State Street Announces Multi-Year Program to Enhance Service Excellence and Innovation, Increase Efficiencies and Position for Accelerated Growth
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.
To view the full release, click here