Over its 220-year history, State Street has transformed itself from a maritime financier to one of the world’s largest custodians. Having emerged from the financial crisis with less damage than many had expected, the US bank, which continues to use a clipper as its logo, wants to continue its evolution and adapt to the new economic climate.

Last month, State Street's directors announced the bank had made its first annual loss in at least 20 years - it modified its accounting principles in 1990. They said losing $3.7bn (€2.7bn) was a one-off event arising from write-offs that would help prepare the bank for the future. Also, in 2009, it paid back funds it had taken as part of the troubled asset relief programme.