Nadine Chakar Tapped to Head New Division The financing of digital assets will be a key focus for a new division of custodian State Street Corp. The just-launched State Street Digital is tasked with building upon the firm’s current digital capabilities, and then expanding into cryptocurrencies, central bank digital currency, blockchain, and tokenization, officials say…. Read More >>
Key Firms Issue Pink Slips During Bonus Season
As the new year got underway, some staff members at A-list financial services firms got pink slips instead of bonuses as more firms lay off staff — a result of rocky 2018 markets that have taken their toll on the bottom line. In particular, on the buy side, firms are reeling from investors’ preference for… Read More >>
State Street to Slash 1,500 Positions in 2019
Global custody-banking giant State Street Corp. is trimming its workforce, including 1,500 positions at “high-cost” locations and cuts from senior management staff in an effort to adjust its expenses to highly competitive market conditions. The staffing cuts will be a key part of “a new expense program to accelerate efforts to become a higher-performing organization… Read More >>
State Street to Buy CRD for $2.6 Billion
Custodian giant State Street Corp. is moving to acquire investment software vendor Charles River Development (CRD) for $2.6 billion and plans to combine CRD’s front- and middle-office software as a service (SaaS) offerings with State Street’s technology to create a more comprehensive transaction processing system, tailored to new buy-side demands. The $2.6 billion acquisition will… Read More >>
Broadridge Applies Blockchain/DLT to Proxy Process
JPMorgan, Northern Trust & Banco Santander Aid Broadridge Pilot This is the season for blockchain/distributed ledger technology pilots as Broadridge Financial Solutions, JPMorgan, Northern Trust and Banco Santander have announced that they been working on a pilot test project that uses blockchain technology to improve “global proxy vote transparency and analytics,” officials say. The… Read More >>
Fenergo to Hire 200 People to Support Global Growth
Fenergo to Recruit Over Next 12 to 18 Months Fenergo, the Dublin, Ireland-based client lifecycle management software solutions provider, is creating 200 jobs “due to rapid global expansion, bringing its total global employee base to 500,” according to the vendor, which serves investment, corporate and private banks. The vendor will be filling positions are across… Read More >>
Head of State Street Global Exchange Appointed
State Street Corp. reports that John Plansky will be named global head of State Street Global Exchange. Plansky will report to Executive Vice President Lou Maiuri. Plansky will be responsible for “global strategy, new product development and developing solutions for clients that help them manage increasingly complex data, search for better performance, focus on attracting… Read More >>
State Street Fills Key SSGA and APAC Posts
SSGA Appoints U.K. Head of SPDR ETF Business State Street Global Advisors (SSGA), the asset management business of State Street Corporation, reports the appointment of Claire Perryman as head of its SPDR exchange traded funds (ETF) business in the United Kingdom. Perryman will be based in London and report to Rory Tobin, co-head of the… Read More >>
S&P May Cut Ratings for BofA, Citi, JPMorgan, Morgan Stanley & Others
Eight major U.S. financial services firms may have another issue to worry about as ratings agency Standard & Poor’s is putting them on a watch list for ratings cuts because these firms may be affected by a proposed rule of the Federal Reserve ending bailouts for firms that are “too big to fail.” The eight… Read More >>
