State Street Laying Off 145 Workers in Mass.

It's part of 400 planned layoffs for the global financial firm.

The State Street Corp. building in Boston. Credit: Lance Rogers via Flickr
The State Street Corp. building in Boston. Credit: Lance Rogers via Flickr

Global financial behemoth State Street Corp. on Friday announced it will lay off 145 workers in Massachusetts.

It's part of 400 job cuts the company plans over the next year, according to the Boston Business Journal.

The Boston-based company is dealing with falling revenue and "burdensome regulatory and compliance costs," the Journal reported. State Street employs about 29,000 workers worldwide, including about 12,000 in Massachusetts.

"We are responding to the challenges presented by low interest rates and conservative investor risk appetite by realigning our staffing to support our goal of positive operating leverage for the full year," company chairman Joseph Hooley said in a statement.

Iron Mike April 27, 2014 at 07:50 PM
BUT, few of those things create WEALTH! Without wealth creation, everybody is trying to make a living doing each other's laundry and cutting each other's grass.
mark April 27, 2014 at 10:14 PM
Big Corporations and government are tied together! Both make millions of workers and small business owners! But Big Corporations must do what big brother in government tells them! Let's not forget about the evil scummy lawyers who play both sides of the fence!
Myron Dittmer April 28, 2014 at 06:51 AM
Mark....with all due respect.....you have it backwards...big brother government works for us.....we don't work for "big government". Until you get that concept straight, you are "politically lost". Big government should not be telling anyone what to do, least of all businesses. Sure...with OUR approval..they can setup regulations to curb abuses, but not to the point when it stifles the economy which it is currently doing illegally most of the time, in this regime!
Joe Veno April 28, 2014 at 08:02 AM
Well said Myron.
C J C April 28, 2014 at 08:15 AM
A few years back State Street told the Street they would engage in a multi year effort to reduce operating costs by approx. $400 million on an annual recurring basis. The intent of the initiative was to reduce costs, build capacity for future growth, improve client service and reduce risks. They would do this with automation that reduced staff costs, improved through put time of transactional data and, with cloud based technology solutions, improve data management to support their clients as well as their own risk management efforts. They also believe their differentiator in the market is to provide low cost services which the market views as a commodity. BTW-state street does not provide mortgage loans but acts as a bank for banks, large corporations and government entities (eg public pension trusts). Regardless of what there revenue lines looked like the past few years these job losses were inevitable. They have also been somewhat recurring. Dodd-frank does impact the organization with additional investment costs. And should also help their profit line as they provide their clients (big banks) with necessary services to help them comply. The regs also require work on their part with technology and solutions that support necessary data management. This means more project and technology work. There is a shift in skill sets. A hard pill to swallow if you or a family member works at the organization and you/they were one of the folks tapped. It is also a hard reminder of the brutal realities of work fragility in today's world. Gone are the days of a bank position being a secure one.


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