State Street Corp. cutting 60 jobs in Austin

Financial services company State Street Corp. is cutting 60 jobs at two Austin offices, according to documents filed with the state.

State Street, which is based in Boston, is eliminating 51 jobs at its office at 11501 Alterra Parkway and nine jobs at its office at 11801 Domain Blvd., according to a WARN letter sent to the Texas Workforce Commission.

A WARN letter, which stands for Worker Adjustment and Retraining Notification Act, is a federally mandated notice employers must provide to state governments in the event of major layoffs.

The layoffs will be effective on Nov. 13 and will be permanent, according to the WARN letter. The affected employees do not have bumping rights that would allow them to displace employees with less time at the company, according to the letter, which was signed by State Street executive Debra Bielke, whose title was listed as vice president, human resources business partner.

State Street Corp. is one of the world's largest asset management companies. The publicly traded company has $2.9 trillion under management and $29.1 trillion under custody and administration as of June 30, according to the company's website.

State Street said in January that it planned to cut 1,500 jobs by the end of the year. In July, it announced that another 800 jobs would be eliminated, for a total of 2,300 cut by year's end.

Reached by phone on Thursday, Bielke said State Street would continue to maintain operations in Austin.

"We still have a large practice in Austin," she said. "It's just a change in our tech strategy. A group is going to remain there and we will continue to hire."