State Street Corporation, the US-based custody bank and asset manager, plans to raise $2.5bn (â¬1.6bn) by issuing new common stock in a move related to its disclosure of $1.5bn (â¬970m) of unrealised losses from off-balance sheet debt investments.
State Street joins several banks and financial services groups that have turned to their shareholders to shore up balance sheets in the wake of the credit crisis, most recently the UK bank Bradford & Bingley, which is trying to raise £258m.
