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State Street Corp. (NYSE:STT) is in the midst of a significant realignment within its digital-assets unit. The reorganization, which includes transitioning most employees to other areas of the bank, has resulted in a limited number of job cuts, according to reports dated Thursday.
The restructuring comes amid a surge in the broader crypto market, following the recent endorsement of exchange-traded funds directly investing in bitcoin (BTC-USD).
Reports indicate that State Street (STT) has been providing cash custody and fund accounting services to three of the spot bitcoin (BTC-USD) ETF issuers.
While the exact number of layoffs from the unit remains undisclosed, Bloomberg, citing sources familiar with the matter, mentioned that by the end of 2023, State Street Digital had approximately 100 full-time employees, the majority of whom have been redirected to the bank’s traditional asset servicing and technology operations.
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