State Street set to cut 1,500 jobs in repositioning effort

Revealed by CFO

State Street is set to cut 1,500 jobs as part of a repositioning of its business.

Last week (6 December), Eric Aboaf, the firm's vice chair and CFO, spoke at the Goldman Sachs US Financial Services Conference on the direction of the firm, including aims to increase efficiency. As part of these reforms, the CFO revealed the company will be taking a "repositioning charge" of between $175m to $200m as part of its fourth quarter 2023 earnings, primarily due to reducing its headcount by about 1,500 positions. As of the end of the last year, the firm had 42,226 employees, meaning the cuts will represent approximately a 3.6% reduction in employees. State Street Global ...