Cravath represented the underwriters, led by Morgan Stanley, BofA Merrill Lynch, Goldman, Sachs & Co. and Wells Fargo Securities, in connection with the US$750 million offering of depositary shares representing preferred stock of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The shares were listed on the New York Stock Exchange. The transaction closed on March 4, 2014.

The Cravath team included partner Craig F. Arcella and associate Brendan R. Mahan. Scott J. Oudheusden also worked on this matter.