State Street To Appoint Brad Hu to Chief Risk Officer

Rhea-AI Summary

State Street Corporation (NYSE: STT) has appointed Brad Hu as its new chief risk officer, effective January 1, 2022. Hu will transition from his previous role at Citigroup, where he notably reduced the firm's risk profile during challenging times. His extensive experience spans over three decades in financial services, including significant roles at Morgan Stanley. Hu's leadership is expected to enhance State Street's risk management capabilities amidst the evolving global risk landscape.

Positive

• Brad Hu's extensive experience in risk management at Citigroup is expected to strengthen State Street's risk profile.
• Hu's leadership is anticipated to drive significant impact across State Street's risk management practices.

Negative

• None.

Appointment follows planned succession of Andrew Kuritzkes

BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE: STT) today announced that it has named Brad Hu its chief risk officer, effective January 1, 2022. Hu succeeds Andrew Kuritzkes, who is retiring from State Street. Hu will join the company in November as a member of its Executive Committee for a transition period with Kuritzkes.

Hu was previously the chief risk officer at Citigroup for eight years, where he was credited with significantly reducing the firm’s risk profile while guiding it through significant geopolitical and economic disruptions. Prior to this role, he served as chief risk officer for Citi Asia Pacific, where he was responsible for managing the firm's risks across all of Citi’s businesses in the region’s 17 markets, including consumer banking, corporate and investment banking, securities and trading, and private banking.

Prior to joining Citi in 2008, Hu worked at Morgan Stanley for more than 20 years, where he held a number of senior leadership roles across the Global Equity, Global Capital Markets and Investment Banking divisions. He also has more than 15 years of experience in Asia, having worked and lived in Hong Kong, Tokyo and Taipei, where he was chief executive officer of Morgan Stanley Taiwan. Hu’s breadth of industry experience, including front-line origination and product roles, allows him to assess and manage risk across a broad range of perspectives.

“With more than three decades of financial services experience, Brad brings a global risk expertise and approach to help us continue to execute against our strategic priorities,” said Ron O’Hanley, chairman and chief executive officer of State Street. “Brad’s deep experience across asset classes, risk categories, complex financial instruments and diverse markets will drive significant impact across all of our constituencies.”

“I am tremendously excited to be joining State Street,” said Hu. “The risk management challenges facing global financial leaders like State Street have never been greater, nor have the supervisory expectations been higher. I look forward to working with State Street’s outstanding team of risk management professionals to help business leaders around the world stay on top of and ahead of a diverse, complex and rapidly evolving global risk landscape.”

Hu serves as Chairman of the Board of Trustees for the Global Association of Risk Professionals (GARP), is a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York and serves on the Dean’s Advisory Council for the MIT School of Science as well as the Board of Advisors for the Tuck School of Business Administration at Dartmouth College.

“I would also like to thank Andy Kuritzkes for his decade of service at State Street,” added O’Hanley. “He has engrained a culture of risk excellence into our day-to-day activities and we wish him the best in the next chapter of his career.”

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 $43.3 trillion in assets under custody and/or administration and $3.9 trillion* in assets under management as of September 30, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of September 30, 2021 includes approximately $60 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.

© 2021 State Street Corporation - All Rights Reserved

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Media:

Ed Patterson

epatterson@statestreet.com

1 404 213 3106

Source: State Street Corporation