State Street to Book up to $400 Million in Restructuring Charges

By Lisa Beilfuss

State Street Corp. said it would book $300 million to $400 million in restructuring costs through 2020, mostly stemming from staff reductions associated with its previously announced cost-cutting program.

In a regulatory filing Tuesday, the trust bank said it would record roughly $100 million in related charges during the current quarter.

The Boston bank earlier unveiled a multiyear transformation program dubbed State Street Beacon. The company said Tuesday that $250 million to $300 million of the estimated $300 million to $400 million in implementation costs will be in severance and benefit costs resulting from layoffs. The remainder will stem from real estate actions and information technology streamlining.

In January, State Street said it was targeting $500 million in pretax savings through 2020.

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

(END) Dow Jones Newswires

March 15, 2016 07:54 ET (11:54 GMT)

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