State Street to cut 1,200 North American jobs

LONDON (Reuters) - State Street Corp (STT.N), one of the world's biggest institutional money managers, will lay off about 1,200 people in North America as part of the previously announced global headcount reduction.

State Street said last week it would cut up to 1,800 jobs, or 6 percent of staff, in the first three months of 2009. On Monday a spokeswoman said about two thirds of these cuts will be made in North America, with the rest in Europe and Asia-Pacific.

State Street has offices across Europe, Asia, Australia and the Middle East.

The company also earns fees for providing investors with a range of services that include calculating the bulk of mutual fund prices printed in newspapers.

(Reporting by Olesya Dmitracova; Editing by Greg Mahlich)