State Street completes $500 million preferred stock issuance

State Street has completed the placement of its ‘Series L Preferred Stock’, raising approximately $500 million in gross proceeds. The issuance consisted of 500,000 preferred stock certificates at a price of $1,000 per unit. After accounting for fees and costs, the company expects net proceeds of approximately $495.7 million. The offering was managed by a consortium led by Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC.

In conjunction with these capital market activities, State Street announced a leadership change in its finance department. C. Jack Read has been appointed Executive Vice President, Global Controller, and Chief Accounting Officer, effective August 10. Read succeeds Elizabeth M. Schaefer and joins the firm from MSCI Inc. He previously held leadership roles at Citizens Financial Group, JPMorgan Chase, and KPMG.