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State Street to Slice Expenses in 2009
State Street Corp. is planning to aggressively cut its expenses in 2009.
Ron Logue, chairman and CEO, said State Street would reduce its expenses next year by “materially” limiting its technology spending and headcount. The bank will use more contractors in 2008 to contain its HR expenses, for example.
State Street will spend about $1.3 billion on IT in 2008. Logue did not say by what percentage the bank’s IT spend will decline in 2009.
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