EMCC European Monitoring Centre on Change

State Street Bank Luxembourg

State Street Bank Luxembourg

Geographic Location

Country: Luxembourg
Region: Luxembourg (Grand-Duché); Luxembourg (Grand-Duché); Luxembourg (Grand-Duché)
Location of affected unit(s): Luxembourg-KIrchberg


Sector: Financial services
Financial and insurance activities
66.3 - Fund management activities
Number Employed: 800

Employment Effects

Announcement Date: 08-05-2019
Planned Job Reductions min: 101
Planned Job Reductions max: 101
Type of Restructuring: Offshoring/Delocalisation

Additional Information

As part of a larger long-term restructuring strategy within the State Street Bank global group that offers funding activities worldwide, the Luxembourg subsidiary based in Luxembourg-Kirchberg was affected by an outsourcing strategy that led to the cutting of 101 jobs out of a total of 800 jobs in the bank in Luxembourg. The company is setting up 'global hubs' in India and Poland with a view to automating specific jobs and tasks. 

After a series of negotiations with the State Street Bank management in Luxembourg, the representative trade unions in the sector, the ALEBA, the OGBL Secteur Financier and LCGB-Sesf unions, signed a social plan (plan social) for the concerned 101 employees on the 8th of May 2019. The plan comprises a series of support measures and financial compensations measures for employees.