State Street To Lay Off 400 In Mass.

Boston-based State Street Corp. announced Tuesday that it is cutting 1,400 jobs, including 400 in Massachusetts.

The corporation's layoffs locally amount to just over 3 percent of its Massachusetts workforce.

CEO Jay Hooley says he's confident the restructuring will transform the Boston investment bank's operations, leading to net savings of upwards of $200 million over the next four years — saving $625 million, but spending as much as $400 million in restructuring expenses.

State Street already went through two rounds of layoffs over the past two years, and its profits have been improving. But continued slow economic growth and enduring low interest rates likely prompted the company to tighten its belt further.