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The staff cuts are part of an effort to shrink expenses amid “challenging market and industry conditions,” according to the firm’s fourth quarter 2018 results report.
Global custody-banking giant State Street Corp. is trimming its workforce, including 1,500 positions at “high-cost” locations and cuts from senior management staff in an effort to adjust its expenses to highly competitive market conditions. The staffing cuts will be a key part of “a new expense program to accelerate efforts to become a higher-performing organization...
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