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Rating:State Street Hires Overseas, But What About Here? Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 11, 2009

State Street Hires Overseas, But What About Here?

Reported by Neil Anderson, Managing Editor

Is State Street Global Advisors' parent freezing hiring here in the U.S.? The Boston Business Journal's Craig M. Douglas reports that State Street Corp's top execs told attendees at the Bank of America Merrill Lynch Banking and Financial Services Investor Conference in New York that State Street will "restrain" its staff count and cut costs (except to hire in Eastern Europe and Asia). Yet a spokeswoman for State Street explained that the remarks related to staffing cuts State Street already made this year.

"There are no new developments there," in terms of head count, State Street's Arlene Roberts told The MFWire, pointing to both State Street Corp and SSgA. As for the chiefs deciding to "restrain" head count, Roberts added: "I don't where that term came from."

The three presenting chiefs -- outgoing CEO Ronald Logue, chief financial officer Edward Resch and chief operating officer Joseph Hooley -- reportedly also revealed that the firm is expanding its fund-accounting business into a new market, China. Roberts subsequently confirmed to The MFWire that the expansion into China is already underway. 

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