State Street Corporation Layoffs: Affecting Thousands of Employees

State Street Corporation, a leading financial services company, has been making headlines with a massive layoff plan that will affect thousands of employees. The company has announced that it will cut approximately 15% of its workforce, which translates to around 3,300 employees.

This move is part of a larger restructuring effort aimed at streamlining operations and improving efficiency. The company has been facing increased competition and declining revenue in recent years.

The layoffs will be implemented across various departments, including investment management, trading, and operations. This will likely have a significant impact on employees who will be losing their jobs.

The company has not disclosed the exact timeline for the layoffs, but it's expected to happen in the coming months.

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State Street Corp. is laying off 1,500 employees, a move that represents a 3.6 percent reduction in its global workforce.

The layoffs were announced on Dec. 6 by Eric Aboaf, vice chairman and chief financial officer of State Street, at the Goldman Sachs US Financial Services Conference.

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State Street had about 42,000 employees globally as of Sept. 30, meaning the layoffs will impact a significant number of employees.

The company will incur about $175 million to $200 million in severance costs associated with the layoffs.

State Street's remote work policy has changed recently, with all employees required to come into the office four days a week, starting in November.

The layoffs come ahead of a revamp in State Street's leadership team, with Louis Maiuri, president, chief operating officer, and head of investment services, set to retire by early next year.

State Street's assets under management dropped to $2.5 trillion during a turbulent fourth quarter for markets, down 10.6 percent from the end of September.

The company has started a new expense savings program to help cope with industry and market challenges.

State Street will continue its focus on internal mobility and redeployment of roles to help match talent with areas of critical need within the company.

The layoffs are the largest round of layoffs from State Street since 2021, when the company cut 1,200 positions, largely in middle management.

State Street Corporation is a financial services company that has been around for over 200 years, with a history dating back to 1792.

State Street Corporation has a significant presence globally, with operations in more than 100 countries.

The company provides a range of services including investment management, investment research, and trading.

State Street Corporation has a large workforce, with over 30,000 employees worldwide.

State Street Corporation is planning to lay off approximately 1,500 employees, which is about 3.6% of its global workforce.

This number represents a significant reduction in the company's workforce, and it's worth noting that this is the largest round of layoffs from State Street since 2021, when the company cut 1,200 positions.

The layoffs are a result of the company's efforts to streamline its organization and position itself for long-term success.

State Street Corporation is a leading financial services company that has been around since 1792. That's even older than the United States itself.

State Street Corporation is headquartered in Boston, Massachusetts, and has operations in over 100 countries worldwide. They have a significant presence globally.

State Street Corporation provides a range of financial services, including investment management, investment research, and banking services. They offer a wide range of products and services to meet the needs of their clients.

State Street Corporation has a long history of innovation and has developed several proprietary technologies, including the Calypso platform, which is a leading investment management system. This platform is used by many of the world's top financial institutions.

State Street Corporation has a strong commitment to corporate social responsibility and has been recognized for its efforts in this area.

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