State Street Achieves MLT Black Equity at Work Bronze Certification

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01/12/2023 - 12:30 PM

Led by Management Leadership for Tomorrow (MLT), the Black Equity at Work Certification is a first-of-its-kind, clear standard and roadmap for employers committed to a systematic, results-oriented approach to Black equity in the workplace.

BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE: STT) announced today that the company has achieved Management Leadership for Tomorrow’s (MLT) Black Equity at Work Bronze Certification. With this designation, State Street becomes the first Global Systemically Important Financial Institution (GSIFI) to earn this designation.

“We are pleased and honored to be recognized with MLT’s Black Equity at Work Bronze Certification, as one of eleven companies so far to achieve this noteworthy distinction,” said Paul Francisco, chief diversity officer at State Street. “When State Street began working with MLT in 2021, we created an action plan to further our goal of promoting equity in our workplace, industry, and communities. While we are very proud of the recognition provided by this certification, we will continue to prioritize some of our equity initiatives in the years ahead.”

Since announcing its commitment to MLT’s Black Equity at Work Certification Program, State Street has embraced the Certification’s focus on rigorous action with accountability, development, and implementation of a comprehensive Black equity plan, which focuses on five core MLT Black Equity at Work pillars:

Representation
Compensation
Workplace Culture
Business Practices
Contributions and Investments

Each of the pillars are centrally aligned with State Street’s 10 Actions to Address Racism and Inequality and are part of the company’s global plan to become a leader in promoting greater equity in the industry and local communities.

"The Black Equity at Work Certification requires employers to apply the same level of rigor to racial equity that they apply to every other part of their business. I applaud State Street for making progress on their DEI journey by reaching this major milestone," said John Rice, CEO and Founder of Management Leadership for Tomorrow.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $35.7 trillion in assets under custody and/or administration and $3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of September 30, 2022 includes approximately $55 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.