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Paul Penrose

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Paul Penrose - Finextra

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A post relating to this item from Finextra:

State Street to cut IT spend

17 November 2008  |  15295 views  |  0
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State Street CEO Ron Logue says the firm has developed an "aggressive" set of policies to manage headcount and related IT expenses over the coming year.

State Street CEO shows his expense management savvy

17 November 2008  |  3955 views  |  1

If State Street CEO Ron Logue is serious about his new expense management programme, he might first want to start with the annual salary and severance package of none other than...Ron Logue.

The CEO of the Boston-based financial conglomerate pocketed no less than $27 million in total compensation last year. What's more, if the firm gets taken over and Logue finds his position surplus to requirements, he will float gently to earth courtesy of a $112 million golden parachute.

That's pretty savvy expense management for a firm which has seen its share price drop by 48% this year.

TagsWholesale banking

Comments: (1)

A Finextra member
A Finextra member | 17 November, 2008, 18:12

An interesting comment in the article is that the intended savings will come from using more IT Contractors. This is at odds with the common view that contractors are more expensive than permanent staff. However they may be cheaper if they are offshore, raising an additional thought about the additional fed funding just received bby State Street. Surely the Fed wont be happy to give large sums of money to companies who will offshore US jobs.

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job title Head of Research
location London
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I'm responsible for editorial content and quality control across the full range of Finextra media.

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