State Street Corp
State Street CFO Departure and Q3 2024 Financial Results
Summary
State Street Corporation announced on October 10, 2024, that Eric Aboaf, its Vice Chairman and Chief Financial Officer (CFO), intends to step down to join another firm outside of banking, effective February 2025. Concurrently, the company reported strong financial results for the third quarter of 2024, with a notable increase in Assets Under Custody/Administration (AUC/A) and Assets Under Management (AUM). Revenue rose by 21%, driven by higher fee revenue and net interest income, while the effective tax rate increased slightly. State Street also disclosed its third-quarter financials through a news release and a slide presentation, which were made available to investors.
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About State Street Corp
State Street Corporation is a prominent financial services and bank holding company. It plays a crucial role in the global financial infrastructure by offering services such as investment management, investment research, and investment servicing. Known for its extensive custody services, State Street holds the assets of various institutional investors, ensuring they are safeguarded and efficiently managed. Additionally, it provides comprehensive investment management solutions, encompassing strategy, research, and advisory services to a diverse client base including asset owners and asset managers. The corporation's influence spans across sectors such as mutual funds, retirement plans, insurance, and sovereign wealth funds. Headquartered in Boston, Massachusetts, State Street Corporation has established itself as a pivotal partner in both domestic and international markets, contributing to the stability and efficiency of the financial ecosystem globally. Besides its custodial dominance, the company is also recognized for its technological advancements in asset servicing, supporting clients with innovative tools and data solutions to optimize investment outcomes.
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