State Street Corp. became the latest in a string of Boston-based institutions to announce layoffs. The global custody bank and asset management firm is eliminating 1,600 to 1,800 positions, or about 6 percent of its global workforce.
About two-thirds of the cuts will occur within North America. Most will take place by March 2009. "In order to maintain customer service, the reductions will largely be achieved by consolidating middle and senior management ranks," State Street says. It expects to save $375 million to $400 million annually.