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Not only do situations like this hurt a company's reputation, but increased and extensive legal costs place consistent financial burdens on the company and its international branches, which cannot afford to find themselves in any more scandal.
State Street has long made it a company mission to not only serve the needs of its institutional investors, but to continue providing that service in a way that is both effective and innovative. It is this innovation that can be viewed as State Street's most viable opportunity for future endeavors and investor relations. With the passage of time comes complete IT transformation, which State Street has not only embraced, but added into its business model. Business operations within State Street branches are continually modified to adjust to advances in IT, which allows for the company to remain ahead of the game in terms of competition as well as providing the most effective service to its clients.
The business that State Street does has the capacity to be dramatically changed by new regulations and reforms set forth by the government, which is something that remains one of the company's most visible threats in the foreseeable future. For instance, President Obama's 2010 signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act into law continues to impose restrictions and limitations on how State Street Bank and its counterparts operate (DATAMONITOR,...
While such regulations have the capacity to adversely affect business performance, company compliance with new standards may prove to be beneficial in the long-run, with consumers and investors cognizant of State Street's compliance with standards.
Conclusion
In viewing the research and literature available on State Street Bank and its business practices, one can better see why this company has remained able to find itself consistently on the list of "World's Best Banks." Despite several glitches in the company's reputation, State Street has consistently worked to improve itself and its customer relations since its inception over 40 years ago. A solid reputation, commitment to investors, response to regulations and focus on innovation for the future continue to place State Street above its competitors and will likely continue to do so for years to come.
References
DATAMONITOR. (2011). State Street Corporation analysis. DATAMONITOR
1(1), 1-9. Web. Retrieved from: Business Source Premier. [Accessed on 21 March 2012].
Global Finance. (2009). World's best banks. Global Finance, 19(9), 18-66. Web.
Retrieved from: Business Source Premier. [Accessed on 21 March 2012].
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