Joseph Hooley was the CEO of State Street from 2010 to 2018, but stepped down towards the end of 2018 so that his chosen successor Ron O’Hanley could take his place. Currently, Hooley remains in the position of Chairman, meaning that he still commands considerable influence at the corporation. Here are 10 things that you may or may not have known about Joseph Hooley:
1. Interested in Tech
Perhaps unsurprisingly, there are a lot of senior executives out there who are interested in the potential of tech to make their corporations more capable at competing in their chosen fields than otherwise possible. When Hooley was the CEO of State Street, he could be considered one of these individuals.
2. Spurred On By an Experience in China
Hooley has had a strong interest in tech for some time. However, he received a huge push because of an experience in China. In short, Hooley was impressed by the sheer range of services offered by Ant Financial as well as the speed at which those services were offered, which convinced him that his own corporation was going to have to choose between either disrupting or disappearing. Due to said incident, Hooley made a huge push for State Street to broaden its own online offerings.
3. Saw the Chinese Experience As an Example of What the Future Might Hold
As such, it should come as no surprise to learn that Hooley considered what he saw in China as an example of what the future might hold for the financial sector. Essentially, what had happened was that the financial sector in China wasn’t tied to the infrastructure that has already been established throughout the developed world for decades and decades, meaning that its players were freer to adopt the latest techniques and technologies.
4. Huge Focus on Data
In particular, Hooley put an enormous emphasis on data, meaning the collection of data as well as the analysis of it for the purpose of producing useful insights into the latest occurrences. Something that took considerable time, effort, and other resources to make possible because it was so far out of State Street’s normal operations. With that said, as far as Hooley was concerned, the corporation’s status as a custodian bank put it in an excellent position to make that necessary jump.
5. Interested in Blockchain
One of the trends that Hooley was interested in is blockchain. Said technology tends to be best-known for cryptocurrencies, but it has already started seeing use in finance and other business sectors because as it turns out, there are a lot of parties out there that can be find a use for decentralized digital ledgers that are very, very difficult for malicious individuals to tamper with.
6. Interested in Machine Learning
Another trend that Hooley was interested in is machine learning. In short, machine learning hasn’t hit the point when it can be called AI, but it nonetheless enables systems to learn more about whatever it is that they have been entrusted with, thus making them more and more capable at it over time.
7. Hasn’t Had Much Success Breaking Into Chinese Market
With that said, while Hooley drew inspiration from the Chinese market, it is interesting to note that State Street hasn’t actually had much success in breaking into it, as shown by a failed partnership with Zhongrong International Trust. There are those who believe that State Street will make further efforts to break into the Chinese market at some point, which is based on its immense potential for profit-making.
8. Focus on Clients
However, Hooley didn’t change everything about State Street. For example, he is a believer that State Street’s consistent success can be attributed in part to its consistent focus on the client, which is something that he upheld as well.
9. Focus on Having the Right People
Speaking of which, it is interesting to note that Hooley has a focus on making sure that his corporation had the right people as well. Essentially, while he considered tech to be very, very important, he also wanted to make sure that he had the right people in place to actually make good use of that tech, particularly since State Street is a service business.
10. Not Ready to Retire
For the time being, Hooley is a Chairman rather than a CEO. However, he has stated that he isn’t ready to retire, so it will be interesting to see what he heads into next.