WASHINGTON—State Street Corp. will pay $35 million to settle U.S. claims that it overcharged customers using secret markups and failed to fully inform other clients about how its platform for trading Treasury securities worked.....WSJ article
Should we be surprised any longer?
It's deja vu every other month.
You can't survive this regularity of settlements and run a business or stay CEO.
I cann't wait till the Insurance companies either raise their rates on State Street or just cancel the various Lawsuit policies .
Well guess State Street will have to lay off some more workers to pay for the new insurance rates
State Street Corp. has agreed to pay $5 million to resolve a federal investigation into whether it discriminated against female and black executives by paying them less than their colleagues.
The settlement comes only months after the financial giant received plaudits for sponsoring the “Fearless Girl” statue near Wall Street in Manhattan as part of its effort to get more women placed on the boards of public companies.
In March, an office within the Department of Labor found that State Street had discriminated against women at the senior vice president, managing director, and vice president levels by paying them less than men in similar positions. The agency also claims the company paid black employees less than similarly positioned white employees.
The pay practices covered a two-year period and affected 305 female executives and 15 black vice presidents, the government said. They will receive a total of $4.5 million in back pay and nearly $508,000 in interest.
r upper-level executives at its headquarters tower and agreed to provide those results, as well as payroll data the agency can use to conduct its own evaluations. The company agreed to conduct these studies annually for three years.
The federal agency had claimed that State Street violated federal regulations by failing to perform an in-depth analysis to determine impediments to equal employment opportunities. State Street denied that accusation, but agreed to perform these in-depth analyses, including by analyzing all factors that result in gender- and race-based compensation disparities.
i have posted this in the past but will again. Doesn't anyone else agree that they are a good target for a takeover? Even a large corporation like State Street appears to be so poorly mismanaged that they can't continue. I can't imagine how it is possible that they still have any clients that are happy with the work they are doing for them. Additionally, the current employees are being overworked and harassed from what I understand and it gets worse almost every year. What about all of the current employees who are being displaced and offered new positions in a department that they have no desire to work in.
Most in the financial services industry are well-educated, hard-working persons who have no desire to work for a corporation where they are treated so poorly.
Not surprised at all that this continues to keep happening. Their top management team is/have been very unethical for years or are totally incompetent. You can decide which scenario is the most realistic.
State street will be chopped apart and sold to multiple bidders.
Hasn't State Street paid like hmmm $250 million in fines this year ?
What are they going to do when they run out of employees to lay off to pay the fines ??
Maybe lay off a few overpriced Vice Presidents and Assistance Vice Presidents
GE Imelt
IBM Lou gerstner
Melissa Meyers yahoo
So many to choose pick a company any company
If anyone can find a worse management team then this one please let us know. Another $35 million! Well there goes the bonus pool for this year!
House of cards