State Street Corp. on track says chief
State Street Corp. chief executive Ronald Logue said the company is on track to reach long-term goals such as growing its foreign operations to 50 percent of total revenue.
Speaking at the Boston trust bank's annual meeting this morning high in its downtown skyscraper, Logue did not directly address some of the concerns stemming from the credit crisis that have led to charges and held back the company's share price this year. Among other things investors have been concerned with potential losses in four State Street investment vehicles that hold assets like mortgages and student loans.
But Logue cited other measures by which he said the company's strategy is in order, such as growing its Global Advisors investment unit, which has a higher profit margin than its traditional services lines, and increasing earnings and revenue each year.
"Consistency, consistency, consistency, that's where the market will reward us,'' he said. He also noted the company's increased attention to controls, such as the naming earlier this month of a new chief risk officer, Maureen Miskovic, previously a company director.
Several shareholder proposals failed to pass at the meeting by margins the company did not immediately release, including one that would given shareholders the chance to vote on compensation of top executives.
(By Ross Kerber, Globe staff)
