State Street Bank To Receive $885 Million Tax Refund

BOSTON (CBS) – A Boston-based bank that needed a bailout a couple of years ago is now getting a significant tax refund.

Thursday, a group of people were out in Boston protesting the refund.

WBZ NewsRadio 1030’s Lana Jones reports on the protest

State Street will receive $885 million back from the federal government this year.

The refund is intended to cover some of the losses State Street took on some of its investments. Overall, the bank turned a $1.55 billion profit last year.

Two years ago, the government gave State Street $2 billion in bailout money, which has since been repaid.

More from Lana Jones

More From CBS Boston

Summer of Savings
Download Weather App

Listen Live