State Street Corporation is an American global financial services and bank holding company headquartered at One Congress Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 14th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$ 3.7 trillion under management and US$ 40.0 trillion under custody and administration in 2023. It is the largest custodian bank in the world, providing securities services and it is considered a systemically important bank by the Financial Stability Board . Along with BlackRock and Vanguard , State Street is considered to be one of the Big Three index fund managers that dominate corporate America.
78-611: The company is ranked 316th on the Fortune 500 as of 2022. The company is on the list of the banks that are too big to fail published by the Financial Stability Board . It is rated by Visual Capitalist as the third U.S. bank by uninsured deposits, with 91.2% of deposits being uninsured. The company is named after State Street in Boston, which was known as the "Great Street to the Sea" in
156-535: A Burlington, Massachusetts provider of investment management software. The deal closed October 1, 2018, at a cost of approximately $ 2.6 billion that will be financed by the suspension of share repurchases and the issuing of common and preferred equity. News of the acquisition led to a drop in State Street shares of nearly 10% with share prices remaining flat since the purchase. In January 2019, State Street announced that it planned to lay off 1,500 employees, increasing
234-583: A 12-story office building was erected in the southern part of the historic city centre in the late 1920s. Munich again became important to the Nazis when they took power in Germany in 1933. The party created its first concentration camp at Dachau , 16 km (10 mi) north-west of the city. Because of its importance to the rise of National Socialism, Munich was referred to as the Hauptstadt der Bewegung ("Capital of
312-515: A charter in 1792 from Massachusetts Governor John Hancock . It was the third bank to be chartered in Boston and its office was at the corner of State and Exchange Streets. In 1865, Union Bank received a national charter and became the National Union Bank of Boston. The bank later built a headquarters at Washington and State streets. State Street Deposit & Trust Co opened in July 1891. The name
390-670: A greater audience. William V was addressed with the epithet "the Pious" and like his contemporary Wittelsbach dukes promoted himself as "father of the land" ( Landesvater ), encouraged pilgrimages and Marian devotions . William V had the Hofbräuhaus built in 1589. It would become the prototype for beer halls across Munich. After World War II the Residenze, the Hofbräuhaus, the Frauenkirche , and
468-548: A large fire broke out in Munich that lasted two days and destroyed about a third of the town. In 1349, the Black Death ravaged Munich and Bavaria. The growth of Munich was supplemented by its location on top of a gravel bed, where the Isar branched into Munich City Streams , which in turn provided power for many mills and industries within Munich. In the 15th century, Munich underwent
546-452: A lawsuit charging that it had paid certain female and black executives less than their male and white peers. State Street announced in January 2020 that State Street Global Advisors will vote against directors of companies in major stock indices that do not meet targets for environmental, social, and governance changes. According to Morningstar Proxy Data, State Street, "supported a majority of
624-530: A major European centre of arts, architecture , culture and science. In 1918, during the German Revolution of 1918–19 , the ruling House of Wittelsbach , which had governed Bavaria since 1180, was forced to abdicate in Munich and a short-lived Bavarian Soviet Republic was declared. In the 1920s, Munich became home to several political factions, among them the Nazi Party . After the Nazis' rise to power, Munich
702-475: A migration background from a foreign country. Munich's economy is based on high tech , automobiles , and the service sector , as well as IT , biotechnology , engineering, and electronics . It has one of the strongest economies of any German city and the lowest unemployment rate of all cities in Germany with more than one million inhabitants. The city houses many multinational companies, such as BMW , Siemens , Allianz SE and Munich Re . In addition, Munich
780-592: A new aesthetic of power. Construction work for the Führerbau and the party headquarters (known as the Brown House ) started in September 1933. The Haus der Kunst (House of German Art) was the first building to be commissioned by Hitler. The architect Paul Troost was asked to start work shortly after the Nazis had seized power because "the most German of all German cities" was left with no exhibition building when in 1931
858-509: A new toll bridge, customs house and a coin market closer to his home somewhat upstream at a settlement around the area of modern old town Munich. This new toll bridge most likely crossed the Isar where the Museuminsel and the modern Ludwigsbrücke is now located. Otto of Freising protested to his nephew, Emperor Frederick Barbarosa (d. 1190). However, on 14 June 1158, in Augsburg , the conflict
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#1732855509999936-619: A plague ordinance to halt an epidemic escalation. The bubonic plague nevertheless ravaged Munich and the surrounding countryside in 1634 and 1635. During the Thirty Years' War (1618–1648) troops again converged on Munich in 1647 and precautions were taken, so as to avoid another epidemic. Under the regency of the Bavarian electors, Munich was an important centre of Baroque life, but also had to suffer under Habsburg occupations in 1704 and 1742. When Elector Maximilian III Joseph died in 1745,
1014-591: A program called Beacon, focused on cutting costs and improving reporting technology. Their main focus was to shrink their US workforce in order to bolster profits in excess of $ 2.5 billion (2018 figures). Also in 2016, the company acquired the asset management business of General Electric . In 2017, the company announced that Jay Hooley, the chief executive officer of the company, would retire, to be succeeded by Ronald P. O’Hanley, then vice chairman, president and CEO of State Street Global Advisors. In 2018, State Street completed its acquisition of Charles River Development,
1092-520: A revival of Gothic arts : the Old Town Hall was enlarged, and Munich's largest Gothic church – the Frauenkirche – now a cathedral, was constructed in only 20 years, starting in 1468. When Bavaria was reunited in 1506 after a brief war against the Duchy of Landshut , Munich became its capital. The arts and politics became increasingly influenced by the court. The Renaissance movement beset Munich and
1170-478: A total of 29.2 million people worldwide, or nearly 0.4% of the world's total population . The following is the list of top 20 companies. This is the list of the top 18 states with the most companies within the Fortune 500 as of 2024. Munich Munich ( / ˈ m juː n ɪ k / , MEW -nik ; German : München [ˈmʏnçn̩] ; Bavarian : Minga [ˈmɪŋ(ː)ɐ] )
1248-516: A very high standard and quality of living, reaching first in Germany and third worldwide according to the 2018 Mercer survey, and being rated the world's most liveable city by the Monocle's Quality of Life Survey 2018 . Munich is consistently ranked as one of the most expensive cities in Germany in terms of real estate prices and rental costs. In 2023, 30.1 percent of Munich's residents were foreigners, and another 18.5 percent were German citizens with
1326-410: Is home to two research universities, and a multitude of scientific institutions. Munich's numerous architectural and cultural attractions, sports events, exhibitions and its annual Oktoberfest , the world's largest Volksfest , attract considerable tourism. Munich was a tiny 8th-century friar settlement, which was named zu den Munichen ("to the monks"). The Old High German Muniche served as
1404-669: Is now a world leading party service. The city was the site where the 1938 Munich Agreement signed between the United Kingdom and the Third French Republic with Nazi Germany as part of the Franco-British policy of appeasement . The British Prime Minister Neville Chamberlain assented to the German annexation of Czechoslovakia 's Sudetenland in the hopes of satisfying Hitler's territorial expansion. The Munich-Riem Airport
1482-471: Is the investment management division of State Street that provides asset management , research, and advisory services to corporations , mutual funds , insurance companies, and other institutional investors . Global Advisors develops both passive management and active management strategies using both quantitative and fundamental approaches. In 1993, the company created the SPDR S&;P 500 Trust ETF ,
1560-565: Is the capital and most populous city of the Free State of Bavaria , Germany . With a population of 1,594,632 inhabitants as of 31 May 2024, it is the third-largest city by population in Germany , after Berlin and Hamburg , and thus the largest which does not constitute its own state, as well as the 11th-largest city in the European Union . The Munich metropolitan area – including suburbs and satellite towns – has 3 million inhabitants; and
1638-800: The Bavarian Soviet Republic was proclaimed. The November 1918 revolution ended the reign of the Wittelsbach in Bavaria. In Mein Kampf Adolf Hitler described his political activism in Munich after November 1918 as the "Beginning of My Political Activity". Hitler called the short-lived Bavarian Soviet Republic "the rule of the Jews". In 1919 Bavaria Film was founded and in the 1920s Munich offered film makers an alternative to Germany's largest film studio, Babelsberg Studio . In 1923 Gustav von Kahr
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#17328555099991716-670: The Bavarian dialect area , after the Austrian capital of Vienna . The city was first mentioned in 1158. Catholic Munich strongly resisted the Reformation and was a political point of divergence during the resulting Thirty Years' War , but remained physically untouched despite an occupation by the Protestant Swedes . Once Bavaria was established as the Kingdom of Bavaria in 1806, Munich became
1794-615: The Bayerischer Rundfunk began its first television broadcast in 1954. The Free State of Bavaria used the arms industry as kernel for its high tech development policy. Since 1963, Munich has been hosting the Munich Security Conference , held annually in the Hotel Bayerischer Hof . Munich also became known on the political level due to the strong influence of Bavarian politician Franz Josef Strauss from
1872-569: The Beer Hall Putsch , an attempt to overthrow the Weimar Republic and seize power. The revolt failed, resulting in Hitler's arrest and the temporary crippling of the Nazi Party (NSDAP). Munich was chosen as capital for the Free State of Bavaria and acquired increased responsibility for administering the city itself and the surrounding districts. Offices needed to be built for bureaucracy, so
1950-544: The Fortune 500 was created by Edgar P. Smith, a Fortune editor, and the first list was published in 1955. The Fortune 500 is more commonly used than its subset Fortune 100 or superset Fortune 1000 . The Fortune 500, created by Edgar P. Smith, was first published in 1955. The original top ten companies were General Motors , Jersey Standard , U.S. Steel , General Electric , Esmark , Chrysler , Armour , Gulf Oil , Mobil , and DuPont . The original Fortune 500
2028-605: The Glass Palace was destroyed in an arson attack. The Red Terror that supposedly preceded Nazi control in Munich was detailed in Nazi publications; seminal accounts are that of Rudolf Schricker Rotmord über München published in 1934, and Die Blutchronik des Marxismus in Deutschland by Adolf Ehrt and Hans Roden. In 1930 Feinkost Käfer was founded in Munich, the Käfer catering business
2106-691: The Maximilian Gardens . From 1848 the Münchner Neueste Nachrichten was published as a regional newspaper in Munich. In 1857 the construction of the Maximilianeum was begun. By the time Ludwig II became king in 1864, he remained mostly aloof from his capital and focused more on his fanciful castles in the Bavarian countryside, which is why he is known the world over as the 'fairytale king'. Ludwig II tried to lure Richard Wagner to Munich, but his plans for an opera house were declined by
2184-587: The Peterskirche were reconstructed to look exactly as they did before the Nazi Party seized power in 1933. The Catholic League was founded in Munich in 1609. In 1623, during the Thirty Years' War (1618–1648), Munich became an electoral residence when Duke Maximilian I was invested with the electoral dignity , but in 1632 the city was occupied by King Gustavus Adolphus of Sweden . In 1634 Swedish and Spanish troops advanced on Munich. Maximilian I published
2262-483: The Wall Street icon Charging Bull . The statue is an advertisement for an index fund which comprises gender diverse companies that have a higher percentage of women among their senior leadership. While some have seen it as an encouragement of women in business , some women criticized the statue as "corporate feminism" that violated their own feminist principles. In October 2017, the company paid $ 5 million to settle
2340-610: The bombing of Munich in World War II , with 71 air raids over five years. US troops liberated Munich on 30 April 1945. In the aftermath of World War II, Germany and Japan were subject to US Military occupation. Due to Polish annexation of the Former eastern territories of Germany and expulsion of Germans from all over Eastern Europe , Munich operated over a thousand refugee camps for 151,113 people in October 1946. After US occupation Munich
2418-519: The city's metropolitan region is home to about 6.2 million people and is the third largest metropolitan region by GDP in the European Union. Straddling the banks of the river Isar north of the Alps , Munich is the seat of the Bavarian administrative region of Upper Bavaria , while being the most densely populated municipality in Germany with 4,500 people per km . Munich is the second-largest city in
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2496-562: The 1700s beer came to be regarded as the fifth element . Beer was essential in maintaining public health in Munich and in the mid-1840s Munich police estimated that at least 40,000 residents relied primarily on beer for their nutrition. In 1832 Peter von Hess painted the Greek War of Independence at the order of King Ludwig I . Ludwig I had the Königsplatz built in neoclassicism as a matter of ideological choice. Leo von Klenze supervised
2574-863: The 18th century as Boston became a flourishing maritime capital. The company's logo formerly included a clipper ship to reflect the maritime industry in Boston during this time. State Street Bank and Trust Company , also known as State Street Global Services, is the securities services division of State Street that provides asset owners and managers with securities services (e.g. custody, corporate actions), fund accounting (pricing and valuation), and administration (financial reporting, tax, compliance, and legal) services. Global Services handles assets from many classes, including stocks , derivatives , exchange-traded funds , fixed income assets, private equity , and real estate . Global Services also provides outsourcing for operations activities and handles US$ 10.2 trillion of middle-office assets. State Street Global Advisors
2652-459: The 1943 Battle of Stalingrad members of the group stenciled slogans such as "Down with Hitler" and "Hitler the Mass Murderer" on public buildings in Munich. The core members were arrested and executed after Sophie Scholl and her brother Hans Scholl were caught distributing leaflets on Munich University campus calling upon the youth to rise against Hitler. The city was heavily damaged by
2730-625: The 1980s and 1990s, the company opened offices in Montreal , Toronto , Dublin , London , Paris , Dubai , Sydney , Wellington , Hong Kong , and Tokyo . By 1992, most of State Street's revenue came from fees for holding securities, settling trades, keeping records, and performing accounting. In 1994, the company formed State Street Global Advisors , a global asset management business. In 1995, State Street acquired Investors Fiduciary Trust of Kansas City for $ 162 million from DST Systems and Kemper Financial Services. In 1996, Bank of New York acquired
2808-658: The Bavarian branch of the House of Wittelsbach under Duke Albrecht V who bolstered their prestige by conjuring up a lineage that reached back to classical antiquity . In 1568 Albrecht V built the Antiquarium to house the Wittelsbach collection of Greek and Roman antiquities in the Munich Residenz . Albrecht V appointed the composer Orlando di Lasso as director of the court orchestra and tempted numerous Italian musicians to work at
2886-595: The Isar south of Munich, at the towns of Baierbrunn and Gauting . A Roman settlement north-east of Munich was excavated in the neighborhood of Denning . Starting in the 6th century, the Baiuvarii populated the area around what is now modern Munich, such as in Johanneskirchen, Feldmoching, Bogenhausen and Pasing. The first known Christian church was built ca. 815 in Fröttmanning. The first medieval bridges across
2964-571: The Movement"). The NSDAP headquarters and the documentation apparatus for controlling all aspects of life were located in Munich. Nazi organizations, such as the National Socialist Women's League and the Gestapo , had their offices along Brienner Straße and around the Königsplatz . The party acquired 68 buildings in the area and many Führerbauten (" Führer buildings") were built to reflect
3042-539: The Munich court, establishing Munich as a hub for late Renaissance music . During the rule of Duke William V Munich began to be called the "German Rome" and William V began presenting Emperor Charlemagne as ancestor of the Wittelsbach dynasty. Duke William V further cemented the Wittelsbach rule by commissioning the Jesuit Michaelskirche . He had the sermons of his Jesuit court preacher Jeremias Drexel translated from Latin into German and published them to
3120-538: The Munich magazine Die Jugend ( The Youth ). Prominent Munich Jugendstil artists include Hans Eduard von Berlepsch-Valendas , Otto Eckmann , Margarethe von Brauchitsch , August Endell , Hermann Obrist , Wilhelm von Debschitz , and Richard Riemerschmid . In 1905 two large department stores opened in Munich, the Kaufhaus Oberpollinger and the Warenhaus Hermann Tietz , both had been designed by
3198-557: The architect Max Littmann . In 1911 the expressionist group Der Blaue Reiter was established in Munich. Its founding members include Gabriele Münter . Following the outbreak of World War I in 1914, life in Munich became very difficult, as the Allied blockade of Germany led to food and fuel shortages. During French air raids in 1916, three bombs fell on Munich. In 1916, the 'Bayerische Motoren Werke' ( BMW ) produced its first aircraft engine in Munich. The public limited company BMW AG
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3276-616: The basis for the modern German city name München . The river Isar was a prehistoric trade route and in the Bronze Age Munich was among the largest raft ports in Europe. Bronze Age settlements up to four millennia old have been discovered. Evidence of Celtic settlements from the Iron Age have been discovered in areas around Ramersdorf-Perlach . The ancient Roman road Via Julia, which connected Augsburg and Salzburg , crossed over
3354-503: The center of a modernizing kingdom, and one of the king's first acts was the secularization of Bavaria. He had dissolved all monasteries in 1802 and once crowned, Maximilian Joseph generated state revenues by selling off church lands. While many monasteries were reestablished, Maximilian Joseph I succeeded in controlling the right to brew beer ( Braurecht ). The king handed the brewing monopoly to Munich's wealthiest brewers, who in turn paid substantial taxes on their beer production. In 1807
3432-543: The change came 291 new entrants to the famous list including three in the Top 10. As of 2020, the Fortune 500 companies represent approximately two-thirds of the United States' gross domestic product with approximately $ 14.2 trillion in revenue, $ 1.2 trillion in profits, and $ 20.4 trillion in total market value. These revenue figures also account for approximately 18% of the gross world product . The companies collectively employ
3510-628: The city council. Ludwig II nevertheless generated a windfall for Munich's craft and construction industries. In 1876 Munich hosted the first German Art and Industry Exhibition, which showcased the northern Neo-Renaissance fashion that came to be the German Empire 's predominant style. Munich based artists put on the German National Applied Arts Exhibition in 1888, showcasing Baroque Revival architecture and Rococo Revival designs. In 1900 Wilhelm Röntgen moved to Munich, he
3588-474: The climate-related disclosure requests that shareholders placed on the ballot," during the 2020 proxy season. Fortune 500 The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies , along with privately held companies for which revenues are publicly available. The concept of
3666-550: The company as part of the Troubled Asset Relief Program and in July 2009, the company became the first major financial firm to repay the Treasury. In 2010, the company acquired Mourant International Finance Administration. It also acquired the securities services group of Intesa Sanpaolo for $ 1.87 billion. In December 2010, the company announced that it would be retrenching 5% of its workforce and effectively reducing
3744-474: The company formed Boston Financial Data Services, a provider of shareholder record-keeping, intermediary and investor services, and regulatory compliance. More than 100 top staff from IBM were hired by State Street as it set about implementing IBM mainframe computer systems. In 1975, William Edgerly became president and chief executive officer of the bank and shifted the company's strategy from commercial banking to investments and securities processing. During
3822-472: The construction of a Propylaia between 1854 and 1862. During the early to mid-19th century, the old fortified city walls of Munich were largely demolished due to population expansion. The first Munich railway station was built in 1839, with a line going to Augsburg in the west. By 1849 a newer Munich Central Train Station ( München Hauptbahnhof ) was completed, with a line going to Landshut and Regensburg in
3900-539: The deal was mutually agreed to be dropped in November 2022. In 2009, California alleged on behalf of its pension funds CalPERS and CalSTRS that State Street had committed fraud on currency trades handled by the custodian bank. On February 28, 2012, State Street Global Advisors entered into a consent order with the Massachusetts Securities Division . The Division was investigating the firm's role as
3978-430: The diversity of the kingdom. The fields are now part of the Theresienwiese and the celebrations developed into Munich's annual Oktoberfest . The Bavarian state proceeded to take control over the beer market, by regulating all taxes on beer in 1806 and 1811. Brewers and the beer taverns ( Wirtshäuser ) were taxed, and the state also controlled the quality of beer while limiting the competition among breweries. In 1831
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#17328555099994056-532: The expansion of the S-Bahn (subway) in 2012 discovered shards of vessels from the 11th century, which prove again that the settlement of Munich must be older than the Augsburg Arbitration of 1158. The old St. Peter's Church near Marienplatz is also believed to predate the founding date of the town. In 1175, Munich received city status and fortification. In 1180, after Henry the Lion's fall from grace with Emperor Frederick Barbarosa, including his trial and exile, Otto I Wittelsbach became Duke of Bavaria, and Munich
4134-610: The first exchange-traded fund (ETF), and is now one of the largest ETF providers worldwide. Trading on SPDR began January 29, 1993. Global Markets is State Street's securities business that offers research, trading , and securities lending services for foreign exchange , equities , fixed income , and derivatives . To avoid a conflict of interest , the company does not run proprietary trading books. Global Markets maintains trading desks in Boston , Hong Kong , London , Singapore , Sydney , Toronto , Tokyo and São Paulo . The company traces its roots to Union Bank, which received
4212-417: The hourly wages of remaining employees by 10% via increased standard work hours. In November 2011, the company was named as amongst the world's 29 systemic banks. In 2012, the company acquired Goldman Sachs Administration Services, a hedge fund administrator, for $ 550 million. In November 2014, the company sold SSARIS Advisors, its hedge fund unit, to senior management. In 2016, State Street launched
4290-404: The investment manager of a $ 1.65 billion (USD) hybrid collateralized debt obligation . The investigation resulted in a fine of $ 5 million (USD) for the non-disclosure of certain initial investors taking a short position on portions of the CDO. During the May 2012 annual shareholders meeting, chairman and chief executive Jay Hooley was shouted down on numerous occasions by protesters in relation to
4368-463: The king abolished all ordinances that limited the number of apprentices and journeymen a brewery could employ. Munich's population had swelled and Munich brewers were now free to employ as many workers as they needed to meet the demand. In October 1810 a beer festival was held on the meadows just outside Munich to commemorate the wedding of the crown prince and princess Therese of Saxe-Hildburghausen . The parades in regional dress ( Tracht ) represented
4446-468: The king's government introduced a cost-of-living allowance on beer for lower-ranking civil servants and soldiers. Soldiers stationed in Munich were granted a daily allowance for beer in the early 1840s. By the 1850s beer had become essential staple food for Munich's working and lower classes. Since the Middle Ages beer had been regarded as nutritious liquid bread ( fließendes Brot ) in Bavaria. But Munich suffered from poor water sanitation and as early as
4524-403: The north. In 1825 Ludwig I had ascended to the throne and commissioned leading architects such as Leo von Klenze to design a series of public museums in neoclassical style. The grand building projects of Ludwig I gave Munich the endearment "Isar-Athen" and "Monaco di Bavaria". Between 1856 and 1861 the court gardener Carl von Effner landscaped the banks of the river Isar and established
4602-470: The number to 2,300 in July. During that period, the company shifted their workforce from the United States to countries like China, India and Poland and operated under a hiring freeze. The increased overseas hiring resulted in a net gain of employment of over 3,000. In September 2021, State Street agreed to buy Brown Brothers Harriman & Co. 's investor-services business for $ 3.5 billion in cash. Following continued scrutiny in receiving regulatory approvals,
4680-441: The oldest banks in the United States. The company merged with Second National Bank in 1955 and with the Rockland-Atlas National Bank in 1961. In 1966, the company completed construction of the State Street Bank Building , a new headquarters building, the first high-rise office tower in downtown Boston. In 1972, the company opened its first international office in Munich . In 1973, as a 50/50 joint venture with DST Systems ,
4758-473: The opportunity, building new houses, stalls, and sheds outside the city walls. After making an alliance with Napoleonic France, the city became the capital of the new Kingdom of Bavaria in 1806 with Elector Maximillian IV Joseph becoming its first king. The state parliament (the Landtag ) and the new archdiocese of Munich and Freising were also located in the city. The establishment of Bavarian state sovereignty profoundly affected Munich. Munich became
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#17328555099994836-447: The outsourcing and other grievances. On January 18, 2017, State Street agreed to pay $ 64.6 million to resolve U.S. investigations into what prosecutors said was a scheme to defraud six clients through secret commissions on billions of dollars of trades. In March 2017, State Street Global Advisors commissioned a statue called Fearless Girl by Kristen Visbal and placed it temporarily in the Financial District, Manhattan , in front of
4914-426: The river Isar were located in current city areas of Munich and Landshut . The Duke of Saxony and Bavaria Henry the Lion founded the town of Munich in his territory to control the salt trade , after having burned down the town of Föhring and its bridges over the Isar. Historians date this event at about 1158. The layout of Munich city, with five city gates and market place, resembled that of Höxter . Henry built
4992-416: The securities services division of Deutsche Bank for $ 1.5 billion. The company also sold its corporate trust business to U.S. Bancorp for $ 725 million. Also in 2003, State Street sold its private asset management business to U.S. Trust . In July 2007, the company acquired Investors Bank & Trust for $ 4.5 billion. In October 2008, the United States Department of the Treasury invested $ 2 billion in
5070-443: The succession empowered the Palatinate branch within the House of Wittelsbach . In 1777 Bavarian lands were inherited by Karl Theodor . The new duke was disliked by the citizens of Munich for his supposedly enlightened ideas. In 1785 Karl Theodor invited Count Rumford Benjamin Thompson to take up residency in Munich and implement stringent social reforms. The poor were forced to live in newly built workhouses . The Bavarian army
5148-419: The unit investment trust servicing business of Investors Fiduciary Trust Co., Kansas City, Mo. In 1997, State Street setup its office in Singapore. In 1999, State Street sold its retail and commercial banking businesses to Citizens Financial Group . In 1990, State Street Bank Luxembourg was founded, and as of 2018 is the largest player in the country's fund industry by assets. In 2003, the company acquired
5226-488: The war, Munich was the location of multiple forced labour camps, including two Polenlager camps for Polish youth, and 40 subcamps of the Dachau concentration camp , in which men and women of various nationalities were held. With up to 17,000 prisoners in 1945, the largest subcamp of Dachau was the Munich-Allach concentration camp . Munich was the base of the White Rose , a student resistance movement . The group had distributed leaflets in several cities and following
5304-417: Was appointed Bavarian prime minister and immediately planned for the expulsion of all Jews who did not hold German citizenship. Chief of Police Ernst Pöhner and Wilhelm Frick openly indulged in antisemitism, while Bavarian judges praised people on the political right as patriotic for their crimes and handed down mild sentences. In 1923, Adolf Hitler and his supporters, who were concentrated in Munich, staged
5382-437: Was appointed as professor of physics. In 1901 he was awarded the Nobel Prize in Physics. The Prince Regent Luitpold 's reign from 1886 to 1912 was marked by tremendous artistic and cultural activity in Munich. At the dawn of the 20th century Munich was an epicenter for the Jugendstil movement, combining a liberal magazine culture with progressive industrial design and architecture. The German art movement took its name from
5460-409: Was completed in October 1939. On 8 November 1939, shortly after the Second World War had begun, Georg Elser planted a bomb in the Bürgerbräukeller in Munich in an attempt to assassinate Adolf Hitler, who held a political party speech. Hitler, however, had left the building minutes before the bomb went off. By mid 1942 the majority of Jews living in Munich and the suburbs had been deported. During
5538-421: Was completely rebuilt following a meticulous plan, which preserved its pre-war street grid, bar a few exceptions owing to then-modern traffic concepts. In 1957, Munich's population surpassed one million. The city continued to play a highly significant role in the German economy, politics and culture, giving rise to its nickname Heimliche Hauptstadt ("secret capital") in the decades after World War II. In Munich,
5616-492: Was declared their "Capital of the Movement". The city was heavily bombed during World War II , but has restored most of its old town and boasts nearly 30.000 buildings from before the war all over the city. Following the war, there was a great increase in population and economic power during the years of Wirtschaftswunder . The city hosted the 1972 Summer Olympics . Today, Munich is a global centre of science, technology, finance, innovation , business, and tourism. Munich enjoys
5694-521: Was founded in 1918, with Camillo Castiglioni owning one third of the share capital. In 1922 BMW relocated its headquarters to a factory in Munich. After World War I, the city was at the centre of substantial political unrest. In November 1918, on the eve of the German revolution, Ludwig III of Bavaria and his family fled the city. After the murder of the first republican premier of Bavaria Kurt Eisner in February 1919 by Anton Graf von Arco auf Valley ,
5772-552: Was handed to the Bishop of Freising . In 1240, Munich was transferred to Otto II Wittelsbach and in 1255, when the Duchy of Bavaria was split in two, Munich became the ducal residence of Upper Bavaria . Duke Louis IV , a native of Munich, was elected German king in 1314 and crowned as Holy Roman Emperor in 1328. He strengthened the city's position by granting it the salt monopoly, thus assuring it of additional income. On 13 February 1327,
5850-478: Was limited to companies whose revenues were derived from manufacturing, mining, and energy exploration. At the same time, Fortune published companion " Fortune 50" lists of the 50 largest commercial banks (ranked by assets), utilities (ranked by assets), life insurance companies (ranked by assets), retailers (ranked by gross revenues) and transportation companies (ranked by revenues). Fortune magazine changed its methodology in 1994 to include service companies. With
5928-403: Was restructured, with common soldiers receiving better food and reassurances that they would be treated humanely by officers. Munich was the largest German city to lose fortification in the 1790s. In 1791 Karl Theodor and Count Rumford started to demolish Munich's fortifications. After 1793 Munich's citizens, including house servants, carpenters, butchers, merchants, and court officials, seized
6006-550: Was settled in favor of Duke Henry. The Augsburg Arbitration mentions the name of the location in dispute as forum apud Munichen . Although Bishop Otto had lost his bridge, the arbiters ordered Duke Henry to pay a third of his income to the Bishop in Freising as compensation. The 14th June 1158 is considered the official founding day of the city of Munich. Archaeological excavations at Marienhof Square (near Marienplatz ) in advance of
6084-497: Was shortened to State Street Trust Company in 1897. It became the custodian of the first U.S. mutual fund in 1924, the Massachusetts Investors Trust (now MFS Investment Management ). State Street and National Union merged in October 1925. The merged bank took the State Street name, but National Union was the nominal survivor, and it operated under National Union's charter, thus giving the current entity its rank among
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