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Struggling State Street aims to cut 800 more jobs

Greg Ryan
Struggling State Street aims to cut 800 more jobs

Following another weak quarter, State Street Corp. now plans to cut 2,300 jobs in Boston and other higher-cost locations this year, 800 more than it had previously targeted. The Boston-based company (NYSE: STT) announced Friday morning that its second-quarter revenue dropped by 6 percent year-over-year, to $2.87 billion. State Street’s profits fell by nearly a fifth, to $587 million.