State Street Consolidates Operating Model in India

State Street Corporation announced that as part of its ongoing transformation and productivity initiatives, it is streamlining its operating model in India and intends to assume full ownership of the company’s joint venture with the Atos Group (originally established with Syntel, Inc.). This consolidation, which is expected to be complete by the fourth quarter 2023, will continue the transformation of State Street’s global operations. State Street also expects to achieve productivity savings as part of these efforts, starting in 2024. State Street has had a long-standing presence in India and has partnered with Syntel (Atos) for more than 18 years. Bringing the State Street Syntel capabilities and expertise in-house will more seamlessly integrate them into State Street’s global operating model and allow State Street to leverage its robust control environment and standardized processes to further enhance productivity.