State Street, Nomura to slash jobs

State Street, one of the world’s biggest institutional money managers, said Wednesday it plans to lay off as many as 1,800 people, or 6% of its staff, in the first three months of 2009, reports Reuters. The layoffs will cost the company $325m-$350m but will ultimately translate into annual savings of as much as $400m, the company said. Meanwhile, reports Bloomberg, Nomura plans to cut as many as 1,000 jobs in its London operations, about one-fifth of its local workforce, as costs from acquiring parts of Lehman Brothers set the brokerage on course for its biggest annual loss. Nomura will shed staff in front and back offices including former Lehman employees and its own bankers, said a spokesman. The decision followed an internal review after the acquisition of Lehman’s equities and investment banking operations in October, Nomura said in a statement.

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