State Street Corp. is curing 15% of its senior management, according to a report in Bloomberg. Those affected include executive vice-presidents and senior VPs.
Ronald O’Hanley, who took over this month as CEO of the money-management and custody-banking giant, wants to reduce expenses, automate more functions and simplify the organizational structure. State Street needs to “structurally compress” upper management, he was reported as saying last month at a Goldman Sachs U.S. Financial Services Conference in New York.