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State Street

State Street is a Boston, Massachusetts, headquartered custody bank and had a market capitalization of approximately $33.1 bn as of September 7, 2018. At 2Q18, State Street was ranked 11th in the United States with assets of $248.3 bn. State Street is a custody bank which provides investment servicing, asset management, and investment research and trading facilities for corporations and institutions globally. Assets under custody (AUC) increased by 9% YoY to $33.9 tn, while assets under management (AUM) increased 5% YoY to $2.7 tn. (11 Oct 2018)

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Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.
Focused

JPMorgan & State Street: Finally Come to Market

IG Note: 28 Nov 2018, 12:11 PM ET - JPMorgan and State Street are both in the market with HoldCo senior unsecured debt offerings. Given the lack of supply, we expect both deals to be heavily oversubscribed and would be buyers to capture any new issue concessions on offer.  

US Banks: A Glance at Impact of Mid-term Elections

Sector Analysis: 15 Nov 2018, 5:14 AM ET - We explore the impact of mid-term elections in the US on banks. The rollback from legislation is likely to end (ex-bipartisan initiatives). Regulators still have leeway to alter requirements/details, and we see more hearings on the horizon.

U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..
Focused

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.
Focused

State Street: 3Q18 Missed, Acquisition Complete

Earnings Note: 21 Oct 2018, 10:09 PM ET - Despite YoY noninterest and net interest income growth, State Street's 3Q18 results missed consensus estimates. The company has closed its acquisition of Charles River Development. Uncertainty in global markets is challenging fee income. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.
Focused

State Street: New Fixed-to Float Preferred

IG Note: 20 Sep 2018, 11:15 AM ET - State Street is in the market with a $500 mn WNG offering of $1,000 par fixed-to-floating rate perpetual preferred stock with IPT of  5.75%-5.875%. The deal is to fund a portion of its $2.6 bn acquisition of Charles River Development.

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

US Banks: 2Q18 Capital Figures SCB Revision Likely

Sector Analysis: 20 Aug 2018, 10:59 PM ET - We updated our capital details file for 2Q18. Capital ratios largely increased QoQ, and remain comfortably above (current) requirements. The proposed Stress Capital Buffer (SCB) remains a focus for the industry and is likely to revised.
Focused

US Financials: Turkish Delights (Exposures)

Sector Analysis: 13 Aug 2018, 4:14 AM ET - Given ongoing turmoil associated with Turkey, we outline exposure to that country for US financials. In short, direct exposure tends to be immaterial. Turkey is not a major market for US banks, while insurers have modest exposure, if any.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

HK/SG Conference 2018: US Banks

Transcript: 06 Aug 2018, 9:39 AM ET - We recently presented on US Banks as part of the Hong  Kong and Singapore conference series. 

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.
Focused

State Street: 2Q18 Beat, Stock Tumbles on CRD Deal

Earnings Note: 23 Jul 2018, 5:30 AM ET - State Street's 2Q18 earnings increased both QoQ and YoY, and beat consensus estimates on a core basis. STT's market cap. dropped by $2.6 bn, which is also the price paid for Charles River Development, a provider of investment mgmt. software

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US Banks: 2Q18 Preview - Loan Demand Picking Up?

Sector Analysis: 11 Jul 2018, 5:05 AM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off 2Q18 US bank earnings on Friday, July 13, 2018. We expect underlying results to benefit from a pickup in loan growth and higher rates, but capital markets results should be down from 1Q18.

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