After Deutsche Acquisition, All Markets But Germany Integrated, Says Joseph Hooley Of State Street

New York After acquiring a substantial part of Deutsche Bank AG's Securities Services business in 2003, State Street has integrated all markets but Germany into its current technologies, said Joseph Hooley of State Street. There was not as much development,

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New York–After acquiring a substantial part of Deutsche Bank AG’s Securities Services business in 2003, State Street has integrated all markets but Germany into its current technologies, said Joseph Hooley of State Street.

[There was] not as much development, but combining,” said Hooley at a speech today in New York City. “As of last year, we have completed all the integration besides Germany.” He said that different systems in each market, such as accounting, added to the challenge, and Germany should be completed by the third or fourth quarter of this year.

Before State Street could begin changes in its new markets, it had to convince employees and customers to remain with the business. State Street has acquired businesses serving investment managers, private and public pension funds and insurance companies in 92 markets and about 3,200 former Deutsche Bank employees now work for State Street.

“The one thing clients don’t want is a disruption,” Hooley said.

Hooley said while migrating customers to State Street, the company has retained 88% of client revenues, worth $2.1 trillion.

“This [acquisition] more than doubled our presence in Europe,” he said.

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