State Street is laying off hundreds of higher-ups

As part of a new cost-savings initiative known internally as the "Beacon Program."

Most of the cuts are to senior level executives and other high-level staffers.
Most of the cuts are to senior level executives and other high-level staffers. –Globe Staff

State Street is letting go of hundreds of employees, most of them senior level staffers and executives, the Boston Business Journal reports.

The layoffs are part of a new cost-savings initiative known internally as the “Beacon Program,” which aims to save the financial services company $550 million over the next five years.

Across the company’s nationwide offices, about 360 workers are expected to lose their jobs, with 252 of those staffers from the Boston and Quincy locations.

This comes on the heels of State Street’s last major cut in October, when 600 workers were laid off, and BBJ reports that more employees may be let go in the coming months as the Beacon Program is implemented.

Despite the layoffs, State Street is growing. The company employed 12,902 people in the Bay State this year, up from 11,953 in 2014.

Read the full BBJ article here.

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