State Street Corp. announced Friday that it would cut 1,500 workers from “high-cost locations.” The Boston-based financial services and bank holding company had about 1,500 workers in the Kansas City area as of 2017.
The company did not specify which of its operations would be affected by the cuts, but it did say its global hubs in India, China and Poland wouldn’t be hit. Its overall workforce would be cut by 6 percent, and 15 percent of its senior managers would be affected.
Structural costs and automation efforts were core reasons for the layoffs, the company’s CEO said in the announcement.
Read more: Kansas City Star.