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.

“We thank Atos-Syntel for their long partnership and are pleased to integrate the State Street Syntel operations, as it allows us to accelerate our transformation journey,” said Ann Fogarty, executive vice president and Head of Global Delivery for State Street Investment Services. “We continue to invest in our people, products, operations and technology to remain ahead of our clients’ ongoing business needs. Our focus remains on service excellence, and continuously assessing our operating model to look for new ways to create efficiencies and global scale.”

State Street conducts operations through a global operating model with multiple locations across North America, Europe and Asia. Utilizing multiple servicing locations provides continuity of service, resiliency, and helps reduce operational risk. The company delivers high-quality investment services, expertise and full-service coverage with complementary, and overlapping, operational hours globally.

Source: State Street