State Street hit by defections 16 June 2010New York Reporter:
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Eight senior staff at State Street have resigned from the organisation, amidst rumours of a new venture.
The names include Peter Economou, executive vice president, global head of securities finance. Other names are rumoured to include Mike McAuley and Paul Lynch.
A State Street source confirmed the other departures as: Sue Lee,head of client relations, Larry Alba and Opie Nap, who were senior client relations managers, Mike Landolfi, head of operations and Bill Locke, from asset and liability management
Nick Bonn, executive vice president, will take interim charge of the firm's securities lending operations.
Craig Starble, who left State Street in March 2009, is thought to be linked to this week's departures, and is believed to have venture capitalist backing for a new unconfirmed business.
"Nick Bonn, executive vice president and 18-year State Street veteran, has been named interim head of Securities Finance replacing Peter Economou," said a statement from State Street. "Peter has decided to leave State Street to pursue start-up opportunities within the industry.
"State Street has a deeply tenured team in place, virtually all of whom have been involved in building our leadership position in securities finance. Our more than 70-person strong client service and sales teams, our head of trading, head of risk management and their respective teams remain in place to service client needs."
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