State Street Corp (NYSE:STT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 17, 2020 • 10:00 am ET


State Street Corp (NYSE:STT) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to State Street Corporation's Second Quarter 2020 Earnings Conference Call and Webcast. Today's discussion will be broadcasted live on State Street's website at 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 any 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 like to introduce Ilene Fiszel Bieler, Global Head of Investor Relations at State Street.

Ilene Fiszel Bieler

Good morning and thank you all for joining us. On our call today, our CEO, Ron O'Hanley, will speak first. Then Eric Aboaf, our CFO, will take you through our second quarter 2020 earnings slide presentation, which is available for download in the Investor Relations section of our website, Afterwards, we will be happy to take questions. During the Q&A, please limit yourself to two questions and then re-queue.

Before we get started, I would like to remind you that today's presentation will include results presented on a basis that exclude or adjust one or more items from GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our 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 and in our SEC filings, including the risk factors in our 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.

Now, let me turn it over to Ron.

Ronald P. O'Hanley

Thank you, Ilene, and good morning everyone. We released second quarter results this morning. Let me begin by saying that I'm very pleased with our continued strong financial performance. I am proud of our team members worldwide who continue to put our clients first and deliver these results for our shareholders.

Turning to Slide 3, I will provide a brief update on how we are successfully navigating the COVID-19 operating environment, while also delivering earnings growth for our shareholders. Providing exceptional service quality through improved client engagement, driving product performance, supporting the overall financial system, and safeguarding our workforce are all key priorities for us. We demonstrated success in each of these areas this quarter and delivered strong results for our shareholders as a result.

Our clients are at the center of everything we do. You will recall that in 2019, we took a number of actions to improve client service quality, engagement, and decision-making. These measures have led to improved client engagement, which is critically important in the current environment, and its impact is evident in our results and business performance.

Our clients are continuing to turn to State Street for our operational capabilities and solutions. During the