NEW YORK (CBS/AP) — State Street Corp. says it will cut 1,400 jobs beginning immediately as part of a massive reorganization.

The Boston-based financial services company is also closing an unspecified number of offices as part of the plan, which will be largely complete by the end of 2011.

Company officials confirm 400 employees in Massachusetts will be affected. There are approximately 12,600 State Street employees in Massachusetts, 29,000 worldwide.

By the end of 2014, the company expects to save between $575 million and $625 million through the measures.

It will go ahead with plans announced last month to buy Bank of Ireland Asset Management for $79.3 million.

(TM and © Copyright 2010 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

  1. reader781 says:

    hope none of these people paid for their ticket to the holiday party yet. Merry xmass to all. Guess the new boss is the same as the old boss. Wonder if more illegal activity is around the corner

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