State Street Corp., parent of State Street Global Advisors, announced Wednesday, December 3, that it would cut 6 percent of its worldwide workforce—between 1,600 and 1,800 positions—by March 31.
About two-thirds of the jobs to be cut will be in North America, according to a news release from State Street. A spokeswoman confirmed cuts would be made across the organization but declined to say how many would be let go at the money management arm.
The reductions “will largely be achieved by consolidating middle and senior management ranks,” the news release says.
The staff reduction is part of a cost-cutting plan in response to global market turmoil, according to the release.