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Report: State Street eliminated 900 jobs last quarter
The cuts come as the financial giant reportedly leans into efficiencies supported by AI.
State Street Corp. eliminated about 900 jobs during the last quarter as the company looks to efficiencies supported by artificial intelligence, the Boston Business Journal reports.
The financial giant, headquartered in Boston, finished the second quarter of the financial year with 52,014 employees, down from the previous quarter’s headcount of 52,711, according to BBJ. State Street reportedly said it paid $100 million in costs related to the restructuring of about 900 jobs.
“The charge in the second quarter illustrates the opportunity as we drive further operational efficiency and unlock productivity gains over time, supported by AI and continued platform scaling,” Chairman and CEO Ron O’Hanley said in a conference call with investors Tuesday, according to BBJ.
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Officials with the custodian bank expect to see the savings from the layoffs in 2026.
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