State Street Bank Restructures Digital Assets Division and Cuts Jobs

According to Foresight News, State Street Bank has restructured its digital assets division, State Street Digital, and cut some positions. Most employees have been transferred to the bank's traditional asset services and technology operations departments, while some positions have been eliminated. It is currently unclear how many employees are affected by these changes. State Street Bank launched the division in 2021, and by the end of 2023, State Street Digital had approximately 100 full-time employees. Its crypto custody services are still awaiting regulatory approval.