# State Street vs peers: AI and technology compared

Source: https://www.bankingnewsai.com/banks/state-street/vs-peers
Last updated: Oct 20, 2026

*Part of the [State Street AI strategy profile](https://www.bankingnewsai.com/banks/state-street). Peer group: BNY (Bank of New York Mellon), Northern Trust, JPMorgan Chase, Citigroup, The Charles Schwab Corporation, Goldman Sachs, Morgan Stanley, Bank of America.*

## How does State Street compare with its peers on AI and technology?

State Street scores 75.4 on this site's US AI disclosure index (#30 of 120), eighth of the nine banks in its custody-and-wealth peer group, ahead only of Morgan Stanley (69.7) and behind its two custody rivals, BNY (89.8) and Northern Trust (79.7). The gap is disclosure more than activity. In April 2026 CEO Ronald O'Hanley said a central AI hub supported more than 200 use cases, 70 of them live; BNY reported about 220 AI solutions in production the same month and '400-plus' by October 15, 2026. State Street's distinguishing numbers are financial: its July 2026 targets put the benefit of technology and AI transformation at about $1 billion of run-rate by 2029, about $750 million of it productivity, with a 30% to 40% rise in developer productivity, more than JPMorgan's reported 10% to 20% engineer gain. It also has the earliest measured AI result on custody data among the group: anomaly models on its Alpha data platform cut flagged exceptions from over 31,000 to about 4,000 while catching all 250 true errors (October 2024). Where it trails is outside coverage: 15 independent sources on its AI against a peer median of 32.5 and 42 each for JPMorgan and Citigroup, and it has not published counts of agents, daily users or AI spend. ([Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q1-2026-165824761.html), [BNY](https://www.bny.com/assets/corporate/documents/pdf/investor-relations/earnings/quarterly-update-presentation-1q-2026.pdf), [Investing.com](https://investing.com/news/transcripts/earnings-call-transcript-bny-mellon-posts-strong-q3-2026-results-stock-slips-93CH-4952348), [State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000387/stt2q26earningspresentat.htm), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q2-2026-141337102.html), [Reuters](https://www.reuters.com/technology/artificial-intelligence/jpmorgan-engineers-efficiency-jumps-much-20-using-coding-assistant-2025-03-13/), [State Street](https://www.statestreet.com/alpha/insights/turn-frequent-anomalies-into-rare-exceptions))

## Where does State Street lead its peers on AI?

- **A dated, quantified payoff target for AI-enabled transformation.** State Street's July 2026 investor deck targets about $1 billion of run-rate benefits by 2029, about $750 million productivity and $250 million revenue, and CFO John Woods said agentic capabilities provide the 'lion's share'. BNY tracks about $450 million of efficiency savings for 2026 and Northern Trust reported 2025 savings above 4% of its expense base, but neither has set a multi-year AI-linked figure of that size. ([State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000387/stt2q26earningspresentat.htm), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q2-2026-141337102.html), [BNY (SEC filing)](https://www.sec.gov/Archives/edgar/data/1390777/000139077726000071/ex993_quarterlyupdatepre.htm), [Yahoo Finance](https://finance.yahoo.com/news/northern-trust-ntrs-q4-2025-153130711.html))
- **The most ambitious developer-productivity target in the group.** State Street targets a 30% to 40% rise in software-developer productivity from AI tools, which every developer already has (2026). JPMorgan Chase reported 10% to 20% engineer efficiency gains from its coding assistant (March 2025), Goldman Sachs's CIO up to 20%, and Schwab a 15% to 20% team gain over the past year (July 2026). ([State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000387/stt2q26earningspresentat.htm), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q1-2026-165824761.html), [Reuters](https://www.reuters.com/technology/artificial-intelligence/jpmorgan-engineers-efficiency-jumps-much-20-using-coding-assistant-2025-03-13/), [American Banker](https://americanbanker.com/news/goldman-sachs-marco-argenti-is-3-on-the-most-innovative-people-in-finance), [The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/schwab-schw-q2-2026-earnings-003012150.html))
- **An early, measured AI result on custody data.** Deep-learning anomaly models on the Alpha Data Platform replaced static rules for validating portfolio market values and security reference data, cutting flagged exceptions from over 31,000 to about 4,000 over six months while finding all 250 true errors, which State Street called a 25x productivity gain for data operations (October 2024). ([State Street](https://www.statestreet.com/alpha/insights/turn-frequent-anomalies-into-rare-exceptions), [State Street](https://www.statestreet.com/alpha/insights/new-standard-in-data-quality))
- **Front-to-back platform where its AI lands.** State Street Alpha joins Charles River's front-office software to State Street's middle- and back-office services and drove nearly half of 2024's $2.3 trillion of new servicing assets. Neither BNY nor Northern Trust owns a front-office investment platform of that kind; BNY's AI runs through its Eliza enterprise platform instead. ([American Banker](https://www.americanbanker.com/news/2025-the-most-powerful-women-in-finance-no-19-ann-fogarty-state-street), [State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000124/stt-20251231.htm), [Fortune](https://fortune.com/2024/08/15/exclusive-how-bnys-new-ai-tool-eliza-is-minting-an-army-of-disposable-assistants-that-could-save-billions-in-labor-costs/))

## Where does State Street trail its peers on AI?

- **The thinnest independent coverage in the group but one.** On this site's index State Street has 15 independent sources on its AI against a peer median of 32.5 and 42 each for JPMorgan Chase and Citigroup, eighth of nine; independent coverage carries 45% of the index weight, which is most of the gap to BNY's 89.8. ([American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-finance-19-ann-fogarty-state-street), [American Banker](https://www.americanbanker.com/news/state-street-touts-selection-by-treasury-1b-cost-cut-plan))
- **Fewer AI use cases live than BNY reports in production.** State Street said 70 of more than 200 use cases were live in April 2026. BNY reported about 220 AI solutions in production that month and '400-plus' on October 15, 2026, and Northern Trust put AI in more than 150 use cases in October 2025. ([Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q1-2026-165824761.html), [BNY](https://www.bny.com/assets/corporate/documents/pdf/investor-relations/earnings/quarterly-update-presentation-1q-2026.pdf), [Investing.com](https://investing.com/news/transcripts/earnings-call-transcript-bny-mellon-posts-strong-q3-2026-results-stock-slips-93CH-4952348), [GuruFocus (Yahoo Finance)](https://finance.yahoo.com/news/northern-trust-corp-ntrs-q3-190424060.html))
- **No published adoption or agent counts.** State Street classes over 80% of employees as 'AI-enabled' but publishes no daily-user, agent or AI-spend figure. BNY reports about 50% daily users, more than half of staff building agents and about 140 'digital employees' (April 2026); Citigroup reports more than 80% of colleagues using AI tools and 42 million AI interactions. ([Investing.com](https://investing.com/news/transcripts/state-street-at-barclays-conference-growth-ai-and-margin-gains-93CH-4900063), [BNY](https://www.bny.com/assets/corporate/documents/pdf/investor-relations/earnings/quarterly-update-presentation-1q-2026.pdf), [Citigroup](https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q12026/2026psqtr1rslt.pdf))
- **Fewer named AI leaders and dated moves.** The profile names 14 AI and technology leaders at State Street against 20 at Northern Trust and 17 at BNY, and records 23 dated AI moves in the last 12 months against 34 at Citigroup and 30 at BNY. Its chief data and AI officer, Manoj Bohra, joined only in March 2026. ([State Street](https://www.statestreet.com/us/en/about/our-people/leadership/manoj-bohra), [State Street (Business Wire via Yahoo Finance)](https://finance.yahoo.com/technology/articles/state-street-announces-leadership-alpha-103000725.html))

## Where does State Street rank against its peers on AI disclosure?

Scores from the US AI disclosure index of 120 banks (0–100; 45% of the weight on independent coverage). The index measures what each bank has put on the public record and what outside outlets have reported about its AI, not capability or spending; every count is of entries on that bank's profile, each of which cites its sources.

| Bank | Score | Rank | Independent sources | Own disclosures | Use cases in production | Moves, last 12 months | Named AI platform |
| --- | --- | --- | --- | --- | --- | --- | --- |
| [Bank of America](https://www.bankingnewsai.com/banks/bank-of-america) | [97.3](https://www.bankingnewsai.com/banks/ai-index) | #1 of 120 | [37](https://www.bankingnewsai.com/banks/bank-of-america#sources) | [24](https://www.bankingnewsai.com/banks/bank-of-america#sources) | [16 of 18](https://www.bankingnewsai.com/banks/bank-of-america#where) | [34](https://www.bankingnewsai.com/banks/bank-of-america#timeline) | Erica (and EricaAssist) ([Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/08/a-decade-of-ai-innovation--bofa-s-virtual-assistant-erica-surpas.html), [Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/07/bank-of-america-enhances-ericaassist-with-generative-ai-to-help-.html), [American Banker](https://www.americanbanker.com/news/how-bank-of-americas-erica-does-the-work-of-11-000-people)) |
| [Citigroup](https://www.bankingnewsai.com/banks/citigroup) | [94.9](https://www.bankingnewsai.com/banks/ai-index) | #2 of 120 | [42](https://www.bankingnewsai.com/banks/citigroup#sources) | [19](https://www.bankingnewsai.com/banks/citigroup#sources) | [15 of 20](https://www.bankingnewsai.com/banks/citigroup#where) | [34](https://www.bankingnewsai.com/banks/citigroup#timeline) | Citi Stylus Workspaces ([The Wall Street Journal](https://www.wsj.com/cio-journal/the-ai-superfans-companies-count-on-to-convert-the-skeptics-5b301a90), [Citigroup](https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q12026/2026psqtr1rslt.pdf)) |
| [BNY (Bank of New York Mellon)](https://www.bankingnewsai.com/banks/bny-mellon) | [89.8](https://www.bankingnewsai.com/banks/ai-index) | #5 of 120 | [29](https://www.bankingnewsai.com/banks/bny-mellon#sources) | [19](https://www.bankingnewsai.com/banks/bny-mellon#sources) | [12 of 14](https://www.bankingnewsai.com/banks/bny-mellon#where) | [31](https://www.bankingnewsai.com/banks/bny-mellon#timeline) | Eliza ([American Banker](https://americanbanker.com/news/while-embedding-ai-everywhere-bny-wont-disclose-costs), [BNY](https://www.bny.com/assets/corporate/documents/pdf/investor-relations/earnings/quarterly-update-presentation-1q-2026.pdf), [BNY](https://www.bny.com/corporate/global/en/insights/unlocking-potential-enterprise-ai-platform-bny.html), [The Wall Street Journal](https://www.wsj.com/articles/bny-americas-oldest-bank-signs-multiyear-deal-with-openai-74987d1d), [Banking Dive](https://www.bankingdive.com/news/bny-google-cloud-agentic-AI-robin-vince/807390/), [American Banker](https://www.americanbanker.com/news/bny-tops-estimates-reports-revenue-upswing)) |
| [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | [89](https://www.bankingnewsai.com/banks/ai-index) | #6 of 120 | [43](https://www.bankingnewsai.com/banks/jpmorgan-chase#sources) | [20](https://www.bankingnewsai.com/banks/jpmorgan-chase#sources) | [8 of 15](https://www.bankingnewsai.com/banks/jpmorgan-chase#where) | [32](https://www.bankingnewsai.com/banks/jpmorgan-chase#timeline) | LLM Suite ([American Banker](https://www.americanbanker.com/news/how-jpmorganchase-democratized-employee-access-to-gen-ai), [American Banker](https://www.americanbanker.com/video/wib-2025/driving-ai-use-cases-and-adoption-aligning-business-value-data-readiness-and-risk-management)) |
| [The Charles Schwab Corporation](https://www.bankingnewsai.com/banks/charles-schwab) | [80.7](https://www.bankingnewsai.com/banks/ai-index) | #19 of 120 | [18](https://www.bankingnewsai.com/banks/charles-schwab#sources) | [14](https://www.bankingnewsai.com/banks/charles-schwab#sources) | [15 of 19](https://www.bankingnewsai.com/banks/charles-schwab#where) | [24](https://www.bankingnewsai.com/banks/charles-schwab#timeline) | Charley, Portfolio Insights, Schwab Knowledge Assistant and Schwab Advisor AI in Action ([Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2026/Meet-Charley-Schwabs-New-AI-Powered-Assistant-Designed-to-Help-Clients-Get-Answers-and-Take-Action/default.aspx), [Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2026/Charles-Schwab-Launches-AI-Powered-Capability-That-Helps-Investors-Understand-Portfolio-Performance-and-Market-Activity/default.aspx), [Charles Schwab](https://www.aboutschwab.com/mss/story/ai-on-the-other-end-of-the-line), [Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2026/Schwab-Study-Reveals-RIA-AI-Adoption-More-Than-Doubles---But-Most-Firms-Still-in-Early-Stages/default.aspx), [Banking Dive](https://bankingdive.com/news/charles-schwab-bank-ceo-paul-woolway-retire-tyler-woulfe/811079)) |
| [Goldman Sachs](https://www.bankingnewsai.com/banks/goldman-sachs) | [79.9](https://www.bankingnewsai.com/banks/ai-index) | #22 of 120 | [39](https://www.bankingnewsai.com/banks/goldman-sachs#sources) | [15](https://www.bankingnewsai.com/banks/goldman-sachs#sources) | [7 of 13](https://www.bankingnewsai.com/banks/goldman-sachs#where) | [28](https://www.bankingnewsai.com/banks/goldman-sachs#timeline) | GS AI Platform and GS AI Assistant ([American Banker](https://www.americanbanker.com/news/goldman-sachs-staff-now-write-a-million-gen-ai-prompts-a-month), [American Banker](https://www.americanbanker.com/news/goldman-sachs-marco-argenti-is-3-on-the-most-innovative-people-in-finance)) |
| [Northern Trust](https://www.bankingnewsai.com/banks/northern-trust) | [79.7](https://www.bankingnewsai.com/banks/ai-index) | #23 of 120 | [12](https://www.bankingnewsai.com/banks/northern-trust#sources) | [32](https://www.bankingnewsai.com/banks/northern-trust#sources) | [11 of 17](https://www.bankingnewsai.com/banks/northern-trust#where) | [22](https://www.bankingnewsai.com/banks/northern-trust#timeline) | Open Semantic Interchange and the data foundation ([Northern Trust](https://www.northerntrust.com/united-states/pr/2026/northern-trust-collaborates-with-industry-peers-to-strengthen-data-and-ai-interoperability), [Northern Trust](https://northerntrust.com/content/dam/northerntrust/pws/nt/documents/earnings/2025/4q-2025-km040886-presentation.pdf), [Northern Trust Asset Management](https://ntam.northerntrust.com/united-states/all-investor/insights/investment-perspective-and-commentary/2026/how-does-natural-language-processing-work), [MarketBeat (Yahoo Finance)](https://finance.yahoo.com/news/northern-trust-conference-ntrs-bets-080213324.html), [Yahoo Finance](https://finance.yahoo.com/news/northern-trust-ntrs-q4-2025-153130711.html)) |
| [State Street (this page)](https://www.bankingnewsai.com/banks/state-street) | [75.4](https://www.bankingnewsai.com/banks/ai-index) | #30 of 120 | [15](https://www.bankingnewsai.com/banks/state-street#sources) | [20](https://www.bankingnewsai.com/banks/state-street#sources) | [9 of 14](https://www.bankingnewsai.com/banks/state-street#where) | [23](https://www.bankingnewsai.com/banks/state-street#timeline) | State Street Alpha and the AI hiring build-out ([American Banker](https://www.americanbanker.com/news/2025-the-most-powerful-women-in-finance-no-19-ann-fogarty-state-street), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q1-2026-165824761.html), [State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000387/stt2q26earningspresentat.htm)) |
| [Morgan Stanley](https://www.bankingnewsai.com/banks/morgan-stanley) | [69.7](https://www.bankingnewsai.com/banks/ai-index) | #34 of 120 | [21](https://www.bankingnewsai.com/banks/morgan-stanley#sources) | [9](https://www.bankingnewsai.com/banks/morgan-stanley#sources) | [9 of 14](https://www.bankingnewsai.com/banks/morgan-stanley#where) | [19](https://www.bankingnewsai.com/banks/morgan-stanley#timeline) | AI @ Morgan Stanley (Assistant, Debrief) and AskResearchGPT ([Morgan Stanley](https://www.morganstanley.com/press-releases/ai-at-morgan-stanley-debrief-launch), [Morgan Stanley](https://www.morganstanley.com/press-releases/morgan-stanley-research-announces-askresearchgpt), [Morgan Stanley](https://www.morganstanley.com/press-releases/morgan-stanley-wins-three-2024-technology-awards)) |

## On which parts of the AI record is State Street ahead of or behind its peers?

Each row is one input of the index, counted on the profiles of State Street and the 8 peers that are scored on the same basis. "Place" is State Street's position in the group of 9 (1st = most).

| Component (weight) | State Street | Peer median | Most in the group | Place |
| --- | --- | --- | --- | --- |
| Independent sources (45%) | 15 | 33 | [JPMorgan (43)](https://www.bankingnewsai.com/banks/jpmorgan-chase) | 8th of 9 |
| Use cases in production (10%) | 9 | 11.5 | [BofA (16)](https://www.bankingnewsai.com/banks/bank-of-america) | 6th of 9 |
| Own primary disclosures (10%) | 20 | 19 | [Northern Trust (32)](https://www.bankingnewsai.com/banks/northern-trust) | 3rd of 9 |
| Dated moves, last 12 months (10%) | 23 | 29.5 | [Citi (34)](https://www.bankingnewsai.com/banks/citigroup) | 7th of 9 |
| Disclosed numbers (5%) | 17 | 20 | [BofA (28)](https://www.bankingnewsai.com/banks/bank-of-america) | 6th of 9 |
| Named AI leaders (5%) | 14 | 17 | [Northern Trust (20)](https://www.bankingnewsai.com/banks/northern-trust) | 7th of 9 |
| Use cases described (5%) | 14 | 16 | [Citi (20)](https://www.bankingnewsai.com/banks/citigroup) | 6th of 9 |

## What has each bank in State Street's peer group disclosed about its AI?

Facts from each bank's profile, cited to the profile's own sources. "Not disclosed" means the bank's public record, as cited on its profile, does not state it.

| Bank | Platform or assistant, as the profile names it | AI leaders named | Headline AI number disclosed | Patents on the record | Open AI roles |
| --- | --- | --- | --- | --- | --- |
| [State Street](https://www.bankingnewsai.com/banks/state-street) | State Street Alpha and the AI hiring build-out ([American Banker](https://www.americanbanker.com/news/2025-the-most-powerful-women-in-finance-no-19-ann-fogarty-state-street), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q1-2026-165824761.html), [State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000387/stt2q26earningspresentat.htm)) | [14, incl. Ronald O'Hanley (Chairman and CEO)](https://www.bankingnewsai.com/banks/state-street#people) ([American Banker](https://www.americanbanker.com/news/state-street-touts-selection-by-treasury-1b-cost-cut-plan), [Reuters](https://www.reuters.com/business/finance/state-streets-profit-rises-robust-fee-income-2026-04-17/)) | Employees: ≈ 51,000 (Sep 30, 2026) ([State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000592/a3q26earningspressrelease.htm)) | 5 patents listed on the profile, e.g. US 11,693,917 B2 (Computational model optimizations) ([Google Patents (USPTO)](https://patents.google.com/patent/US11693917B2/en)) | [12+ open AI roles (Oct 1, 2026); most in AI product & strategy](https://www.bankingnewsai.com/banks/state-street#roles) |
| [BNY (Bank of New York Mellon)](https://www.bankingnewsai.com/banks/bny-mellon) | Eliza ([American Banker](https://americanbanker.com/news/while-embedding-ai-everywhere-bny-wont-disclose-costs), [BNY](https://www.bny.com/assets/corporate/documents/pdf/investor-relations/earnings/quarterly-update-presentation-1q-2026.pdf), [BNY](https://www.bny.com/corporate/global/en/insights/unlocking-potential-enterprise-ai-platform-bny.html), [The Wall Street Journal](https://www.wsj.com/articles/bny-americas-oldest-bank-signs-multiyear-deal-with-openai-74987d1d), [Banking Dive](https://www.bankingdive.com/news/bny-google-cloud-agentic-AI-robin-vince/807390/), [American Banker](https://www.americanbanker.com/news/bny-tops-estimates-reports-revenue-upswing)) | [17, incl. Robin Vince (Chairman and CEO)](https://www.bankingnewsai.com/banks/bny-mellon#people) ([Bloomberg](https://www.bloomberg.com/news/articles/2026-07-21/openai-names-bny-nubank-ceos-to-board-ahead-of-ipo), [Banking Dive](https://www.bankingdive.com/news/bnys-robin-vince-stays-big-on-ai/804139/)) | Daily AI users / agent builders: ≈ 50% / > 50% of employees (Apr 16, 2026) ([BNY](https://www.bny.com/assets/corporate/documents/pdf/investor-relations/earnings/quarterly-update-presentation-1q-2026.pdf)) | 5 patents listed on the profile, e.g. EP 4758506 A1 (Machine-learning translation of one coding language into another) ([Google Patents (EPO)](https://patents.google.com/patent/EP4758506A1/en)) | [12+ open AI roles (Oct 1, 2026); most in AI product & strategy](https://www.bankingnewsai.com/banks/bny-mellon#roles) |
| [Northern Trust](https://www.bankingnewsai.com/banks/northern-trust) | Open Semantic Interchange and the data foundation ([Northern Trust](https://www.northerntrust.com/united-states/pr/2026/northern-trust-collaborates-with-industry-peers-to-strengthen-data-and-ai-interoperability), [Northern Trust](https://northerntrust.com/content/dam/northerntrust/pws/nt/documents/earnings/2025/4q-2025-km040886-presentation.pdf), [Northern Trust Asset Management](https://ntam.northerntrust.com/united-states/all-investor/insights/investment-perspective-and-commentary/2026/how-does-natural-language-processing-work), [MarketBeat (Yahoo Finance)](https://finance.yahoo.com/news/northern-trust-conference-ntrs-bets-080213324.html), [Yahoo Finance](https://finance.yahoo.com/news/northern-trust-ntrs-q4-2025-153130711.html)) | [20, incl. Michael O'Grady (Chairman and CEO)](https://www.bankingnewsai.com/banks/northern-trust#people) ([Banking Dive](https://www.bankingdive.com/news/northern-trust-ceo-dismisses-bny-goldman-sachs-takeover-reports-ogrady-warren-vince/753953/), [American Banker](https://www.americanbanker.com/news/northern-trust-joins-banks-lifted-by-ipos-capital-markets)) | AI use cases in production: 150+ (Oct 22, 2025) ([GuruFocus (Yahoo Finance)](https://finance.yahoo.com/news/northern-trust-corp-ntrs-q3-190424060.html)) | 3 patents listed on the profile, e.g. US 11,869,015 B1 (Benchmarking that may use a k-nearest-neighbour or other machine-learning algorithm) ([Google Patents (USPTO)](https://patents.google.com/patent/US11869015B1/en)) | [11 open AI roles (Sep 24, 2026); most in AI engineering](https://www.bankingnewsai.com/banks/northern-trust#roles) |
| [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | LLM Suite ([American Banker](https://www.americanbanker.com/news/how-jpmorganchase-democratized-employee-access-to-gen-ai), [American Banker](https://www.americanbanker.com/video/wib-2025/driving-ai-use-cases-and-adoption-aligning-business-value-data-readiness-and-risk-management)) | [19, incl. Lori Beer (Global Chief Information Officer)](https://www.bankingnewsai.com/banks/jpmorgan-chase#people) ([American Banker](https://www.americanbanker.com/news/chases-lori-beer-is-8-on-the-most-innovative-people-in-finance-ranking)) | Technology employees: 65,000+ (Oct 1, 2026) ([American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-5-lori-beer-jpmorganchase)) | 6 patents listed on the profile, e.g. US 2026/0010713 A1 (Generative ML framework producing predictive results on financial transactions) ([Google Patents (USPTO)](https://patents.google.com/patent/US20260010713A1/en)) | [12+ open AI roles (Oct 1, 2026); most in ML & data science](https://www.bankingnewsai.com/banks/jpmorgan-chase#roles) |
| [Citigroup](https://www.bankingnewsai.com/banks/citigroup) | Citi Stylus Workspaces ([The Wall Street Journal](https://www.wsj.com/cio-journal/the-ai-superfans-companies-count-on-to-convert-the-skeptics-5b301a90), [Citigroup](https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q12026/2026psqtr1rslt.pdf)) | [18, incl. Tim Ryan (Head of Technology and Business Enablement)](https://www.bankingnewsai.com/banks/citigroup#people) ([Reuters](https://www.reuters.com/business/finance/citigroup-says-ai-helps-speed-account-openings-systems-upgrades-2026-04-08/)) | Colleagues using AI tools: 80%+ (Apr 14, 2026) ([Citigroup](https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q12026/2026psqtr1rslt.pdf)) | 4 patents listed on the profile, e.g. US 12,450,494 B1 (Validating autonomous AI agents using generative AI) ([Google Patents (USPTO)](https://patents.google.com/patent/US12450494B1/en)) | [12+ open AI roles (Oct 1, 2026); most in AI engineering](https://www.bankingnewsai.com/banks/citigroup#roles) |
| [The Charles Schwab Corporation](https://www.bankingnewsai.com/banks/charles-schwab) | Charley, Portfolio Insights, Schwab Knowledge Assistant and Schwab Advisor AI in Action ([Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2026/Meet-Charley-Schwabs-New-AI-Powered-Assistant-Designed-to-Help-Clients-Get-Answers-and-Take-Action/default.aspx), [Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2026/Charles-Schwab-Launches-AI-Powered-Capability-That-Helps-Investors-Understand-Portfolio-Performance-and-Market-Activity/default.aspx), [Charles Schwab](https://www.aboutschwab.com/mss/story/ai-on-the-other-end-of-the-line), [Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2026/Schwab-Study-Reveals-RIA-AI-Adoption-More-Than-Doubles---But-Most-Firms-Still-in-Early-Stages/default.aspx), [Banking Dive](https://bankingdive.com/news/charles-schwab-bank-ceo-paul-woolway-retire-tyler-woulfe/811079)) | [14, incl. Rick Wurster (President and CEO)](https://www.bankingnewsai.com/banks/charles-schwab#people) ([Bloomberg](https://bloomberg.com/news/articles/2026-05-13/schwab-plans-to-use-ai-to-reach-serve-less-affluent-customers), [Bloomberg](https://bloomberg.com/news/articles/2026-02-11/charles-schwab-ceo-says-ai-is-poised-to-boost-wealth-managers)) | Retail clients wanting AI paired with human expertise: ≈ 70% (of ≈ 1,000 surveyed) (May 5, 2026) ([Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2026/Charles-Schwab-Launches-AI-Powered-Capability-That-Helps-Investors-Understand-Portfolio-Performance-and-Market-Activity/default.aspx)) | 4 patents listed on the profile, e.g. US 2025/0077917 A1 (Iterative generation and plotting of machine-learning outcomes) ([Google Patents (USPTO)](https://patents.google.com/patent/US20250077917A1/en)) | [12+ open AI roles (Oct 1, 2026); most in AI product & strategy](https://www.bankingnewsai.com/banks/charles-schwab#roles) |
| [Goldman Sachs](https://www.bankingnewsai.com/banks/goldman-sachs) | GS AI Platform and GS AI Assistant ([American Banker](https://www.americanbanker.com/news/goldman-sachs-staff-now-write-a-million-gen-ai-prompts-a-month), [American Banker](https://www.americanbanker.com/news/goldman-sachs-marco-argenti-is-3-on-the-most-innovative-people-in-finance)) | [16, incl. Marco Argenti (Chief Information Officer)](https://www.bankingnewsai.com/banks/goldman-sachs#people) ([CNBC](https://www.cnbc.com/2026/02/06/anthropic-goldman-sachs-ai-model-accounting.html), [American Banker](https://www.americanbanker.com/news/goldman-sachs-marco-argenti-is-3-on-the-most-innovative-people-in-finance)) | Employees with GS AI Assistant: 46,000 (all) (Jul 25, 2025) ([American Banker](https://www.americanbanker.com/news/goldman-sachs-staff-now-write-a-million-gen-ai-prompts-a-month)) | 5 patents listed on the profile, e.g. US 2026/0072655 A1 (Context injection for AI coding assistants) ([Google Patents (USPTO)](https://patents.google.com/patent/US20260072655A1/en)) | [12+ open AI roles (Oct 1, 2026); most in AI engineering](https://www.bankingnewsai.com/banks/goldman-sachs#roles) |
| [Morgan Stanley](https://www.bankingnewsai.com/banks/morgan-stanley) | AI @ Morgan Stanley (Assistant, Debrief) and AskResearchGPT ([Morgan Stanley](https://www.morganstanley.com/press-releases/ai-at-morgan-stanley-debrief-launch), [Morgan Stanley](https://www.morganstanley.com/press-releases/morgan-stanley-research-announces-askresearchgpt), [Morgan Stanley](https://www.morganstanley.com/press-releases/morgan-stanley-wins-three-2024-technology-awards)) | [13, incl. Michael Pizzi (Head of Technology)](https://www.bankingnewsai.com/banks/morgan-stanley#people) ([American Banker](https://www.americanbanker.com/news/morgan-stanleys-michael-pizzi-is-27-on-the-most-innovative-people-in-finance-ranking)) | Employees with gen-AI access: ≈ 98% of 80,000 (Jun 1, 2026) ([American Banker](https://www.americanbanker.com/news/morgan-stanleys-michael-pizzi-is-27-on-the-most-innovative-people-in-finance-ranking)) | 3 patents listed on the profile, e.g. US 2026/0051336 A1 (Enhancing audio and video media using generative AI) ([Google Patents (USPTO)](https://patents.google.com/patent/US20260051336A1/en)) | [12+ open AI roles (Oct 1, 2026); most in AI engineering](https://www.bankingnewsai.com/banks/morgan-stanley#roles) |
| [Bank of America](https://www.bankingnewsai.com/banks/bank-of-america) | Erica (and EricaAssist) ([Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/08/a-decade-of-ai-innovation--bofa-s-virtual-assistant-erica-surpas.html), [Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/07/bank-of-america-enhances-ericaassist-with-generative-ai-to-help-.html), [American Banker](https://www.americanbanker.com/news/how-bank-of-americas-erica-does-the-work-of-11-000-people)) | [17, incl. Hari Gopalkrishnan (Chief Technology and Information Officer)](https://www.bankingnewsai.com/banks/bank-of-america#people) ([The Wall Street Journal](https://www.wsj.com/articles/the-man-behind-bank-of-americas-13-billion-tech-agenda-3d770a2d), [American Banker](https://www.americanbanker.com/news/bofas-cto-is-12-on-the-most-innovative-people-in-finance-ranking)) | Erica interactions per day: 2 million (Jan 22, 2026) ([American Banker](https://www.americanbanker.com/news/how-bank-of-americas-erica-does-the-work-of-11-000-people)) | 8 patents listed on the profile, e.g. US 12,705,363 B2 (Vulnerability detection and mitigation using artificial intelligence in an electronic environment: Generates a vulnerability attribute for a network device from source data using AI.) ([Google Patents (USPTO)](https://patents.google.com/patent/US12705363B2/en)) | [12+ open AI roles (Oct 1, 2026); most in AI engineering](https://www.bankingnewsai.com/banks/bank-of-america#roles) |

## What are the latest dated moves on the AI record of State Street and its peers?

The two newest dated entries of each bank since Oct 16, 2025, from the timelines of the profiles (which also log filings, results and deals that bear on the AI record), newest first.

| Date | Bank | Move |
| --- | --- | --- |
| Oct 15, 2026 | [BNY](https://www.bankingnewsai.com/banks/bny-mellon) | Q3 call: '400-plus' AI solutions in production; AI spend not broken out ([American Banker](https://americanbanker.com/news/while-embedding-ai-everywhere-bny-wont-disclose-costs)) |
| Oct 13, 2026 | [BofA](https://www.bankingnewsai.com/banks/bank-of-america) | Treasury, FinCEN and OCC impose $1.21 billion in AML and sanctions penalties ([U.S. Department of the Treasury](https://home.treasury.gov/news/press-releases/sb0657), [Office of the Comptroller of the Currency](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-89.html), [Banking Dive](https://bankingdive.com/news/bofa-fined-1-21-billion-over-aml-bsa-occ-treasury/832915)) |
| Oct 13, 2026 | [Goldman](https://www.bankingnewsai.com/banks/goldman-sachs) | Q3 2026 call: Solomon sets out AI guardrails and compute-supply risk ([Investing.com](https://investing.com/news/transcripts/earnings-call-transcript-goldman-sachs-tops-q3-2026-estimates-as-revenue-rises-93CH-4947164), [American Banker](https://americanbanker.com/news/goldmans-solomon-wants-clear-human-accountability-on-ai)) |
| Oct 13, 2026 | [JPMorgan](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Q3 2026 call: outside AI agents stay blocked; AI spend put near $700 million ([CNBC](https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html), [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870), [American Banker](https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents)) |
| Oct 8, 2026 | [Goldman](https://www.bankingnewsai.com/banks/goldman-sachs) | Sneader: new joiners 'are managing agents' ([Bloomberg](https://bloomberg.com/news/articles/2026-10-08/young-bankers-to-manage-ai-agents-from-start-goldman-exec-says)) |
| Oct 8, 2026 | [Schwab](https://www.bankingnewsai.com/banks/charles-schwab) | How Charley was built: employee testing, confirmation before any change ([Traders Magazine](https://www.tradersmagazine.com/featured_articles/charles-schwabs-amy-ruegg-ai-can-make-investing-easier-but-human-expertise-remains-key/)) |
| Oct 6, 2026 | [BofA](https://www.bankingnewsai.com/banks/bank-of-america) | Evident AI Index: seventh, up from tenth ([American Banker](https://americanbanker.com/news/jpmorganchase-still-tops-ai-ranking-as-big-bank-lead-widens)) |
| Oct 6, 2026 | [JPMorgan](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Evident AI Index: first for the fourth consecutive year ([American Banker](https://www.americanbanker.com/news/jpmorganchase-still-tops-ai-ranking-as-big-bank-lead-widens)) |
| Oct 1, 2026 | [Citi](https://www.bankingnewsai.com/banks/citigroup) | Payments chief: no AI model to authorise payments ([American Banker](https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-7-debopama-sen-citi)) |
| Oct 1, 2026 | [BNY](https://www.bankingnewsai.com/banks/bny-mellon) | Russell profile: usage up from about 20% to 99% trained in a year ([American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-18-leigh-ann-russell-bny)) |
| Oct 1, 2026 | [State Street](https://www.bankingnewsai.com/banks/state-street) | Fogarty: agentic AI 'moved into production', driverless NAV live ([American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-finance-19-ann-fogarty-state-street)) |
| Sep 30, 2026 | [Schwab](https://www.bankingnewsai.com/banks/charles-schwab) | Charley, a gen-AI assistant for retail clients, unveiled ([Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2026/Meet-Charley-Schwabs-New-AI-Powered-Assistant-Designed-to-Help-Clients-Get-Answers-and-Take-Action/default.aspx), [Charles Schwab (Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/meet-charley-schwab-ai-powered-130000718.html)) |
| Sep 29, 2026 | [Citi](https://www.bankingnewsai.com/banks/citigroup) | Market Guide platform relaunched with AI at Sibos ([Citigroup (Business Wire)](https://secure.businesswire.com/news/home/20260929289110/en/Citi-Investor-Services-Reimagines-Market-Guide-Platform-Harnessing-AI-to-Deliver-Timely-Intelligence-for-Decision-Makers)) |
| Sep 29, 2026 | [Northern Trust](https://www.bankingnewsai.com/banks/northern-trust) | CFO David Fox to retire around March 2027 ([Northern Trust (SEC filings)](https://www.sec.gov/Archives/edgar/data/73124/000007312426000057/ntrs-20260928.htm)) |
| Sep 15, 2026 | [Northern Trust](https://www.bankingnewsai.com/banks/northern-trust) | Northern Trust survey: every asset manager respondent uses AI ([Northern Trust (Business Wire via Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/northern-trust-survey-asset-managers-080000689.html)) |
| Sep 14, 2026 | [State Street](https://www.bankingnewsai.com/banks/state-street) | Ann Fogarty named enterprise COO to lead technology, operations and the AI agenda ([State Street (Business Wire via Yahoo Finance)](https://finance.yahoo.com/technology/articles/state-street-announces-leadership-alpha-103000725.html)) |
| Sep 10, 2026 | [Morgan Stanley](https://www.bankingnewsai.com/banks/morgan-stanley) | Design partner for OpenAI's banker research tool ([American Banker](https://www.americanbanker.com/news/openai-launches-financial-tool-for-wall-street-bankers)) |
| Sep 10, 2026 | [Morgan Stanley](https://www.bankingnewsai.com/banks/morgan-stanley) | OpenAI launches ChatGPT for Financial Services, shaped with Morgan Stanley and Evercore ([OpenAI](https://openai.com/index/introducing-chatgpt-financial-services/), [Fortune](https://fortune.com/2026/09/10/openai-courts-wall-street-with-chatgpt-for-financial-services-developed-with-morgan-stanley/)) |

## How does State Street's AI in fund accounting and custody compare with BNY's and Citi's?

Operational AI each custodian has described in production. Results are the banks' own figures, measured differently.

| Bank | Operational AI | Result disclosed | Date |
| --- | --- | --- | --- |
| State Street | Anomaly-detection models on the Alpha Data Platform; 'driverless NAV' and automation of aged cash settlements | Flagged exceptions cut from over 31,000 to about 4,000, all 250 true errors found; agentic AI moved into production | October 2024; October 2026 ([State Street](https://www.statestreet.com/alpha/insights/turn-frequent-anomalies-into-rare-exceptions), [American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-finance-19-ann-fogarty-state-street)) |
| BNY | Digital employees answering custody settlement-status inquiries; payments agents repairing cross-border payment data | More than 10% of settlement inquiries addressed by AI, investigations more than 80% faster (Q1 2026); payment validations from five or six minutes to under 30 seconds | 2026 ([BNY (SEC filing)](https://www.sec.gov/Archives/edgar/data/1390777/000139077726000042/ex993_quarterlyupdatepre.htm), [Microsoft WorkLab](https://www.microsoft.com/en-us/worklab/the-making-of-a-frontier-firm-how-ai-is-redesigning-work-at-bny)) |
| Citigroup | AI-powered Market Guide inside the Custody+ suite; intelligent document processing in Services onboarding | Covers more than 100 custody markets; onboarding document review time cut 80% | May and September 2026 ([Citigroup (Business Wire)](https://secure.businesswire.com/news/home/20260929289110/en/Citi-Investor-Services-Reimagines-Market-Guide-Platform-Harnessing-AI-to-Deliver-Timely-Intelligence-for-Decision-Makers), [Citigroup](https://citigroup.com/rcs/citigpa/storage/public/investor-day/citi-ID26-full-event-transcript.pdf)) |
| Northern Trust | Matrix Data Platform for asset-servicing data; agents for client action plans and cyber horizon-scanning | AI in more than 150 use cases; 2025 productivity savings above 4% of the expense base | October 2025-July 2026 ([GuruFocus (Yahoo Finance)](https://finance.yahoo.com/news/northern-trust-corp-ntrs-q3-190424060.html), [Yahoo Finance](https://finance.yahoo.com/news/northern-trust-ntrs-q4-2025-153130711.html), [Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/northern-trust-ntrs-q2-2026-004614674.html)) |
| JPMorgan Chase | AI across markets, banking, payments and securities services under a new CIB COO | 175-plus AI use cases in production in the commercial and investment bank (May 2025) | 2025-2026 ([JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/events/2025/jpmc-2025-investor-day/full-transcript.pdf), [Reuters](https://www.reuters.com/business/finance/jpmorgans-commercial-investment-bank-names-halamish-coo-lead-ai-strategy-memo-2026-02-12/)) |

## How do State Street's AI-linked cost targets compare with its peers'?

Each bank's own framing of what AI is meant to deliver, and what it has said about jobs.

| Bank | Target or result | Workforce effect | Date |
| --- | --- | --- | --- |
| State Street | About $1 billion of run-rate benefits by 2029 (about $750 million productivity); $500 million of productivity savings delivered in 2025 | About $500 million of one-time costs, mostly severance; net headcount down in the low single digits | January-July 2026 ([State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000387/stt2q26earningspresentat.htm), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q2-2026-141337102.html), [MarketBeat (Yahoo Finance)](https://finance.yahoo.com/news/state-street-q4-earnings-call-175158992.html)) |
| BNY | Tracking about $500 million of incremental investment and about $450 million of efficiency savings in 2026 | Headcount down 7% year on year in Q2 2026 | July 2026 ([BNY (SEC filing)](https://www.sec.gov/Archives/edgar/data/1390777/000139077726000071/ex993_quarterlyupdatepre.htm), [American Banker](https://www.americanbanker.com/news/bny-ai-bet-is-paying-off-client-impact-is-measurable)) |
| Northern Trust | 2025 productivity savings above 4% of the expense base; 2026 target raised 10% | $51.0 million of severance in Q2 2026 | January-July 2026 ([Yahoo Finance](https://finance.yahoo.com/news/northern-trust-ntrs-q4-2025-153130711.html), [Northern Trust](https://northerntrust.com/content/dam/northerntrust/pws/nt/documents/earnings/2026/q2-2026-release-a0716c.pdf)) |
| Citigroup | AI code review freeing about 100,000 engineering hours a week | About 5,000 fewer staff in Q2 2026; over $800 million of severance year to date | May-July 2026 ([Citigroup](https://citigroup.com/rcs/citigpa/storage/public/investor-day/citi-ID26-full-event-transcript.pdf), [Citigroup](https://www.citigroup.com/rcs/citigpa/storage/public/2026psqtr2-transcript.pdf)) |
| JPMorgan Chase | An estimated $2 billion of annual AI benefit, roughly equal to spend | Headcount cuts of 30% to 40% in some units | 2025-2026 ([Banking Dive](https://www.bankingdive.com/news/banks-citi-wells-fargo-jpmorgan-chase-goldman-sachs-AI-earnings/803106), [CNBC](https://www.cnbc.com/2026/07/14/jpm-bank-of-america-citi-bank-earnings-live-updates.html)) |

## How do State Street's AI platforms and partners compare with BNY's and Northern Trust's?

State Street's named AI partners are cloud and data vendors rather than model labs: Microsoft Azure under the Alpha Data Platform since 2020 and a copilot platform for all eligible employees, a 2023 alliance with Amazon Web Services, Snowflake for the Alpha Data Platform, and EMAlpha's multilingual AI inside the LINK trading desktop (2025). In 2026 it deployed its AgenTx platform and an AI Foundry to repeat and scale agent-enabled service delivery. BNY, by contrast, names its model suppliers: OpenAI (February 2025), Google's Gemini Enterprise (December 2025) and Anthropic's Claude, all on its Eliza platform. ([Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q2-2026-141337102.html), [CIO Dive](https://www.ciodive.com/news/state-street-cto-cio-banking-technology-aws-microsoft/753379/), [State Street](https://www.statestreet.com/alpha/insights/new-standard-in-data-quality), [Business Wire](https://businesswire.com/news/home/20250508579195/en), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q1-2026-165824761.html), [The Wall Street Journal](https://www.wsj.com/articles/bny-americas-oldest-bank-signs-multiyear-deal-with-openai-74987d1d), [BNY and Google Cloud (PR Newswire)](https://prnewswire.com/news-releases/bny-collaborates-with-google-cloud-to-advance-its-eliza-ai-platform-with-gemini-enterprise-302634978.html), [Anthropic](https://www.anthropic.com/news/finance-agents))

Northern Trust's most concrete public AI move is architectural: in June 2026 it became a founding member of the Financial Services Working Group of Open Semantic Interchange, the Snowflake-led effort on shared data definitions for AI, and its employees build task-focused agents on its NT Byron platform. State Street's governance sits in a Responsible AI Framework described in its 2025 annual report, and its 10-Q for the second quarter of 2026 added a paragraph on frontier AI models amplifying cyber risk. ([Northern Trust](https://www.northerntrust.com/united-states/pr/2026/northern-trust-collaborates-with-industry-peers-to-strengthen-data-and-ai-interoperability), [Yahoo Finance](https://finance.yahoo.com/news/northern-trust-ntrs-q4-2025-153130711.html), [State Street](https://www.statestreet.com/content/dam/stt/web/about/our-story/annual-report/documents/2025-annual-report.pdf), [State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000397/stt-20260630.htm))

## Which banks are State Street's peers, and why these?

State Street is compared here with BNY (Bank of New York Mellon), Northern Trust, JPMorgan Chase, Citigroup, The Charles Schwab Corporation, Goldman Sachs, Morgan Stanley and Bank of America: chosen by the editors for this page (see the note below the table). State Street is classed as a trust and custody bank in the Northeast.

State Street is a custody bank and ETF manager with no consumer franchise, so it is compared with the custody banks (BNY, Northern Trust) and the universal and wealth firms that run large securities-services or investment platforms, not with the regional lenders the size-based default would pick.

## Common questions

### Is BNY ahead of State Street on AI?

On the public record, yes. BNY scores 89.8 on this site's disclosure index against State Street's 75.4, and publishes running counts: about 220 AI solutions and 140 digital employees in April 2026 and '400-plus' solutions by October 15, 2026. State Street reported more than 200 AI use cases with 70 live in April 2026 and moved agentic AI into production by October 2026. Neither count measures quality. ([BNY](https://www.bny.com/assets/corporate/documents/pdf/investor-relations/earnings/quarterly-update-presentation-1q-2026.pdf), [Investing.com](https://investing.com/news/transcripts/earnings-call-transcript-bny-mellon-posts-strong-q3-2026-results-stock-slips-93CH-4952348), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q1-2026-165824761.html), [American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-finance-19-ann-fogarty-state-street))

### How does State Street compare with Northern Trust on AI?

Northern Trust scores 79.7 to State Street's 75.4 on this site's index, mostly because it has more primary disclosures (32 against 19) and named leaders (20 against 14). Northern Trust reports AI in more than 150 use cases and 2025 productivity savings above 4% of expenses; State Street reports 70 live use cases of more than 200 and targets about $1 billion of run-rate transformation benefits by 2029. ([GuruFocus (Yahoo Finance)](https://finance.yahoo.com/news/northern-trust-corp-ntrs-q3-190424060.html), [Yahoo Finance](https://finance.yahoo.com/news/northern-trust-ntrs-q4-2025-153130711.html), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q1-2026-165824761.html), [State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000387/stt2q26earningspresentat.htm))

### What is State Street's AI strategy compared with JPMorgan's?

State Street frames AI as the engine of a transformation program, 'process-led, but AI-enabled', aimed at about $750 million of productivity by 2029 through agentic operations, faster coding and a copilot for all eligible staff. JPMorgan Chase runs AI at far greater scale: LLM Suite for about 250,000 employees, almost 1,000 use cases and a technology budget of nearly $20 billion in 2026. ([Investing.com](https://investing.com/news/transcripts/state-street-at-barclays-conference-growth-ai-and-margin-gains-93CH-4900063), [Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q2-2026-141337102.html), [American Banker](https://www.americanbanker.com/video/wib-2025/driving-ai-use-cases-and-adoption-aligning-business-value-data-readiness-and-risk-management), [The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/jpmorgan-chase-jpm-q2-2026-124458999.html), [CNBC](https://www.cnbc.com/2026/06/09/jpmorgan-chase-ai-agents.html))

### How much does State Street spend on AI compared with other banks?

State Street does not publish an AI or technology budget figure. It expects about $500 million of one-time costs for its transformation, mostly severance, against about $1 billion of run-rate benefits by 2029. BNY spent about $3.8 billion on technology in 2025, roughly 19% of revenue, and JPMorgan Chase's CFO put its annual AI spend at closer to $700 million. ([Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q2-2026-141337102.html), [State Street (SEC filing)](https://www.sec.gov/Archives/edgar/data/93751/000009375126000387/stt2q26earningspresentat.htm), [CNBC](https://www.cnbc.com/2026/02/09/digital-employees-ai-bootcamps-americas-oldest-bank-spends-billions-on-tech.html), [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870))

### Is State Street cutting jobs because of AI?

Partly. CFO John Woods put the transformation's one-time cost near $500 million, almost all severance, with net headcount expected to fall in the low single digits after reinvestment (July 2026); headcount was down about 3% year on year at the second quarter. BNY's headcount fell 7% year on year by the same quarter, and Citigroup cut about 5,000 roles in the second quarter of 2026. ([Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/state-street-stt-q2-2026-141337102.html), [Boston Business Journal](https://bizjournals.com/boston/news/2026/07/16/state-street-plans-large-transformation-headcount.html), [American Banker](https://www.americanbanker.com/news/bny-ai-bet-is-paying-off-client-impact-is-measurable), [Citigroup](https://www.citigroup.com/rcs/citigpa/storage/public/2026psqtr2-transcript.pdf))

### Does State Street use generative AI with clients like Morgan Stanley or Schwab?

Less visibly. State Street piloted a generative-AI chatbot on its research site and announced a generative query interface on Alpha for custody clients in 2024 without a launch date. Morgan Stanley's OpenAI-powered Assistant is used by 98% of advisor teams, and Schwab rolled out Portfolio Insights to all self-directed US retail clients in May 2026. ([VentureBeat](https://venturebeat.com/ai/ask-your-assets-anything-state-streets-generative-ai-lets-investors-chat-with-their-data), [Morgan Stanley](https://www.morganstanley.com/press-releases/ai-at-morgan-stanley-debrief-launch), [Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2026/Charles-Schwab-Launches-AI-Powered-Capability-That-Helps-Investors-Understand-Portfolio-Performance-and-Market-Activity/default.aspx))

## Peers on this site

- [BNY (Bank of New York Mellon) AI strategy](https://www.bankingnewsai.com/banks/bny-mellon) · [vs peers](https://www.bankingnewsai.com/banks/bny-mellon/vs-peers)
- [Northern Trust AI strategy](https://www.bankingnewsai.com/banks/northern-trust) · [vs peers](https://www.bankingnewsai.com/banks/northern-trust/vs-peers)
- [JPMorgan Chase AI strategy](https://www.bankingnewsai.com/banks/jpmorgan-chase) · [vs peers](https://www.bankingnewsai.com/banks/jpmorgan-chase/vs-peers)
- [Citigroup AI strategy](https://www.bankingnewsai.com/banks/citigroup) · [vs peers](https://www.bankingnewsai.com/banks/citigroup/vs-peers)
- [The Charles Schwab Corporation AI strategy](https://www.bankingnewsai.com/banks/charles-schwab) · [vs peers](https://www.bankingnewsai.com/banks/charles-schwab/vs-peers)
- [Goldman Sachs AI strategy](https://www.bankingnewsai.com/banks/goldman-sachs) · [vs peers](https://www.bankingnewsai.com/banks/goldman-sachs/vs-peers)
- [Morgan Stanley AI strategy](https://www.bankingnewsai.com/banks/morgan-stanley) · [vs peers](https://www.bankingnewsai.com/banks/morgan-stanley/vs-peers)
- [Bank of America AI strategy](https://www.bankingnewsai.com/banks/bank-of-america) · [vs peers](https://www.bankingnewsai.com/banks/bank-of-america/vs-peers)

## Sources

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65. Goldman Sachs taps Anthropic's Claude to automate accounting, compliance roles — CNBC, Feb 6, 2026. https://www.cnbc.com/2026/02/06/anthropic-goldman-sachs-ai-model-accounting.html
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68. US 2026/0051336 A1: System and method to enhance audio and video media using generative artificial intelligence (Morgan Stanley Services Group) — Google Patents (USPTO), Feb 19, 2026. https://patents.google.com/patent/US20260051336A1/en
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70. Bank of America's CTO champions a disciplined approach to AI — American Banker, Jun 1, 2026. https://www.americanbanker.com/news/bofas-cto-is-12-on-the-most-innovative-people-in-finance-ranking
71. US 12,705,363 B2: Vulnerability detection and mitigation using artificial intelligence in an electronic environment (Bank of America Corporation) — Google Patents (USPTO), Aug 11, 2026. https://patents.google.com/patent/US12705363B2/en
72. U.S. Treasury Announces Record Enforcement Actions Against Bank of America — U.S. Department of the Treasury, Oct 13, 2026. https://home.treasury.gov/news/press-releases/sb0657
73. OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML Compliance — Office of the Comptroller of the Currency, Oct 13, 2026. https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-89.html
74. BofA fined $1.21 billion over AML — Banking Dive, Oct 13, 2026. https://bankingdive.com/news/bofa-fined-1-21-billion-over-aml-bsa-occ-treasury/832915
75. Earnings call transcript: Goldman Sachs tops Q3 2026 estimates as revenue rises — Investing.com, Oct 13, 2026. https://investing.com/news/transcripts/earnings-call-transcript-goldman-sachs-tops-q3-2026-estimates-as-revenue-rises-93CH-4947164
76. Goldman's Solomon wants 'clear human accountability' on AI — American Banker, Oct 13, 2026. https://americanbanker.com/news/goldmans-solomon-wants-clear-human-accountability-on-ai
77. JPMorgan Chase blocks outside AI agents like Muse, Instinct from directly accessing accounts — CNBC, Oct 13, 2026. https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html
78. JPMorgan CEO Dimon warns customers of 'liability transfer' with AI — Banking Dive, Oct 13, 2026. https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870
79. JPMorgan warns of risks to consumers who rely on AI agents — American Banker, Oct 13, 2026. https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents
80. Young Bankers to Manage AI Agents From Start, Goldman Exec Says — Bloomberg, Oct 8, 2026. https://bloomberg.com/news/articles/2026-10-08/young-bankers-to-manage-ai-agents-from-start-goldman-exec-says
81. Charles Schwab's Amy Ruegg: AI Can Make Investing Easier, but Human Expertise Remains Key — Traders Magazine, Oct 8, 2026. https://www.tradersmagazine.com/featured_articles/charles-schwabs-amy-ruegg-ai-can-make-investing-easier-but-human-expertise-remains-key/
82. JPMorganChase still tops AI ranking as big-bank lead widens — American Banker, Oct 6, 2026. https://americanbanker.com/news/jpmorganchase-still-tops-ai-ranking-as-big-bank-lead-widens
83. JPMorganChase still tops AI ranking as big-bank lead widens — American Banker, Oct 6, 2026. https://www.americanbanker.com/news/jpmorganchase-still-tops-ai-ranking-as-big-bank-lead-widens
84. The Most Powerful Women in Banking Women to Watch, #7, Debopama Sen, Citi — American Banker, Oct 1, 2026. https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-7-debopama-sen-citi
85. The Most Powerful Women in Banking Women to Watch, #18, Leigh-Ann Russell, BNY — American Banker, Oct 1, 2026. https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-18-leigh-ann-russell-bny
86. Meet Charley, Schwab's New AI-Powered Assistant Designed to Help Clients Get Answers and Take Action — Charles Schwab (Yahoo Finance), Sep 30, 2026. https://finance.yahoo.com/technology/ai/articles/meet-charley-schwab-ai-powered-130000718.html
87. Citi Investor Services Reimagines Market Guide Platform, Harnessing AI to Deliver Timely Intelligence for Decision Makers — Citigroup (Business Wire), Sep 29, 2026. https://secure.businesswire.com/news/home/20260929289110/en/Citi-Investor-Services-Reimagines-Market-Guide-Platform-Harnessing-AI-to-Deliver-Timely-Intelligence-for-Decision-Makers
88. Northern Trust Corporation Form 8-K: Chief Financial Officer David W. Fox, Jr. plans to retire — Northern Trust (SEC filings), Sep 29, 2026. https://www.sec.gov/Archives/edgar/data/73124/000007312426000057/ntrs-20260928.htm
89. Northern Trust Survey: Asset Managers Sharpen Focus on Core Capabilities to Drive Growth — Northern Trust (Business Wire via Yahoo Finance), Sep 15, 2026. https://finance.yahoo.com/markets/stocks/articles/northern-trust-survey-asset-managers-080000689.html
90. OpenAI launches financial tool for Wall Street bankers — American Banker, Sep 10, 2026. https://www.americanbanker.com/news/openai-launches-financial-tool-for-wall-street-bankers
91. Introducing ChatGPT for Financial Services — OpenAI, Sep 10, 2026. https://openai.com/index/introducing-chatgpt-financial-services/
92. OpenAI courts Wall Street with ChatGPT for financial services, developed with Morgan Stanley — Fortune, Sep 10, 2026. https://fortune.com/2026/09/10/openai-courts-wall-street-with-chatgpt-for-financial-services-developed-with-morgan-stanley/
93. Exhibit 99.3: Quarterly Update Presentation, 1Q 2026 (Form 8-K) — BNY (SEC filing), Apr 16, 2026. https://www.sec.gov/Archives/edgar/data/1390777/000139077726000042/ex993_quarterlyupdatepre.htm
94. The making of a Frontier Firm: How AI is redesigning work at BNY — Microsoft WorkLab, May 12, 2026. https://www.microsoft.com/en-us/worklab/the-making-of-a-frontier-firm-how-ai-is-redesigning-work-at-bny
95. Citi 2026 Investor Day Transcript - Consolidated — Citigroup, May 7, 2026. https://citigroup.com/rcs/citigpa/storage/public/investor-day/citi-ID26-full-event-transcript.pdf
96. Northern Trust (NTRS) Q2 2026 Earnings Call Transcript — Yahoo Finance, Jul 22, 2026. https://finance.yahoo.com/markets/stocks/articles/northern-trust-ntrs-q2-2026-004614674.html
97. 2025 Investor Day Transcript - Full Transcript — JPMorganChase, May 19, 2025. https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/events/2025/jpmc-2025-investor-day/full-transcript.pdf
98. JPMorgan's commercial and investment bank names Halamish as COO to lead AI strategy, memo shows — Reuters, Feb 12, 2026. https://www.reuters.com/business/finance/jpmorgans-commercial-investment-bank-names-halamish-coo-lead-ai-strategy-memo-2026-02-12/
99. State Street Q4 Earnings Call Highlights — MarketBeat (Yahoo Finance), Jan 16, 2026. https://finance.yahoo.com/news/state-street-q4-earnings-call-175158992.html
100. BNY: AI bet is paying off, client impact is 'measurable' — American Banker, Jul 15, 2026. https://www.americanbanker.com/news/bny-ai-bet-is-paying-off-client-impact-is-measurable
101. Northern Trust Corporation Reports Second Quarter Net Income of $792.2 Million (earnings release, Exhibit 99.1) — Northern Trust, Jul 22, 2026. https://northerntrust.com/content/dam/northerntrust/pws/nt/documents/earnings/2026/q2-2026-release-a0716c.pdf
102. Citi Second Quarter 2026 Earnings Call transcript — Citigroup, Jul 14, 2026. https://www.citigroup.com/rcs/citigpa/storage/public/2026psqtr2-transcript.pdf
103. Banks chase AI-fueled efficiencies — Banking Dive, Oct 17, 2025. https://www.bankingdive.com/news/banks-citi-wells-fargo-jpmorgan-chase-goldman-sachs-AI-earnings/803106
104. Bank earnings takeaways: from Goldman Sachs' SpaceX IPO fees to JPMorgan's AI job cuts — CNBC, Jul 14, 2026. https://www.cnbc.com/2026/07/14/jpm-bank-of-america-citi-bank-earnings-live-updates.html
105. State Street CTO moves to CIO role — CIO Dive, Jul 17, 2025. https://www.ciodive.com/news/state-street-cto-cio-banking-technology-aws-microsoft/753379/
106. EMAlpha Selects State Street's LINK Platform for Integration of Multilingual AI — Business Wire, May 8, 2025. https://businesswire.com/news/home/20250508579195/en
107. BNY Collaborates with Google Cloud to Advance its Eliza AI Platform with Gemini Enterprise — BNY and Google Cloud (PR Newswire), Dec 8, 2025. https://prnewswire.com/news-releases/bny-collaborates-with-google-cloud-to-advance-its-eliza-ai-platform-with-gemini-enterprise-302634978.html
108. Agents for financial services — Anthropic, May 5, 2026. https://www.anthropic.com/news/finance-agents
109. 2025 Annual Report — State Street, Apr 8, 2026. https://www.statestreet.com/content/dam/stt/web/about/our-story/annual-report/documents/2025-annual-report.pdf
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112. JPMorgan Chase plans to deploy more powerful AI agents this year — CNBC, Jun 9, 2026. https://www.cnbc.com/2026/06/09/jpmorgan-chase-ai-agents.html
113. Digital employees, AI bootcamps: America's oldest bank is spending billions on tech — CNBC, Feb 9, 2026. https://www.cnbc.com/2026/02/09/digital-employees-ai-bootcamps-americas-oldest-bank-spends-billions-on-tech.html
114. State Street layoffs loom as bank targets $1 billion in benefits from AI, reorganization — Boston Business Journal, Jul 16, 2026. https://bizjournals.com/boston/news/2026/07/16/state-street-plans-large-transformation-headcount.html
115. Ask your assets anything: State Street's generative AI lets investors chat with their data — VentureBeat, Apr 9, 2024. https://venturebeat.com/ai/ask-your-assets-anything-state-streets-generative-ai-lets-investors-chat-with-their-data

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