State Street Bank reorganizes digital assets department, resulting in some job cuts

Bloomberg reported that State Street Bank has recently restructured its digital asset division, with most employees being transferred to other departments within the company, resulting in some job cuts. The number of positions that have been cut is not yet clear, according to insiders. As of the end of 2023, State Street Digital had about 100 full-time employees, most of whom have been reassigned to the bank's traditional asset servicing and technology operations departments.

The Boston-based bank, which has a history of hundreds of years, established this division in 2021 to explore and develop digital asset services.