State Street Corp. reduced its workforce by approximately 900 jobs as part of a strategy to improve efficiencies with the aid of artificial intelligence. The company's headcount declined from 52,711 to 52,014 employees in the second quarter. Associated restructuring costs reached $100 million. Leadership anticipates these layoffs will lead to savings starting in the year 2026, with Chairman Ron O'Hanley noting opportunities for operational efficiency and productivity gains through AI and scaling digital platforms.
State Street Corp. eliminated about 900 jobs during the last quarter as the company looks to efficiencies supported by artificial intelligence, reflecting a strategic shift to integrate advanced technologies into their operations.
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, according to State Street's Chairman and CEO.
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