State Street Corporation (NYSE:STT.PRE) Q2 2016 Earnings Conference Call - Final Transcript
Jul 27, 2016 • 09:30 am ET
Good morning, and welcome to State Street Corporation Second Quarter of 2016 Earnings Conference Call and Webcast. Today's discussion is being broadcast live on State Street's website at investors.statestreet.com. This conference call is also being recorded for 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 expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street website.
Now, I would now like to turn the conference over to Anthony Ostler, Senior Vice President of Investor Relations at State Street.
Anthony G. Ostler
Thanks, Jennifer. Good morning and thank you all for joining us. On our call today, our Chairman and CEO, Jay Hooley, will speak first. Then, Mike Bell, our CFO, will take you through our second quarter 2016 earnings slide presentation, which is available for download in the Investor Relations section of our website, www.statestreet.com. Afterwards, we'll be happy to take questions. During the Q&A, please limit your questions to two questions and then re-queue. 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 measure are available in the appendix to our 2Q '16 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 2Q '16 slide presentation under the heading Forward-Looking Statements, and in our SEC filings, including the Risk Factors 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 third quarter earnings call on Wednesday, October 26, 2016.
Now, let me turn it over to Jay.
Joseph L. Hooley
Thanks, Anthony. Good morning, everyone. We are pleased with our strong second quarter results which reflect strong fee growth compared to the first quarter, driven by growth in our core asset servicing and asset management fees and the seasonal uptick in securities finance. Demand remained strong across our global client base as demonstrated by new servicing commitments of $750 billion in the quarter. Importantly, these results also reflect our success in implementing our multi-year digital transformation program, State Street Beacon, which is delivering savings and efficiencies as well as new product innovations for our clients.
As you may have seen in the news today, we announced that we have negotiated a series of agreements subject to final approval that we expect to resolve all pending litigation and regulatory matters in the US related to our