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Online: 2336 days ago   Updated: 2336 days ago   Joined: 2336 days ago
 
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  Age: 37   Gender: Male   Race: Other   Location: Massachusetts United States
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State Street Corp. escorted fired employees out of its downtown Boston office building this morning, hours after announcing that it would lay off 1,400 people company wide, including 400 in Massachusetts over the next year.

statest800.jpg Employees learned only late yesterday that the financial services giant planned to let go 5 percent of its total workforce through 2011. But some were surprised that the layoffs started right away, as security guards and human resources executives appeared at the desks of a number of employees to inform them they were out of a job.

State Street would not immediately say how many people were let go today. A spokeswoman said one-third of the notices would be going out this week. Employees who were tapped to leave were given severance packages.

The layoffs are part of a four-year cost-cutting effort, State Street said yesterday. Shares in the company's stock were up 3 percent this morning, to $44.47.

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By Beth Healy, Globe Staff

State Street Corp. escorted fired employees out of its downtown Boston office building this morning, hours after announcing that it would lay off 1,400 people company wide, including 400 in Massachusetts over the next year.

statest800.jpg Employees learned only late yesterday that the financial services giant planned to let go 5 percent of its total workforce through 2011. But some were surprised that the layoffs started right away, as security guards and human resources executives appeared at the desks of a number of employees to inform them they were out of a job.

State Street would not immediately say how many people were let go today. A spokeswoman said one-third of the notices would be going out this week. Employees who were tapped to leave were given severance packages.

The layoffs are part of a four-year cost-cutting effort, State Street said yesterday. Shares in the company's stock were up 3 percent this morning, to $44.47.

 
 

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