Latest news with #O'Hanley
Business Wire
01-07-2025
- Business
- Business Wire
State Street Corporation Announces Planned 11% Dividend Increase and Preliminary Stress Capital Buffer Requirement
BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) today announced its intention to increase its per share common stock dividend by 11% to $0.84 in the third quarter of 2025, subject to consideration and approval by its Board of Directors. State Street continues to be authorized to repurchase common shares under its existing share repurchase program previously approved by its Board of Directors. The Company also announced today that it had completed the Federal Reserve's 2025 Supervisory Stress Test process. State Street's calculated Stress Capital Buffer (SCB) under this year's supervisory stress test was well below the 2.5% minimum, preliminarily resulting in a continued SCB at that floor, which maintains its common equity tier 1 (CET1) ratio requirement at 8% 1. The Federal Reserve will release the firm's final SCB requirement by August 31, 2025, which will become effective on October 1, 2025, and remain in effect through September 30, 2026. The results of the firm's 2025 annual stress test, with its disclosure, are available on the Investor Relations section of its website at 'The results of the Federal Reserve's stress test reaffirm State Street's robust financial strength and our ability to support clients through a range of severely adverse economic conditions,' said Chairman and Chief Executive Officer Ron O'Hanley. 'We are pleased to once again announce a planned increase to our quarterly common dividend, enabled by our strong earnings, resilient balance sheet and continued execution of our strategy,' O'Hanley added. State Street's Board of Directors will consider the common stock dividend at a regularly scheduled board meeting in the third quarter of 2025. State Street's third quarter 2025 common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street's Board of Directors at the relevant times. Stock purchases under State Street's common share repurchase program may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be ratable over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including State Street's capital position and financial performance, investment opportunities, market conditions, the nature and timing of implementation of revisions to the Basel III framework and the amount of common stock issued as part of employee compensation programs. The common share repurchase program does not have specific price targets and may be suspended at any time. About State Street Corporation State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.7 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of March 31, 2025, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at *Assets under management as of March 31, 2025, includes approximately $106 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated. Forward Looking Statements This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our intentions, plans and expectations regarding our quarterly common stock dividends, our share repurchase program and results of regulatory evaluations of our capital. Forward looking statements are often, but not always, identified by such forward-looking terminology as 'plan,' 'intend,' 'will,' 'project,' 'priority,' 'expect,' 'aim,' 'outcome,' 'future,' 'strategy,' 'pipeline,' 'trajectory,' 'target,' 'guidance,' 'outlook,' 'objective,' 'forecast,' 'believe,' 'anticipate,' 'estimate,' 'seek,' 'may,' 'trend,' and 'goal,' or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements. This News Release references important factors that may affect future results and outcomes. In addition to those factors, other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2024 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.
Boston Globe
30-06-2025
- Business
- Boston Globe
New Staples retail boss takes it ‘easy'
In January, Warkentin became president of Staples' US retail operations. One of his first big moves as the top executive: launching a new campaign around the familiar fat red button, with billboards, store signs, and social media posts. (The button shows up as 'E.B.' on LinkedIn.) And yes, you can still buy buttons that say 'that was easy' for your office cubicle. The Easy Button concept is in keeping with Staples founder Tom Stemberg 's ethos around making life easier for customers, Warkentin says. Advertisement 'It wasn't just a marketing campaign,' Warkentin said. 'It was a commitment.' The idea takes on new resonance now that the company has pivoted to focus more on services and less on traditional brick-and-mortar retail, particularly as consumers and small businesses are using less paper, once the lifeblood of a Staples store. In that regard, Warkentin cited several growth areas such as same-day sign printing, TSA Precheck enrollment, tech support, and 'iPostal' digital mailboxes. Warkentin said he doesn't expect to significantly add to the company's network of 900-plus stores in the United States, but he does want to optimize the stores Staples already has. Advertisement 'What you hopefully are seeing is the evolution of a strategy playing out where we're moving more towards a service-based approach versus a product-based approach, which is where the whole 'Easy campaign' comes in,' Warkentin said. 'Leveraging something from the past and applying it to something that's new and more modern.' For Mass. CEOs, competition is on the menu The 'C' word seems to be everywhere you turn these days. Case in point: State Street chief executive Ron O'Hanley and Rapid7 chief executive Corey Thomas are hosting an unusual dinner meeting on Wednesday, and 'competitiveness' is on the menu. The meeting is unusual because O'Hanley and Thomas invited board chairs of local business associations as opposed to the associations' chief executives — other executives whose day jobs involve leading companies, not trade groups. O'Hanley chairs the Massachusetts Competitive Partnership , and is the former chair of the Greater Boston Chamber of Commerce 's board, a role he handed off to Thomas a year ago. In their invite, they write that the challenges to the state's economic competitiveness have never been greater. They cite headwinds facing leading industries, and existential threats posed to universities and hospitals. They point to high construction and housing costs, as well as taxes. And they express concerns about roads and public transit. Their stated goal: to identify actions that local business leaders can take to address 'what is now a critical situation.' The meeting follows a Pioneer Institute report in April, citing Bureau of Labor Statistics data, showing that private sector employment in Massachusetts remains 0.74 percent lower than in January 2020 — the third-worst showing of any state. And on Thursday, the Massachusetts Business Roundtable released a report showing an increasing number of their members are hiring remote workers in other states to fill jobs. Advertisement 'Massachusetts has more going for it than it has challenges,' said Citizens Bank executive Lisa Murray , who plans to attend as chair of the Roundtable. 'We need to make sure we're telling that story, so we're focusing on and highlighting all the amazing things that happen here. . . . But we can't be naive and stick our head in the sand, and not address the issues that are as clear as day.' For Boston Arts Academy, a big check from big fans When Mayor Michelle Wu Josh Boger and Amy Boger to step up. The couple has supported the visual and performing arts high school for several years, ever since they received an inquisitive visit by some academy students to their Summer Street studio. Josh Boger is a scientist by training, and a former chief executive of biotech powerhouse Vertex Pharmaceuticals, while his wife is a retired pediatrician. But now he's much more focused on photography, particularly underwater, and she's more focused on ceramics. Boger said it was a no-brainer for the couple to donate that final $1 million, to make the match sought by the anonymous donor and bring the total amount raised by the Boston Arts Academy Foundation to $35.9 million — wrapping up the campaign. The couple had donated to BAA before, he said, but this is their largest single gift to the school. They were recognized by Wu at a reception at the Parkman House on Friday. (The gift will go to a scholarship fund, to support BAA graduates in college, named after foundation chief executive Denella Clark .) Advertisement He said he's impressed that admissions are not based on middle school grades, but instead on auditions and portfolios. He believes many students who are artistically inclined can go on to become great mathematicians and scientists; the pursuits of arts and of science are more similar than many people realize. He probably gets as much out of the student visits as the kids do — if not more. 'It's the questions they ask, and I realize that they're seeing certain aspects [of my photography] for the first time,' Boger said. 'That makes me more interested in those aspects. . . . It reminds me to look at it more carefully.' Wu sees mounting interest in office conversions Interest continues to build in Mayor Michelle Wu 's tax- That's the message the mayor conveyed at an Associated Industries of Massachusetts meeting on Thursday, after AIM chief executive Brooke Thomson asked what her administration is doing to help address the region's housing shortage. Wu touted her conversion program, which offers developers a 75-percent property tax break over 29 years. She noted projects totaling nearly 800 units are in the pipeline, soon to climb to around 1,000. The hope: bring more life to a downtown hurt by the rise of remote work, while creating more housing. Advertisement Actual construction, though, Wu rattled off several other city housing initiatives, and she fielded a separate question from Thomson about buttressing the city's competitiveness. She indicated that perhaps the most important draw for businesses is 'making sure Boston is a city where employees, where people, want to build their lives.' There was little indication of how some of Wu's more progressive policies — increased requirements for affordable housing, for example, or climate-friendly construction — faces some resistance in the business community. A number of prominent executives have donated to Josh Kraft, her challenger in the fall election. To introduce Wu at the AIM event, M&T Bank regional president Grace Lee talked about how Wu stood her ground before confrontational members of Congress in March, over immigration policies. Wu hearkened back to that moment when Thomson asked about the mayor's controversial rollout of more bike lanes, a rollout that Kraft targeted 'When I was sitting in that congressional hearing room in D.C.,' Wu recalled, 'and the questions were coming fast and furious and trying to, you know, call me names, and this and that, I quickly realized, . . . none of these congressional Republicans have been in a bike lane meeting in the city of Boston.' Advertisement Jon Chesto can be reached at
Business Wire
09-05-2025
- Business
- Business Wire
State Street Corporation 2025 Annual Meeting of Shareholders
BOSTON--(BUSINESS WIRE)--As previously announced, State Street Corporation (NYSE:STT) will hold the 2025 Annual Meeting of Shareholders on Wednesday, May 14, 2025 at 9:00 a.m. ET. The Annual Meeting of Shareholders will be conducted online via live audio webcast at State Street's Chairman and Chief Executive Officer, Ronald P. O'Hanley, will provide brief remarks and respond to shareholder submitted questions. Shareholders of record as of March 14, 2025 can participate by logging into the webcast and entering the 16-digit control number provided with the notice of internet availability of the proxy materials, proxy voting card or voting instruction form previously distributed. The Notice of Annual Meeting and Proxy Statement was made available on April 3, 2025. Others without a control number can listen to the audio only webcast by visiting and signing in as a guest. A webcast playback will be available for thirty days at: within approximately twenty-four hours after the completion of the annual meeting. This webcast may include forward-looking statements and other material information. About State Street Corporation State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.7 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of March 31, 2025, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at *Assets under management as of March 31, 2025 includes approximately $106 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Yahoo
08-05-2025
- Business
- Yahoo
We went to Milken, where the rich were worrying in public — and partying in private
The annual Milken Global Conference brings bigwig CEOs, billionaires, and talking heads to LA. At a ritzy hotel in Beverly Hills, execs speaking on panels stressed how much uncertainty there is. In private chats and at late-night parties, though, big money elites showed no sign of slowing down. If you closed your eyes and only listened to the panels at this year's Milken Global Conference, you'd think the country was on the verge of a recession. One of the most common words spoken by executives and investors was "uncertainty." Treasury Secretary Scott Bessent's speech — not talks with Peyton Manning or Tony Blair or Henry Kravis — was the hottest ticket in town, with attendees lining up an hour out for his opening remarks. Pessimism about the US was so high that professional investors are looking to put money to work in Europe, long ignored by American firms because of the continent's slow growth relative to US companies. "The brand is definitely tarnished now," State Street CEO Ron O'Hanley said, echoing comments made by Citadel's founder, Ken Griffin, and Apollo CEO Marc Rowan. "The real question is whether this is permanent," O'Hanley, whose firm manages $4.7 trillion, said on a panel about the macro environment. The "animal spirits" energy radiating off the investor class and C-suites in Davos was nowhere to be found on the Milken stages in Beverly Hills, California, thanks to President Donald Trump's tariff policies, which have upended global equity and bond markets. "The mood was unbelievably optimistic" in Switzerland, Katie Koch, the CEO of the $195 billion credit investment manager TCW, said while sitting next to O'Hanley onstage, but it's "the opposite now." The Beverly Hilton was packed with upward of 5,000 attendees this year, the conference's biggest showing since 2019, despite ticket prices starting at $25,000 apiece. Lines snaked around the lobby for top speakers like Jessica Alba — even the tennis star Novak Djokovic was seen waiting to get in. Attendees competed not only for seats but also for invitations to the most coveted after-parties, held at the members-only Bird Streets Club and restaurants such as Funke, Cipriani, and AOC. One of the hardest invitations to get was a dinner with Bessent on Sunday night. Walking around the ritzy Beverly Hills hotel and speaking with attendees in the conference's wellness garden (featuring "puppy playtime" and "nervous system reset" chairs) or at the numerous after-parties hosted by banks and private equity giants, we found the mood was much more positive. "This isn't the type of food you'd see at a reception during a recession," one partygoer said Monday evening as a platter of tuna tartare passed by. The person, who has been investing in private markets for decades, said he wasn't worried about the economy until after-parties put a limit on the number of drinks each person could get from the bar. People were encouraged by Bessent's comments tying the tariffs to deregulation and tax cuts. While many asset managers are not deploying capital, they're still fundraising, and meetings with representatives from Middle East sovereign wealth funds were some of the toughest to get. Once he was done speaking on a panel Monday afternoon, Saudi Arabia's minister of investment, Khalid Al-Falih, was swarmed by attendees. There's also still plenty of optimism around tech and the promise of artificial intelligence, with self-driving Waymo cars dropping off many attendees and a fridge-sized box in the lobby allowing passersby the chance to speak with a hologram of the conference's host, Michael Milken, in several languages. Elon Musk, who was a popular headliner last year, chose to stay behind closed doors this year, giving an interview to Milken in front of an invite-only crowd Sunday, someone who attended said. Milken also interviewed Nvidia CEO Jensen Huang on Tuesday in front of a packed audience. At a party held Sunday at the billionaire Nicolas Berggruen's Beverly Hills mansion to celebrate the fifth anniversary of his tech philosophy magazine, Noema, interpretive dancers performed by the pool before the journalist Kara Swisher hosted a debate on whether AI makes us more human. Perhaps one of the best metaphors for the mixed signals at the elite gathering is the bougie boxed lunches given out each day to the thousands of attendees: a seemingly austere offering that contained more luxurious options inside, such as salmon with tabbouleh and chocolate mousse. The US, it seems, is still a hard habit for many investors to kick. In the same breath that deep-pocketed panelists would criticize trade policies or talk up international opportunities, they'd mention the overwhelming size of the country's capital markets or innovative culture. Johnson & Johnson CEO Joaquin Duato, a dual citizen of the US and Spain, paraphrased a Winston Churchill quote to describe businesses' thinking on the future of the world's largest economy: "Americans always do the right thing, after trying everything else." Read the original article on Business Insider
Business Insider
08-05-2025
- Business
- Business Insider
We went to Milken, where the rich were worrying in public — and partying in private
If you closed your eyes and only listened to the panels at this year's Milken Global Conference, you'd think the country was on the verge of a recession. One of the most common words spoken by executives and investors was "uncertainty." Treasury Secretary Scott Bessent's speech — not talks with Peyton Manning or Tony Blair or Henry Kravis — was the hottest ticket in town, with attendees lining up an hour out for his opening remarks. Pessimism about the US was so high that professional investors are looking to put money to work in Europe, long ignored by American firms because of the continent's slow growth relative to US companies. "The brand is definitely tarnished now," State Street CEO Ron O'Hanley said, echoing comments made by Citadel's founder, Ken Griffin, and Apollo CEO Marc Rowan. "The real question is whether this is permanent," O'Hanley, whose firm manages $4.7 trillion, said on a panel about the macro environment. The " animal spirits" energy radiating off the investor class and C-suites in Davos was nowhere to be found on the Milken stages in Beverly Hills, California, thanks to President Donald Trump's tariff policies, which have upended global equity and bond markets. "The mood was unbelievably optimistic" in Switzerland, Katie Koch, the CEO of the $195 billion credit investment manager TCW, said while sitting next to O'Hanley onstage, but it's "the opposite now." The gloom onstage didn't affect the mood The Beverly Hilton was packed with upward of 5,000 attendees this year, the conference's biggest showing since 2019, despite ticket prices starting at $25,000 apiece. Lines snaked around the lobby for top speakers like Jessica Alba — even the tennis star Novak Djokovic was seen waiting to get in. Attendees competed not only for seats but also for invitations to the most coveted after-parties, held at the members-only Bird Streets Club and restaurants such as Funke, Cipriani, and AOC. One of the hardest invitations to get was a dinner with Bessent on Sunday night. Walking around the ritzy Beverly Hills hotel and speaking with attendees in the conference's wellness garden (featuring "puppy playtime" and "nervous system reset" chairs) or at the numerous after-parties hosted by banks and private equity giants, we found the mood was much more positive. "This isn't the type of food you'd see at a reception during a recession," one partygoer said Monday evening as a platter of tuna tartare passed by. The person, who has been investing in private markets for decades, said he wasn't worried about the economy until after-parties put a limit on the number of drinks each person could get from the bar. People were encouraged by Bessent's comments tying the tariffs to deregulation and tax cuts. While many asset managers are not deploying capital, they're still fundraising, and meetings with representatives from Middle East sovereign wealth funds were some of the toughest to get. Once he was done speaking on a panel Monday afternoon, Saudi Arabia's minister of investment, Khalid Al-Falih, was swarmed by attendees. There's also still plenty of optimism around tech and the promise of artificial intelligence, with self-driving Waymo cars dropping off many attendees and a fridge-sized box in the lobby allowing passersby the chance to speak with a hologram of the conference's host, Michael Milken, in several languages. Elon Musk, who was a popular headliner last year, chose to stay behind closed doors this year, giving an interview to Milken in front of an invite-only crowd Sunday, someone who attended said. Milken also interviewed Nvidia CEO Jensen Huang on Tuesday in front of a packed audience. At a party held Sunday at the billionaire Nicolas Berggruen's Beverly Hills mansion to celebrate the fifth anniversary of his tech philosophy magazine, Noema, interpretive dancers performed by the pool before the journalist Kara Swisher hosted a debate on whether AI makes us more human. Perhaps one of the best metaphors for the mixed signals at the elite gathering is the bougie boxed lunches given out each day to the thousands of attendees: a seemingly austere offering that contained more luxurious options inside, such as salmon with tabbouleh and chocolate mousse. The US, it seems, is still a hard habit for many investors to kick. In the same breath that deep-pocketed panelists would criticize trade policies or talk up international opportunities, they'd mention the overwhelming size of the country's capital markets or innovative culture. Johnson & Johnson CEO Joaquin Duato, a dual citizen of the US and Spain, paraphrased a Winston Churchill quote to describe businesses' thinking on the future of the world's largest economy: "Americans always do the right thing, after trying everything else."
