State Street Bank and the local community

Abstract: David Boeri reports on expansion plans by the State Street Bank. Boeri notes that the bank's acitivities are focused on mutual funds, pension funds, and informational services; he adds that the bank has a presence on the international scene. Boeri reports that the bank needs approval from the State Banking Commission before opening an office in Tokyo. Boeri notes that critics accuse the bank of abandoning its local responsibilities. Boeri's report includes footage of a hearing of the State Banking Commission. Bill Owens (State Senator) says that the bank does not provide credit to lowand moderate-income neighborhoods. William Edgerly (Chairman, State Street Bank and Trust) says that the bank does not provide a full range of consumer services. Boeri interviews Edgerly. Edgerly says that the bank needs to go global in order to be an industry leader. He adds that the bank is committed to the local community. Boeri interviews Diane Strother (Massachusetts Affordable Housing Alliance). Strother says that the bank does not do enough for the community. Boeri reports that affordable-housing advocates want the bank to renew its commitment to low-income neighborhoods.

Details

Additional Information