Digital transformation could be anybody's buzzword these days. It has real substance for State Street Corp., which puts it at the top of the list of business objectives and has been at it for years. An early move to cloud infrastructure, beginning in 2010, was credited with annualized pretax cost savings of more than $625 million by 2014. That predated Antoine Shagoury's 2015 arrival as global chief information officer. Shagoury, 47 — who previously was with the London Stock Exchange Group for five years as CIO and COO, and before that was CIO of the American Stock Exchange and CTO of Instinet — says he is building on and going beyond past initiatives to deliver on the vision of "the digital State Street." Cost efficiencies are still in the equation: In early 2016 the institutional investment manager and servicer, which has $29.8 trillion in assets under custody and administration, projected that Beacon, a new "transformation program to digitize our business, deliver significant value and innovation for our clients, and lower expenses across the organization," would result in $550 million more in annualized savings. The progress toward the expense goal last year was $175 million, well above the $75 million originally estimated.
 1. Adena Friedman NASDAQ  2. Catherine Bessant Bank of America Corp.  3. Robert Goldstein BlackRock  4. Jeffrey Sprecher Intercontinental Exchange  5. Lance Uggla IHS Markit |
 6. Shawn Edwards & Vlad Kliatchko Bloomberg  7. David Craig Thomson Reuters  8. Michael Spencer NEX Group  9. Don Callahan Citigroup  10. Elisha Wiesel Goldman Sachs Group |
 11. Michael Bodson Depository Trust & Clearing Corp.  12. Terrence Duffy CME Group  13. Charles Li Hong Kong Exchanges and Clearing  14. Sean Belka Fidelity Investments  15. Chris Concannon CBOE Holdings |
 16. Guy Chiarello First Data Corp.  17. Steven Lieblich Citadel  18. David Rutter R3CEV  19. Blythe Masters Digital Asset Holdings  20. Alfred Spector Two Sigma Investments |
 21. Neil Katz D.E. Shaw Group  22. Lee Olesky Tradeweb Markets  23. Richard McVey MarketAxess Holdings  24. David Gledhill DBS Bank  25. Seth Merrin Liquidnet Holdings |
 26. Antoine Shagoury State Street Corp.  27. Peter Brown & Robert Mercer Renaissance Technologies  28. Lou Eccleston TMX Group  29. Peter Cherecwich Northern Trust Corp.  30. Mike Chinn S&P Global Market Intelligence |
 31. Chris Corrado London Stock Exchange Group  32. Neal Pawar AQR Capital Management  33. Gary Norcross Fidelity National Information Services  34. Steven O'Hanlon Numerix  35. Sebastián Ceria Axioma |
 36. Brian Conlon First Derivatives and Kx Systems  37. Tyler Kim MaplesFS  38. Michael Cooper BT Radianz  39. Robert Schifellite Broadridge Financial Solutions  40. Jim Minnick eVestment |