Last week, State Street got hit with $95 million in fine for overcharges to clients(https://www.financemagnates.com/institutional-forex/regulation/sec-hits-state-street-with-95m-fine-for-overcharging-clients/). Got to wonder if more layoffs planned to cover the costs?
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Fee over charges
SEC Press Release https://www.thelayoff.com/state-street
Massachusetts AG Press Release https://www.mass.gov/news/state-street-to-pay-54-million-to-resolve-overcharge-allegations
Heard a class action is in the works for discrimination against people of color. I heard external lawyers are interviewing current and former employees about their experience. This could get interesting. This could stem from the fine levied a few years ago although that
was “isolated” to SSgA.
Look at the stock price. It's flat after the news, which means investors are already used to this. so this can barely be called news anymore. Paying fine is just part of business operation for State Street now.
The same LACERA that just escorted its new CEO off the premises after 2 months on the job lol!
It will get worse. Buried client portfolio data breach “Since the beginning of 2018, … there have been a series of significant data security incidents that create concerns for the management team at LACERA as to the adequacy of State Street’s security processes,”
@Post ID: @ZOPP5tJ
Then been gettign huge multi million dollar fines ever year for the last 10 years nothing new.