FINANCIAL SERVICES One of State Street’s top European executives has been promoted to run its investment services business, State Street’s largest division. The Boston-based financial services giant on Monday announced that chief commercial officer Joerg Ambrosius, who is based in Germany, has been appointed president of investment services. The business provides a range of custody, accounting, and fund administration services to State Street’s asset-management clients.
State Street chief executive Ron O’Hanley had been running that business since January following the retirement of Lou Maiuri. Meanwhile, the company noted that Mostapha Tahiri, who is based in the United Kingdom and took over the COO role from Maiuri, will remain as State Street’s chief operating officer. The two will continue to report directly to O’Hanley.
— JON CHESTO LABOR At least a third of the 70-some employees at a Hadley Trader Joe’s voted last week to decertify its union, reaching the threshold needed to drop it. They allege that union organizers divided workers and championed their own cause at whatever cost. Lee Stratford, the employee who brought the petition, said his colleagues promoted false narratives in union press releases, coerced employees to support them, and excluded workers who did not support Trader Joe’s United — an affiliate of the Service Employees International Union.
It “sowed division and smeared both our workplace and anyone who dissents from the union’s.