State Street Appoints New Global Chief Compliance Officer

Rhea-AI Summary

State Street Corporation (NYSE: STT) announced the appointment of Yvette Hollingsworth Clark as executive vice president and global chief compliance officer. Reporting to Brad Hu, she will oversee global compliance activities, establishing strong governance frameworks in line with financial regulations. Hollingsworth Clark has a robust background in compliance leadership, previously serving at Google, Barclays Capital, Citigroup, and Wells Fargo, where she managed extensive compliance operations. Her expertise aims to enhance compliance and AML practices at State Street.

Positive

• Appointment of Yvette Hollingsworth Clark enhances compliance leadership.
• Strengthening compliance and AML organization expected to align with global regulatory requirements.

Negative

• Concerns about continuity and experience gaps in leadership team following transition.

Yvette Hollingsworth Clark brings financial services expertise and extensive compliance and risk management experience

BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE:STT) today announced that Yvette Hollingsworth Clark has been appointed to executive vice president and global chief compliance officer. Hollingsworth Clark who will report to Brad Hu, executive vice president and global head of risk for State Street, will also be accountable to the Examining and Audit Committee of State Street’s Board of Directors.

Consistent with the principles of effective compliance, Hollingsworth Clark will oversee compliance activities globally, including designing and implementing structures and processes to drive strong governance and controls. She will also be responsible for frameworks designed to ensure compliance with laws, regulations and policies regarding financial services regulatory requirements.

“Understanding and effectively managing risk in a dynamic environment is absolutely critical to achieving our business goals,” said Hu. “Yvette is a respected professional in compliance risk management, with a strong record of building and leading effective AML and Compliance frameworks at global financial institutions. Her deep experience will prove invaluable as we further strengthen our Compliance and AML organization.”

Hollingsworth Clark brings a strong background of compliance leadership experience in the financial services industry. Most recently, Hollingsworth Clark served as the head of compliance for Google in their Consumer Trust business. Prior to that role, Hollingsworth Clark held leadership roles at Barclays Capital, Citigroup, and Wells Fargo. While at Wells Fargo, she served as executive vice president and chief compliance officer, and regulatory innovation officer with oversight for approximately 8,600 global locations and 1,800 employees. She was also a bank regulator and supervisor within the Federal Reserve System.

“Leading financial institutions have opportunities to further strengthen existing compliance risk management practices ,” said Hollingsworth Clark. “I am looking forward to working with the skillful team of risk management professionals at State Street to further build structures and processes that evolve with the global risk landscape.”

Hollingsworth Clark is an active member in the community and serves on the board of Air Lease Corporation, the advisory board for the Alliance for Innovative Regulation, and is a former board member of the International Women’s Forum Northern California. Hollingsworth Clark is a member of The Links, Incorporated and Executive Leadership Council. She earned an MBA in Financial Institutions and Markets from Syracuse University and a bachelor’s degree in Finance from SUNY Polytechnic Institute.

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 $38.2 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of June 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of June 30, 2022 includes approximately $66 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.

© 2022 State Street Corporation - All Rights Reserved

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Media:

Ed Patterson

Epatterson@statestreet.com

+1 404 213 3106

Source: State Street Corporation

FAQ

Who has been appointed as the new global chief compliance officer at State Street?

Yvette Hollingsworth Clark has been appointed as the new global chief compliance officer at State Street.

What is Yvette Hollingsworth Clark's background prior to joining State Street?

Before joining State Street, Yvette Hollingsworth Clark held compliance leadership roles at Google, Barclays Capital, Citigroup, and Wells Fargo.

What will Yvette Hollingsworth Clark's role entail at State Street?

Yvette Hollingsworth Clark will oversee global compliance activities, including designing governance frameworks and ensuring compliance with financial regulations.

How does Yvette Hollingsworth Clark's appointment impact State Street's compliance efforts?

Her appointment is expected to strengthen State Street's compliance and AML organization, enhancing adherence to regulatory requirements.