State Street and Investors Bank and Trust told 450 employees yesterday they would no longer have jobs following the State Street’s $4.5 billion acquisition of IBT by the end of the year, Boston Herald reports. Of the 450 losing their jobs, 360 are at IBT and 90 at State Street.

The layoffs are due to “redundancies primarily in corporate administration,” said State Street spokeswoman Arlene Roberts.

Earlier, State Street indicated that 1,700 people will be losing their jobs.

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