Previously announced downsizing of senior management will account for about 10 percent of the now presented 1 500 good-byes, according to Boston Business Journal.

Not affecting Poland

It writes that the cuts will target ”high-cost locations”, not the company’s growing offices in India, China and Poland. In the Nordic area, State Street has one office, located in Copenhagen.

The job cuts have begun and are planned to continue in the first half of 2019.

”Not fast enough”

”While we have made progress on our technology transformation, much remains to be done and we are not satisfied with our recent performance,” said State Street CEO Ron O’Hanley said in a statement, upon presenting poor fourth-quarter results.

“Structural costs are still too high and our automation efforts have not moved fast enough,” he said.