BOSTON (CBS) – State Street Corp. will lay off 600 jobs worldwide, with over 300 positions in Massachusetts impacted.

A company spokesman confirmed to WBZ NewsRadio 1030 that of the 600 positions, there will be 330 positions reduced in Massachusetts.

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In Boston, 56 employees will be impacted.

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The layoffs are expected to be completed by the end of 2016.

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A State Street spokesman said the company is trying to balance investing in business with a challenging external market.