Business

Mass. Movers

State Street cutting 630 jobs worldwide

Around the world, State Street has 29,660 workers.

Bloomberg News/File

Around the world, State Street has 29,660 workers.

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State Street Corp. plans to cut 630 jobs, or about 2 percent of its worldwide workforce, as the Boston-based custody bank continues to work on lowering expenses. Fourth-quarter net income climbed to $468 million, or $1 per share, vs. $371 million, or 76 cents, a year earlier. Excluding some costs, adjusted earnings were $1.11 per share. Analysts expected $1.01 per share,. Full-year net income rose to $2.02 billion, or $4.20 per share, from $1.88 billion, or $3.79, in the prior year.

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