State Street 8-K 2014
Documents found in this filing:
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 24, 2014
State Street Corporation
(Exact name of registrant as specified in its charter)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 2.02. Results of Operations and Financial Condition.
On April 25, 2014, State Street Corporation (“State Street” or the “Company”) issued a news release announcing its results of operations for the first quarter of 2014. Copies of that news release and accompanying first-quarter 2014 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
In addition, a slide presentation providing highlights of State Street's first-quarter 2014 results of operations and information pertaining to its investment portfolio as of March 31, 2014, which will be made available in connection with the investor conference call to be held by the Company on April 25, 2014, is furnished with this Current Report on Form 8-K as Exhibit 99.3.
Item 2.05. Costs Associated with Exit or Disposal Activities.
On April 25, 2014, State Street announced its results of operations for the first quarter of 2014, which reflected pre-tax severance costs of $72 million. The severance costs relate to staff reductions, in response to challenges presented by the current economic environment, to realign the Company's cost base to support businesses with growth opportunities and to meet evolving regulatory requirements. These staff reductions are expected to be substantially completed during 2014.
This Current Report on Form 8-K contains forward-looking statements as defined by United States securities laws, including statements relating to the completion of the reductions announced today and the costs of such reductions. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “expect,” “objective,” “intend,” “plan,” “forecast,” “outlook,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy,” 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 date subsequent to April 25, 2014.
Important factors that may affect future results and outcomes include, but are not limited to:
Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2013 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 speak only as of the date hereof, April 25, 2014, and we do not undertake efforts to revise those forward-looking statements to reflect events after that date.
Item 9.01. Financial Statements and Exhibits.
State Street Corporation's news release dated April 25, 2014, announcing its first-quarter 2014 results of operations, and accompanying first-quarter 2014 financial information addendum, are furnished herewith as Exhibits 99.1 and 99.2, respectively; and a slide presentation providing highlights of State Street's first-quarter 2014 results of operations and information pertaining to its investment portfolio as of March 31, 2014, which will be made available in connection with the investor conference call referenced in the April 25, 2014 news release, is furnished herewith as Exhibit 99.3.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.