State Street said on Friday the custody bank will shed about 1,500 employees in a new cost-cutting plan designed to help weather tough market conditions.

The bank, which provides bookkeeping and other back-office services to nearly 90% of the world’s biggest asset managers, will eliminate positions in higher-cost offices such as Boston, New York and London, as it automates parts of its operations. The cuts include the 100 or so senior management jobs State Street said last month it would cut.