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State Street Bank laid off 250 employees who work in the information technology department. The layoffs were part of a previously announced plan to trim headcount by 2,300.
State Street spokesman Brendan Paul confirmed that workers in the Boston office were among those let go on Friday, though he said he did have the geographic breakdowns for the layoffs.
The organizational changes will “ensure ensure our culture of innovation is more readily focused on delivering against our strategic objectives in the near and long term,” Paul said in a statement.
“We are continually reviewing our information technology capabilities to ensure we have the right resources to drive excellent client outcomes and innovation as well as to deliver on our commitments to shareholders and stakeholders,” Paul said. “[Friday’s] moves streamline our IT organization and removes unnecessary layers that get in the way of our overall success. With these changes we will ensure our culture of innovation is more readily focused on delivering against our strategic objectives in the near and long term.”
About 2,000 of the 2,300 targeted job cuts have been made so far, Paul said.
