About 360 workers at Investors Financial Services received bad, if not expected news Monday as the back office firm started its first wave of layoffs stemming from the merger of the firm into State Street. The Boston Herald reported the layoff Tuesday morning. Not all of the cuts came from Investors Financial Services as State Street officials told 90 of their employees that they will lose the jobs as a part of the combination. Together, the cuts involved some 450 employees. The two Boston-based firms have a combined 13,200 employees. The paper reported that some jobs were eliminated immediately, while others will be kept on through September. 

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