Page 5 - Eric Aboaf News Today

State Street has said the firm has no plans to offload its asset management arm, instead asserting how important the business was.

State Street to cut 1,200 jobs Bloomberg State Street Corp. intends to lay off about 1,200 employees, Eric Aboaf, executive vice president and chief financial officer, said during the firms fourth quarter earnings call. Speaking Tuesday, Mr. Aboaf said that most of the workers who are to leave the company are in "middle management" and their absence will be "partially offset by insourcing and critical hires during the year. This complements the senior management reductions we made two years ago...

State Street to eliminate 1,200 jobs in 2021 after avoiding layoffs last year Jon Chesto © David L. Ryan State Street still plans to move from its One Lincoln headquarters tower (above) in about two years to One Congress. Early in the COVID-19 pandemic, State Street Corp.’s chief executive, Ron O’Hanley, took layoffs off the table for 2020 to give employees some added security during a troubling time. But the State Street workforce won’t get the same assurance for 2021....

The cuts will allow State Street to save $120 million in 2021, and about twice as much in 2022, according to the company's Chief Financial Officer.

State Street Corp. announced on Tuesday plans to cut around 3% of the jobs in its global workforce, eliminating 1,200 positions in the coming year. The cuts