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The Boston Globe

Business

State Street to lay off 630

State Street Corp. said it would lay off 630 employees, or 2 percent of its workforce, including 260 people in Massachusetts, and sounded a cautionary note on the economy even as it reported higher profits.

The Boston-based financial services giant announced the layoffs Friday, along with a 26 percent gain in net income, to $468 million, for the fourth quarter. Chief executive Joseph “Jay” L. Hooley said the company brought in record new business in the quarter but still expects headwinds in 2013.

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