State Street Global Advisors will trim up to 65 positions from its global work force, as part of a broader cut of 1,400 announced late Tuesday by parent company State Street Corp.
Spokeswoman Arlene Roberts said SSgA's slated cuts would amount to less than 3% of the money management giant's global work force of 2,217 employees as of March. She couldn't provide further details on which positions will be eliminated.
The SSgA work-force reduction is less than the planned 5% staff reduction for the broader company. The overall cuts are part of a multiyear plan to “transform our operating model” and continue the recent momentum enjoyed by the company's core businesses, Jay Hooley, State Street president and CEO, said in a news release.