STT State Street Corporation

   By Josh Beckerman 
 

State Street Corp. Chief Financial Officer Michael Bell plans to step down within the next year.

The trust bank said Mr. Bell will remain in the post as it searches for a new financial chief.

Mr. Bell, who became CFO in August 2013, was previously chief financial officer of Manulife Financial Corp.

In a statement, Chief Executive Jay Hooley said, "I want to thank Mike for his contributions during a very challenging time for our industry," including his role in strengthening its capital position. "We appreciate his commitment to ensuring a thorough transition process for his successor."

In January, State Street reported a decline in fourth-quarter revenue as weaker global equity markets dented fees. In October, the bank said it would cut jobs following a disappointing third quarter.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

March 10, 2016 17:02 ET (22:02 GMT)

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