More job cuts coming from State Street Corp.
State Street Corp. said it plans to eliminate 1,400 positions in 2011, including around 400 in Massachusetts, in a restructuring aimed at cutting costs by $625 million.
The job cuts, totaling 5 percent of State Street's global workforce, came as a surprise, as the Boston financial services giant has in the past year emerged from the problems of the financial crisis, and reported large gains in revenues and profits. State Street said the cuts would come across the company, which employs 29,000 people, 12,600 of them in Massachusetts.
"I am confident that this multi-year plan will transform our operating model and enable State Street to continue its industry leadership in service to clients, innovation and operational excellence," chief executive Jay Hooley said in a statement.
State Street last conducted layoffs in 2008 and 2009 -- 2,200 altogether -- in response to the plummeting global investment markets.