| 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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