State Street Expands Responsibilities of Executive Leadership Team
May 09 2022 - 7:30AM
Business Wire
Lou Maiuri and Eric Aboaf to Take on Additional Responsibilities
as President and Vice Chairman Respectively
State Street Corporation (NYSE: STT) announced today senior
management changes to help build on its business momentum and
deliver its strategic growth objectives. Lou Maiuri has been
appointed to president and head of Investment Services and Eric
Aboaf, chief financial officer, to vice chairman. Maiuri and Aboaf
will both continue to report to Ron O’Hanley, chairman and chief
executive officer.
Maiuri now has end-to-end responsibility for all facets of State
Street’s Investment Services business, including client management,
product, technology and operations. This expanded role will help
promote alignment of State Street’s products and solutions and
differentiate its offerings in support of clients. It will also
facilitate sales and revenue growth and achievement of the
company’s medium-term financial targets.
In addition to Aboaf’s appointment to vice chairman, he now has
expanded responsibility for State Street’s Global Markets business.
This provides Aboaf with direct management of all aspects of State
Street’s balance sheet and the use of the balance sheet on behalf
of clients. His role across all uses of our balance sheet will
create additional growth and efficiencies, further drive balance
sheet optimization, and promote capital return to shareholders.
“Expanding and elevating Lou’s and Eric’s roles and remits will
deepen focus and accountability for results across our business
globally,” said O’Hanley. “I look forward to continuing to work
with this outstanding leadership team for years to come as we
further drive our strategy to be the best and fulfill our vision to
help create better outcomes for the world’s investors and the
people they serve.”
About State Street
State Street Corporation (NYSE: STT) is one of the world’s
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $41.7 trillion in assets
under custody and/or administration and $4.0 trillion* in assets
under management as of March 31, 2022, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street’s website at www.statestreet.com.
*Assets under management as of March 31, 2022 includes
approximately $73 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
FORWARD LOOKING STATEMENTS
This News Release contains forward-looking statements within the
meaning of United States securities laws, including statements
about our goals and expectations regarding the roles and
responsibilities of State Street executives, and the benefits and
prospects of those roles and responsibilities, as well as regarding
our business, financial and capital condition, results of
operations, strategies, new client business, dividend and stock
purchase programs, governmental and regulatory initiatives and
developments, the financial and market outlook and the business
environment. Forward-looking statements are often, but not always,
identified by such forward-looking terminology as “will,”
“forward,” "strategy,”" "target," “guidance,” “expect,” “priority,”
“objective,” “plan,” “forecast,” “believe,” “anticipate,”
“estimate,” “seek,” “may,” “outlook,” “trend,” “intend” and “goal,”
or similar statements or variations of such terms. These statements
are not guarantees of future performance, are inherently uncertain,
are based on current assumptions that are difficult to predict and
involve a number of risks and uncertainties. Therefore, actual
outcomes and results may differ materially from what is expressed
in those statements, and those statements should not be relied upon
as representing our expectations or beliefs as of any time
subsequent to the time this News Release is first issued.
Important factors that may affect future results and outcomes
include, but are not limited to:
- The consummation of our planned acquisition of the BBH Investor
Services business is subject to the receipt of regulatory approvals
and the satisfaction of other closing conditions, the failure or
delay of which may prevent or delay the consummation of the
acquisition; while we are evaluating potential modifications to the
transaction that are intended to facilitate resolution of the bank
regulatory review, there can be no assurance as to the timing or
outcome of that review;
- Even if we successfully consummate our planned acquisition of
the BBH Investor Services business, we may fail to realize some or
all of the anticipated benefits of the transaction or the benefits
may take longer to realize than expected;
- We are subject to intense competition, which could negatively
affect our profitability;
- We are subject to significant pricing pressure and variability
in our financial results and our AUC/A and AUM;
- Our development and completion of new products and services,
including State Street Digital or State Street Alpha, and the
enhancement of our infrastructure required to meet increased
regulatory and client expectations for resiliency and the systems
and process re-engineering necessary to achieve improved
productivity and reduced operating risk, may involve costs and
dependencies and expose us to increased risk;
- Our business may be negatively affected by our failure to
update and maintain our technology infrastructure;
- The COVID-19 pandemic continues to exacerbate certain risks and
uncertainties for our business;
- Acquisitions, strategic alliances, joint ventures and
divestitures, and the integration, retention and development of the
benefits of our acquisitions, pose risks for our business;
- Competition for qualified members of our workforce is intense,
and we may not be able to attract and retain the highly skilled
people we need to support our business;
- We could be adversely affected by geopolitical, economic and
market conditions, including, for example, resulting from the
present conflict in Ukraine;
- We have significant International operations, and disruptions
in European and Asian economies could have an adverse effect on our
consolidated results of operations or financial condition;
- Our investment securities portfolio, consolidated financial
condition and consolidated results of operations could be adversely
affected by changes in the financial markets;
- Our business activities expose us to interest rate risk;
- We assume significant credit risk to counterparties, who may
also have substantial financial dependencies with other financial
institutions, and these credit exposures and concentrations could
expose us to financial loss;
- Our fee revenue represents a significant portion of our
consolidated revenue and is subject to decline based on, among
other factors, market and currency declines, investment activities
of our clients and their business mix;
- If we are unable to effectively manage our capital and
liquidity, our consolidated financial condition, capital ratios,
results of operations and business prospects could be adversely
affected;
- We may need to raise additional capital or debt in the future,
which may not be available to us or may only be available on
unfavorable terms;
- If we experience a downgrade in our credit ratings, or an
actual or perceived reduction in our financial strength, our
borrowing and capital costs, liquidity and reputation could be
adversely affected;
- Our business and capital-related activities, including common
share repurchases, may be adversely affected by capital and
liquidity standards required as a result of capital stress
testing;
- We face extensive and changing government regulation in the
jurisdictions in which we operate, which may increase our costs and
compliance risks;
- We are subject to enhanced external oversight as a result of
the resolution of prior regulatory or governmental matters;
- Our businesses may be adversely affected by government
enforcement and litigation;
- Any misappropriation of the confidential information we possess
could have an adverse impact on our business and could subject us
to regulatory actions, litigation and other adverse effects;
- Our calculations of risk exposures, total RWA and capital
ratios depend on data inputs, formulae, models, correlations and
assumptions that are subject to change, which could materially
impact our risk exposures, our total RWA and our capital ratios
from period to period; • Changes in accounting standards may
adversely affect our consolidated financial statements;
- Changes in tax laws, rules or regulations, challenges to our
tax positions and changes in the composition of our pre-tax
earnings may increase our effective tax rate;
- The transition away from LIBOR may result in additional costs
and increased risk exposure; • Our control environment may be
inadequate, fail or be circumvented, and operational risks could
adversely affect our consolidated results of operations;
- Cost shifting to non-U.S. jurisdictions and outsourcing may
expose us to increased operational risk, geopolitical risk and
reputational harm and may not result in expected cost savings;
- Attacks or unauthorized access to our information technology
systems or facilities, or those of the third parties with which we
do business, or disruptions to our or their continuous operations,
could result in significant costs, reputational damage and impacts
on our business activities;
- Long-term contracts expose us to pricing and performance
risk;
- Our businesses may be negatively affected by adverse publicity
or other reputational harm;
- We may not be able to protect our intellectual property;
- The quantitative models we use to manage our business may
contain errors that could result in material harm;
- Our reputation and business prospects may be damaged if our
clients incur substantial losses or are restricted in redeeming
their interests in investment pools that we sponsor or manage;
- The impacts of climate change, and regulatory responses to such
risks, could adversely affect us; and
- We may incur losses as a result of unforeseen events including
terrorist attacks, natural disasters, the emergence of a new
pandemic or acts of embezzlement.
Other important factors that could cause actual results to
differ materially from those indicated by any forward-looking
statements are set forth in our 2021 Annual Report on Form 10-K and
our subsequent SEC filings. We encourage investors to read these
filings, particularly the sections on risk factors, for additional
information with respect to any forward-looking statements and
prior to making any investment decision. The forward-looking
statements contained in this News Release should not be relied on
as representing our expectations or beliefs as of any time
subsequent to the time this News Release is first issued, and we do
not undertake efforts to revise those forward-looking statements to
reflect events after that time.
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version on businesswire.com: https://www.businesswire.com/news/home/20220508005072/en/
Media: Carolyn Cichon ccichon@statestreet.com +1 617 664
8672
IR: Ilene Fiszel Bieler ifiszelbieler@statestreet.com +1
617 664 3477
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