State Street Corp. laid off 52 employees in its human resources department this week, according to Hannah Grove, a spokeswoman for the firm. The cuts represent roughly 15% of the firms HR staff and were mostly in State Streets Boston office.
The cuts follow a reorganization of the firms human resources group, according to the Grove. They come four months after Louis de Ocejo took over as head of global human resources. Ocejo replaced Sue Comeau, who retired in October.
The cuts surprised analysts and employees because the firm has very rarely cut its staff, however State Street executives did not rule out further cuts in other departments based on the increasing need to cut costs, according to a report in The Boston Globe.