State Street Plans Up To 600 Job Cuts

October 23, 2015 2:05 PM

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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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