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.
reports that State Street will sell high-net worth money manager Bel Air Investment Advisors
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
"Those two guys are doing a great job," Reuters reported
State Street Chief Executive Officer Ron Logue
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