The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: <_ALACRA_META_ABSTRACT>So with all the administrative work out of the way, let's dive in. John, we'll put you on the hot seat. Obviously, I just mentioned you're
relatively new to the role. So I think maybe the best place to start is kind of what drew you to the company.
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: I appreciate it's early days that you've known about this new role for a while, so just maybe share your thinking in terms of kind of
initial priorities? You're going to be focused on looking ahead, and what you expect, you're curious, focus to be over the next few
months.
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Congrats. Joerg, Maybe kind of shift gears to your world. And over the past year or so, we've actually seen pretty strong momentum
building and investment services since you took over. Maybe just talk through some of the changes you've made to turn the trajectory
of that business around.
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Maybe as a follow-up, as you look to drive this kind of growth of organic servicing fee growth in the years ahead, maybe what metrics
should investors focus on to track your progress?
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Helpful. Maybe let me shift gears to the operating environment, we could put up the next ARS question. I won't ask about this yet.
John, you new to State Street, but not new to CFO, so I've got to keep you on the hot seat. As we approach the end of the third
quarter, just how are you thinking about the macro backdrop in the operating environment broadly for the rest of 2025?
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Helpful. And I guess against that backdrop, In July, the company talked about updated guidance for 2025. On the back of a solid
quarter and improved market backdrop kind of nearing the end of the third quarter, any updates you want to share?
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SEPTEMBER 10, 2025 / 2:30PM, STT.N - State Street Corp at Barclays Global Financial Services Conference
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Helpful. Helpful. Joerg, maybe taking a step back, State Street has emphasized the importance of simplifying its operating model
and just aligning it more closely with client needs. Just maybe walk us through how you're approaching that transformation, what
progress we've made so far from your vantage point, and just how you're measuring success as these efforts take shape.
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: I guess -- you brought it up, so maybe we'll go there. On AI, definitely I think an exciting potential benefit in financial services industry.
Maybe just share a bit more how State Street is currently applying AI and looking at just where you see the greatest potential
opportunities in investment services.
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: I guess another hot topic is just digital assets. And maybe Joerg, I'd love to get your perspective in just in terms of how State Street's
preparing to service digital assets. What services do you provide? And just what capabilities do you need to provide or looking to
build out and grow in terms of just how you think about this in relation to services fees?
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Interesting. Maybe you can kind of delve into maybe stable coins for a second. Just curious just how State Street's viewing the
opportunity set around stable coins. Is that an area you're looking to kind of expand your servicing capabilities? And just maybe talk
to any risk, threats for State Street associated with stable coins?
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Got it. And maybe Joerg, just coming back to your businesses beyond digital assets. From your vantage point, what do you see the
most compelling opportunities in investment services?
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: And just maybe for State Street more broadly in the near to medium term, just how you're thinking about the one State Street
opportunity?
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SEPTEMBER 10, 2025 / 2:30PM, STT.N - State Street Corp at Barclays Global Financial Services Conference
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Companies at this conference.
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Okay. We have about four minutes left, and I want to make sure I talk about inorganic growth opportunities. So I have two-parter.
First part, you mentioned earlier the partnership with Apex that you just announced. Maybe just talk about the strategic rationale
for that partnership and just how does that help with growth.
Question: Jason Goldberg - Barclays Capital Inc. - Analyst
: Got it. And then just maybe provide some color how you think about just M&A in general in this environment. How would a potential
consolidation in the space impact State Street's competitive positioning? Would a merger of your peers change your own view
regarding more sizable acquisitions?
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