BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) today commented on the results of its 2020 resubmission stress test, included in the Federal Reserve’s supervisory stress test results for covered institutions announced earlier today. State Street also announced its authorization by the Federal Reserve to resume specified capital actions during the first quarter of 2021.
“We are pleased with our strong performance under this year’s second round of Federal Reserve stress tests, which is another testament to our business model’s resiliency and capital stability. Throughout 2020, amidst the pandemic, our robust balance sheet and capital position has enabled us to operate effectively, help stabilize the financial markets, and actively support our clients. We now look forward to returning excess capital to our shareholders in the new year.” said Chairman and Chief Executive Officer Ron O’Hanley.
State Street has been authorized to continue to pay common stock dividends at current levels and to resume repurchasing common shares in the first quarter of 2021 in an aggregate amount up to the average of State Street’s quarterly net income during 2020. In addition, State Street may redeem or make scheduled payments on other capital instruments. Any dividend, share repurchases or actions with respect to capital instruments are subject to review and approval by the Board of Directors of State Street.
The results of the Federal Reserve’s supervisory test results, based on its own methodology, can be found at: https://www.federalreserve.gov.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $36.6 trillion in assets under custody and/or administration and $3.1 trillion* in assets under management as of September 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
