State Street Corporation (NYSE:STT.PRE) Q1 2016 Earnings Conference Call - Preliminary Transcript

Apr 27, 2016 • 09:30 am ET


State Street Corporation (NYSE:STT.PRE) Q1 2016 Earnings Conference Call - Preliminary Transcript


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Good morning. And welcome to the State Street Corporation's First Quarter of 2016 Earnings Conference Call and Webcast. Today's discussion is being broadcast live on State Street's Web site at This conference call is also being recorded for a replay. State Street's conference call is copyrighted and all rights are reserved. This call may not be recorded for rebroadcast or distribution in whole or in part without the express written authorization from the State Street Corporation. The only authorized broadcast on this call will be housed on the State Street Web site. Now, I would like to introduce Anthony Ostler, Senior Vice President of Investor Relations at State Street.


Thanks, Therese. Good morning and thank you all for joining us. On our call today are Chairman and CEO, Jay Hooley will speak first. Then, Mike Bell, our CFO will take you through our first quarter 2016 earnings by presentation which is available for download in the Investor Relations section of our Web site, Afterwards we will be happy to take questions. During the Q&A, please limit your questions to two questions and then requeue.

Before we get started, I would like to remind you that today's presentation will include operating basis and other measures presented on a non-GAAP basis. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measures are available in the appendix to our 1Q 2016 slide presentation. In addition today's presentation will contain forward-looking statements, actual results may differ materially from those statements due to a variety of important factors such as those factors referenced in our discussion today, in our 1Q 2016 slide presentation under the heading, forward-looking statements and in our SEC filings including the risk factor section of our 2015 Form 10-K.

Our forward-looking statements speak only as of today and we disclaim any obligation to update them even if our views change. As with the past couple of quarters, we have instituted a new pattern of releasing our financial results on the fourth Wednesday of the month following each quarter end. As such, we expect to hold our second quarter earnings call on Wednesday, July 27 2016. Now, let me turn it over to Jay.

Jay Hooley

Thanks, Anthony and good morning, everyone. Despite the challenging environment, I'm pleased with the progress we've made during the quarter on the five strategic priorities I outlined for you at our Investor Day in February. These priorities will help us to transform State Street, compete in the new environment and deliver value in the short-term. As a reminder, these priorities are, one, to become a digital leader in financial services, to drive growth from our core franchise, to invest in new products that will enhance revenue and drive differentiation, increased our focus on expense management and leverage our strong capital position to continue to return capital to shareholders.

As you can see on Slide four of the slide deck, we've outlined for you highlights of our progress so far this year against those