Selects Amazon Web Services as strategic provider for cloud
services and data centers and expands existing strategic
relationship with Microsoft for cloud services
State Street Corporation (NYSE: STT) announced today that it has
engaged both Amazon Web Services (AWS) and Microsoft as strategic
providers of cloud and infrastructure solutions in connection with
its multi-year technology transformation journey. State Street is
consolidating its current network of segregated data center
facilities to a more optimized data center footprint with
fit-for-purpose designed and managed facilities.
Through this transformation, State Street will modernize and
standardize its technology infrastructure, leveraging automation
and a combination of private cloud and public cloud capabilities.
This hybrid and hyperconverged model combines all the elements of a
traditional data center (storage, compute, networking and
management) and will allow State Street to host workloads across
private or public environments to optimize agility, performance,
and scalability. This model will enable accelerated migration and
modernization of applications, with the flexibility to accommodate
strategic integrations.
As part of its ongoing technology transformation journey, State
Street’s focus on modernization through the facility,
infrastructure, and application stack will increase resiliency,
enable rapid business product innovation, and deliver enhanced
customer experiences. To advance its strategy and accelerate its
technology transformation, State Street has entered into strategic
engagements with leading cloud providers.
State Street selected AWS as one of its strategic cloud
providers and plans to transition its two core North American data
centers to AWS, while also maintaining operations in these data
centers for a period of time as its technology transformation
journey continues to evolve. The data center transition provides a
path for State Street to rapidly modernize the IT infrastructure
layers that a pure public cloud strategy does not address.
Building on the successful implementation and use of the
Microsoft® Azure cloud, previously announced in December 2020,
State Street will expand its use of Azure as a platform for
business applications. State Street will further leverage the
Microsoft Azure platform across the enterprise to augment its
technology infrastructure, standardize platforms and accelerate
technology development.
Architecting and implementing a highly resilient, flexible data
center and cloud architecture is central to State Street’s
strategy. The AWS and Azure cloud architectures will allow clients
to manage and access data in real-time across State Street tools
and third-party services so that they can streamline their
investment processes, while accelerating decision making.
“Our objective is to continually enhance our client experience
and technology solutions while driving efficiency and productivity
across our organization,” said Brian Franz, chief information
officer of State Street Corporation. “By standardizing and
simplifying our technology operating model, we will be able to more
quickly deploy client environments and launch new products and
services, while continuing to enhance the resiliency of our
technology environment and our business operations.”
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 $36.7 trillion in assets
under custody and/or administration and $3.5 trillion* in assets
under management as of December 31, 2022. State Street operates
globally in more than 100 geographic markets and employs
approximately 42,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of December 31, 2022 includes
approximately $59 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
Forward Looking Statements
This News Release contains forward-looking statements within the
meaning of United States securities laws, including, without
limitation, statements about our goals and expectations regarding
our multi-year technology transformation journey, including our
engagement of both Amazon Web Services and Microsoft as strategic
providers of cloud and infrastructure solutions, as well as
regarding other aspects of our business, operations and strategies
and of the technology, client and market environment.
Forward-looking statements are often, but not always, identified by
such forward-looking terminology as “will,” "journey," ‘plan,”
"path," “strategy,” “objective,” “intend,” “expect,” “priority,”
“believe,” “anticipate,” “seek,” “may,” and “goal,” or similar
statements or variations of such terms. These statements are not
guarantees of future performance, are inherently uncertain, are
based on current assumptions that are difficult to predict and
involve a number of risks and uncertainties. Therefore, actual
outcomes and results may differ materially from what is expressed
in those statements, and those statements should not be relied upon
as representing our expectations or beliefs as of any time
subsequent to the time this News Release is first issued
Important factors that may affect future results and outcomes
include, but are not limited to: our development and completion of
new products and services, including State Street Digital and State
Street Alpha, and the enhancement of our infrastructure required to
meet increased regulatory and client expectations for resiliency
and the systems and process re-engineering necessary to achieve
improved productivity and reduced operating risk, may involve costs
and dependencies and expose us to increased risk; our business may
be negatively affected by our failure to update and maintain our
technology infrastructure; acquisitions, strategic alliances, joint
ventures and divestitures, and the integration, retention and
development of the benefits of our acquisitions, pose risks for our
business; we face extensive and changing government regulation in
the jurisdictions in which we operate, which may increase our costs
and compliance risks; any misappropriation of the confidential
information we possess could have an adverse impact on our business
and could subject us to regulatory actions, litigation and other
adverse effects; and attacks or unauthorized access to our
information technology systems or facilities, or those of the third
parties with which we do business, or disruptions to our or their
continuous operations, could result in significant costs,
reputational damage and impacts on our business activities.
Other important factors that could cause actual results to
differ materially from those indicated by any forward-looking
statements are set forth in our 2021 Annual Report on Form 10-K and
our subsequent SEC filings. We encourage investors to read these
filings, particularly the sections on risk factors, for additional
information with respect to any forward-looking statements and
prior to making any investment decision. The forward-looking
statements contained in this News Release should not by relied on
as representing our expectations or beliefs as of any time
subsequent to the time this News Release is first issued, and we do
not undertake efforts to revise those forward-looking statements to
reflect events after that time.
© 2023 State Street Corporation - All Rights Reserved
5432913.1.1.GBL.RTL
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version on businesswire.com: https://www.businesswire.com/news/home/20230126005563/en/
Media Relations Contact: (State Street) Ed
Patterson +1 404 213 3106 epatterson@statestreet.com
Investor Relations Contact (State Street) Ilene
Fiszel Bieler +1 617-664-3477 ifiszelbieler@statestreet.com
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