State Street to Book up to $400 Million in Charges
March 15 2016 - 8:20AM
Dow Jones News
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 08:05 ET (12:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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