Cost pressures strike the fund industry, with State Street announcing 400 job cuts as first quarter profits fall 22 percent compared to the same period last year, reports the Boston Globe.

The newspaper reports that the firm has announced four job cuts since 2010, leading to a total decrease of 2,960 positions.

For example, State Street announced in January that it would lay off 630.

State Street's first quarter profits were $356 million, down 22 percent from first quarter of last year. 

Edited by: Tommy Fernandez


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