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’SEC charges State Street employees
The SEC has charged two employees of State Street with misleading investors over their subprime exposure.
According to the SEC order, John Flannery and James Hopkins marketed a fund that was mostly invested in RMBS as an alternative to a money market fund.
California acts against State Street
California has launched a $200m legal action against State Street, accusing the institutional money manager of committing “unconscionable fraud” against Calpers and Calstrs, the largest US pension funds.
US to announce 10 banks to repay Tarp
The US Treasury is preparing to announce Tuesday that it will allow 10 banks to buy back government shares, signalling confidence that some of the largest US lenders will not require further taxpayer rescue,
State Street begins stock sale
State Street has begun selling $1.5bn in stock and will sell at least $500m in senior debt as part of the group’s plan to repay money received under the US Tarp scheme, in the latest in a wave of capital-raising by financial institutions following the Treasury-administered “stress tests”.
State Street slashes dividend
State Street, the world’s biggest institutional money manager, on Thursday said it would slash its dividend, cut bonuses for its top 5 executives and halve them for others in efforts to raise capital.
Bank rout raises new fears
The new Obama administration on Tuesday came under immediate pressure to rescue the battered financial sector as bank stocks plunged amid growing fears over their capital needs, reports the FT. The S&P Financials index lost nearly 17%,
State Street stokes bank fears
State Street, one of the world’s biggest asset managers, deepened fears about the US financial sector on Tuesday as it reported a 71% in quarterly net profits and its share price halved. Investors were rattled by a surge in unrealised losses on State Street’s investments and concerns that the custody bank might have to raise more capital.
CDS update: What Obama bounce?
This CDS report was written by Markit’s Gavan Nolan
Hope, optimism, expectation and, of course, change. Today’s inauguration of President Obama has generated a torrent of positivity in the media, with those four words unavoidable.
State Street, Nomura to slash jobs
State Street, one of the world’s biggest institutional money managers, said Wednesday it plans to lay off as many as 1,800 people, or 6% of its staff, in the first three months of 2009, reports Reuters.
Three big US banks report $2.6bn in profits
Three of the nine big banks due to receive capital injections from the US government reported total Q3 profits of more than $2.6bn on Wednesday, highlighting the different needs of companies receiving assistance under the rescue plan.
State Street launches $2.5bn offering
State Street has begun a $2.5bn common-stock offering, becoming the latest financial firm to seek additional investment, reports the WSJ. The move comes as companies such as State Street continue to reel from the credit crunch and try to raise capital ahead of more expected write-downs.
The true state of State Street
When exactly did bank quarterly reports finally part company with reality?
From State Street’s formal Q1 update:
April 15, 2008–State Street Corporation announced today first-quarter earnings per share of $1.35,
Subprime woes lead to State Street exit
The subprime mortgage crisis claimed its first victim of the year on Thursday as State Street, the Boston-based financial services group, announced the departure of William Hunt, its asset management chief,
Institutional investors embrace hedge funds, but high fees annoy
Institutional investors are more comfortable investing in hedge funds today than they were 12 months ago but remain concerned about risk management programmes, accuracy of valuations, and high fees, according to a new survey of institutional investors by State Street Corporation.
State Street to buy IFS for $4.5bn
State Street, the world’s largest mutual fund servicing business, said on Monday it would acquire Investors Financial Services for about $4.5bn in stock. Once the deal has closed, the company will have more than $14,000bn in assets under custody,