State Street

Citizens Financial Group's promotion of Brendan Coughlin to company president comes at the same time as CFO John Woods prepares to leave for State Street. Both executives have been viewed as potential successors to CEO Bruce Van Saun.

The investment and custody bank beat Wall Street estimates on net income but missed on revenue expectations. An increase in fee revenue offset stagnant net interest income. Management expects more of the same for the rest of the year.

The custody bank achieved its goal for the amount of deposits it placed into minority banks and community development financial institutions by the end of the year.

Heinel is the first female global chief investment officer at State Street Global Advisors, the world's fourth-largest asset manager.

Fogarty and her team are responsible for custody, reconciliations, derivatives, bank loans, middle-office, investment analytics, accounting and fund administration, alternative operations, and transfer agency activities for State Street.

Hung joined State Street Global Advisors in December 2022, following a 12 year stint at New York Life Investments, including 7 1/2 years as its CEO.

Milrod has led the bank's foray into digital finance and its efforts to become more product-driven.

The Boston-based custody bank will place deposits at Carver State Bank, Citizens Trust Bank and Ponce Bank as part of its broader effort to help reduce the wealth gap. State Street plans to place a total of $100 million of deposits at minority depository institutions this year.

Societe Generale has been seeking more than $1.1 billion for the business, according to the people, sources told Bloomberg News. 

The departures are occurring during a period of heightened U.S. political backlash against the environmental, social and governance investing strategy. Republican officials across the country have launched investigations into banks and asset managers, introduced anti-ESG laws and pulled funds from firms such as BlackRock, which championed sustainable investing.