State Street has hired a former Lehman Brothers' chief risk officer for a new role as the US custodian bank addresses its off-balance sheet exposure to the sub-prime mortgage market.

Maureen Miskovic, who has worked at both Morgan Stanley and Lehman, will lead a global team of 250 risk professionals at State Street. She will report directly to chairman and chief executive Ronald Logue in the newly created position of chief risk officer.