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View Boston Financial Data Services's full company profile >>> Employer reviews from Boston Financial Data Services employees. Founded in Search for other Data Communication Services in Canton on The Real Yellow Pages®. The license is valid for December 31, (company number F), West Main, Jefferson City, MO, Oct 27, · Boston Financial Data Services is a well-established company. A corporate filing is called a foreign filing when an existing Nov 07, · Boston Financial Data Services is a financial services outsourcing firm. We are a leader in shareholder recordkeeping Get reviews, hours, directions, coupons and more for Boston Financial Data Services at 30 Dan Rd, Canton, MA Value ($) Non-Disclosed. Get Boston Financial Data Services reviews, ratings, business hours, phone numbers, and directions. com. Find job openings and see what women say about company culture, salary, women in leadership, maternity leave, working from home, and more. Phone: () Overview Boston Financial offers consultative expertise and industry-leading investor services. 93, sf build-out in two locations. Boston Financial Data Services. View Boston Financial Data Services (www. 1costbasissolution. Overview. Windsor, Connecticut, United States; ; Private; www. Phone number. CROWN COLONY DR QUINCY, MA Get Directions () You could be the first review for Boston Financial Data Services. Find related and similar companies as well as employees by title and much more. www. io About. BOSTON FINANCIAL DATA SERVICES INC is a business licensed with the Revenue Division of KCMO Finance Department. IFDS Canada, Ireland, and Luxembourg are 50/50 joint ventures between Boston-based State Street Corporation, one of the world’s leading providers of financial services to institutional investors, and Connecticut-based SS&C Technologies, a global provider of investment and financial software-enabled services and software for the global Learn more about Gary Mercier, Boston Financial Data Services, Inc. Doing business as: BOSTON FINANCIAL DATA SERVICES, INC Boston Financial Inc, Bfds Limited. The business type is All Other Professional Scientific and Technical Services. 2 FB users likes Boston Financial Data Services, set it to position in Likes Rating for Kansas City, Missouri in Local business category Local business category, Kansas City, Missouri Brighton Barber Shop NE 45th Ter Kansas City , MO United States View Boston Financial Data Services (www. Boston Financial Data Services Revenue: $ Boston Financial Data Services is Office Services (B2B) in United States that focus on cash processing business. Responsibilities: Manage the implementation of the business process or technology changes for financial services clients. com ; , Get Boston Financial Data Services company's verified contact number +1*****, web address, revenue, total contacts , industry Financial Services and location at Adapt. Size (SF) , Get Boston Financial Data Services company's verified contact number +1*****, web address, revenue, total contacts , industry Financial Services and location at Adapt. Sep 08, · What they do: Elsen reduces the time it takes financial professionals and hedge fund managers to process data. Boston Financial Data Services is located at Crown Colony Dr, Quincy, MA It was founded way back in 0 reviews that are not currently recommended. com) location , revenue, industry and description. Engage in project management activities such as project planning, fees/expense management, resource planning Boston Financial Data ServicesAbout us
As one of the world's leading providers of financial services to institutional investors, we are a global organisation with a deep commitment to the markets and clients we serve. Since our entry into the European market in , we have built a strong presence in the region and today we have approximately 13, employees in the EMEA region. Our local expertise enables us to offer clients a complete range of financial services across the investment spectrum, including investment servicing, investment research and trading and investment management.
What makes us unique?
Global Inclusion & Diversity, our company-wide initiative, aims to ensure that every one of our employees feels engaged and valued by recognising their unique talents and contribution to our business. Structured around Employee Networks and Committees the programme helps employees come together around a common goal, share their unique perspectives and creates opportunities for networking and professional development. This positively influences the atmosphere in the office as evidenced with the ABSL recognition for State Street as Business Leader with Most Vibrant Workplace in Poland in
Since establishing our Kraków operation in , we have grown rapidly and now employ more than 4, local professionals in two attractive locations in Poland: Kraków and Gdańsk. Our talented employees provide a range of complex investment servicing solutions, including end-to-end investment fund accounting, derivatives processing, securities valuation, financial reporting and hedge fund administration. The continuous development of our employees is important as we strive to rapidly build our local management team and create future leaders from within.
Recruitment data
Total number of employees: more than 3,
Recruitment plans for 1,
State Street was named one of the
“Forbes Poland’s Best Employers of ”
State Street Corporation
American financial services holding company
State Street Corporation is an American[3]financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in State Street is ranked 15th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$ trillion under management and US$ trillion under custody and administration. It is the largest custodian bank in the world,[4][5] and it is considered a systemically important bank by the Financial Stability Board.
The company is ranked th on the Fortune as of [6] The company is on the list of the banks that are too big to fail published by the Financial Stability Board.[7]
The company is named after State Street in Boston, which was known as the "Great Street to the Sea" in the 18th century as Boston became a flourishing maritime capital. The company's logo includes a clipper to reflect the maritime industry in Boston during this time.
Current operations[edit]
Investment servicing: State Street Global Services[edit]
State Street Bank and Trust Company, also known as Global Services, is the investment servicing division of State Street that provides asset owners and managers with custodian bank services (safekeeping, corporate actions), fund accounting (pricing and valuation), and administration (financial reporting, tax, compliance, and legal) services. Global Services handles assets from many classes, including stocks, derivatives, exchange-traded funds, fixed income assets, private equity, and real estate. State Street administers 40% of the assets under administration in the US mutual fund market. Global Services also provides outsourcing for operations activities and handles US$ trillion of middle-office assets.[2]
Investment Management: State Street Global Advisors[edit]
State Street Global Advisors is the investment management division of State Street that provides asset management, research, and advisory services to corporations, mutual funds, insurance companies, and other institutional investors. Global Advisors develops both passive management and active management strategies using both quantitative and fundamental approaches.[2]
SPDR innovation[edit]
In ,[8][9] the company created the SPDR S&P Trust ETF, the first exchange-traded fund (ETF), and is now one of the largest ETF providers worldwide.[10]
Trading on SPDR began January 29, [11]
State Street Global Markets[edit]
Global Markets is State Street's securities business that offers research, trading, and securities lending services for foreign exchange, stocks, fixed income, and derivatives. To avoid a conflict of interest, the company does not run proprietary trading books. Global Markets maintains trading desks in Boston, London, Sydney, Toronto, and Tokyo.[2]
History[edit]
The company traces its roots to Union Bank, which received a charter in from Massachusetts Governor John Hancock. It was the third bank to be chartered in Boston and its office was at the corner of State and Exchange Streets.[12][13] In , Union Bank received a national charter and became the National Union Bank of Boston. The bank later built a headquarters at Washington and State streets.[14]
State Street Deposit & Trust Co opened in It became the custodian of the first U.S. mutual fund in , the Massachusetts Investors Trust (now MFS Investment Management).[13]
20th century[edit]
State Street and National Union merged in [12] The merged bank took the State Street name, but National Union was the nominal survivor, and it operated under National Union's charter, thus giving the current entity its rank among the oldest banks in the United States.
The company merged with Second National Bank in and with the Rockland-Atlas National Bank in [15][16]
In , the company completed construction of the State Street Bank Building, a new headquarters building, the first high-rise office tower in downtown Boston.
In , the company opened its first international office in Munich.
In , as a 50/50 joint venture with DST Systems, the company formed Boston Financial Data Services, a provider of shareholder record-keeping, intermediary and investor services, and regulatory compliance. More than top staff from IBM were hired by State Street as it set about implementing IBM mainframe computer systems.
In , William Edgerly became president and chief executive officer of the bank and shifted the company's strategy from commercial banking to investments and securities processing.[13]
During the s and s, the company opened offices in Montreal, Toronto, Dublin, London, Paris, Dubai, Sydney, Wellington, Hong Kong, and Tokyo.[13]
By , most of State Street's revenue came from fees for holding securities, settling trades, keeping records, and performing accounting.[13] In , the company formed State Street Global Advisors, a global asset management business.
In , State Street acquired Investors Fiduciary Trust of Kansas City for $ million from DST Systems and Kemper Financial Services.[17][18] In , Bank of New York acquired the unit investment trust servicing business of Investors Fiduciary Trust Co., Kansas City, Mo.[19]
In , State Street setup its office in Singapore.[20]
In , State Street sold its retail and commercial banking businesses to Citizens Financial Group.[21]
21st century[edit]
In , State Street Bank Luxembourg was founded, and as of [update] is the largest player in the country's fund industry by assets.[22]
In , the company acquired the securities services division of Deutsche Bank for $ billion.[23] The company also sold its corporate trust business to U.S. Bancorp for $ million.[24] Also in , State Street sold its private asset management business to U.S. Trust.[25]
In July , the company acquired Investors Bank & Trust for $ billion.[26]
In October , the United States Department of the Treasury invested $2 billion in the company as part of the Troubled Asset Relief Program and in July , the company became the first major financial firm to repay the Treasury.[27]
In , the company acquired Mourant International Finance Administration.[28] It also acquired the securities services group of Intesa Sanpaolo for $ billion.[29] In December , the company announced that it would be retrenching 5% of its workforce and effectively reducing the hourly wages of remaining employees by 10% via increased standard work hours.[30]
In November , the company was named as amongst the world's 29 systemic banks.[31]
In , the company acquired Goldman Sachs Administration Services, a hedge fund administrator, for $ million.[32]
In November , the company sold SSARIS Advisors, its hedge fund unit, to senior management.[33]
In , State Street launched a program called Beacon, focused on cutting costs and improving reporting technology.[34] Their main focus was to shrink their US workforce in order to bolster profits in excess of $ billion ( figures).[citation needed] Also in , the company acquired the asset management business of General Electric.[35]
In , the company announced that Jay Hooley, the chief executive officer of the company, would retire.[36]
In , State Street completed its acquisition of Charles River Development, a Burlington, Massachusetts provider of investment management software.[37] The deal closed October 1, , at a cost of approximately $ billion that will be financed by the suspension of share repurchases and the issuing of common and preferred equity.[38] News of the acquisition led to a drop in State Street shares of nearly 10% with share prices remaining flat since the purchase.[39]
In January , State Street announced that it planned to lay off 1, employees, increasing the number to 2, in July.[40] The company is shifting their workforce from the United States to countries like China, India and Poland and is operating under a hiring freeze.[40] Offsetting this is increased overseas hiring, resulting in a 3K+ net gain of employment.[41][42]
Controversies[edit]
Currency trade fraud[edit]
In , California alleged on behalf of its pension funds CalPERS and CalSTRS that State Street had committed fraud on currency trades handled by the custodian bank.[43][44] In October , two executives from State Street Global Markets left the company following charges over the pricing of a fixed income transaction. In April , they were charged by the United States Department of Justice.[45]
Non-disclosure of short position[edit]
On February 28, , State Street Global Advisors entered into a consent order with the Massachusetts Securities Division. The Division was investigating the firm's role as the investment manager of a $ billion (USD) hybrid collateralized debt obligation. The investigation resulted in a fine of $5 million (USD) for the non-disclosure of certain initial investors taking a short position on portions of the CDO.[46]
Shareholder complaints[edit]
During the May annual shareholders meeting, chairman and chief executive Jay Hooley was shouted down on numerous occasions by protesters in relation to the outsourcing and other grievances.[47]
Secret commissions[edit]
On January 18, , State Street agreed to pay $ million to resolve U.S. investigations into what prosecutors said was a scheme to defraud six clients through secret commissions on billions of dollars of trades.[48][49]
In former employee of State Street, Edward Pennings was sentenced to six months in prison for his role in the scheme.[50]&#; Employee Ross McLellan was also sentenced in the United States to 18 months in prison.[51]
Fearless Girl statue[edit]
In March , State Street Global Advisors commissioned a statue called Fearless Girl by Kristen Visbal and placed it temporarily in the Financial District, Manhattan, in front of the Wall Street icon Charging Bull. The statue is an advertisement for an index fund which comprises gender diverse companies that have a higher percentage of women among their senior leadership.[52] While some have seen it as an encouragement of women in business, some women criticized the statue as "corporate feminism" that violated their own feminist principles.[53][54][55][56] In October , the company paid $5 million to settle a lawsuit charging that it had paid certain female and black executives less than their male and European-American peers.[57]
Climate Change[edit]
State Street announced in January that State Street Global Advisors will vote against directors of companies in major stock indices that do not meet targets for environmental, social and governance changes.[58] According to Morningstar Proxy Data, State Street, "supported a majority of the climate-related disclosure requests that shareholders placed on the ballot," during the proxy season.[59]
Financials[edit]
| Year | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||
| Net income | − | ||||||||||||||||||
| Assets | |||||||||||||||||||
| Assets under management | 1, | 1, | 1, | 1, | 1, | 1, | 1, | 2, | 2, | 2, | 2, | 2, | 2, | 2, | 2, | 2, | |||
| Headcount thousands |
See also[edit]
References[edit]
- ^ abcd(PDF)mynewextsetup.us
- ^ abcd"State Street Corporation Form K Annual Report". U.S. Securities and Exchange Commission.
- ^"State Street on the Forbes Global List". Forbes.
- ^"State Street Reports Fourth-Quarter and Full-Year Financial Results". Business Wire. Retrieved January 19,
- ^"State Street Corporation K". SEC. February 21, Retrieved February 28,
- ^"State Street Corp". Fortune. Retrieved October 4,
- ^" update of list of global systemically important banks (G-SIBs)"(PDF). Financial Stability Board. November 3,
- ^Jeff Sommer (February 2, ). "The Stock Market Works by Day, but It Loves the Night". The New York Times.
- ^"State Street Announces Name and Ticker Changes for Six SPDR ETFs". The New York Times.
- ^"The First ETF Turns Innovation That Leveled the Playing Field for All Investors Reaches New Milestone" (Press release). Business Wire. January 29,
- ^Wismer, David. "Happy Belated Birthday, Spider! (SPY Celebrates 20th Anniversary Amidst ETF Boom)". Forbes. Retrieved
- ^ abBadenhausen, Kurt (December 18, ). "America's Best And Worst Banks". Forbes.
- ^ abcdeFundingUniverse, , History of State Street Corporation, retrieved 22 June
- ^"Clipping from Boston Post - mynewextsetup.us". mynewextsetup.us. Retrieved
- ^"History of State Street Corporation". FundingUniverse. Retrieved
- ^"Two Big Banks in Boston Slate Union Into 2d Largest in Area". The New York Times. December 21,
- ^"Semi-Annual Report". mynewextsetup.us. December 31,
- ^"State Street Celebrates 10th Anniversary of its Kansas City Operations" (Press release). Business Wire. January 31,
- ^"Company briefs". The New York Times. February 28,
- ^"State Street in Singapore". State Street Corporation. Retrieved 26 May
- ^Reuters (). "Company News; Citizens Is Buying State Street's Retail Bank Business". The New York Times. ISSN&#; Retrieved
- ^""We represent roughly 25% of the fund industry"". The Business Report. January 22,
- ^"State Street will become largest securities services firm". USA Today. November 5,
- ^"U.S. Bank to Acquire State Street's Corporate Trust Business" (Press release). Business Wire. August 13,
- ^"U.S. Trust Completes Acquisition of State Street's Private Asset Management Business" (Press release). Business Wire. November 3,
- ^"State Street Completes Acquisition of Investors Financial Services Corp" (Press release). Business Wire. July 2,
- ^"State Street is first to pay back all TARP funds". mynewextsetup.us Bloomberg News. July 11,
- ^Sullivan, Ruth (December 6, ). "State Street grows with Mourant purchase". Financial Times.
- ^Herbst-Bayliss, Svea (December 22, ). "State Street buys Intesa securities services unit". Reuters.
- ^Van Sack, Jessica (December 12, ). "Days to get longer at State Street". The Boston Herald.
- ^Smith, Geoffrey T. (November 5, ). "Bucket List: G20 Panel Names Top Global Banks". The Wall Street Journal.
- ^"State Street to Acquire Goldman Sachs Administration Services" (Press release). Business Wire. July 17,
- ^"State Street Shrinks Hedge Fund Operations With Sale Of SSARIS Advisors To Management". Forbes. November 24,
- ^Stein, Charles; Levingston, Ivan (September 20, ). "State Street Embraces Artificial Intelligence". Bloomberg L.P.
- ^"State Street Completes Acquisition of GE Asset Management" (Press release). Business Wire. July 1,
- ^Reosti, John (November 7, ). "Succession shoe drops at another big trust bank". American Banker.
- ^mynewextsetup.us
- ^Stein, Charles; Maranz, Felice (). "State Street slides on $ billion Charles River Development acquisition". The Boston Globe. Bloomberg News. Retrieved
- ^Team, Trefis. "Why The Pessimism Surrounding State Street's Acquisition Of Charles River Is Overblown". Forbes. Retrieved
- ^ abRyan, Greg (13 September ). "State Street lays off IT workers in latest job cuts". Boston Business Journal. Retrieved
- ^"State Street to lay off 1, in turn toward automation". mynewextsetup.us. January 18,
- ^"State Street lays off 1, employees". Boston Herald. January 18,
- ^Dash, Eric (October 20, ). "California Sues State Street Bank for Fraud". The New York Times.(subscription required)
- ^"California sues State Street over pension funds". Reuters. October 20,
- ^"Two Former Senior Executives of Global Financial Services Company Charged in Scheme to Defraud Clients through Secret Trading Commissions on Billions of Dollars in Securities Trades" (Press release). United States Department of Justice. April 5,
- ^"Consent Order"(PDF). Massachusetts Secretary of the Commonwealth. February 28,
- ^"UPDATE 2-Protester shouts disrupt State Street annual meeting". Reuters. May 16,
- ^"State Street Corporation Agrees to Pay More than $64 Million to Resolve Fraud Charges" (Press release). United States Department of Justice. January 18,
- ^Raymond, Nate (January 18, ). "State Street to pay $ million to resolve U.S. fraud probes". Reuters.
- ^Ex-State Street exec gets six months in prison for defrauding clients
- ^"Ex-State Street executive cheated clients with secret fees: U.S"Reuters. Retrieved
- ^Stein, Lindsay (May 3, ). "EIGHT THINGS YOU DON'T KNOW ABOUT 'FEARLESS GIRL'". Advertising Age.
- ^Belafonte, Gina (March 16, ). "The False Feminism of 'Fearless Girl'". The New York Times.(subscription required)
- ^Kosoff, Maya (October 6, ). "FIRM BEHIND FEMINIST FEARLESS GIRL STATUE CAUGHT PAYING WOMEN LESS". Vanity Fair.
- ^Sheffler, Cara Marsh (March 14, ). "The 'Fearless Girl' statue sums up what's wrong with feminism today". The Guardian.
- ^Bovy, Phoebe Maltz (March 14, ). "'Fearless Girl' Statue Not The Feminist Icon We Need". The Forward.
- ^Chesto, Jon (October 5, ). "Firm behind 'Fearless Girl' statue to pay $5m over equal pay for women, minorities". The Boston Globe.
- ^"How the Coronavirus Could Hurt Apple and Starbucks". The New York Times. January 29, Retrieved
- ^Cook, Jackie (September 28, ). "How Big Fund Families Voted on Climate Change: Edition". mynewextsetup.us. Retrieved
- ^"Annual Report (SEC Filing Form K)". State Street Corporation. Retrieved
- ^"Annual Report (SEC Filing Form K)". State Street Corporation. Retrieved
- ^"Annual Report (Form K) - "(PDF). State Street Corporation. Retrieved
- ^"Annual Report (Form K) - "(PDF). State Street Corporation. Retrieved
- ^"Annual Report (SEC Filing Form K)". State Street Corporation. Retrieved
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boston financial data services and State Street Corporation. bolivion. A corporate filing is called a foreign filing when an existing Free and open company data on Missouri (US) company BOSTON FINANCIAL DATA SERVICES, INC. Facts and Figures Project Description. Specific examples of areas in which Boston Finance Group can provide capital include: Asset-Based Lending. ssctech. 2 FB users likes Boston Kill devil hills hotels Data Services, set it to position in Likes Rating for Kansas City, Missouri in Local business category Local business category, Kansas City, Missouri Brighton Barber Shop NE 45th Ter Kansas CityMO United States Boston Financial Data Services Revenue: $ Registration: May 8, Boston Financial Data Services
State Street Corporation
American financial services holding company
State Street Corporation is an American[3]financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in State Street is ranked 15th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$ trillion under management and US$ trillion under custody and administration. It is the largest custodian bank in the world,[4][5] and it is considered a systemically important bank by the Financial Stability Board.
The company is ranked th on the Fortune as of [6] The company is on the list of the banks that are too big to fail published by the Financial Stability Board.[7]
The company is named after State Street in Boston, which was known as the "Great Street to the Sea" in the 18th century as Boston became a flourishing maritime capital. The company's logo includes a clipper to reflect the maritime industry in Boston during this time.
Current operations[edit]
Investment servicing: State Street Global Services[edit]
State Street Bank and Trust Company, also known as Global Services, is the investment servicing division of State Street that provides asset owners and managers with custodian bank services (safekeeping, corporate actions), fund accounting (pricing and valuation), and administration (financial reporting, tax, compliance, and legal) services. Global Services handles assets from many classes, including stocks, derivatives, exchange-traded funds, fixed income assets, private equity, and real estate. State Street administers 40% of the assets under administration in the US mutual fund market. Global Services also provides outsourcing for operations activities and handles US$ trillion of middle-office assets.[2]
Investment Management: State Street Global Advisors[edit]
State Street Global Advisors is the investment management division of State Street that provides asset management, research, and advisory services to corporations, mutual funds, insurance companies, and other institutional investors. Global Advisors develops both passive management and active management strategies using both quantitative and fundamental approaches.[2]
SPDR innovation[edit]
In ,[8][9] the company created the SPDR S&P Trust ETF, the first exchange-traded fund (ETF), and is now one of the largest ETF providers worldwide.[10]
Trading on SPDR began January 29, [11]
State Street Global Markets[edit]
Global Markets is State Street's securities business that offers research, trading, and securities lending services www state street bank foreign exchange, stocks, fixed income, and derivatives. To avoid a conflict of interest, the company does not run proprietary trading books. Global Markets maintains trading desks in Boston, London, Sydney, Toronto, and Tokyo.[2]
History[edit]
The company traces its roots to Union Bank, which received a charter in from Massachusetts Governor John Hancock. It was the third bank to be chartered in Boston and its office was at the corner of State and Exchange Streets.[12][13] InUnion Bank received a national charter and became the National Union Bank of Boston. The bank later built a headquarters at Washington and State streets.[14]
State Street Deposit & Trust Co opened in It became the custodian of the first U.S. mutual fund inthe Massachusetts Investors Trust (now MFS Investment Management).[13]
20th century[edit]
State Street and National Union merged in [12] The merged bank took the State Street name, but National Union was the nominal survivor, and it operated under National Union's charter, thus giving the current entity its rank among the oldest banks in the United States.
The company merged with Second National Bank in and with the Rockland-Atlas National Bank in [15][16]
Inthe company completed construction of the State Street Bank Building, a new headquarters building, the first high-rise office tower in downtown Boston.
Inthe company opened its first international office in Munich.
Inas a 50/50 joint venture with DST Systems, the company formed Boston Financial Data Services, a provider of shareholder record-keeping, intermediary and investor services, and regulatory compliance. More than top staff from IBM were hired by State Street as it set about implementing IBM mainframe computer systems.
InWilliam Edgerly became president and chief executive officer of the bank and shifted the company's strategy from commercial banking to investments and securities processing.[13]
During the s and s, the company opened offices in Montreal, Toronto, Dublin, London, Paris, Dubai, Sydney, Wellington, Hong Kong, and Tokyo.[13]
Bymost of State Street's revenue came from fees for holding securities, settling trades, keeping records, and performing accounting.[13] Inthe company formed State Street Global Advisors, a global asset management business.
InState Street acquired Investors Fiduciary Trust of Kansas City for $ million from DST Systems and Kemper Financial Services.[17][18] InBank of New York acquired the unit investment trust servicing business of Investors Fiduciary Trust Co., Kansas City, Mo.[19]
InState Street setup its office in Singapore.[20]
InState Street sold its retail and commercial banking businesses to Citizens Financial Group.[21]
21st century[edit]
InState Street Bank Luxembourg was founded, and as of [update] is the largest player in the country's fund industry by assets.[22]
Inthe company acquired the securities services division of Deutsche Bank for $ billion.[23] The company also sold its corporate trust business to U.S. Bancorp for $ million.[24] Also inState Street sold its private asset management business to U.S. Trust.[25]
In Julythe company acquired Investors Bank & Trust for $ billion.[26]
In Octoberthe United States Department of the Treasury invested $2 billion in the company as part of the Troubled Asset Relief Program and in Julythe company became the first major financial firm to repay the Treasury.[27]
Inthe company acquired Mourant International Finance Administration.[28] It also acquired the securities services group of Intesa Sanpaolo for $ billion.[29] In Decemberthe company announced that it would be retrenching 5% of its workforce and effectively reducing the hourly wages of remaining employees by 10% via increased standard work hours.[30]
In Novemberthe company was named as amongst the world's 29 systemic banks.[31]
Inthe company acquired Goldman Sachs Administration Services, a hedge fund administrator, for $ million.[32]
In Novemberthe company sold SSARIS Advisors, its hedge fund unit, to senior management.[33]
InState Street launched a program called Beacon, focused on cutting costs and improving reporting technology.[34] Their main focus was to shrink their US workforce in order to bolster profits in excess of $ billion ( figures).[citation needed] Also inthe company acquired the asset management business of General Electric.[35]
Inthe company announced that Jay Hooley, the chief executive officer of the company, would retire.[36]
InState Street completed its acquisition of Charles River Development, a Burlington, Massachusetts provider of investment management software.[37] The deal closed October 1,at a cost of approximately $ billion that will be financed by the suspension of share repurchases and the www state street bank of common and preferred equity.[38] News of the acquisition led to a drop in State Street shares of nearly 10% with share prices remaining flat since the purchase.[39]
In JanuaryState Street announced that it planned to lay off 1, employees, increasing the number to 2, in July.[40] The company is shifting their workforce from the United States to countries like China, India and Poland and is operating under a hiring freeze.[40] Offsetting this is increased overseas hiring, resulting in a 3K+ net gain of employment.[41][42]
Controversies[edit]
Currency trade fraud[edit]
InCalifornia alleged on behalf of its pension funds CalPERS and CalSTRS that State Street had committed fraud on currency trades handled by the custodian bank.[43][44] In Octobertwo executives from State Street Global Markets left the company following charges over the pricing of a fixed income transaction. In Aprilthey were charged by the United States Department of Justice.[45]
Non-disclosure of short position[edit]
On February 28,State Street Global Advisors entered into a consent order with the Massachusetts Securities Division. The Division was investigating the firm's role as the investment manager of a $ billion (USD) hybrid collateralized debt obligation. The investigation resulted in a fine of $5 million (USD) for the non-disclosure of certain initial investors taking a short position on portions of vikings stadium roof collapse CDO.[46]
Shareholder complaints[edit]
During the May annual shareholders meeting, chairman and chief executive Jay Hooley was shouted down on numerous occasions by protesters in relation to the outsourcing and other grievances.[47]
Secret commissions[edit]
On January 18,State Street agreed to pay $ million to resolve U.S. investigations into what prosecutors said was a scheme to defraud six clients through secret commissions on billions of dollars of trades.[48][49]
In former employee of State Street, Edward Pennings was sentenced to six months in prison for his role in the scheme.[50]&#; Employee Ross McLellan was also sentenced in the United States to 18 months in prison.[51]
Fearless Girl statue[edit]
In MarchState Street Global Advisors commissioned a statue called Fearless Girl by Kristen Visbal and placed it temporarily in the Financial District, Manhattan, in front of the Wall Street icon Charging Bull. The statue is an advertisement for an index fund which comprises gender diverse companies that have a higher percentage of women among their senior leadership.[52] While some have seen it as an encouragement of women in business, some women criticized the statue as "corporate feminism" that violated their own feminist principles.[53][54][55][56] In Octoberthe company paid $5 million to settle a lawsuit charging that it had paid certain female and black executives less than their male and European-American peers.[57]
Climate Change[edit]
State Street announced in January that State Street Global Advisors will vote against directors of companies in major stock indices that do not meet targets for environmental, social and governance changes.[58] According to Morningstar Proxy Data, State Street, "supported a majority of the climate-related disclosure requests that shareholders placed on the ballot," during the proxy season.[59]
Financials[edit]
| Year | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||
| Net income | − | ||||||||||||||||||
| Assets | |||||||||||||||||||
| Assets under management | 1, | 1, | 1, | 1, | 1, | 1, | 1, | 2, | 2, | 2, | 2, | 2, | 2, | 2, | 2, | 2, | |||
| Headcount thousands |
See also[edit]
References[edit]
- ^ abcd(PDF)mynewextsetup.us
- ^ abcd"State Street Corporation Form K Annual Report". U.S. Securities and Exchange Commission.
- ^"State Street on the Forbes Global List". Forbes.
- ^"State Street Reports Fourth-Quarter and Full-Year Financial Results". Business Wire. Retrieved January 19,
- ^"State Street Corporation K". SEC. February 21, Retrieved February 28,
- ^"State Street Corp". Fortune. Retrieved October 4,
- ^" update of list of global systemically important banks (G-SIBs)"(PDF). Financial Stability Board. November 3,
- ^Jeff Sommer (February 2, ). "The Stock Market Works by Day, but It Loves the Night". The New York Times.
- ^"State Street Announces Name and Ticker Changes for Six SPDR ETFs". The New York Times.
- ^"The First ETF Turns Innovation That Leveled the Playing Field for All Investors Reaches New Milestone" (Press release). Business Wire. January 29,
- ^Wismer, David. "Happy Belated Birthday, Spider! (SPY Celebrates 20th Anniversary Amidst ETF Boom)". Forbes. Retrieved
- ^ abBadenhausen, Kurt (December 18, ). "America's Best And Worst Banks". Forbes.
- ^ abcdeFundingUniverse,History of State Street Corporation, retrieved 22 June
- ^"Clipping from Boston Post - mynewextsetup.us". mynewextsetup.us. Retrieved
- ^"History of State Street Corporation". FundingUniverse. Retrieved
- ^"Two Big Banks www state street bank Boston Slate Union Into 2d Largest in Area". The Www state street bank York Times. December 21,
- ^"Semi-Annual Report". mynewextsetup.us. December 31,
- ^"State Street Celebrates 10th Anniversary of its Kansas City Operations" (Press release). Business Wire. January 31,
- ^"Company briefs". The New York Times. February 28,
- ^"State Street in Singapore". State Street Corporation. Retrieved 26 May
- ^Reuters (). "Company News; Citizens Is Buying State Street's Retail Bank Business". The New York Times. ISSN&#; Retrieved
- ^""We represent roughly 25% of the fund industry"". The Business Report. January 22,
- ^"State Street will become largest securities services firm". USA Today. November 5,
- ^"U.S. Bank to Acquire State Street's Corporate Trust Business" (Press release). Business Wire. August 13,
- ^"U.S. Trust Completes Acquisition of State Street's Private Asset Management Business" (Press release). Business Wire. November 3,
- ^"State Street Completes Acquisition of Investors Financial Services Corp" (Press release). Business Wire. July 2,
- ^"State Street is first to pay back all TARP funds". mynewextsetup.us Bloomberg News. July 11,
- ^Sullivan, Ruth (December 6, ). "State Street grows with Mourant purchase". Financial Times.
- ^Herbst-Bayliss, Svea (December 22, ). "State Street buys Intesa securities services unit". Reuters.
- ^Van Sack, Jessica (December 12, ). "Days to get longer at State Street". The Boston Herald.
- ^Smith, Geoffrey T. (November 5, ). "Bucket List: G20 Panel Names Top Global Banks". The Wall Street Journal.
- ^"State Street to Acquire Goldman Sachs Administration Services" (Press release). Business Wire. July 17,
- ^"State Street Shrinks Hedge Fund Operations With Sale Of SSARIS Advisors To Management". Forbes. November 24,
- ^Stein, Charles; Levingston, Ivan (September 20, ). "State Street Embraces Artificial Intelligence". Bloomberg L.P.
- ^"State Street Completes Acquisition of GE Asset Management" (Press release). Business Wire. July 1,
- ^Reosti, John (November 7, ). "Succession shoe drops at another big trust bank". American Banker.
- ^mynewextsetup.us
- ^Stein, Charles; Maranz, Felice (). "State Street slides on $ billion Charles River Development acquisition". The Boston Globe. Bloomberg News. Is mr pure cranberry juice good for you
- ^Team, Trefis. "Why The Pessimism Surrounding State Street's Acquisition Of Charles River Is Overblown". Forbes. Retrieved
- ^ abRyan, Greg (13 September ). "State Street lays off IT workers in latest job cuts". Boston Business Journal. Retrieved
- ^"State Street to lay off 1, in turn toward automation". mynewextsetup.us. January 18,
- ^"State Street lays off 1, employees". Boston Herald. January 18,
- ^Dash, Eric (October 20, www state street bank. "California Sues State Street Bank for Fraud". The New York Times.(subscription required)
- ^"California sues State Street over pension funds". Reuters. October 20,
- ^"Two Former Senior Executives of Global Financial Services Company Charged in Scheme to Defraud Clients through Secret Trading Commissions on Billions of Dollars in Securities Trades" (Press release). United States Department of Justice. April 5,
- ^"Consent Order"(PDF). Massachusetts Secretary of the Commonwealth. February 28,
- ^"UPDATE 2-Protester shouts disrupt State Street annual meeting". Reuters. May 16,
- ^"State Street Corporation Agrees to Pay More than $64 Million to Resolve Fraud Charges" (Press release). United States Department of Justice. January 18,
- ^Raymond, Nate (January 18, ). "State Street to pay $ million to resolve U.S. fraud probes". Reuters.
- ^Ex-State Street exec gets six months in prison for defrauding clients
- ^"Ex-State Street executive cheated clients with secret fees: U.S"Reuters. Retrieved
- ^Stein, Lindsay (May 3, ). "EIGHT THINGS YOU DON'T KNOW ABOUT 'FEARLESS GIRL'". Advertising Age.
- ^Belafonte, Gina (March 16, ). "The False Feminism of 'Fearless Girl'". The New York Times.(subscription required)
- ^Kosoff, Maya (October 6, ). "FIRM BEHIND FEMINIST FEARLESS GIRL STATUE CAUGHT PAYING WOMEN LESS". Vanity Fair.
- ^Sheffler, Cara Marsh (March 14, ). "The 'Fearless Girl' statue sums up what's wrong with feminism today". The Guardian.
- ^Bovy, Phoebe Maltz (March 14, ). "'Fearless Girl' Statue Not The Feminist Icon We Need". The Forward.
- ^Chesto, Jon (October 5, ). "Firm behind 'Fearless Girl' statue to pay $5m over equal pay for women, minorities". The Boston Globe.
- ^"How the Coronavirus Could Hurt Apple and Starbucks". The New York Times. January 29, Retrieved
- ^Cook, Jackie (September 28, ). "How Big Fund Families Voted on Climate Change: Edition". mynewextsetup.us. Retrieved
- ^"Annual Report (SEC Filing Form K)". State Street Corporation. Retrieved
- ^"Annual Report (SEC Filing Form K)". State Street Corporation. Retrieved
- ^"Annual Report (Form K) - "(PDF). State Street Corporation. Retrieved
- ^"Annual Report (Form K) - "(PDF). State Street Corporation. Retrieved
- ^"Annual Report (SEC Filing Form K)". State Street Corporation. Retrieved
External links[edit]
Archives and records[edit]
State Street Corp
About State Street Corp
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world. Investment servicing line of business performs functions, such as www state street bank institutional investors with clearing, settlement and arizona department of economic security child protective services services. The Company operates investment management line of business through State Street Global Advisors (SSGA). SSGA provides a range of investment management, investment research and investment advisory services to corporations, public funds and other investors. Its clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers.
Industry
Misc. Financial Services
Executive Leadership
Ronald P. O'Hanley
Chairman of the Board, President, Chief Executive Officer
Eric W. Aboaf
Chief Financial Officer, Executive Vice President
Cyrus Taraporevala
President and Chief Executive Officer, State Street Global Advisors
Louis D. Maiuri
Chief Operating Officer, Executive Vice President
Ian Appleyard
Executive Vice President, Chief Accounting Officer, Global Controller
Key Stats
mean rating - 16 analysts
Revenue (MM, USD)
EPS (USD)
Price To Earnings (TTM) | |
|---|---|
Price To Sales (TTM) | |
Price To Book (MRQ) | |
Price To Cash Flow (TTM) | |
Total Debt To Equity (MRQ) | |
LT Debt To Equity (MRQ) | |
Return on Investment (TTM) | -- |
Return on Equity (TTM) |
STATE STREET BANK AND TRUST COMPANY
Incorporated in United States
- Securities
- Collective Investment Schemes
- Exchange-Traded Derivatives Contracts
- Over-The-Counter Derivatives Contracts
- Collective Investment Schemes
- Securities
- Exchange-Traded Derivatives Contracts
- Over-The-Counter Derivatives Contracts
- Spot Foreign Exchange Contracts other than for the Purposes of Leveraged Foreign Exchange Trading
- Collective Investment Schemes
- Securities
- Exchange-Traded Derivatives Contracts
- Over-The-Counter Derivatives Contracts
- Spot Foreign Exchange Contracts other than for the Purposes of Leveraged Foreign Exchange Trading
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State Street CEO on Brown Brothers Harriman Investor Services deal