State Street Corporation
State Street Corporation is a U.S. based company with headquarters in Boston. The company is listed on the stock index S & P 500.
State Street operates as a financial services company and the custodian bank, was established in 1792. With the opening of the Munich office in 1970, the company launched a series of opening new locations and is now represented in 27 countries with own subsidiaries. Around 29,000 employees (as of September 2010) are employed worldwide.
The Bank is one of the 28 major banks, which by the Financial Stability Board (FSB) as " systemically important financial institution" ( systemically important financial institution) were classified. Therefore it is subject to special monitoring and stringent requirements on the level of equity.
History
The roots of State Street to 1792 range back: John Hancock, Governor of Massachusetts, approved the establishment of the Union Bank. Until its merger with State Street Trust Company, 1925, the Union Bank was the hitherto oldest bank, which had passed through and the second oldest at this time Bank of America.
1961 was the State Street Company in its present form from the merger of Rockland - Atlas National Bank with the Second Bank - State Street Trust Company produced. Starting in 1970, private investors were able to buy the shares of the company before 1995 took place the listing on the New York Stock Exchange (NYSE).
In February 2007, the U.S. company Investors Bank & Trust was acquired. In the patent law history, the company went through his unsuccessful lawsuit in State Street Bank v. Signature Financial Group.
In the wake of the financial crisis in 2008, State Street had to take state aid. In exchange for a cash injection of state preference shares and stock options received. In early 2009, the Institute was like many other U.S. financial institutions also subjected to a stress test. Subsequently, the U.S. central bank certified the company to have sufficient capital to withstand an adverse capital market development.
As a result, State Street announced in July 2009 as the first U.S. bank to have repaid all state aid to the government. The Institute reported to the state back about 2 billion dollars. State Street freed thereby from the restrictions that were associated with the adoption of state aid and must not restrict executive pay and dividend payments.
Divisions
State Street provides financial services to institutional investors such as insurers, hedge funds, investment companies or pension funds. For the range of services offered include its investment management, such as for pension funds, also acting as Custodian, the research, securities trading and securities lending or fund management. The business is divided into three areas.
- Investment Research and Trading
- Investment Management
- Investment Servicing
State Street in Germany
In Munich State Street in 1970 opened the first office outside the United States. State Street Bank GmbH was founded with the goal of winning European subsidiaries of U.S. companies as clients. As of 1996, the company expanded its range of custodian services for special funds, performance measurement and analysis, treasury, structured products and investment management services.
The company currently serves on the German locations Munich, Cologne and Frankfurt am Main, with around 800 employees (as of March 2010) both German as well as European and international clients. State Street Bank GmbH is headed by a five-member Board, which protrudes Stefan Gmür as speaker.
Competitor
In the area of fund management and investment management for institutional clients, State Street is in the United States with companies like BlackRock, Fidelity and others in the competition. Due to various links with the capital market and the wide range consist competitive situations to virtually all major U.S. banks. As a provider of services for the investment management measures to State Street with Wall Street houses such as Goldman Sachs, Morgan Stanley, JPMorgan Chase and Merrill Lynch.