State Street to Cut IT Jobs

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State Street to cut 1,400 jobs by the end of 2011

Boston-based State Street, with nearly $2 trillion under management, is set to cut 1,400 IT jobs by the end of next year. The reduction in staff will result in an estimated saving of more than $600 million by 2014, according to the firm.

While a spokesperson for State Street said that this is not as a direct result of advancements made in cloud computing, and is geared toward creating "operational efficiencies" and to "position [State Street] for growth", industry observers believe that these re