State Street Corp to layoff 7,000 employees by 2020

http://www.bostonglobe.com/business/2016/03/29/state-street-official-pegs-staff-reduction-workers/89HmTzw98F6AvUCVyA9A4I/story.html

State Street Corp. plans to shrink its workforce by up to 7,000 workers by 2020 as it fights to jump-start growth stalled by low interest rates and stiff competition.
Through layoffs, turnover, and moving employees to new ventures, it aims to become a more tech-driven company less reliant on faxes and manual trades.
“We believe that we will reduce our staff across the globe 6,000 to 7,000 people over the five-year process due to this technology,” Michael Rogers, State Street chief operating officer, said at the conference on Feb. 24. “Now most of these people will be redeployed into new business or are not replaced due to turnover, but that’s a big savings for us across the world.”
State Street has 32,000 employees worldwide.