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Thursday, April 25, 2002

State Street Mulls Layoffs

by: Sean Hanna, Editor in Chief

State Street Corporation may announce layoffs of at least 300 to 400 workers as soon as Monday, reports the Boston Herald. The parent of SSgA is reportedly targeting its tech support and back office units for the cuts.

Altogether State Street employs 19,700 workers.

The cuts are a response to slowing revenue growth at the firm, reports the paper. State Street is not alone in seeing revenues stall. Most financial services firms which base fees on assets have seen revenues falter along with stock prices.

The paper based the report on "people familiar with the matter." It added that managers began preparing workers for the news on Wednesday (April 24, 2002). The firm may conduct additional rounds of cuts later in the year, possibly in the summer, according to the report.  

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