State Street announced plans to cut 558 technology jobs in Massachusetts.
The Boston-based financial services firm said it will eliminate 530 of the positions over the next 18 to 20 months, while another 320 employees will be transferred to IBM or Wipro.
State Street calls the job cuts part of an “IT transformation.” Late last year, the company unveiled a massive cost-cutting plan that envisioned eliminating 1,400 positions, including 400 in Massachusetts. The company’s Bay State head count is about 12,600. Worldwide, the company employs 29,450 people.
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