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State Street’s Jay Hooley says he favors stricter trading rules in wake of JPMorgan Chase loss

By Beth Healy

 |  Globe Staff  

  May 16, 2012

State Street Corp. chief executive Jay Hooley is in favor of stricter trading rules in the wake of JPMorgan Chase & Co.’s $2 billion derivatives loss during an annual shareholders meeting Wednesday that was interrupted several times by protesters. Hooley said he didn’t fully understand what went wrong at JPMorgan, but he sees such mistakes through the lens of “reputational impact.” Hooley said State Street, a Boston-based manager of pension assets and custodian for large investment funds, does not engage in the kind of proprietary trading that’s at issue.

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