State Street Streamlines Operating Model In India

(RTTNews) - Asset management company State Street Corporation (STT) announced on Tuesday that it is streamlining its operating model in India. It intends to assume full ownership of the company's joint venture with the Atos Group, previously known as Syntel Inc, an IT services consulting company.

The consolidation is expected to be closed in the fourth quarter of 2023 and the company expects to achieve productivity savings as part of these efforts, starting in 2024.

"State Street has partnered with Syntel (Atos) for more than 18 years and the joint venture is expected to bring the capabilities of both companies and integrate them into State Street's global operating model to leverage its control environment and standardized processes to further enhance productivity," the company said.

Currently, shares of State Street are trading at $72.10 on the New York Stock Exchange.