State Street Corp. will slash 1,800 more jobs on top of the 1,000 recently announced as part of a cost-reduction package that aims to cut operating expenses by $125 million throughout the remainder of 2003. The announcement came just before State Street reported a 46% decline in first quarter earnings, to $96 million, down from $178 million a year ago.

The company anticipates that severance benefits and expenses related to the reductions will result in a pre-tax charge of $125 million to $175 million and decrease reported second-quarter diluted earnings per share by approximately $0.25 to $0.35 per share.

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