State Street Finance Chief Bell to Step Down Within Next Year
March 10 2016 - 5:17PM
Dow Jones News
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)
Copyright (c) 2016 Dow Jones & Company, Inc.
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