State Street to Dismiss 1,500 Workers in Push to Cut Costs (2)

State Street Corp. is dismissing 1,500 employees in a push to cut costs and automate more of its business.

The reduction amounts to about 6 percent of the workforce in high-cost locations, the Boston-based bank said in an earnings statement Jan. 18. That includes 15 percent of senior management. The company had more than 39,000 employees as of the end of September.

Chief Executive Officer Ronald O’Hanley, who took over as CEO this month, is moving swiftly to reorganize the money-management and custody-banking giant after the shares lost more than one-third of their value last year. The reductions are aimed ...