Key Developments: State Street Corp (STT)
7 Mar 2014
Latest Key Developments (Source: Significant Developments)
Dow Jones reported that State Street Corp announced that its Board of Directors has approved a new common stock purchase program authorizing the purchase of up to $2.1 billion of its common stock through March 31, 2014. State Street may commence purchases of its common stock under this new authorization at any time. Full Article
State Street Corp announced that quarterly cash dividend of $0.26 per share of common stock, payable on April 12, 2013 to common stockholders of record as of April 1, 2013. Full Article
Reuters reported that State Street Corp said it would cut about 630 jobs worldwide amid pressure from some of its largest shareholders to cut expenses. State Street's job cuts are the strongest signal yet from Chief Executive Jay Hooley that the bank will continue to encounter a tough revenue environment. Jefferies & Co analyst Ken Usdin credited the Company with better cost controls and good momentum on core fees. Full Article
State Street Corp's State Street Global Advisors Quits Bidding For Credit Suisse Group AG's ETF Unit-Reuters
Reuters reported that State Street Global Advisors has dropped out of the bidding for Credit Suisse Group AG's $17.34 billion European exchange-traded fund business. As first reported by Reuters, BlackRock Inc and State Street Global Advisors, the money management arm of State Street Corp, were among the first round of bidders for Credit Suisse's European ETF business in early October The investment banking arm of Credit Suisse is representing the parent company in the deal. BlackRock is still looking at the business. It could not be determined if other bidders are competing with BlackRock. Full Article
State Street Corp 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. State Street will conduct a comprehensive internal and external search for a new chief financial officer. Full Article
State Street Corp announced a quarterly dividend of $0.24 per share of common stock, payable October 12, 2012, to stockholders of record as of October 1, 2012. Full Article
State Street Corp announced the pricing of its previously announced offering of 20,000,000 depositary shares each representing a 1/4,000th ownership interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $25 per depositary share). The aggregate dollar amount of the depositary shares offered is $500,000,000. The offering is being conducted pursuant to an effective registration statement under the Securities Act of 1933. The depositary shares will be offered to the public at a price of $25 per depositary share and with a dividend rate of 5.25% per annum on the liquidation preference of $100,000 per Series C share. State Street estimates that the net proceeds from the offering will be approximately $487.5 million, after deducting estimated expenses and underwriting discounts and commissions. Morgan Stanley & Co. LLC, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC are joint book-running managers for this offering. Full Article
State Street Corporation To Acquire Goldman Sachs Administration Services From The Goldman Sachs Group, Inc.
State Street Corporation announced that it has agreed to acquire Goldman Sachs Administration Services (GSAS), a hedge fund administrator, from The Goldman Sachs Group, Inc., in a cash transaction with a total purchase price of $550 million, subject to certain adjustments. Pending regulatory approvals and other customary closing conditions, the transaction is expected to be finalized early in the fourth quarter of 2012. A premier global service provider to hedge funds, GSAS administers approximately $200 billion in single manager hedge fund assets on behalf of approximately 150 investment manager clients from locations across the globe. GSAS employees, including client-facing staff and the management team, are expected to join State Street following the close of the transaction. The transaction does not include Goldman Sachs’ Prime Brokerage business, which remains an important offering of Goldman Sachs. Full Article
State Street Corporation announced that it has been appointed by Emory University to provide risk analytics services for its $5 billion endowment. State Street will perform various analytical measures for the endowment in support of the risk management process, including data management and risk measurement and analysis. State Street will support Emory`s complete endowment, aggregating data to provide a view of portfolio exposures and risk characteristics. The new mandate expands State Street`s existing relationship with Emory, which includes custody, performance and compliance services. Full Article
State Street Corporation announced that a quarterly dividend of $0.24 per share of common stock, payable July 16, 2012, to stockholders of record as of July 2, 2012. Full Article
LONDON - Royal Bank of Scotland has told clients it will stop accepting orders for a number of currency fixings, citing an internal review and declining comment on any link to a global inquiry into possible manipulation of the daily benchmarks.