For more than a decade, State Street operated joint ventures that allowed the financial services firm to off-load some IT and back-office tasks to outsourcing partners like Atos and HCLTech in India.
But in 2023, State Street pivoted, and over the course of several months, the company brought those operations in house. “It was a big question mark with a lot of our stakeholders,” said Mostapha Tahiri, executive vice president and chief operating officer at State Street, during a panel discussion at the Fortune COO Summit. “Why would you insource more people in an era of AI?”
