State Street named Yvette Hollingsworth Clark as its new global chief compliance officer, the bank said Monday.
And among Hollingsworth Clark’s first big charges, presumably, is helping the Boston-based lender close its pending $3.5 billion acquisition of Brown Brothers Harriman’s investor services unit.
State Street said in July the bank “has been engaged in discussions” with regulators and has floated changes to the operating model, legal entity structure and approvals needed to get the deal done.
“The regulatory world and the political world has changed significantly since we announced this deal and what we’re looking towards [is] a way to break through and close it in a reasonable time period,” State Street CEO Ronald O’Hanley told S&P Global.
The bank said it was even considering modifying the purchase price. State Street and BBH extended talks on the deal, which State Street last sought to close by the end of the year.
Hollingsworth Clark, for her part, will report to Brad Hu, State Street’s executive vice president and global head of risk.
“Understanding and effectively managing risk in a dynamic environment is absolutely critical to achieving our business goals,” Hu said. “Yvette is a respected professional in compliance risk management, with a strong record of building and leading effective [anti-money laundering] and compliance frameworks at global financial institutions.”
Indeed, Hollingsworth Clark spent more than eight years at Wells Fargo — first leading the bank’s compliance efforts, and later serving as an executive vice president and regulatory innovation officer, according to her LinkedIn profile. Prior to that, she also served in AML-related roles at Barclays and Citi, and spent two years as a senior examiner and portfolio manager for the San Francisco Fed.
She left the banking sphere for big tech last year, becoming Google’s global head of compliance - trust.
“Leading financial institutions have opportunities to further strengthen existing compliance risk management practices,” Hollingsworth Clark said in State Street’s release Monday. “I am looking forward to working with [State Street’s team] to further build structures and processes that evolve with the global risk landscape.”
State Street directed Banking Dive to Monday’s press release and the bank’s second-quarter results for comment.
