State Street names new risk chief

State Street Corporation has hired Brad Hu as its next chief risk officer (CRO), effective January 1, 2022.

Hu will succeed Andrew Kuritzkes, who is retiring from State Street. Hu has joined the company this month as a member of its executive committee for a transition period with Kuritzkes.

Hu was most recently CRO at Citigroup. Before taking on that role he was CRO for Citi Asia Pacific, a position in which he was responsible for managing the firm’s risks across all of Citi’s businesses in the region’s 17 markets, including consumer banking, corporate and investment banking, securities and trading and private banking.

Before joining Citi in 2008, Hu worked at Morgan Stanley for more than two decades in senior leadership roles across the bank’s global equity, global capital markets and investment banking divisions. He has more than 15 years of experience in Asia, having worked and lived in Hong Kong, Tokyo and Taipei, where he was CEO of Morgan Stanley Taiwan.

State Street chair and CEO Ron O’Hanley says in a statement: ‘With more than three decades of financial services experience, Brad brings a global risk expertise and approach to help us continue to execute against our strategic priorities. Brad’s deep experience across asset classes, risk categories, complex financial instruments and diverse markets will drive significant impact across all of our constituencies.

‘I would also like to thank Andy Kuritzkes for his decade of service at State Street. He has engrained a culture of risk excellence into our day-to-day activities and we wish him the best in the next chapter of his career.’

Hu chairs the board of trustees for the Global Association of Risk Professionals and is a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York.