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State Street surges after cost-cutting move

Joseph L. “Jay” Hooley is CEO of Boston-based State Street.

Globe file photo/2010

Joseph L. “Jay” Hooley is CEO of Boston-based State Street.

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State Street Corp.’s stock surged on Tuesday as Wall Street got behind the custody bank’s move to cut staff and expenses. The share gains were helped when JPMorgan analyst Vivek Juneja upgraded the stock to “neutral” from “underweight” and raised his price target to $50.50. On Friday, State Street said it plans to cut 630 jobs, or 2 percent of its workforce, and posted profit that beat expectations. Net income for the fourth quarter rose 26 percent to $468 million, or $1 per share.

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