State Street Corporation (NYSE: STT) announced today that Louis
D. Maiuri, president, chief operating officer and head of
Investment Services, will retire from State Street by early 2024.
Effective January 1, 2024, Ron O’Hanley, chairman and chief
executive officer will assume the office of the president (in
addition to his current roles as chairman and chief executive
officer) and responsibility for Investment Services, State Street’s
largest business.
Mostapha Tahiri, currently head of Asia Pacific, Middle East and
North Africa, will become State Street’s chief operating officer.
Since 2020, Tahiri has transformed our franchise in the
Asia-Pacific region to achieve sustainable growth. In April 2023,
he added responsibilities as head of Middle East and North Africa.
Tahiri has more than 25 years of experience in the asset management
and investment services business.
Investment Services client facing activities will be further
consolidated under Joerg Ambrosius, executive vice president and
chief commercial officer. In line with his role as chair of State
Street International Holdings, Ambrosius will also assume full
responsibility for our international organization to provide
seamless delivery to our clients across the globe.
Tahiri, Ambrosius, Donna Milrod, executive vice president and
chief product officer, and John Plansky, executive vice president
and head of State Street Alpha®, will report directly to O’Hanley.
These organizational model changes will position State Street’s
Investment Services business for long-term success, as it executes
on its strategy, accelerates revenue growth, and continues to
deliver for clients and shareholders. The realignment further
strengthens its executional capabilities, streamlines decision
making and provides clients with more efficient delivery of
products, services and solutions.
O’Hanley remarked on Maiuri’s contributions to State Street,
“Let me thank Lou for his outstanding leadership at State Street
over the past ten years across a broad range of key roles starting
with State Street Global Markets and more recently as president,
chief operating officer and head of Investment Services. Lou has
expanded the client base for our core Foreign Exchange and
Securities Finance services and driven innovation in our Global
Markets business. He played a pivotal role in identifying and
acquiring Charles River Development, and using that acquisition to
launch and grow State Street Alpha. Lou has also been central to
managing our operational and technology resiliency enhancements,
which are critical elements of our service offerings and a focal
point for our clients and regulators.”
Maiuri remarked on his tenure at State Street, “It has been a
great privilege to work with this terrific team and help build
State Street’s success while strengthening the firm’s foundation
for growth. I started my investment services career leading a
fintech start-up and went on to significant roles at major
financial services organizations. In my next stage, I intend to
explore the new opportunities being created by the confluence of
technology and finance. I remain a shareholder with great
confidence in State Street’s strategy and the team that will
execute it. I look forward to watching State Street thrive and
grow.”
O’Hanley continued, “We will miss Lou’s contributions to State
Street. His accomplishments were achieved with a strong team of
executives. This group of executives will continue to execute and
deliver upon our Investment Services strategy and our financial
goals. Together with the other business leaders, including Eric
Aboaf, vice chairman, chief financial officer and head of our
Markets and Financing business, and Yie-Hsin Hung, president and
chief executive officer of State Street Global Advisors, I am
confident that we continue to have an industry leading team that
can achieve our strategic goals and deliver value to our clients
and investors.”
About State Street Corporation
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 $40.0 trillion in assets
under custody and/or administration and $3.7 trillion* in assets
under management as of September 30, 2023, State Street operates
globally in more than 100 geographic markets and employs
approximately 42,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of September 30, 2023 includes
approximately $58 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 State Street’s
management and organizational changes announced today and related
benefits and associated topics, including our strategy, growth and
sales prospects, capabilities, business results of operations, the
market outlook and the business environment. Forward looking
statements are often, but not always, identified by such
forward-looking terminology as “will,” “expect,” "intend," "aim,"
"outcome," "future," “strategy,” "pipeline," “trajectory,”
"target," “outlook,” “priority,” “guidance,” “objective,” “plan,”
“forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,”
“trend,” 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:
- 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;
- We could be adversely affected by geopolitical, economic and
market conditions, including, for example, as a result of liquidity
or capital deficiencies (actual or perceived) by other financial
institutions and related market and government actions, the
Israel-Hamas War, ongoing war in Ukraine, actions taken by central
banks to address inflationary pressures, challenging conditions in
global equity markets, periods of significant volatility in
valuations and liquidity or other disruptions in the markets for
equity, fixed income and other asset classes globally or within
specific markets such as those that impacted the UK gilts in the
fourth quarter of 2022;
- Our development and completion of new products and services,
including State Street Alpha® or State Street Digital®, 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, involve costs, risks and
dependencies on third parties;
- Our business may be negatively affected by our failure to
update and maintain our technology infrastructure or as a result of
a cyber-attack or similar vulnerability in our or business
partners' infrastructure;
- Acquisitions, strategic alliances, joint ventures and
divestitures, and the integration, retention and development of the
benefits of these transactions, including the consolidation of one
of our operations joint ventures in India, 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 have significant international operations and clients that
can be adversely impacted by developments in European and Asian
economies, including local, regional and geopolitical developments
affecting those economies;
- Our investment securities portfolio, consolidated financial
condition and consolidated results of operations could be adversely
affected by changes in the financial markets, governmental action
or monetary policy. For example, among other risks, increases in
prevailing interest rates could lead to reduced levels of client
deposits and resulting decreases in our NII;
- Our business activities expose us to interest rate risk;
- We assume significant credit risk of counterparties, who may
also have substantial financial dependencies on other financial
institutions, and these credit exposures and concentrations could
expose us to financial loss;
- Our fee revenue represents a significant portion of our revenue
and is subject to decline based on, among other factors, market and
currency declines, investment activities and preferences of our
clients and their business mix;
- If we are unable to effectively manage our capital and
liquidity, our 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 regulatory capital,
credit (counterparty and otherwise) and liquidity standards and
considerations;
- We face extensive and changing governmental regulation in the
jurisdictions in which we operate, which may increase our costs and
compliance risks and may affect our business activities and
strategies;
- 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;
- Our businesses may be adversely affected by increased political
and regulatory scrutiny of asset management stewardship and
corporate ESG practices;
- Our efforts to improve our billing processes and practices are
ongoing and may result in the identification of additional billing
errors;
- 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 results of operations and financial condition;
- 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;
- We could face liabilities for withholding and other non-income
taxes, including in connection with our services to clients, as a
result of tax authority examinations;
- Our internal control environment may be inadequate, fail or be
circumvented, and operational risks could adversely affect our
business and consolidated results of operations;
- Shifting operational activities to non-U.S. jurisdictions,
changing our operating model and outsourcing to, or insourcing
from, third parties portions of our operations may expose us to
increased operational risk, geopolitical risk and reputational harm
and may not result in expected cost savings or operational
improvements;
- Attacks or unauthorized access to our or our business partners'
information technology systems or facilities, or disruptions to our
or their operations, could result in significant costs,
reputational damage and impacts on our business activities;
- Long-term contracts and customizing service delivery for
clients 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 or may
infringe upon the rights of third parties;
- The quantitative models we use to manage our business may
contain errors that could adversely impact our business and
regulatory compliance;
- 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;
- 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; and
- The transition away from LIBOR may result in additional costs
and increased risk exposure.
- Other important factors that could cause actual results to
differ materially from those indicated by any forward-looking
statements are set forth in our 2022 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231030040282/en/
Media: Ed Patterson +1 (404) 213-3106
epatterson@statestreet.com
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