State Street sees FY23 expenses up 3.5%-4%

Sees 2023 fee revenue flat to up 1% y/y. Expects global equity markets EOP growth of 10% y/y, which translates to average global equity markets down (2)% y/y. Expects Servicing fees to be relatively flat and Management fees to be slightly lower for the year. Sees FY23 effective tax rate 19%-20%. Comments taken from Q4 earnings conference call presentation slides.