Comparing the current results to its competitors, State Street reported Revenue increase in the 1 quarter 2020 by 4.54 % year on year, while most of its competitors have experienced contraction in revenues by -3.28 %, achieved in the same quarter.
State Street CorpNet Income in the 1 quarter 2020 grew year on year by 28.32%, while most of its competitors have experienced a contraction in net income by -83.73 %.
State Street's Comment on Competitors and Industry Peers
We operate in a highly competitive environment and face global competition
in all areas of our business. Our competitors include a broad range of financial
institutions and servicing companies, including other custodial banks, deposit-taking
institutions, investment management firms, insurance companies, mutual funds,
broker/dealers, investment banks, benefits consultants, business service and
software companies and information services firms. As our businesses grow and
markets evolve, we may encounter increasing and new forms of competition around
the world.
We believe that many key factors drive competition in the markets for our business.
For Investment Servicing, quality of service, economies of scale, technological
expertise, quality and scope of sales and marketing, required levels of capital
and price drive competition, and are critical to our servicing business. For
Investment Management, key competitive factors include expertise, experience,
availability of related service offerings, quality of service and performance,
and price.