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State Street Announces Multi-Year Program to Enhance Service Excellence and Innovation, Increase Efficiencies and Position for Accelerated Growth
State Street Announces Multi-Year Program to Enhance Service Excellence and Innovation, Increase Efficiencies and Position for Accelerated Growth
30 nov. 2010

Program Includes Enhancements to Business Operations and Information Technology Systems and Targeted Cost Initiatives

Expects to Achieve Annual Pre-Tax Run-Rate Expense Savings from these Actions of $575 Million to $625 Million by the end of 2014 and to Record Pre-Tax Restructuring Costs of $400 Million to $450 Million Over the Four-Year Period $160 Million to $165 Million of the Related Pre-Tax Restructuring Charge to be Recorded in Q4 2010

BOSTON –  State Street Corporation (NYSE:STT) announced today a planned global multi-year program designed to enhance service excellence and innovation, deliver increased efficiencies in its operating model and position the Company for accelerated growth. The program will begin immediately and includes operational and information technology enhancements and targeted cost initiatives, including a reduction in force and actions to lower occupancy costs.  

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Media Contacts
Direct Questions To:

Carolyn Cichon 
+1 617 664 8672
ccichon@statestreet.com

Alicia Curran Sweeney
+1 617 664 3001
aacurran@statestreet.com

Elizabeth Bartlett
+1 617 662 2903
ebartlett@statestreet.com

Anne McNally
+1 617 664 8576
aemcnally@statestreet.com

Asia Pacific:
Kylie Macintosh
+65 6826 7173
kylie.macintosh@statestreet.com

Pieter Bakker
+852 2230 1661
PBakker@StateStreet.com

Phoebe Ho
+852 2230 1645
Phoebe.Ho@StateStreet.com

London:
Lucy Davidson
+44 20 3395 4373
ldavidson@statestreet.com

Noreen Shah
+44 203 395 7073
nshah@statestreet.com

Sydney:
Kate Fields
+61 2 8249 1121
kfields@statestreet.com

Tokyo:
Ai Inouchi
+81 3 4530 7104
ainouchi@jp.statestreet.com