Current Affairs

“State Street to Cut 1,500 Jobs by Year’s End: Report”


State Street, a spokesperson revealed, is undertaking a strategic move “to position ourselves for long-term success and take difficult but necessary steps to further streamline our organization.”
At the Goldman Sachs US Financial Services Conference last Wednesday, State Street’s vice chairman and chief financial officer Eric Aboaf announced the company’s decision. The reduction will account for roughly 3.6 percent of its global workforce, which currently stands at about 42,000 employees.
The cost of these layoffs is estimated to range between $175 million to $200 million, covering severance expenses, as reported by the newspaper.
In a statement to the Globe, a company spokesperson emphasized the need for recalibration despite recent hires in specific departments. The spokesperson stated, “While we have added employees in distinct areas and business functions, we must now position ourselves for long-term success and take difficult but necessary steps to further streamline our organization.” Additionally, they highlighted the company’s commitment to minimizing the impact of these reductions by focusing on internal mobility and reallocating roles to match talent with critical areas within the company.
This marks the most extensive round of layoffs for State Street since 2021 when 1,200 positions were cut. This action follows a period where the company initially avoided layoffs during the COVID-19 pandemic, as reported by the Globe.

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