State Street, a financial services and bank holding company, failed to acquire the investor services business from Brown Brothers Harriman, a private investment bank, for $3.5bn. “From the beginning of our discussions with BBH in 2021, I have been impressed by the quality of the BBH Investor Services business and its people. The decision not to proceed with this transaction was not taken lightly and is in no way a reflection of the quality of the BBH franchise. Since we announced the proposed acquisition, we maintained our focus on achieving a transaction that would meet our strategic and financial objectives. Our overall strategy is strong and differentiated, and we remain confident in the organic growth trajectory of our business. We will continue to be deliberate in managing our capital in the best interest of our shareholders," Ron O'Hanley, State Street Chairman and CEO. On November 30, 2022, State Street announced that it has mutually agreed with Brown Brothers Harriman to terminate State Street’s proposed acquisition of BBH’s Investor Services business.