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State Street Corp. eyes 7,000 layoffs by 2020

“It’s a big number,” Cassidy said. “The business is dictating that kind of need to be more efficient. They’re fighting hard to move forward.”

Company officials said the cuts would be across all departments, but would not comment further on the projections.

“We will continue to evaluate the needs of the organization to advance our long-term strategic priorities and continually look for ways to better align the organization,” spokeswoman Anne McNally said in a statement. “But we will also continue to hire in key areas of the business that are growing, such as data and analytics, or in areas where we need to add expertise.”

Despite layoffs in recent years, the company head count overall has grown by 2,500 employees, McNally said.

State Street, which manages money and also handles administrative services for mutual funds, pensions, and other large investors, announced in mid-March that it was going to lay off 252 people in Boston and Quincy, mostly senior executives. In October it laid off 600 people companywide.