State Street Bank Will Cut Hundreds Of Jobs

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On the same day the bank announced a strong earnings report, Boston-based State Street Corp. on Tuesday said it is laying off or outsourcing 558 employees in Massachusetts.

The job cuts are part of a larger restructuring at the Boston investment bank. But unlike the last round in November, these layoffs primarily hit local, information technology jobs.

State State spokesperson Ilene Roberts says her company will be eliminating 338 jobs in Massachusetts over the next year and a half, and another 220 will be outsourced.

"We essentially determined that there are some support activities that could be handled more efficiently and more effectively by these service partners," Roberts said.

These service partners are IBM and Wipro, an Indian software services company.

State Street made the announcement on the same day the company says its revenue climbed more than 14 percent from the same time last year. Though expenses went up, too.

This program aired on July 19, 2011.

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Curt Nickisch Business & Technology Reporter
Curt Nickisch was formerly WBUR's business and technology reporter.



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