State Street Corp. (STT) Friday announced a plan to cut up to 600 jobs, with net worldwide reduction expectation of 200 positions. The company recorded a pre-tax severance cost of $75 million or $47 million after tax in the third quarter. The company reported a slight increase in third quarter earnings as revenues edged up.
State Street CEO Joseph Hooley said the quarterly results reflect a decline in equity valuations, low interest rates and currency impacts.
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