State Street Corporation is set to shed a further 1,800 jobs in an effort to cut operating costs by around $125m (€116m).

The cuts are in addition to the 1,000 job losses announced after the Boston firm's recent acquisition of Deutsche Bank's custody and securities lending business. The reductions will be phased over the second quarter of this year.

Anuj Gangahar

State Street

Deutsche Bank

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State Street to cut 1,800 staff

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