State Street to Lay Off 15% of Senior-Management Ranks
- Boston-based custody bank plans to begin making cuts Wednesday
- New CEO O’Hanley pushes to trim expenses, streamline structure
Ronald O'Hanley
Photographer: Patrick T. Fallon/Bloomberg
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State Street Corp.’s new chief executive officer is executing on a plan to whittle the management ranks.
The firm is cutting 15 percent of its senior management beginning Wednesday as it continues to tackle costs, according to people with knowledge of the matter, who asked not to be identified because the information is private. The bank has hundreds of senior managers, and those affected include executive vice presidents and senior VPs.