State Street dismisses Credit Suisse rumorДЄboaf also joined other State Street executives in dismissing reports of a potential acquisition by State Street of Swiss bank Credit Suisse, rejecting it as a вЂњrandom market rumorвЂќ and stating articles about the alleged acquisition fell вЂњsomewhere between foolish and fact-less.вЂќ

State Street also expects to see its fee revenue decline by between 6% to 7% quarter on quarter, compared to the 2% to 3% previously signaled in April, a change due largely to the marketвЂ™s decline relative to the first quarter, Aboaf said.Д®stimates for the financial serviceвЂ™s second quarter revenue currently stand at approximately $3.06 billion, according to Seeking Alpha.

He also held treasurer and various CFO roles at Citigroup, according to LinkedIn.ДЄboaf pointed to the volatility of equity markets, with average global markets declining 7% to 8% quarter on quarter as opposed to the relatively flat movement seen in mid-April following the financial serviceвЂ™s first quarter earnings. Aboaf has served as the companyвЂ™s CFO since December 2016, and previously served as CFO for Citizens Financial Group. State StreetвЂ™s focus on digital transformation comes as the financial services firm - along with others in the financial sector - look to navigate a macro-economic environment that is вЂњconstantly changing,вЂќ State Street CFO and Vice Chairman Eric Aboaf said during the conference. The bank is also working to commercialize blockchain and tokenization applications, Franz said during a presentation at the conference, looking to the technology to support digital custody for the bankвЂ™s clients. вЂњIn a three to five-year timeframe weвЂ™ll have all of our workloads in their target environments.вЂќ вЂњWe think ofвЂ¦what weвЂ™re processing as workload,вЂќ Franz said. The bank is instead pursuing a hybrid strategy, looking to continue utilizing both traditional mainframes as well as both public and private cloud solutions depending on need, Franz said. Franz highlighted AI and automation as technologies that remained вЂњfront and centerвЂќ for the financial serviceвЂ™s digital transformation efforts and also spoke to the institutionвЂ™s game plan for tapping cloud technology, noting its efforts to transfer the bulk of its data management and analytics investment platform Alpha over to a public cloud-based infrastructure - but that вЂњnot everythingвЂќ should be moved over to such an environment.

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