State Street Corporation plans to lay off 400 employees, 145 of whom work in Massachusetts, the company announced Friday.
The Boston-based financial firm employs more than 29,000 people, including 12,000 in Massachusetts, according to the Boston Business Journal.
The Boston Business Journal reports:
As a result of the cuts, the Boston-based financial services giant expects to save $22 million in the second half of the year and another $18 million next year. If revenue growth continues to disappoint, the cutting will continue.
“We are responding to the challenges presented by low interest rates and conservative investor risk appetite by realigning our staffing to support our goal of positive operating leverage for the full year,” Joseph L. Hooley, State Street’s chairman, president and chief executive officer, said in a public statement.