(Reuters) - Custodian bank State Street Corp (STT.N) plans to lay off 15 percent of its senior management, Bloomberg reported on Wednesday, citing people familiar with the matter.
The lay-offs, which will affect executive vice president and senior vice president positions among others, will begin on Wednesday as the company continues to tackle costs, the report said.
The company, under CEO Ronald O’Hanley, has been trying for austerity measures and to make the structure lean, the Bloomberg report said.
State Street, which currently has around 39,000 employees, declined to comment.
The Boston-based custodian bank reported a lower-than-expected profit in its latest quarter, missing estimates for the first time in the last eight quarters. [reut.rs/2RK5pOQ]
State Street shares were up nearly 3 percent at $67.17 in afternoon trading.
Reporting by Mary Ann Alapatt in Bengaluru; Editing by James Emmanuel