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February 11, 2016 10:29 AM ET

Capital Markets

Company Overview of State Street Bank and Trust Company (Boston, MA)

Company Overview

State Street Bank and Trust Company serves as the custodian for an investment company. It also provides the basic portfolio recordkeeping required by the investment company for regulatory and financial reporting purposes. State Street Bank and Trust Company serves mutual funds and other collective investment funds, corporate and public retirement plans, insurance companies, foundations, endowments and other investment pools, and investment managers worldwide. The company was formerly known as Second Bank-State Street Trust Company and changed its name to State Street Bank & Trust Company in April 1960. The company was founded in 1792 and is based in Boston, Massachusetts. State Street Bank a...

Copley Place

100 Huntington Avenue

Boston, MA 02116

United States

Founded in 1792



Key Executives for State Street Bank and Trust Company (Boston, MA)

Executive Officer
Compensation as of Fiscal Year 2015.

State Street Bank and Trust Company (Boston, MA) Key Developments

Securities and Exchange Commission Announces State Street Bank and Trust Company Agree to Pay $12 Million to Settle Charges for Pay-to-Play Scheme

The Securities and Exchange Commission announced that State Street Bank and Trust Company agreed to pay $12 million to settle charges that it conducted a pay-to-play scheme through its then-senior vice president and a hired lobbyist to win contracts to service Ohio pension funds. An SEC investigation found that Vincent DeBaggis, who headed State Street's public funds group responsible for serving as custodians or sub-custodians to public retirement funds, entered into an agreement with Ohio's then-deputy treasurer to make illicit cash payments and political campaign contributions. In exchange, State Street received three lucrative sub-custodian contracts to safeguard certain funds' investment assets and effect the settlement of their securities transactions. DeBaggis agreed to settle the SEC's charges by paying $174,202.81 in disgorgement and prejudgment interest and a $100,000 penalty. The SEC further alleges that Robert Crowe, a law firm partner who worked as a fundraiser and lobbyist for State Street, participated in the scheme and entered into undisclosed arrangements with the then-deputy treasurer to make secret illegal campaign contributions to obtain and retain business awarded to State Street. The SEC filed a complaint against Crowe in U.S. District Court for the Southern District of Ohio.

State Street Bank & Trust Co. Wins $59,209,440 Federal Contract for 'Custodian Banking Services'

Chief Management Officer (Pension Benefit Guaranty Corporation), Procurement Department, Suite 1090, has awarded a $59,209,440 federal contract to State Street Bank & Trust Co. on September 30, 2014 for 'Custodian Banking Services'.

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