Boston-based State Street Corp. to lay off 1,500 employees, company says
State Street Corp. is laying off 1,500 employees, the Boston-based financial services company confirmed on Monday.
It was unclear Monday at which company locations the layoffs would occur, and how many of the eliminated positions would be based in Massachusetts or New Hampshire.
The global financial services and bank holding company has several locations in the Bay State, including in Boston, North Quincy, Burlington and Cambridge, and also in Nashua, New Hampshire.
The layoffs were announced on Dec. 6 by State Street Vice Chairman and Chief Financial Officer Eric Aboaf during the Goldman Sachs U.S. Financial Services Conference, State Street spokesman Brendan Paul said in a statement on Monday.
As a result, the company will take a “repositioning charge” of approximately $175-200 million, which includes an expense primarily related to this reduction in workforce, Paul said.
In announcing the layoffs, Aboaf discussed “State Street’s key focus areas aimed at propelling our strategy forward, building market share and positioning the company for long-term success,” Paul said.
“This strategy also includes executing on our multi-year transformation journey to drive increased productivity and create efficiencies,” Paul said.
“While we have added employees in distinct areas and business 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 reductions, we will continue our focus on internal mobility and redeployment of roles to help match talent with the areas of critical 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 readiness for future roles."
State Street will also “reinvest in growing areas of the business or where there are opportunities to further expand our market share or product offerings, such as our Alpha platform, building out our private markets capabilities and investing in our core custody capabilities, Paul said.
State Street, which is headquartered at One Congress Street in Boston, has operations worldwide.
This is a developing story. Check back for updates as more information becomes available.
Download the FREE Boston 25 News app for breaking news alerts.
Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
