EXHIBIT 23.1
 
                       CONSENT OF INDEPENDENT ACCOUNTANTS
 
We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3 No. 333-  ) and Post-effective Amendment No. 1
to Registration Statement (Form S-3 No. 333-2143) and to the incorporation by
reference therein of our report dated January 13, 1998, with respect to the
consolidated financial statements of State Street Corporation incorporated by
reference in its Annual Report (Form 10-K) for the year ending December 31,
1997, filed with the Securities and Exchange Commission.
 
                                                               ERNST & YOUNG LLP
 
Boston, Massachusetts
April 1, 1998