State Street Picks Up the Layoffs Baton

Morgan Stanley may be done showing people the door but State Street is just getting started.
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Morgan Stanley may be done showing people the door but State Street is just getting started.

SSC said today that it would cut 630 jobs in a conference call and filing larded down with jargon to soften the fact that it's canning 2% of its staff. The result, according to CEO Joseph Hooley, will be a "leaner, more efficient, and more profitable enterprise," even after one takes into account the roughly $220K a head it will cost to lay people off.

In a regulatory filing, State Street said that it is making “targeted staff reductions” that will reduce its corporate head count in order to “better align State Street’s expenses to its business outlook for 2013.”

State Street Corp. discloses plans to cut 630 jobs [Boston Globe]

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