Editing State Street Corporation (section)

===21st century===
In 1990, State Street Bank Luxembourg was founded, and {{As of|2018|lc=y}} is the largest player in the country's fund industry by assets.<ref>{{cite web |url=http://www.the-businessreport.com/article/state-street-represent-roughly-quarter-fund-industry/ |title="We represent roughly 25% of the fund industry" |work=The Business Report |date=January 22, 2018}}</ref>

In 2003, the company acquired the securities services division of [[Deutsche Bank]] for $1.5 billion.<ref>{{cite news |url=http://usatoday30.usatoday.com/money/industries/banking/2002-11-05-state-street_x.htm |title=State Street will become largest securities services firm |work=[[USA Today]] |date=November 5, 2002}}</ref> The company also sold its corporate trust business to [[U.S. Bancorp]] for $725 million.<ref>{{cite press release |url=http://phx.corporate-ir.net/phoenix.zhtml?c=117565&p=irol-newsArticle&ID=539780 |title=U.S. Bank to Acquire State Street's Corporate Trust Business |publisher=[[Business Wire]] |date=August 13, 2002}}</ref> Also in 2003, State Street sold its private asset management business to [[U.S. Trust]].<ref>{{cite press release |url=https://www.businesswire.com/news/home/20031103005205/en/U.S.-Trust-Completes-Acquisition-State-Streets-Private |title=U.S. Trust Completes Acquisition of State Street's Private Asset Management Business |publisher=[[Business Wire]] |date=November 3, 2003}}</ref>

In July 2007, the company acquired [[Investors Bank & Trust]] for $4.5 billion.<ref>{{cite press release |url=https://www.businesswire.com/news/home/20070702005432/en/State-Street-Completes-Acquisition-Investors-Financial-Services |title=State Street Completes Acquisition of Investors Financial Services Corp. |publisher=[[Business Wire]] |date=July 2, 2007}}</ref>

In October 2008, the [[United States Department of the Treasury]] invested $2 billion in the company as part of the [[Troubled Asset Relief Program]] and in July 2009, the company became the first major financial firm to repay the Treasury.<ref>{{cite news |url=http://archive.boston.com/business/articles/2009/07/11/state_street_is_first_to_pay_back_all_tarp_funds/ |title=State Street is first to pay back all TARP funds |agency=[[Bloomberg News]] |publisher=[[Boston.com]] |date=July 11, 2009}}</ref>

In 2010, the company acquired Mourant International Finance Administration.<ref>{{cite news |url=https://www.ft.com/content/459c1308-e128-11de-af7a-00144feab49a |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/459c1308-e128-11de-af7a-00144feab49a |archive-date=2022-12-10 |url-access=subscription |title=State Street grows with Mourant purchase |first=Ruth |last=Sullivan |work=[[Financial Times]] |date=December 6, 2009}}</ref> It also acquired the securities services group of [[Intesa Sanpaolo]] for $1.87 billion.<ref>{{cite news |url=https://www.reuters.com/article/us-intesasanpaolo/state-street-buys-intesa-securities-services-unit-idUSTRE5BL29O20091222 |title=State Street buys Intesa securities services unit |first=Svea |last=Herbst-Bayliss |work=[[Reuters]] |date=December 22, 2009}}</ref> In December 2010, the company announced that it would be retrenching 5% of its workforce and effectively reducing the hourly wages of remaining employees by 10% via increased standard work hours.<ref>{{cite news |url=http://www.bostonherald.com/business/business_markets/2010/12/days_get_longer_state_street |title=Days to get longer at State Street |first=Jessica |last=Van Sack |work=[[The Boston Herald]] |date=December 12, 2010}}</ref>

In November 2011, the company was named as amongst the world's 29 systemic banks.<ref>{{cite news |last=Smith |first=Geoffrey T. |url=https://www.wsj.com/articles/SB10001424052970203804204577017781584650666 |title=Bucket List: G20 Panel Names Top Global Banks |work=[[The Wall Street Journal]] |date=November 5, 2011}}</ref>

In 2012, the company acquired [[Goldman Sachs]] Administration Services, a  hedge fund administrator, for $550 million.<ref>{{cite press release |url=https://www.businesswire.com/news/home/20120717005831/en/State-Street-Acquire-Goldman-Sachs-Administration-Services |title=State Street to Acquire Goldman Sachs Administration Services |publisher=[[Business Wire]] |date=July 17, 2012}}</ref>

In November 2014, the company sold SSARIS Advisors, its [[hedge fund]] unit, to senior management.<ref>{{cite news |url=https://www.forbes.com/sites/greatspeculations/2014/11/24/state-street-shrinks-hedge-fund-operations-with-sale-of-ssaris-advisors-to-management/ |title=State Street Shrinks Hedge Fund Operations With Sale Of SSARIS Advisors To Management |work=[[Forbes]] |date=November 24, 2014}}</ref>

In 2016, State Street launched a program called Beacon, focused on cutting costs and improving reporting technology.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2017-09-20/financial-plumber-state-street-embraces-artificial-intelligence |title=State Street Embraces Artificial Intelligence |first1=Charles |last1=Stein |first2=Ivan |last2=Levingston |work=[[Bloomberg L.P.]] |date=September 20, 2017}}</ref> Their main focus was to shrink their US workforce in order to bolster profits in excess of $2.5 billion (2018 figures).{{Citation needed|date=October 2019}} Also in 2016, the company acquired the asset management business of [[General Electric]].<ref>{{cite press release |url=https://www.businesswire.com/news/home/20160701005379/en/State-Street-Completes-Acquisition-GE-Asset-Management |title=State Street Completes Acquisition of GE Asset Management |publisher=[[Business Wire]] |date=July 1, 2016}}</ref>

In 2017, the company announced that Jay Hooley, the chief executive officer of the company, would retire, to be succeeded by Ronald P. O’Hanley, then vice chairman, president and CEO of State Street Global Advisors.<ref>{{cite news |url=https://www.americanbanker.com/news/state-street-announces-ceo-hooley-to-step-down-next-year |title=Succession shoe drops at another big trust bank |first=John |last=Reosti |work=[[American Banker]] |date=November 7, 2017}}</ref>

In 2018, State Street completed its acquisition of Charles River Development, a [[Burlington, Massachusetts]] provider of investment management software.<ref>{{Cite web |url=https://newsroom.statestreet.com/press-release/corporate/state-street-completes-acquisition-charles-river-development |title=State Street Completes Acquisition of Charles River Development &#124; State Street Newsroom |access-date=2018-10-23 |archive-date=2019-10-07 |archive-url=https://web.archive.org/web/20191007234949/https://newsroom.statestreet.com/press-release/corporate/state-street-completes-acquisition-charles-river-development |url-status=dead }}</ref> The deal closed October 1, 2018, at a cost of approximately $2.6 billion that will be financed by the suspension of share repurchases and the issuing of common and preferred equity.<ref>{{cite news |last1=Stein |first1=Charles |last2=Maranz |first2=Felice |url=https://www.bostonglobe.com/business/2018/07/20/state-street-acquire-charles-river-development-for-billion/qn0cNw27JGBMzuEyv9GL7N/story.html |title=State Street slides on $2.6 billion Charles River Development acquisition |work=[[The Boston Globe]] |publisher=[[Bloomberg News]] |date=2018-07-20 |access-date=2018-07-20}}</ref> News of the acquisition led to a drop in State Street shares of nearly 10% with share prices remaining flat since the purchase.<ref>{{Cite web|url=https://www.forbes.com/sites/greatspeculations/2018/08/27/why-the-pessimism-surrounding-state-streets-acquisition-of-charles-river-is-overblown/|title=Why The Pessimism Surrounding State Street's Acquisition Of Charles River Is Overblown|last=Team|first=Trefis|website=Forbes|language=en|access-date=2018-12-19|archive-date=2019-04-28|archive-url=https://web.archive.org/web/20190428025642/https://www.forbes.com/sites/greatspeculations/2018/08/27/why-the-pessimism-surrounding-state-streets-acquisition-of-charles-river-is-overblown/|url-status=dead}}</ref>

In January 2019, State Street announced that it planned to lay off 1,500 employees, increasing the number to 2,300 in July.<ref name=":0">{{Cite web|url=https://www.bizjournals.com/boston/news/2019/09/13/state-street-lays-off-250-it-workers-in-latest-job.html|title=State Street lays off 250 IT workers in latest job cuts|last=Ryan|first=Greg|date=13 September 2019|website=Boston Business Journal|access-date=2019-10-31}}</ref> During that period, the company shifted their workforce from the United States to countries like China, India and Poland and operated under a hiring freeze.<ref name=":0" /> The increased overseas hiring resulted in a net gain of employment of over 3,000.<ref>{{cite news  |newspaper=[[BizJournals]].com
  |title=State Street to lay off 1,500 in turn toward automation
  |url=https://www.bizjournals.com/boston/news/2019/01/18/state-street-to-lay-off-1-500-in-turn-toward.html
  |date=January 18, 2019}}</ref><ref>{{cite news  |newspaper=Boston Herald  |date=January 18, 2019
  |url=https://www.bostonherald.com/2019/01/18/state-street-to-lay-off-1500-employees
  |title=State Street lays off 1,500 employees}}</ref>

In September 2021, State Street agreed to buy [[Brown Brothers Harriman & Co.]]'s investor-services business for $3.5 billion in cash.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2021-09-07/state-street-agrees-to-buy-brown-brothers-unit-for-3-5-billion |title=State Street to Buy Brown Brothers' Unit for $3.5 Billion |date=September 7, 2021 |work=[[Bloomberg News]] |first=Annie |last=Massa |url-access=limited}}</ref> Following continued scrutiny in receiving regulatory approvals, the deal was mutually agreed to be dropped in November 2022.<ref>{{cite news |url=https://www.bostonglobe.com/2022/11/30/business/state-street-pulls-plug-35b-brown-brothers-harriman-acquisition/ |title=State Street pulls plug on $3.5 billion Brown Brothers Harriman acquisition |date=November 30, 2022 |work=[[The Boston Globe]] |first1=Don |last1=Chesto |first2=Dana |last2=Gerber}}</ref>