Luxembourg (Grand-Duché); Luxembourg (Grand-Duché); Luxembourg (Grand-Duché)
Location of affected unit(s)
Financial Services
Activities Auxiliary To Financial Services And Insurance Activities
Financial Fund Management
66.3 - Fund management activities
New offshoring locations
Poland, India

101 jobs
Number of planned job losses
Job loss
Announcement Date
8 May 2019
Employment effect (start)
Foreseen end date


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. 



Eurofound (2019), State Street Bank Luxembourg, Offshoring/Delocalisation in Luxembourg, factsheet number 101632, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101632.