(Bloomberg) -- State Street, the world’s second-largest custody bank, said it’s firing 600 employees globally to accelerate cost reductions after the stock market slump will probably make its goal for fee revenue growth unattainable this year.

The bank took a $75 million pretax charge in the third quarter in connection with the layoffs, which will result in a headcount reduction of 200 on a net basis. State Street said it may not reach a target to increase fee revenue by 4% to 7% on an operating basis this year, after a slump in global stock markets, particularly emerging markets, eroded assets.

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