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Stock Market & Financial Investment News

News Breaks
January 18, 2013
07:46 EDTSTTState Street to cut 630 jobs worldwide
The company recorded a pre-tax acquisition and restructuring costs of $139M, primarily related to severance and benefits costs for targeted staff reductions expected to be substantially completed during 2013. This additional expense control measure was taken to better align the company's expenses to its business outlook for 2013 and will involve the reduction of approximately 630 positions worldwide. Joseph L. Hooley, State Street's chairman, president and CEO, said, "We remain focused on executing our Business Operations and Information Technology Transformation program. Additionally, to capture further efficiencies and cost savings, we announced a separate reduction in force to align our expenses with our business outlook for 2013."
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