Steering the Ship of State Street
While he may have spent part of his twenties on a motorcycle—“leather jacket and all”—Joseph “Jay” L. Hooley III ’79, P’10, has devoted more time, especially in recent decades, to building toward a paramount position in the financial services industry.
Earlier this year, Hooley was named president and CEO of State Street Corporation, continuing his successful career at the Boston-based global leader in asset management and asset servicing.
He takes the helm amid relative turmoil for financial institutions and understands that trust tops today’s list of fundamental business principles.
“No matter what the market conditions,” says Hooley, “ensuring that you have a culture of strong governance focused on integrity and fiduciary responsibility is essential to keeping existing clients and winning new ones.”
Hooley serves as chair of the advisory board for the Carroll School’s Center for Asset Management and cites the school’s Portico program—a required weekly seminar for freshmen—as a model for infusing ethical considerations into business education.
Hooley also knows what characterizes a strong new graduate in finance: the ability to think critically and propose innovative solutions. “Any graduate with those skills,” he says, “along with a natural intellectual curiosity and interest in finance, will likely do quite well.”
Below, Hooley provides some personal data:
What is the most satisfying moment in your professional life?
Being elected CEO after a 24-year career with State Street.
In your personal life?
The births of my four children.
What is your fondest BC memory?
The friendships, social activities, and sporting events. And, of course, the classes.
What is your next goal?
Getting my children through college—so far, one of my two college-age children has attended BC.
What is one thing everyone should do while at BC?
Take a minute and recognize how fortunate you are to be at such a great place with people who care about you.
How have you changed since graduation?
Personally, I’ve recognized the importance of family and friends. In my professional life, I’ve had many different work experiences and have traveled extensively around the globe, all of which have dramatically widened my perspective.
Why did you decide to attend BC?
My father’s influence. He grew up in Boston, attended BC High, and always thought very highly of the University. When I first visited BC, it was a place where I knew I would fit in.
What is the secret to success?
Pursuing things you are passionate about, having diverse interests, and making a difference in whatever you pursue.
Where was your favorite spot on the Heights?
The Rathskeller in Lyons Hall—at the time a great place to meet and eat.
What would you do if you were BC president for a day?
Declare a “community day,” when everyone would pursue a community service activity of their choice.
What was your first job?
A sales and marketing position at New England Telephone, which evolved into an early career at AT&T.
Where did you live during freshman year?
At my parent’s home in Natick.
How do you relax?
Family time is most relaxing to me, along with physical activities, including golf, skiing, and working out.
What was your favorite BC class?
“Operations Management.” The combination of analytical thinking applied to a business operating environment was intriguing and most influential in my career.
What do you look forward to each day?
The early mornings, which are a time to reflect and organize for the day’s events.
What was your favorite BC activity?
Football games, in spite of the 5-6 record my senior year. The camaraderie and enthusiasm of the students were infectious.
What is something your friends don’t know about you?
I used to ride a Honda motorcycle.
How much can you sing of the BC fight song?
As a soloist, not very much. At Alumni Stadium, after a win, the whole thing.
Who would play you in the film version of your life?
I’d like to say Pierce Brosnan, but I’ve been told I slightly resemble Jim Carrey!
What was the best meal at the BC dining hall?
You’re testing my memory. I’d have to say the pizza.