State Street

Women focused on environmental, social and governance issues are seeing career opportunities open as sustainable finance initiatives become more critical to a bank's success.

When State Street announced plans to acquire Brown Brothers Harriman Investor Services last year, it turned to a trusted executive to oversee the integration: Donna Milrod, who was leading both State Street's Global Asset Managers segment and the Global Clients division.

In June 2021, Nadine Chakar, the three-decades long industry veteran, was appointed to lead State Street Digital, a new business division. The division is designed to help institutional investors, regulators, and State Street itself successfully transition into a modern digital economy.

The Boston-based firm plans to close its two midtown Manhattan offices, the company said. Its New York-based staff will work remotely or from buildings in New Jersey and Connecticut.

State Street is set to offer cryptocurrency reporting, reconciliation and processing services to its private-fund clients in the latest sign that digital assets are gaining acceptance on Wall Street.

BNY Mellon and State Street have been granting millions of dollars in discounts to ensure investors in money market mutual funds stay in the black. Recent moves by the Fed are expected to relieve the pressure.

The Boston trust bank has set up a division called State Street Digital, led by Nadine Chakar, that will help customers invest in cryptocurrencies. It will also develop blockchain and smart contract technology and the ability to tokenize assets.

Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options.

The Boston-based firm has been informally working with an adviser to review strategic alternatives for State Street Global Advisors, including a merger with a competitor, people familiar with the matter said.

Under a rule issued in March, banks will build an additional capital cushion that is determined by their performance in the annual tests.