contracts | Stable value contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 25,271 28,704
Derivatives not designated as hedging instruments | Other derivative contracts | Deferred value awards    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 253 289
Derivatives designated as hedging instruments | Interest rate contracts | Swap agreements    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments 33,302 20,333
Derivatives designated as hedging instruments | Foreign exchange contracts | Forward and swap    
Derivative Instruments, Gain (Loss) [Line Items]    
Notional amount of derivative instruments $ 10,260 $ 9,777
v3.25.0.1
Derivative Financial Instruments - Schedule of the Fair Values of Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets $ 29,468 $ 19,707
Fair value of derivative liabilities $ 29,124 19,602
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 $ 29,439 19,694
Fair value of derivative liabilities 28,904 19,416
Other derivative contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 1  
Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 28 13
Fair value of derivative liabilities 1 4
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 29,117 19,498
Fair value of derivative liabilities 29,123 19,335
Derivatives not designated as hedging instruments | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 29,116 19,498
Fair value of derivative liabilities 28,904 19,153
Derivatives not designated as hedging instruments | Other derivative contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 1 0
Fair value of derivative liabilities 219 182
Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 351 209
Fair value of derivative liabilities 1 267
Derivatives designated as hedging instruments | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 323 196
Fair value of derivative liabilities 0 263
Derivatives designated as hedging instruments | Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 28 13
Fair value of derivative liabilities $ 1 $ 4
v3.25.0.1
Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Deferred compensation expense acceleration $ 79    
Derivatives not designated as hedging instruments      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income 956 $ 623 $ 833
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 862 803 938
Derivatives not designated as hedging instruments | Foreign exchange contracts | Interest expense      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income 274 (54) (20)
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 21 (2) 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 0 0 1
Derivatives not designated as hedging instruments | Other derivative contracts | Other fee revenue      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income (12) (3) 0
Derivatives not designated as hedging instruments | Other derivative contracts | Compensation and employee benefits      
Derivative [Line Items]      
Amount of gain (loss) on derivative recognized in income $ (189) $ (121) $ (89)
v3.25.0.1
Derivative Financial Instruments - Schedule of Carrying Amount of Hedged Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives designated as hedging instruments | Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Assets $ 15,951 $ 12,463
Active (323) (340)
Derivatives designated as hedging instruments | Total available-for-sale investment securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Assets 18,666 11,260
Active (376) (503)
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 3,320 685
Active (26) (6)
Last-of-layer, amount 1,820 400
Derivatives not designated as hedging instruments | Long-term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Assets 103 156
Derivatives not designated as hedging instruments | Total available-for-sale investment securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Assets $ 1 $ 3
v3.25.0.1
Derivative Financial Instruments - Impact on Derivatives and Hedged Items on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income $ (17) $ 38 $ (484)
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income 17 (38) 484
Net unrealized losses on AFS investment securities designated in fair value hedges recognized in OCI 93 122  
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 (55) (164) 676
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income 55 164 (676)
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 17 202 (1,160)
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income (17) (202) 1,160
Available-for-sale securities | Other fee revenue | Interest rate contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income 21 0 0
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income $ (21) $ 0 $ 0
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Gain (loss) on derivative recognized in OCI, cash flow hedge $ 53 $ 105 $ (442)
Gain (loss) on derivative recognized in OCI, net investment hedge 540 (89) 291
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative 593 16 (151)
Gain (loss) on hedges reclassified to income, cash flow hedge 54 (208) 49
Gain (loss) on hedges reclassified to income, net investment hedge 0 0 0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income $ 54 (208) 49
Maximum maturity date of the underlying hedged items 5 years    
Foreign exchange contracts      
Derivative [Line Items]      
Gain (loss) on derivative recognized in OCI, cash flow hedge $ 59 91 156
Gain (loss) on derivative recognized in OCI, net investment hedge 540 (89) 291
Foreign exchange contracts | Net interest revenue      
Derivative [Line Items]      
Gain (loss) on hedges reclassified to income, cash flow hedge 254 2 92
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 (6) 14 (598)
Interest rate contracts | Net interest revenue      
Derivative [Line Items]      
Gain (loss) on hedges reclassified to income, cash flow hedge $ (200) $ (210) $ (43)
v3.25.0.1
Offsetting Arrangements - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Offsetting [Abstract]    
Fair Value of securities received as collateral that can be resold or repledged $ 11,410 $ 10,670
Fair Value of securities received as collateral that have been resold or repledged $ 2,760 $ 6,410
v3.25.0.1
Offsetting Arrangements - Assets With Offsetting Arrangements (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Offsetting Assets [Line Items]    
Derivatives, Gross Amounts of Recognized Assets $ 29,468 $ 19,707
Derivatives, Gross Amounts Offset in Statement of Condition (18,285) (14,400)
Derivatives, Net Amounts of Assets Presented in Statement of Condition 11,183 5,307
Derivatives, Net Amount 9,986 4,238
Derivatives, Cash collateral and securities netting, cash offset (1,860) (3,904)
Derivatives, Cash collateral and securities netting, Cash and Securities Received (1,197) (1,069)
Derivatives, Cash collateral and securities netting, Net Amount (3,057) (4,973)
Resale agreements and securities borrowing, Gross Amounts of Recognized Assets 276,151 230,384
Resale agreements and securities borrowing, Gross Amounts Offset in Statement of Condition (232,021) (200,561)
Resale agreements and securities borrowing, Net Amounts of Assets Presented in Statement of Condition 44,130 29,823
Resale agreements and securities borrowing, Cash and Securities Received (42,589) (28,016)
Resale agreements and securities borrowing, Net Amount 1,541 1,807
Total derivatives and other financial instruments, Gross Amounts of Recognized Assets 305,619 250,091
Total derivatives and other financial instruments, Gross Amounts Offset in Statement of Condition (250,306) (214,961)
Total derivatives and other financial instruments, Net Amounts of Assets Presented in Statement of Condition 55,313 35,130
Total derivatives and other financial instruments, Cash and Securities Received (43,786) (29,085)
Total derivatives and other financial instruments, Net Amount 11,527 6,045
Securities purchased under resale agreements 6,679 6,692
Cash collateral provided for securities borrowing 37,450 23,130
Foreign exchange contracts    
Offsetting Assets [Line Items]    
Derivatives, Gross Amounts of Recognized Assets 29,439 19,694
Derivatives, Gross Amounts Offset in Statement of Condition (16,424) (10,496)
Derivatives, Net Amounts of Assets Presented in Statement of Condition 13,015 9,198
Derivatives, Net Amount 13,015 9,198
Interest rate contracts    
Offsetting Assets [Line Items]    
Derivatives, Gross Amounts of Recognized Assets 28 13
Derivatives, Gross Amounts Offset in Statement of Condition (1) 0
Derivatives, Net Amounts of Assets Presented in Statement of Condition 27 13
Derivatives, Net Amount 27 $ 13
Other derivative contracts    
Offsetting Assets [Line Items]    
Derivatives, Gross Amounts of Recognized Assets 1  
Derivatives, Gross Amounts Offset in Statement of Condition 0  
Derivatives, Net Amounts of Assets Presented in Statement of Condition 1  
Derivatives, Net Amount $ 1  
v3.25.0.1
Offsetting Arrangements - Liabilities With Offsetting Arrangements (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Offsetting Liabilities [Line Items]    
Derivatives, Gross Amounts of Recognized Liabilities $ 29,124 $ 19,602
Derivatives, Gross Amounts Offset in Statement of Condition (22,528) (11,909)
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition 6,596 7,693
Derivative, Net Amount 5,024 7,060
Derivative liability, collateral, cash offset (6,103) (1,413)
Derivatives, Cash and collateral securities netting, Cash and Securities Provided (1,572) (633)
Derivatives, Cash and collateral securities netting, Net (7,675) (2,046)
Resale agreements and securities lending, Gross Amounts of Recognized Liabilities 250,032 214,362
Resale agreements and securities lending, Gross Amounts Offset in Statement of Condition (232,021) (200,561)
Resale agreements and securities lending, Net Amounts of Liabilities Presented in Statement of Condition 18,011 13,801
Resale agreements and securities lending, Cash and Securities Provided (17,835) (13,306)
Resale agreements and securities lending, Net Amount 176 495
Total derivatives and other financial instruments, Gross Amounts of Recognized Liabilities 279,156 233,964
Total derivatives and other financial instruments, Gross Amounts Offset in Statement of Condition (254,549) (212,470)
Total derivatives and other financial instruments, Net Amounts of Liabilities Presented in Statement of Condition 24,607 21,494
Total derivatives and other financial instruments, Cash and Securities Provided (19,407) (13,939)
Total derivatives and other financial instruments, Net Amount 5,200 7,555
Cash collateral received in connection to securities finance activities 14,330 11,930
Foreign exchange contracts    
Offsetting Liabilities [Line Items]    
Derivatives, Gross Amounts of Recognized Liabilities 28,904 19,416
Derivatives, Gross Amounts Offset in Statement of Condition (16,424) (10,496)
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition 12,480 8,920
Derivative, Net Amount 12,480 8,920
Interest rate contracts    
Offsetting Liabilities [Line Items]    
Derivatives, Gross Amounts of Recognized Liabilities 1 4
Derivatives, Gross Amounts Offset in Statement of Condition (1) 0
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition 0 4
Derivative, Net Amount 0 4
Other derivative contracts    
Offsetting Liabilities [Line Items]    
Derivatives, Gross Amounts of Recognized Liabilities 219 182
Derivatives, Gross Amounts Offset in Statement of Condition 0 0
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition 219 182
Derivative, Net Amount $ 219 $ 182
v3.25.0.1
Offsetting Arrangements - Repo, Sec Lending Transactions Maturity by Category (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements $ 227,222 $ 197,757
Securities lending transactions 22,810 16,605
Gross amount of recognized liabilities for repurchase agreements and securities lending 250,032 214,362
U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 227,222 197,757
Securities lending transactions 152 6
Non-US sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 193 281
Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 15,713 9,452
Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 6,752 6,866
Overnight and Continuous    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 223,095 196,212
Securities lending transactions 18,278 14,278
Gross amount of recognized liabilities for repurchase agreements and securities lending 241,373 210,490
Overnight and Continuous | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 223,095 196,212
Securities lending transactions 152 6
Overnight and Continuous | Non-US sovereign debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 0 0
Overnight and Continuous | Corporate debt securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 193 278
Overnight and Continuous | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 11,181 7,128
Overnight and Continuous | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 6,752 6,866
Up to 30 Days    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 350 0
Securities lending transactions 13 20
Gross amount of recognized liabilities for repurchase agreements and securities lending 363 20
Up to 30 Days | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 350 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 13 20
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 1,277 185
Securities lending transactions 0 16
Gross amount of recognized liabilities for repurchase agreements and securities lending 1,277 201
30-90 Days | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 1,277 185
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 3
30-90 Days | Equity securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions 0 13
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 2,500 1,360
Securities lending transactions 4,519 2,291
Gross amount of recognized liabilities for repurchase agreements and securities lending 7,019 3,651
Greater than 90 Days | U.S. Treasury and agency securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase agreements 2,500 1,360
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 4,519 2,291
Greater than 90 Days | Other    
Assets Sold under Agreements to Repurchase [Line Items]    
Securities lending transactions $ 0 $ 0
v3.25.0.1
Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Unfunded credit facilities $ 34,191 $ 34,197
Indemnified securities financing 310,814 279,916
Standby letters of credit $ 908 $ 1,510
v3.25.0.1
Commitments and Guarantees - Schedule of Repurchase Agreements (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Fair value of indemnified securities financing $ 310,814 $ 279,916
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 325,611 293,855
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 63,655 59,028
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements $ 68,507 $ 63,105
v3.25.0.1
Commitments and Guarantees - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Unfunded commitments to extend credit, short term 75.00%  
Term of unfunded commitment 1 year  
Cash collateral provided for securities lending $ 37,450 $ 23,130
Cash collateral received in connection to securities finance activities $ 14,330 $ 11,930
v3.25.0.1
Contingencies (Details)
$ in Thousands
 1 Months Ended
Nov. 30, 2024
plaintiff
defendant
Jun. 30, 2024
USD ($)
Aug. 31, 2021
plaintiff
May 31, 2021
plaintiff
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]          
Accrual of loss contingency | $         $ 15,000
Estimate of possible loss | $         $ 30,000
Gomes v State Street Corp.          
Loss Contingencies [Line Items]          
Plaintiffs | plaintiff       8  
Edmar Financial Company, LLC v. Currenex, Inc.          
Loss Contingencies [Line Items]          
Plaintiffs | plaintiff     2    
U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC)          
Loss Contingencies [Line Items]          
Payments for settlements | $   $ 7,450      
State of Texas et al v. Blackrock, Inc. et al          
Loss Contingencies [Line Items]          
Plaintiffs | plaintiff 11        
Defendants | defendant 3        
v3.25.0.1
Variable Interest Entities - Narrative (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Assets $ 353,240,000,000 $ 297,258,000,000
Liabilities 327,914,000,000 273,459,000,000
Contingent Commitment for Tax Credit Investments    
Variable Interest Entity [Line Items]    
Other commitment 42,000,000  
Low Income Housing Tax Credit    
Variable Interest Entity [Line Items]    
Investment owned, cost 705,000,000  
Production Tax Credit    
Variable Interest Entity [Line Items]    
Investment owned, cost 291,000,000  
VIE - primary beneficiary    
Variable Interest Entity [Line Items]    
Assets 0 0
Liabilities 0 0
VIE - not primary beneficiary    
Variable Interest Entity [Line Items]    
Potential maximum loss exposure of unconsolidated funds 19,000,000 18,000,000
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 1,100,000,000 $ 1,330,000,000
Deferred contribution payments $ 110,000,000  
v3.25.0.1
Variable Interest Entities - Tax Credits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]      
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, after Amortization, Statement of Cash Flows [Extensible Enumeration] Income tax expense    
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] Income tax expense    
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, after Amortization, Statement of Cash Flows [Extensible Enumeration] Income tax expense    
Income recorded in total revenue $ 13,000 $ 11,945 $ 12,148
VIE - not primary beneficiary      
Variable Interest Entity [Line Items]      
Income recorded in total revenue 29 26  
Tax credits and benefits recognized in income tax expense 256 239  
Proportional amortization recognized in income tax expense (207) (182)  
Total income tax expense (benefit) 49 57  
Net benefit attributable to tax-advantaged investments included in the consolidated statement of income for which proportional amortization has been elected $ 78 $ 83  
v3.25.0.1
Shareholders' Equity - Schedule of Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended
Jul. 24, 2024
Jan. 31, 2024
Jul. 31, 2024
Jan. 31, 2024
Apr. 30, 2016
Dec. 31, 2024
Dec. 31, 2023
Series I Preferred Stock              
Class of Stock [Line Items]              
Shares issued (in shares)   1,500,000          
Ownership Interest Per Depositary Share       1.00%      
Liquidation preference per share (USD per share)   $ 100,000   $ 100,000      
Per annum dividend rate       6.70%      
Per annum dividend rate, basis spread on variable rate       2.613%      
Preferred stock           $ 1,481 $ 0
Reset period       5 years      
Series I Preferred Stock, Depository Share              
Class of Stock [Line Items]              
Shares issued (in shares)       1,500,000      
Liquidation preference per share (USD per share)   $ 1,000   $ 1,000      
Depositary Shares, each representing a 1/4,000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per 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    
Per annum dividend rate         5.35%    
Preferred stock           493 493
Series J Preferred Stock, Depository Share              
Class of Stock [Line Items]              
Shares issued (in shares)     850,000        
Liquidation preference per share (USD per share) $ 1,000   $ 1,000        
Series J Preferred Stock              
Class of Stock [Line Items]              
Shares issued (in shares) 850,000            
Ownership Interest Per Depositary Share     1.00%        
Liquidation preference per share (USD per share) $ 100,000   $ 100,000        
Per annum dividend rate     6.70%        
Per annum dividend rate, basis spread on variable rate     2.628%        
Preferred stock           $ 842 $ 0
Reset period     5 years        
v3.25.0.1
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 06, 2025
Jul. 24, 2024
Jan. 31, 2024
Jul. 31, 2024
Jan. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 16, 2024
Mar. 15, 2024
Jan. 19, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Proceeds from issuance of preferred stock, net of issuance costs           $ 2,323 $ 0 $ 0      
Preferred stock cash dividend           $ 185 122 $ 112      
2023 Share Repurchase Program                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Amount of common stock authorized for repurchase             $ 4,500        
Shares acquired (in shares)           0 49,200,000        
Total acquired           $ 0 $ 3,800        
2024 Share Repurchase Program                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Amount of common stock authorized for repurchase                     $ 5,000
Shares acquired (in shares)           15,100,000 0        
Total acquired           $ 1,300 $ 0        
Series I Preferred Stock                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Shares issued (in shares)     1,500,000                
Ownership Interest Per Depositary Share         1.00%            
Liquidation preference per share (USD per share)     $ 100,000   $ 100,000            
Proceeds from issuance of preferred stock, net of issuance costs     $ 1,500                
Per annum dividend rate         6.70%            
Preferred stock, shares outstanding (in shares)           15,000          
Preferred dividends declared (USD per share)           $ 5,863          
Preferred stock cash dividend           $ 88          
Series I Preferred Stock, Depository Share                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Shares issued (in shares)         1,500,000            
Liquidation preference per share (USD per share)     $ 1,000   $ 1,000            
Preferred dividends declared (USD per share)           $ 58.63          
Series D Preferred Stock                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Liquidation preference per share (USD per share)                   $ 100,000  
Redemption price                   $ 1,000  
Preferred stock, shares outstanding (in shares)           7,500       7,500  
Preferred dividends declared (USD per share)           $ 1,475 $ 5,900        
Preferred stock cash dividend           $ 11 $ 44        
Series D Preferred Stock, Depository Share                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Liquidation preference per share (USD per share)                   $ 25  
Preferred stock, shares outstanding (in shares)                   30,000,000  
Preferred dividends declared (USD per share)           $ 0.37 $ 1.48        
Series F Preferred Stock                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Liquidation preference per share (USD per share)                   $ 100,000  
Preferred stock, shares outstanding (in shares)           2,500       2,500  
Preferred dividends declared (USD per share)           $ 2,336 $ 8,935        
Preferred stock cash dividend           $ 6 $ 23        
Series F Preferred Stock, Depository Share                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Liquidation preference per share (USD per share)                   $ 1,000  
Preferred stock, shares outstanding (in shares)                   250,000  
Preferred dividends declared (USD per share)           $ 23.36 $ 89.35        
Series J Preferred Stock                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Shares issued (in shares)   850,000                  
Ownership Interest Per Depositary Share       1.00%              
Liquidation preference per share (USD per share)   $ 100,000   $ 100,000              
Proceeds from issuance of preferred stock, net of issuance costs   $ 842                  
Per annum dividend rate       6.70%              
Preferred stock, shares outstanding (in shares)           8,500          
Preferred dividends declared (USD per share)           $ 2,643          
Preferred stock cash dividend           $ 22          
Series J Preferred Stock, Depository Share                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Shares issued (in shares)       850,000              
Liquidation preference per share (USD per share)   $ 1,000   $ 1,000              
Preferred dividends declared (USD per share)           $ 26.43          
Series H Preferred Stock                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Liquidation preference per share (USD per share)                 $ 100,000    
Redemption price                 $ 500    
Preferred stock, shares outstanding (in shares)           5,000     5,000    
Preferred dividends declared (USD per share)           $ 6,251 $ 5,625        
Preferred stock cash dividend           $ 31 $ 28        
Series H Preferred Stock, Depository Share                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Liquidation preference per share (USD per share)                 $ 1,000    
Preferred stock, shares outstanding (in shares)                 500,000    
Preferred dividends declared (USD per share)           $ 62.51 $ 56.25        
Series K Preferred Stock | Subsequent Event                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Shares issued (in shares) 750,000                    
Ownership Interest Per Depositary Share 1.00%                    
Liquidation preference per share (USD per share) $ 100,000                    
Proceeds from issuance of preferred stock, net of issuance costs $ 743                    
Per annum dividend rate 6.45%                    
Series K Preferred Stock, Depository Share | Subsequent Event                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Liquidation preference per share (USD per share) $ 1,000                    
v3.25.0.1
Shareholders' Equity - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividends Payable [Line Items]      
Preferred stock cash dividend $ 185 $ 122 $ 112
Series D Preferred Stock      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 1,475 $ 5,900  
Preferred stock cash dividend $ 11 $ 44  
Series D Preferred Stock, Depository Share      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 0.37 $ 1.48  
Series F Preferred Stock      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 2,336 $ 8,935  
Preferred stock cash dividend $ 6 $ 23  
Series F Preferred Stock, Depository Share      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 23.36 $ 89.35  
Series G Preferred Stock      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 5,350 $ 5,350  
Preferred stock cash dividend $ 27 $ 27  
Depositary Shares, each representing a 1/4,000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 1.34 $ 1.34  
Series H Preferred Stock      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 6,251 $ 5,625  
Preferred stock cash dividend $ 31 $ 28  
Series H Preferred Stock, Depository Share      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 62.51 $ 56.25  
Series I Preferred Stock      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 5,863    
Preferred stock cash dividend $ 88    
Series I Preferred Stock, Depository Share      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 58.63    
Series J Preferred Stock      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 2,643    
Preferred stock cash dividend $ 22    
Series J Preferred Stock, Depository Share      
Dividends Payable [Line Items]      
Preferred dividends declared (USD per share) $ 26.43    
v3.25.0.1
Shareholders' Equity - Schedule of Common Stock (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]      
Cash dividends declared (in USD per share) $ 2.90 $ 2.64 $ 2.40
Total (In millions) $ 859 $ 837 $ 871
2024 Share Repurchase Program      
Equity, Class of Treasury Stock [Line Items]      
Shares acquired (in shares) 15.1 0.0  
Average Cost per Share (USD per share) $ 85.89 $ 0  
Total acquired $ 1,300 $ 0  
2023 Share Repurchase Program      
Equity, Class of Treasury Stock [Line Items]      
Shares acquired (in shares) 0.0 49.2  
Average Cost per Share (USD per share) $ 0 $ 77.22  
Total acquired $ 0 $ 3,800  
v3.25.0.1
Shareholders' Equity - Accumulated Other Comprehensive Income by Component (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 23,799 $ 25,191 $ 27,363
Other comprehensive income (loss) before reclassifications (160) 775 (2,700)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 414 582 122
Other comprehensive income (loss) 254 1,357 (2,578)
Ending balance 25,326 23,799 25,191
Unrecognized gain (loss) in AOCI (374) (530) (749)
Net Unrealized Gains (Losses) on Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (131) (359) (2)
Other comprehensive income (loss) before reclassifications 39 75 (321)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income (40) 153 (36)
Other comprehensive income (loss) (1) 228 (357)
Ending balance (132) (131) (359)
Net Unrealized Gains (Losses) on Investment Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (947) (1,817) (50)
Other comprehensive income (loss) before reclassifications 15 442 (1,937)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 452 428 170
Other comprehensive income (loss) 467 870 (1,767)
Ending balance (480) (947) (1,817)
Net Unrealized Losses on Retirement Plans      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (145) (143) (130)
Other comprehensive income (loss) before reclassifications 14 (3) (1)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 2 1 (12)
Other comprehensive income (loss) 16 (2) (13)
Ending balance (129) (145) (143)
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (1,400) (1,751) (1,019)
Other comprehensive income (loss) before reclassifications (768) 351 (732)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 0 0 0
Other comprehensive income (loss) (768) 351 (732)
Ending balance (2,168) (1,400) (1,751)
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 269 359 68
Other comprehensive income (loss) before reclassifications 540 (90) 291
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 0 0 0
Other comprehensive income (loss) 540 (90) 291
Ending balance 809 269 359
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (2,354) (3,711) (1,133)
Other comprehensive income (loss) 254 1,357 (2,578)
Ending balance $ (2,100) $ (2,354) $ (3,711)
v3.25.0.1
Shareholders' Equity - Adjustments to Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]      
Gains (losses) from sales of available-for-sale securities, net $ (79) $ (294) $ (2)
Net interest income 2,923 2,759 2,544
Compensation and employee benefits expenses 4,697 4,744 4,428
Net income 2,687 1,944 2,774
Net realized gains from sales of available-for-sale securities, tax 21 81 1
Amortization of net unrealized gain (loss), before adjustment, tax 137 81 96
Net realized gains from sales of available-for-sale securities, tax (14) 55 (13)
Other comprehensive (income) loss, actuarial losses, tax 0 0 (1)
Amounts Reclassified into Earnings      
Class of Stock [Line Items]      
Net income 414 582 122
Amounts Reclassified into Earnings | Net Unrealized Gains (Losses) on Investment Securities      
Class of Stock [Line Items]      
Gains (losses) from sales of available-for-sale securities, net 59 213 1
Amounts Reclassified into Earnings | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Transferred to Held-To-Maturity, Parent      
Class of Stock [Line Items]      
Net interest income 393 215 169
Amounts Reclassified into Earnings | Net Unrealized Gains (Losses) on Cash Flow Hedges      
Class of Stock [Line Items]      
Net interest income (40) 153 (36)
Amounts Reclassified into Earnings | Amortization of Actuarial Losses      
Class of Stock [Line Items]      
Compensation and employee benefits expenses $ 2 $ 1 $ (12)
v3.25.0.1
Regulatory Capital (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Retained earnings $ 29,582 $ 27,957
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
Capital ratio: required total capital 0.040 0.040
Leverage ratio minimum 0.05  
Capital conservation buffer, capital conserved, minimum 0.025  
Stress capital buffer, minimum 2.50%  
Banking regulation, global systemically important bank (G-SIB) surcharge 0.010  
Countercyclical capital buffer 0  
Basel III Advanced Approaches    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 11,226 $ 11,245
Retained earnings 29,582 27,957
Accumulated other comprehensive income (loss) (2,100) (2,354)
Treasury stock, at cost   (15,025)
Total 22,510 21,823
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,320) (8,470)
Other adjustments (391) (382)
Common equity tier 1 capital 13,799 12,971
Preferred stock 2,816 1,976
Tier 1 capital 16,615 14,947
Qualifying subordinated long-term debt 1,861 1,870
Adjusted allowance for credit losses 0 0
Total capital 18,476 16,817
Credit risk 63,252 61,210
Operational risk 49,350 43,768
Market risk 2,000 2,475
Total risk-weighted assets 114,602 107,453
Adjusted quarterly average assets $ 318,470 $ 269,807
Common equity tier 1 capital 12.00% 12.10%
Tier 1 capital 0.145 0.139
Total capital 0.161 0.157
Tier 1 leverage 0.052 0.055
Basel III Standardized Approach    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 11,226 $ 11,245
Retained earnings 29,582 27,957
Accumulated other comprehensive income (loss) (2,100) (2,354)
Total 22,510 21,823
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,320) (8,470)
Other adjustments (391) (382)
Common equity tier 1 capital 13,799 12,971
Preferred stock 2,816 1,976
Tier 1 capital 16,615 14,947
Qualifying subordinated long-term debt 1,861 1,870
Adjusted allowance for credit losses 183 150
Total capital 18,659 16,967
Credit risk 124,281 109,228
Market risk 2,000 2,475
Total risk-weighted assets 126,281 111,703
Adjusted quarterly average assets $ 318,470 $ 269,807
Common equity tier 1 capital 10.90% 11.60%
Tier 1 capital 0.132 0.134
Total capital 0.148 0.152
Tier 1 leverage 0.052 0.055
State Street Bank | Basel III Advanced Approaches    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 13,333 $ 13,033
Retained earnings 15,977 14,454
Accumulated other comprehensive income (loss) (1,805) (2,097)
Treasury stock, at cost 0 0
Total 27,505 25,390
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,054) (8,208)
Other adjustments (278) (298)
Common equity tier 1 capital 19,173 16,884
Preferred stock 0 0
Tier 1 capital 19,173 16,884
Qualifying subordinated long-term debt 530 536
Adjusted allowance for credit losses 0 0
Total capital 19,703 17,420
Credit risk 57,883 54,942
Operational risk 47,538 42,297
Market risk 2,000 2,475
Total risk-weighted assets 107,421 99,714
Adjusted quarterly average assets $ 314,754 $ 266,818
Common equity tier 1 capital 17.80% 16.90%
Tier 1 capital 0.178 0.169
Total capital 0.183 0.175
Tier 1 leverage 0.061 0.063
State Street Bank | Basel III Standardized Approach    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common stock and related surplus $ 13,333 $ 13,033
Retained earnings 15,977 14,454
Accumulated other comprehensive income (loss) (1,805) (2,097)
Treasury stock, at cost 0 0
Total 27,505 25,390
Goodwill and other intangible assets, net of associated deferred tax liabilities (8,054) (8,208)
Other adjustments (278) (298)
Common equity tier 1 capital 19,173 16,884
Preferred stock 0 0
Tier 1 capital 19,173 16,884
Qualifying subordinated long-term debt 530 536
Adjusted allowance for credit losses 183 150
Total capital 19,886 17,570
Credit risk 121,785 107,067
Market risk 2,000 2,475
Total risk-weighted assets 123,785 109,542
Adjusted quarterly average assets $ 314,754 $ 266,818
Common equity tier 1 capital 15.50% 15.40%
Tier 1 capital 0.155 0.154
Total capital 0.161 0.160
Tier 1 leverage 0.061 0.063
v3.25.0.1
Net Interest Income - Components of Interest Revenue and Interest Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income:      
Interest-bearing deposits with banks $ 3,634 $ 2,869 $ 842
Investment securities:      
Investment securities available-for-sale 2,680 1,744 724
Investment securities held-to-maturity 1,090 1,262 979
Total investment securities 3,770 3,006 1,703
Securities purchased under resale agreements 686 312 188
Loans 2,271 1,862 972
Other interest-earning assets 1,616 1,131 383
Total interest income 11,977 9,180 4,088
Interest expense:      
Interest-bearing deposits 6,627 4,991 967
Securities sold under repurchase agreements 156 34 14
Federal funds purchased 0 3 0
Short-term borrowings 577 40 26
Long-term debt 1,086 888 376
Other interest-bearing liabilities 608 465 161
Total interest expense 9,054 6,421 1,544
Net interest income $ 2,923 $ 2,759 $ 2,544
v3.25.0.1
Equity-Based Compensation - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 31, 2023
Deferred Stock Awards and Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Allocated share-based compensation $ 223,000,000 $ 208,000,000 $ 240,000,000  
Accelerated recognition due to restructuring plan 3,000,000 12,000,000 21,000,000  
Deferred Stock Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Costs not yet recognized 169,000,000      
Fair value for vested in period $ 185,000,000 185,000,000 217,000,000  
Period of recognition for unrecognized share-based compensation 2 years 2 months 12 days      
Deferred Stock Awards | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period 0 years      
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 $ 15,000,000      
Fair value for vested in period $ 33,000,000 $ 43,000,000 $ 60,000,000  
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 $ 3,000,000    
2017 Stock Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized for issuance (in shares)       15,100,000
Additional shares authorized (in shares) 20,800,000      
Accumulated number of shares awarded (in shares) 24,700,000 21,700,000 18,700,000  
Shares awarded, but not delivered, available for reissue (in shares) 7,000,000.0      
Shares available for grant (in shares) 18,300,000      
2006 Equity Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized for issuance (in shares)       28,500,000
v3.25.0.1
Equity-Based Compensation - Deferred Stock Awards (Details) - Deferred Stock Awards - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Shares    
Beginning of Period (in shares) 4,968 5,279
Granted (in shares) 2,551 2,421
Vested (in shares) (2,513) (2,587)
Forfeited (in shares) (147) (145)
End of Period (in shares) 4,859 4,968
Weighted-Average Grant Date Fair Value    
Beginning of Period (in USD per share) $ 75.72 $ 72.43
Granted (in USD per share) 68.70 79.58
Vested (in USD per share) 73.62 71.54
Forfeited (in USD per share) 73.35 76.40
End of Period (in USD per share) $ 73.20 $ 75.72
v3.25.0.1
Equity-Based Compensation - Schedule of Performance Awards (Details) - Performance Shares - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Shares    
Beginning of Period (in shares) 2,206 2,296
Granted (in shares) 363 614
Forfeited (in shares) (28) (17)
Paid out (in shares) (502) (687)
End of Period (in shares) 2,039 2,206
Weighted-Average Grant Date Fair Value    
Beginning of Period (in USD per share) $ 74.33 $ 69.43
Granted (in USD per share) 63.49 79.96
Forfeited (in USD per share) 80.01 74.59
Paid Out (in USD per share) 65.70 62.99
End of Period (in USD per share) $ 74.44 $ 74.33
v3.25.0.1
Equity-Based Compensation - Schedule of Cash Settled Stock Awards (Details) - Cash Settled Stock Awards - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Shares    
Beginning of Period (in shares) 27 35
Granted (in shares) 40 24
Paid out (in shares) (38) (32)
End of Period (in shares) 29 27
Weighted-Average Grant Date Fair Value    
Beginning of Period (in USD per share) $ 83.37 $ 79.99
Granted (in USD per share) 69.96 83.80
Paid Out (in USD per share) 76.11 79.99
End of Period (in USD per share) $ 74.52 $ 83.37
v3.25.0.1
Employee Benefits (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
employee
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Number of eligible employees for pension plan (in employee) | employee 0    
Defined benefit expense $ 17 $ 16 $ 21
Contributions by employer 212 194 $ 171
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit obligation 1,100 1,160  
Defined benefit overfunded (underfunded) status 26 10  
Postretirement Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit obligation 19 1  
Defined benefit overfunded (underfunded) status (19) (1)  
SERP      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit obligation 1 25  
Defined benefit overfunded (underfunded) status $ (1) $ (25)  
v3.25.0.1
Occupancy Expense and Information Systems and Communications Expense - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Expenses [Line Items]      
Depreciation and amortization $ 824 $ 829 $ 842
Finance lease right-of-use asset 67 119  
Finance lease liability 79 130  
Accumulated amortization for finance lease right-of-use assets 135    
Interest on lease liabilities 3 5  
Right-of-use assets $ 818 $ 805  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets  
Lease liabilities $ 839    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued expenses and other liabilities    
Operating leases not yet commenced $ 207    
Minimum      
Expenses [Line Items]      
Operating leases not yet commenced, lease terms 3 years    
Maximum      
Expenses [Line Items]      
Operating leases not yet commenced, lease terms 11 years    
v3.25.0.1
Occupancy Expense and Information Systems and Communications Expense - Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Occupancy Occupancy
Amortization of right-of-use assets $ 48 $ 48
Interest on lease liabilities 3 5
Total finance lease expense 51 53
Sublease income 0 0
Net finance lease expense 51 53
Operating lease expense 168 163
Sublease income (17) (23)
Net operating lease expense 151 140
Net lease expense 202 193
Operating cash flows from finance leases 3 5
Operating cash flows from operating leases 179 197
Financing cash flows from finance leases 46 45
Operating leases 174 461
Finance leases $ 0 $ 0
v3.25.0.1
Occupancy Expense and Information Systems and Communications Expense - Summary of Future Minimum Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]    
2025 $ 182  
2026 152  
2027 134  
2028 118  
2029 88  
Thereafter 342  
Total future minimum lease payments 1,016  
Less imputed interest (177)  
Total 839  
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]    
2025 55  
2026 26  
2027 0  
2028 0  
2029 0  
Thereafter 0  
Total future minimum lease payments 81  
Less imputed interest (2)  
Total 79 $ 130
2025 237  
2026 178  
2027 134  
2028 118  
2029 88  
Thereafter 342  
Total future minimum lease payments 1,097  
Less imputed interest (179)  
Total $ 918  
v3.25.0.1
Occupancy Expense and Information Systems and Communications Expense - Summary of Other Lease Information (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted-average remaining lease term (in years):    
Finance leases 1 year 4 months 24 days 2 years 6 months
Operating leases 8 years 1 month 6 days 8 years 6 months
Weighted-average discount rate:    
Finance leases 3.00% 3.00%
Operating leases 4.00% 4.00%
v3.25.0.1
Expenses - Schedule of Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Expenses [Abstract]      
Professional services $ 465 $ 428 $ 375
Regulatory fees and assessments 142 464 83
Sales advertising and public relations 142 142 99
Securities processing 78 49 63
Bank operations 51 45 41
Donations 28 27 27
Other 433 374 387
Total other expenses 1,339 1,529 $ 1,075
FDIC special assessment, recovery of estimated losses $ 99 $ 387  
v3.25.0.1
Expenses - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 2 $ 203
Compensation and Employee Benefits    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 15 182
Occupancy Costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 13 $ 21
v3.25.0.1
Expenses - Restructuring Reserve (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Reserve [Roll Forward]      
Beginning balance $ 208 $ 88 $ 74
Net repositioning benefit (2) 203 78
Payments and Other Adjustments (110) (83) (64)
Ending balance 96 208 88
Employee Related Costs      
Restructuring Reserve [Roll Forward]      
Beginning balance 207 83 68
Net repositioning benefit (15) 182 58
Payments and Other Adjustments (96) (58) (43)
Ending balance 96 207 83
Real Estate Actions      
Restructuring Reserve [Roll Forward]      
Beginning balance 1 5 6
Net repositioning benefit 13 21 20
Payments and Other Adjustments (14) (25) (21)
Ending balance $ 0 $ 1 $ 5
v3.25.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 108 $ 160 $ 161
State 68 79 112
Non-U.S. 387 317 342
Total current expense 563 556 615
Deferred:      
Federal 77 (77) (16)
State 2 (63) (2)
Non-U.S. 66 (44) (44)
Total deferred expense (benefit) 145 (184) (62)
Total income tax expense (benefit) $ 708 $ 372 $ 553
v3.25.0.1
Income Taxes - Schedule of Reconciliation of the U.S. Statutory Income Tax Rate to the Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. federal income tax rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit 1.80% 2.40% 3.10%
Tax-exempt income (1.00%) (1.50%) (1.00%)
Business tax credits (2.00%) (3.60%) (4.00%)
Foreign tax differential 1.00% (0.60%) 0.00%
Foreign tax credit (benefits)/ limitations 0.60% (2.00%) (0.10%)
Change in Valuation Allowance (0.50%) (0.20%) (2.00%)
Other, net (0.10%) 0.60% (0.40%)
Effective tax rate 20.80% 16.10% 16.60%
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]        
Undistributed indefinitely reinvested earnings of certain foreign subsidiaries $ 8,380      
Unrecognized tax benefits 237 $ 237 $ 285 $ 252
Unrecognized tax benefits that would impact effective tax rate 220 197 272  
Maximum estimated income tax expense change in unrecognized tax benefit in the next 12 months 37      
Interest expense for tax examination 8 7 8  
Interest accrued for tax examination $ 21 $ 21 $ 15  
v3.25.0.1
Income Taxes - Schedule of Components of Deferred Tax Liabilities and Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Other amortizable assets $ 189 $ 265
Tax credit carryforwards 577 673
Lease obligations 214 236
Deferred compensation 111 104
Restructuring charges and other reserves 227 224
NOL and other carryforwards 147 167
Pension plan 21 24
Foreign currency translation 63 51
Unrealized losses on investment securities, net 184 352
Total deferred tax assets 1,733 2,096
Valuation allowance for deferred tax assets (172) (200)
Deferred tax assets, net of valuation allowance 1,561 1,896
Deferred tax liabilities:    
Fixed and intangible assets 634 574
Investment basis differences 47 40
Right-of-use Assets 198 214
Other 40 68
Total deferred tax liabilities $ 919 $ 896
v3.25.0.1
Income Taxes - Deferred Tax Asset Valuation Allowances (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance [Line Items]    
Other amortizable assets $ 189 $ 265
Tax credits 577  
NOLs - Non-U.S. 130  
NOLs - U.S. 14  
Other carryforwards 2  
Valuation Allowance (172) $ (200)
Other amortizable assets    
Valuation Allowance [Line Items]    
Valuation Allowance (72)  
Tax credits    
Valuation Allowance [Line Items]    
Valuation Allowance (8)  
NOLs - Non-U.S.    
Valuation Allowance [Line Items]    
Valuation Allowance (80)  
NOLs - U.S.    
Valuation Allowance [Line Items]    
Valuation Allowance (10)  
Other carryforwards    
Valuation Allowance [Line Items]    
Valuation Allowance $ (2)  
v3.25.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 237 $ 285 $ 252
Decrease related to agreements with tax authorities (22) (32) (4)
Increase related to tax positions taken during current year 36 39 48
Increase/(Decrease) related to tax positions taken during prior years 11 (34) 8
Decreases related to a lapse of the applicable statute of limitations (25) (21) (19)
Ending balance $ 237 $ 237 $ 285
v3.25.0.1
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income $ 2,687 $ 1,944 $ 2,774
Preferred stock dividends (202) (122) (112)
Dividends and undistributed earnings allocated to participating securities (2) (1) (2)
Net income available to common shareholders, Basic 2,483 1,821 2,660
Net income available to common shareholders, Diluted $ 2,483 $ 1,821 $ 2,660
Basic average common shares (in shares) 297,883 322,337 365,214
Effect of dilutive securities: equity-based awards (in shares) 4,343 4,231 4,895
Diluted average common shares (in shares) 302,226 326,568 370,109
Anti-dilutive securities (in shares) 14 1,251 866
Basic (in USD per share) $ 8.33 $ 5.65 $ 7.28
Diluted (in USD per share) $ 8.21 $ 5.58 $ 7.19
v3.25.0.1
Line of Business Information - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
line_of_business
Dec. 31, 2024
USD ($)
Dec. 31, 2024
reporting_segment
Dec. 31, 2024
Dec. 31, 2024
reportable_segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]              
Number of reportable segments 2   2   2    
Restructuring charges   $ 2       $ 203  
Other              
Segment Reporting Information [Line Items]              
Restructuring charges   $ (2)       $ 203 $ 70
Investment Servicing and Investment Management | Investment Servicing and Management Services              
Segment Reporting Information [Line Items]              
Percentage of consolidated revenues by segment       70.00%      
Investment Servicing and Investment Management | Processing and Other Services              
Segment Reporting Information [Line Items]              
Percentage of consolidated revenues by segment       30.00%      
v3.25.0.1
Line of Business Information - Summary of Line of Business (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Servicing fees $ 5,016 $ 4,922 $ 5,087
Management fees 2,124 1,876 1,939
Foreign exchange trading services 1,401 1,265 1,376
Securities finance 438 426 416
Software and processing fees 888 811 789
Other fee revenue 289 180 (1)
Total fee revenue 10,156 9,480 9,606
Net interest income 2,923 2,759 2,544
Total other income (79) (294) (2)
Total revenue 13,000 11,945 12,148
Provision for credit losses 75 46 20
Compensation and employee benefits expenses 4,697 4,744 4,428
Information systems and communications 1,829 1,703 1,630
Transaction processing services 998 957 971
Other 2,006 2,179 1,772
Total expenses 9,530 9,583 8,801
Income before income tax expense $ 3,395 $ 2,316 $ 3,327
Pre-tax margin 26.00% 19.00% 27.00%
Average assets (in billions) $ 311,700 $ 274,700 $ 286,400
Operating Segments | Investment
Servicing      
Segment Reporting Information [Line Items]      
Servicing fees 5,016 4,922 5,087
Management fees 0 0 0
Foreign exchange trading services 1,248 1,140 1,271
Securities finance 415 402 397
Software and processing fees 888 811 789
Other fee revenue 188 145 46
Total fee revenue 7,755 7,420 7,590
Net interest income 2,899 2,740 2,551
Total other income 2 0 (2)
Total revenue 10,656 10,160 10,139
Provision for credit losses 75 46 20
Compensation and employee benefits expenses 4,078 4,033 3,896
Information systems and communications 1,743 1,568 1,535
Transaction processing services 825 777 809
Other 1,041 1,035 1,020
Total expenses 7,687 7,413 7,260
Income before income tax expense $ 2,894 $ 2,701 $ 2,859
Pre-tax margin 27.00% 27.00% 28.00%
Average assets (in billions) $ 308,500 $ 271,500 $ 283,200
Operating Segments | Investment Management      
Segment Reporting Information [Line Items]      
Servicing fees 0 0 0
Management fees 2,124 1,876 1,939
Foreign exchange trading services 138 125 82
Securities finance 23 24 19
Software and processing fees 0 0 0
Other fee revenue 35 35 (47)
Total fee revenue 2,320 2,060 1,993
Net interest income 24 19 (7)
Total other income 0 0 0
Total revenue 2,344 2,079 1,986
Provision for credit losses 0 0 0
Compensation and employee benefits expenses 555 520 478
Information systems and communications 86 94 95
Transaction processing services 173 180 162
Other 841 746 661
Total expenses 1,655 1,540 1,396
Income before income tax expense $ 689 $ 539 $ 590
Pre-tax margin 29.00% 26.00% 30.00%
Average assets (in billions) $ 3,200 $ 3,200 $ 3,200
Other      
Segment Reporting Information [Line Items]      
Servicing fees 0 0 0
Management fees 0 0 0
Foreign exchange trading services 15 0 23
Securities finance 0 0 0
Software and processing fees 0 0 0
Other fee revenue 66 0 0
Total fee revenue 81 0 23
Net interest income 0 0 0
Total other income (81) (294) 0
Total revenue 0 (294) 23
Provision for credit losses 0 0 0
Compensation and employee benefits expenses 64 191 54
Information systems and communications 0 41 0
Transaction processing services 0 0 0
Other 124 398 91
Total expenses 188 630 145
Income before income tax expense $ (188) $ (924) $ (122)
v3.25.0.1
Line of Business Information - Components of Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Fee revenue $ 10,156 $ 9,480 $ 9,606
Other Income (79) (294) (2)
Deferred incentive compensation expense acceleration (79)    
Net repositioning charges (2) (203)  
Net acquisition and restructuring costs 0 15 (65)
Income before income tax expense 3,395 2,316 3,327
Net repositioning benefit (2) 203 78
Other      
Segment Reporting Information [Line Items]      
Fee revenue 81 0 23
Other Income (81) (294) 0
Deferred incentive compensation expense acceleration (79) 0 0
Net repositioning charges 2 (203) (70)
Net acquisition and restructuring costs 0 15 (65)
FDIC special assessment and other (111) (442) (10)
Income before income tax expense (188) (924) $ (122)
Gain on sale of equity investment 66    
Litigation proceeds 15    
Loss on sale of investment securities 81 294  
Net repositioning benefit (15)    
Occupancy costs related to real estate footprint optimization 13 21  
Compensation and employee benefits expenses related to workforce rationalization   182  
FDIC Special Assessment 99 387  
Operating model changes $ 12 $ 41  
v3.25.0.1
Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenue $ 13,000 $ 11,945 $ 12,148
Servicing fees      
Disaggregation of Revenue [Line Items]      
Total revenue 5,016 4,922 5,087
Management fees      
Disaggregation of Revenue [Line Items]      
Total revenue 2,124 1,876 1,939
Foreign exchange trading services      
Disaggregation of Revenue [Line Items]      
Total revenue 1,401 1,265 1,376
Securities finance      
Disaggregation of Revenue [Line Items]      
Total revenue 438 426 416
Software and processing fees      
Disaggregation of Revenue [Line Items]      
Total revenue 888 811 789
Other fee revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 289 180 (1)
Total fee revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 10,156 9,480 9,606
Net interest income      
Disaggregation of Revenue [Line Items]      
Total revenue 2,923 2,759 2,544
Total other income      
Disaggregation of Revenue [Line Items]      
Total revenue (79) (294) (2)
Operating Segments | Investment
Servicing      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 6,272 6,118 6,282
All other revenue 4,384 4,042 3,857
Total revenue 10,656 10,160 10,139
Operating Segments | Investment
Servicing | Servicing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 5,016 4,922 5,087
All other revenue 0 0 0
Total revenue 5,016 4,922 5,087
Operating Segments | Investment
Servicing | Management fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Total revenue 0 0 0
Operating Segments | Investment
Servicing | Foreign exchange trading services      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 386 344 363
All other revenue 862 796 908
Total revenue 1,248 1,140 1,271
Operating Segments | Investment
Servicing | Securities finance      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 185 225 233
All other revenue 230 177 164
Total revenue 415 402 397
Operating Segments | Investment
Servicing | Software and processing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 685 627 599
All other revenue 203 184 190
Total revenue 888 811 789
Operating Segments | Investment
Servicing | Other fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 188 145 46
Total revenue 188 145 46
Operating Segments | Investment
Servicing | Total fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 6,272 6,118 6,282
All other revenue 1,483 1,302 1,308
Total revenue 7,755 7,420 7,590
Operating Segments | Investment
Servicing | Net interest income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 2,899 2,740 2,551
Total revenue 2,899 2,740 2,551
Operating Segments | Investment
Servicing | Total other income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 2 0 (2)
Total revenue 2 0 (2)
Operating Segments | Investment Management      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 2,262 2,001 2,021
All other revenue 82 78 (35)
Total revenue 2,344 2,079 1,986
Operating Segments | Investment Management | Servicing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Total revenue 0 0 0
Operating Segments | Investment Management | Management fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 2,124 1,876 1,939
All other revenue 0 0 0
Total revenue 2,124 1,876 1,939
Operating Segments | Investment Management | Foreign exchange trading services      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 138 125 82
All other revenue 0 0 0
Total revenue 138 125 82
Operating Segments | Investment Management | Securities finance      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 23 24 19
Total revenue 23 24 19
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
Total revenue 0 0 0
Operating Segments | Investment Management | Other fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 35 35 (47)
Total revenue 35 35 (47)
Operating Segments | Investment Management | Total fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 2,262 2,001 2,021
All other revenue 58 59 (28)
Total revenue 2,320 2,060 1,993
Operating Segments | Investment Management | Net interest income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 24 19 (7)
Total revenue 24 19 (7)
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 revenue 0 0 0
Other      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 (294) 23
Total revenue 0 (294) 23
Other | Servicing fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Total revenue 0 0 0
Other | Management fees      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Total revenue 0 0 0
Other | Foreign exchange trading services      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 15 0 23
Total revenue 15 0 23
Other | Securities finance      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Total revenue 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
Total revenue 0 0 0
Other | Other fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 66 0 0
Total revenue 66 0 0
Other | Total fee revenue      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 81 0 23
Total revenue 81 0 23
Other | Net interest income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue 0 0 0
Total revenue 0 0 0
Other | Total other income      
Disaggregation of Revenue [Line Items]      
Topic 606 revenue 0 0 0
All other revenue (81) (294) 0
Total revenue $ (81) $ (294) $ 0
v3.25.0.1
Revenue from Contracts with Customers - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
line_of_business
Dec. 31, 2024
USD ($)
reporting_segment
Dec. 31, 2024
USD ($)
reportable_segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Number of reportable segments 2 2 2    
Receivables related to contracts with customers $ 3,080 $ 3,080 $ 3,080 $ 3,080 $ 2,720
Contract with customer, liability $ 144 $ 144 $ 144 144 $ 133
Revenue recognized       $ 122  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01          
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]: 2025-01-01          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Non-cancelable performance obligations $ 1,870 $ 1,870 $ 1,870 $ 1,870  
Expected timing of satisfaction period 3 years 3 years 3 years 3 years  
v3.25.0.1
Non-U.S. Activities - Schedule of Results From Non-U.S. Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total revenue $ 13,000 $ 11,945 $ 12,148
Income before income tax expense 3,395 2,316 3,327
Non-U.S.      
Segment Reporting Information [Line Items]      
Total revenue 5,485 5,108 5,170
Income before income tax expense 1,376 1,057 1,358
U.S.      
Segment Reporting Information [Line Items]      
Total revenue 7,515 6,837 6,978
Income before income tax expense $ 2,019 $ 1,259 $ 1,969
v3.25.0.1
Non-U.S. Activities - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Total assets $ 353,240 $ 297,258
Non-U.S.    
Segment Reporting Information [Line Items]    
Total assets $ 88,350 $ 89,850
v3.25.0.1
Parent Company Financial Statements - Statement of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Total revenue $ 13,000 $ 11,945 $ 12,148
Other 1,339 1,529 1,075
Total expenses 9,530 9,583 8,801
Income tax expense 708 372 553
Equity in undistributed income (loss) of consolidated subsidiaries and unconsolidated entities:      
Net income 2,687 1,944 2,774
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Cash dividends from consolidated banking subsidiary 1,250 4,550 1,500
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities 58 320 198
Other, net 516 274 69
Total revenue 1,824 5,144 1,767
Interest expense 1,170 975 426
Other 239 198 93
Total expenses 1,409 1,173 519
Income tax expense (232) (224) (121)
Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities 647 4,195 1,369
Equity in undistributed income (loss) of consolidated subsidiaries and unconsolidated entities:      
Consolidated banking subsidiary 1,522 (2,464) 1,275
Consolidated non-banking subsidiaries and unconsolidated entities 518 213 130
Net income $ 2,687 $ 1,944 $ 2,774
v3.25.0.1
Parent Company Financial Statements - Statement of Condition (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets:        
Interest-bearing deposits with banks $ 112,957 $ 87,665    
Trading account assets 768 773    
Other assets 64,514 44,806    
Total assets 353,240 297,258    
Liabilities:        
Consolidated banking subsidiary 0 68    
Consolidated non-banking subsidiaries and unconsolidated entities 2,063 896    
Total liabilities 327,914 273,459    
Shareholders’ equity 25,326 23,799 $ 25,191 $ 27,363
Total liabilities and shareholders’ equity 353,240 297,258    
Parent Company        
Assets:        
Interest-bearing deposits with banks 438 659    
Trading account assets 499 454    
Investment securities available-for-sale 378 279    
Consolidated banking subsidiary 27,504 25,391    
Consolidated non-banking subsidiaries 10,487 10,055    
Unconsolidated entities 114 111    
Consolidated banking subsidiary 170 2    
Consolidated non-banking subsidiaries and unconsolidated entities 9,211 6,816    
Other assets 127 230    
Total assets 48,928 43,997    
Liabilities:        
Accrued expenses and other liabilities 652 615    
Long-term debt 20,887 18,619    
Total liabilities 23,602 20,198    
Shareholders’ equity 25,326 23,799    
Total liabilities and shareholders’ equity $ 48,928 $ 43,997    
v3.25.0.1
Parent Company Financial Statements - Statement of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:      
Net cash provided by (used in) operating activities $ (13,210) $ 690 $ 11,954
Investing Activities:      
Net increase (decrease) in interest-bearing deposits with consolidated banking subsidiary (25,292) 13,928 4,765
Purchases of available-for-sale securities (44,301) (23,089) (18,029)
Net cash (used in) provided by investing activities (39,483) 12,738 6,816
Financing Activities:      
Proceeds from issuance of long-term debt, net of issuance costs 6,523 6,221 3,731
Payments for long-term debt (2,046) (2,545) (1,567)
Proceeds from issuance of preferred stock, net of issuance costs 2,323 0 0
Payments for redemption of preferred stock (1,500) 0 0
Repurchases of common stock (1,319) (3,781) (1,500)
Repurchases of common stock for employee tax withholding (83) (95) (123)
Payments for cash dividends (1,033) (970) (972)
Net cash provided by (used in) financing activities 51,791 (13,351) (18,431)
Net (decrease) increase (902) 77 339
Cash and due from banks at beginning of period 4,047 3,970 3,631
Cash and due from banks at end of period 3,145 4,047 3,970
Parent Company      
Operating Activities:      
Net cash provided by (used in) operating activities 622 4,194 1,608
Investing Activities:      
Net increase (decrease) in interest-bearing deposits with consolidated banking subsidiary 221 (199) 22
Proceeds from sales and maturities of available-for-sale securities 1,120 830 780
Purchases of available-for-sale securities (1,204) (836) (886)
Investments in consolidated banking and non-banking subsidiaries (9,330) (10,784) (16,252)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries 7,875 7,920 15,092
Net cash (used in) provided by investing activities (1,318) (3,069) (1,244)
Financing Activities:      
Proceeds from issuance of long-term debt, net of issuance costs 4,281 6,221 3,731
Payments for long-term debt (2,000) (2,500) (1,500)
Proceeds from issuance of preferred stock, net of issuance costs 2,350 0 0
Payments for redemption of preferred stock (1,500) 0 0
Repurchases of common stock (1,319) (3,781) (1,500)
Repurchases of common stock for employee tax withholding (83) (95) (123)
Payments for cash dividends (1,033) (970) (972)
Net cash provided by (used in) financing activities 696 (1,125) (364)
Net (decrease) 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
v3.25.0.1
Subsequent Events (Details) - USD ($)
 12 Months Ended
Feb. 06, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 07, 2025
Subsequent Event [Line Items]          
Proceeds from issuance of preferred stock, net of issuance costs   $ 2,323,000,000 $ 0 $ 0  
Fixed-to-floating rate senior notes | Parent Company and Non-banking Subsidiaries | 4.857% Notes due 2034          
Subsequent Event [Line Items]          
Interest rate on debt   4.857%      
Fixed-to-floating rate senior notes | Parent Company and Non-banking Subsidiaries | 1.746% notes due 2026          
Subsequent Event [Line Items]          
Interest rate on debt   1.746%      
Subsequent Event | Series K Preferred Stock          
Subsequent Event [Line Items]          
Shares issued (in shares) 750,000        
Ownership Interest Per Depositary Share 1.00%        
Liquidation preference per share (USD per share) $ 100,000        
Proceeds from issuance of preferred stock, net of issuance costs $ 743,000,000        
Subsequent Event | Series K Preferred Stock, Depository Share          
Subsequent Event [Line Items]          
Liquidation preference per share (USD per share) $ 1,000        
Subsequent Event | Fixed-to-floating rate senior notes | Parent Company and Non-banking Subsidiaries | 4.857% Notes due 2034          
Subsequent Event [Line Items]          
Debt redeemed         $ 500,000,000
Interest rate on debt         4.857%
Subsequent Event | Fixed-to-floating rate senior notes | Parent Company and Non-banking Subsidiaries | 1.746% notes due 2026          
Subsequent Event [Line Items]          
Debt redeemed $ 300,000,000        
Interest rate on debt 1.746%