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.

READ MORE: Local Researchers Test COVID Samples To Determine Prevalence Of Omicron Variant In Massachusetts

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

READ MORE: Amid Concerns Over Omicron COVID Variant, CDC Says All Vaccinated Adults Should Get Booster Shots

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.

MORE NEWS: Omicron Variant: Dr. Mallika Marshall Explains What's Known And What's Not

(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 This material may not be published, broadcast, rewritten, or redistributed.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.)