Digital transformation could be anybody's buzzword these days. It has real substance for State Street Corp., which puts it at the top of the list of business objectives and has been at it for years. An early move to cloud infrastructure, beginning in 2010, was credited with annualized pretax cost savings of more than $625 million by 2014. That predated Antoine Shagoury's 2015 arrival as global chief information officer. Shagoury, 47 who previously was with the London Stock Exchange Group for five years as CIO and COO, and before that was CIO of the American Stock Exchange and CTO of Instinet says he is building on and going beyond past initiatives to deliver on the vision of "the digital State Street." Cost efficiencies are still in the equation: In early 2016 the institutional investment manager and servicer, which has $29.8 trillion in assets under custody and administration, projected that Beacon, a new "transformation program to digitize our business, deliver significant value and innovation for our clients, and lower expenses across the organization," would result in $550 million more in annualized savings. The progress toward the expense goal last year was $175 million, well above the $75 million originally estimated.
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