December 3, 2008

State Street to cut up to 1,800 jobs

According to AP: “State Street Corp. on Wednesday said it will cut 1,600 to 1,800 jobs, or 6 percent of its global work force, between now and the end of the 2009 first quarter, in an effort to reduce operating costs.

The investment services company will reduce its staff mostly by consolidating middle and senior management ranks, it said after the market closed. Most of the cuts will be in North America, with the rest in Europe and the Asia-Pacific region.”

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