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State Street Corporation: Career Outlook Surveys

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Job Title: Senior Account Controller
Location:
Submitted on: 02-Aug-03
Job Title Business Outlook Survey
Senior Account Controller State Street is very respected in the industry because of the strong relationships that is has built over the years with the largest investment managers such as Goldman Sachs, Merrill Lynch, Morgan Stanley, etc. State Street??s role is to provide support to investment managers and mutual fund firms in their daily operations. The firm takes over the back office operations and helps these banks to focus on investment management and reduce administrative costs. In the last ten years State Street has been rapidly expanding globally also working with the biggest players in the industry. This year in Europe, the German insurer Allianz Dresdner has been one of their most successful business wins. State Street has also acquired the securities services division of Deutsche Bank. This move increases their market share in Europe and has the potential to generate a larger European client base. The current economic climate has also hit State Street and the firm had to lay off employees mainly in the US. The management is extremely concerned about keeping earnings per share at a consistently increasing level. Any slight weakness in earnings leads to preventive cost cutting measures. This maybe explains why some people call State Street ??cheap??.

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