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State Street Says It’s Laying Off 1,500 Workers to Cut Costs

  • ‘Structural costs are still too high,’ CEO O’Hanley says
  • Company will also let go of 15 percent of senior managers
Signage for State Street Corp. is illuminated atop the State Street Financial Center building in Boston, Massachusetts.

Signage for State Street Corp. is illuminated atop the State Street Financial Center building in Boston, Massachusetts.

Photographer: Scott Eisen/Bloomberg

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State Street Corp. is dismissing 1,500 employees in a push to cut costs and automate more of its business.

The reduction amounts to about 6 percent of the workforce in high-cost locations, the Boston-based bank said in an earnings statement Friday. That includes 15 percent of senior management. The company had more than 39,000 employees as of the end of September.