State Street money management boss out-earns CEO

Joseph “Jay” Hooley, chairman and chief executive officer of State Street Corp., received $12.9 million in compensation for 2010, down 7 percent from the previous year. Hooley, 54, was paid $961,058 in salary, $6 million in stock awards, $4 million in non-equity incentive compensation, $1.67 million reflecting a change in the value of his pension and non-qualified deferred earnings and $296,394 in other compensation, according to a filing today with the U.S. Securities and Exchange Commission. Hooley, who became CEO of the Boston-based company in March 2010, received a $10 million stock award in 2009. However, Scott F. Powers, chief executive officer of the firm's money-management unit, State Street Global Advisors, received $13.5 million in compensation, and Chief Financial Officer Edward J. Resch earned $9.44 million. Former CEO Ronald E. Logue, who retired when Hooley took over, got $11 million. State Street, the third-largest custody bank behind Bank of New York Mellon Corp. and JPMorgan Chase & Co. in New York, had net income in 2010 of $1.56 billion, compared with a loss of $1.88 billion in 2009. The firm said on Nov. 30 it is cutting 1,400 jobs, or 5 percent of its workforce, to lower costs as record-low interest rates eroded profit from investing and securities lending. --Bloomberg News--