On January 18, 2017, the U.S. Department of Justice announced that State Street entered into a deferred prosecution agreement and agreed to pay a $32.3 million criminal penalty to resolve charges that it engaged in a scheme to defraud a number of the bank’s clients by secretly applying commissions to billions of dollars of securities trades. State Street also agreed to offer an equal amount as a civil penalty to the U.S. Securities and Exchange Commission, equaling an aggregate settlement of more than $64 million. State Street admitted the allegations and agreed to a deferred prosecution agreement that requires it to employ an independent corporate compliance monitor for three yea
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I recall reading about this. Does it really surprise anyone? State Street continues to show total disregard for the employee while engaging in these type of schemes to defraud their clients. How is it they are still in business? For all who are still employed at State Street get out ASAP. If you are fortunate to find employment you will be a much happier person. Of course, you may not be earning the same salary or even close to the same salary.