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Wednesday, October 13, 2004

State Street Drops Jobs from 529 Biz

by: Theresa Sim

Following the news of lackluster 3rd quarter earnings results, State Street Corp. said it is cutting 425 jobs from its 529 plan servicing business, wealth management services, and merging its securities and corporate cash management operations, the Boston Globe reports on Wednesday morning.

Geographically, 200 of the jobs cuts will hit Boston area offices.

The Globe reports that State Street will sell high-net worth money manager Bel Air Investment Advisors in 2005.

The company is also undertaking and expansion of investment services in overseas markets, reports the Globe.

Meanwhile, do not expect top-level changes at SSgA anytime soon. Current co-heads Alan Brown and Peter Leahy took the helm in August after former chief Timothy Harbert passed away

"Those two guys are doing a great job," Reuters reported State Street Chief Executive Officer Ron Logue as saying.  

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