BOSTON — Financial services company State Street Corp. confirmed Monday that it will lay off 1,500 employees.
It was not clear Monday at which company locations the layoffs would occur, and how many of the jobs that would be eliminated would be based in Massachusetts or New Hampshire.
The global financial services and bank holding company has several locations in the Bay State, including Boston, North Quincy, Burlington and Cambridge, as well as in Nashua, New Hampshire.
As a result, the company will incur a “repositioning charge” of approximately $175-200 million, which includes expenses primarily related to this workforce reduction, Paul said.
The layoffs were announced on December 6 by State Street Vice Chairman and Chief Financial Officer Eric Apov during the Goldman Sachs US Financial Services Conference, State Street spokesman Brendan Paul said in a statement on Monday.
In announcing the layoffs, Aboaf discussed State Street’s “key focus areas aimed at driving our strategy forward, building market share and positioning the company for long-term success,” Paul said.
“This strategy also includes implementing our multi-year transformation journey to increase productivity and create efficiencies,” Paul said.
“Although we have added employees in distinct business areas and functions, we must now position ourselves for long-term success and take difficult but necessary steps to further streamline our organization,” Paul said.
“To limit the impact of these cuts, we will continue our focus on internal mobility and role reallocation to help match talent to areas of greatest need within the company,” Paul said. “Over the past several years, through our talent marketplace, we have significantly enhanced our ability to facilitate internal mobility and increase employee preparedness for future roles.”
State Street will also “reinvest in growing areas of the business or where there are opportunities to increase our market share or product offerings, such as our Alpha platform, build our private markets capabilities and invest in our core custody capabilities,” Ball said.
The State Street company, headquartered on One Congress Street in Boston, has operations around the world.
This is a developing story. Check back for updates when more information is available.
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