EXHIBIT 23.1

                        CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in this Annual Report (Form 10-K)
of State Street Corporation of our report dated January 18, 1999, included in
the 1998 Annual Report to Shareholders of State Street Corporation.

We consent to the incorporation by reference in Registration Statements (Forms
S-8 Nos. 333-16979, 333-36409, 333-65281, 33-57359, 33-38672, 33-38671, 33-2882,
2-93157, 2-88641 and 2-68698) and in Post-Effective Amendment No. 2 to
Registration Statement (Form S-8 No. 2-68696) pertaining to various stock option
and benefit share plans, in Registration Statements (Form S-3 Nos. 333-2143,
33-49885) and in Post-Effective Amendment No. 1 to Registration Statement (Form
S-3 No. 333-2143) and Registration Statements (Form S-3 Nos. 333-49143,
333-49143-01, 333-49143-02 and 333-49143-03) pertaining to the registration of
capital securities, debt securities and preferred stock of State Street
Corporation and in Registration Statement (Form S-3 No. 333-16987) pertaining to
the registration of Common Stock of State Street Corporation, of our report
dated January 18, 1999 with respect to the consolidated financial statements of
State Street Corporation incorporated by reference in this Annual Report (Form
10-K) for the year ended December 31, 1998.

                                                          /s/ Ernst & Young, LLP

Boston, Massachusetts
March 22, 1999