Before Jay Hooley became State Street Corp.'s chief executive 14 months ago, he had already concluded that the custodial bank's business model did not have to fundamentally change — it just had to keep up with investors whose strategies did.
A 20-year veteran of State Street, Hooley spent his first year at the company cleaning up asset and legal troubles, outlining an effort to shave $600 million from State Street's operating costs and integrating two acquisitions, the Intesa Sanpaulo securities business in Brazil and Bank of Ireland's asset management division. Rising asset values have provided a significant tailwind, and with 19.6% Tier 1 capital, the Boston company is poised to continue its acquisitions, particularly in Europe.
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