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BOSTON – State Street Corp. is laying off 1,500 workers, the Boston-based financial services company confirmed Monday.
It was not clear Monday which company locations will be eliminated, and how many of the lost positions will be based in Massachusetts or New Hampshire.
The global financial services and bank holding company has many locations in the Bay State, including in Boston, North Quincy, Burlington and Cambridge, and in Nashua, New Hampshire.
As a result, the company will take a “restructuring” of about $ 175-200 million, which includes an expense related to this reduction in staff, said Paul.
The suspension was announced on December 6 by State Street Vice Chairman and Chief Financial Officer Eric Aboaf during the Goldman Sachs US Financial Services Conference, State Street spokesman Brendan Paul said. in a statement on Monday.
In announcing the layoff, Aboaf discussed State Street’s “key aspects of driving our strategy forward, building market share and positioning the company for long-term success,” the statement said. Paul.
“This strategy also includes the implementation of our transformation journey for many years to increase productivity and improve efficiency,” said Paul.
“Although we have added employees in specific areas and business functions, we must now position ourselves for long-term success and take difficult but necessary steps to improve our organization,” said a Paul.
“In order to limit the impact of these reductions, we will continue to focus on internal operations and restructuring roles to help match talent and key areas of need within the company,” the statement said. said Paul. “Over the past few years, through our Talent Marketplace, we have greatly improved our ability to facilitate internal mobility and increasingly prepare employees for future roles.”
State Street will “reinvest in business growth areas or opportunities to further expand our market share or product offering, such as our Alpha platform, build our private market capabilities and invest in our core capabilities.” , Paul said.
State Street, which is headquartered at One Congress Street in Boston, has operations around the world.
It’s a creative story. Check back for updates as more information becomes available.
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