State Street

State Street is a leading financial services provider serving some of the world’s most sophisticated institutions. The company offers a flexible suite of services that spans the investment spectrum, including investment management, research and trading, and investment servicing.

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State Street Plans 630 Job Cuts

Depression, Suicide

State Street, the third- largest custody bank, said it will eliminate 630 jobs in its third round of cuts in two years to bolster profit as record low interest rates weigh on revenue from lending.

State Street CFO to Retire in 2013

State Street Logo

State Street Corporation has announced that Executive Vice President and Chief Financial Officer, Edward J. Resch, 60, has informed the company of his plan to retire in 2013, after more than a decade in the role, following the appointment of his successor and an orderly transition of the function.


The Greatest Trade Ever

The New York Post reports that John Paulson, the hedge fund manager who paid himself $3.7bn last year after that spectacular trade shorting the subprime market, lost some ground in July - although not much. The newspaper says that Paulson's six hedge funds fell about 3.7% over the month.

CIBC, Deutsche, Icap, Refco, State Street

New York state Attorney General Eliot Spitzer's office has dropped a case involving criminal charges which alleged that former CIBC executive Paul Flynn was involved in mutual fund trading abuses. The move comes hot on the heels of Spitzer's decision not to re-try ex-Bank of America man Ted Sihpol on similar charges. Some now doubt whether the US fund management industry should have been so quick to shell out $3.1bn to settle Spitzer's claims about market abuse. The firms who paid up might have been better off taking their chances in court.

Pointing The Finger

Former State Street executives indicted

Two former executives at State Street were indicted in what the U.S. Justice Department said was a “brazen fraud” involving secret commissions applied to billions of dollars in securities trades.