State Street Cuts 15% of Senior Management

The video discusses recent announcements from Morgan Stanley and State Street regarding layoffs, particularly focusing on senior management. State Street's new CEO, Ron O'Hanley, plans to cut costs by reducing senior roles, attributing this to automation. The video also explores the broader trend of using technology for cost efficiency in asset management, highlighting the differences in approach between companies like Morgan Stanley and State Street.

What is unusual about Morgan Stanley's recent announcement regarding layoffs?

• They are hiring more staff.

• They are focusing on senior management.

• They are focusing on junior staff.

• They are closing branches.

What reason did Ron O'Hanley give for cutting senior management roles at State Street?

• Increased competition

• Economic downturn

• Automation and cost-cutting

• Expansion into new markets

What is one of the businesses that State Street is involved in?

• Custody banking

• Retail banking

• Insurance

• Real estate

How does State Street's approach to using technology differ from the usual trend?

• They focus on customer service improvements.

• They use it to expand operations.

• They focus on cutting costs at the upper management level.

• They use it to hire more staff.

What is a common trend among banks during this time of year?

• Letting go of employees

• Increasing salaries

• Hiring new employees

• Opening new branches