The subprime mortgage crisis claimed its first victim of the year yesterday as State Street, a leading US financial services group, announced the departure of its asset management chief as well as a $279m (€189m) charge to cover potential legal costs.
William Hunt left only weeks after the company said four of its off-balance sheet vehicles held $29.2bn of asset-backed commercial paper, short-term securities that are often backed by revenues from subprime mortgages and consumer loans.
