Monday, July 25, 2011

State Street Corporation Will Lay Off 850 Staff From I.T. Division

State Street Corporation will cut 850 jobs companywide, including 558 in Massachusetts, as part of a restructuring of its information technology operations.  The layoffs are about 3% of its estimated workforce of 29,000.

State Street in November announced plans to cut 1,400 jobs as part of a plan to generate $625 million in savings by the end of 2014.

State Street Corporation is a financial holding company.  Through its subsidiaries, including its subsidiary State Street Bank and Trust Company, it provides a range of financial products and services to institutional investors.  It has two lines of business: Investment Servicing and Investment Management.  These two lines of business provide services to support institutional investors, including custody, administration, shareholder services, foreign exchange, brokerage and other trading services, deposit and short-term investment facilities, loan and lease financing, investment manager and alternative investment manager operations outsourcing, investment research and investment management, including passive and active United States and non-United States equity and fixed-income strategies.

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The Plant Prospector is a weekly e-mail service that identifies national, regional, and local plants and businesses in transition through layoffs, closings, and work force reductions. A reduction in the number of employees is an indication of a current or imminent change in the operations of an enterprise and is invaluable in identifying companies including private firms, small public companies, and subsidiaries of major corporations that are in flux. Plant Prospector is an ideal prospecting tool for firms that provide services to businesses in transition, such as temporary employment agencies and outplacement firms, and for companies whose business may be affected by change, such as suppliers, professional firms, and insurance companies.

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