State Street Corp. says it will reduce its workforce by 6%, or by 1,600 to 1,800 jobs, to lower operating costs. The cuts will occur between now and before the end of the first quarter of 2009. About two-thirds of the cuts will be in North America, with the rest in Europe and Asia. State Street will take a charge of about 51 cents to 55 cents a share, and hopes to save about $375 million to $400 million a year as a result.
D.C.