By Nathalie Tadena
State Street Corp. (STT) said Chief Financial Officer Edward
Resch plans to retire next year after more than a decade in the
role.
Mr. Resch, 60, will retire following the appointment of a
successor and an orderly transition of the function, the financial
services company said. State Street said it will conduct a
comprehensive internal and external search for a new CFO.
"Ed has been our CFO during one of the most challenging times
for our industry," said Chairman and Chief Executive Jay Hooley.
"We are fortunate to have benefited from his unwavering dedication
for the past 10 years and, particularly, for his leadership during
the recent critical period of the financial crisis."
The Boston-based firm is one of the biggest U.S. trust banks,
acting as custodian for investment firms' securities and handling
other back-office duties that make up the plumbing of Wall
Street.
Last month, State Street reported its third-quarter earnings
rose 21% to $674 million, bolstered by a gain from claims
associated with the Lehman Brothers' bankruptcy, while revenue
declined more than expected.
Shares closed at $45.29 and were unchanged after hours. The
stock is up 12% since the start of the year.
Write to Nathalie Tadena at nathalie.tadena@dowjones.com
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