Word of 300 to 400 layoffs to be announced this week at State Street Corporation was not far wrong (see: State Street Mulls Layoffs, 4/25/02). Yesterday 375 employees based in Quincy found that there building passes no longer worked. That is because they have been laid off by the Boston-based financial services company, according to The Boston Globe.

Published reports quote analsysts who claim to have heard that State Street may let go of up to 2,000 more workers later in the year.

As expected, most of those laid off yesterday were in administration and technology groups. This moves follows one a couple of months ago when the firm laid off approximately 66 employees, mostly from the bond trading and human resources department. Yesterday's decision represents about 3 percent of the firm's Eastern Massachusetts work force.

 

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