State Street Corp. plans to cut 850 information technology jobs as part of what the Boston-based company describes as an "IT transformation."

Over the next 18 to 20 months, State Street will slash 530 posts and will move 320 jobs to IBM Corp., and Wipro Technologies, the Boston Globe reports. State Street already outsources some technology work to the two firms.

The cuts are part of a move to cloud computing technology which is "aimed at saving as much as $625 million a year by 2014," the Boston Herald reports.

The Herald quoted State Street CEO Jay Hooley as saying in a confrence call that his company will work on developing new IT products, "especially those that focus on data and analytics." 

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