December 3, 2008 State Street to cut up to 1,800 jobs

BOSTON (AP) - State Street Corp. says it will cut 1,600 to 1,800 jobs, or 6 percent of its global work force, between now and the end of the 2009 first quarter.

The Boston-based financial services company will reduce its staff mostly by consolidating middle and senior management ranks. Most of the cuts will be in North America, with the rest in Europe and the Asia-Pacific region. State Street made the announcement after the market closed.

The company says it expects to record pretax charges between $325 million and $350 million, or 51 cents to 55 cents per share, to account for severance, benefits and other costs. The moves are expected to save $375 million to $400 million annually.

(Copyright 2008 by The Associated Press. All Rights Reserved.)