BOSTON (AP) — State Street Corp. plans to cut 558 jobs in Massachusetts as part of a restructuring of the Boston-based financial firm’s information technology operations.

State Street spokeswoman Arlene Roberts said Tuesday the reductions were expected to be completed by the first quarter of 2013.

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

Roberts added that the company over the past five years had increased its total employment in Massachusetts by nearly 25 percent.

State Street says it plans to eliminate 850 jobs in total, including 320 information technology positions that will be shifted
to IBM Corp. and Wipro Technologies as part of a previously-announced initiative.

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

The latest reductions are on top of 1,400 job cuts announced last November.

State Street also reported Tuesday that its second-quarter earnings rose nearly 18 percent, driven by higher revenue from fees for the trust bank’s investment services.

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

(Copyright 2011 by The Associated Press.  All Rights Reserved.)