State Street Corp. is cutting approximately 375 positions from its eastern Massachusetts-based staff. The current round of cuts results primarily from efficiencies generated by technology investments, said David Spina, chairman and CEO. However, he also left open the possibility of future cuts.

"As we've indicated recently, we will continue to align people and resources to keep pace with market opportunities and business growth. This will result in periodic reductions, such as the ones we've had to date. But there will be hiring and expansion in growth areas, such as servicing for alternative investments and investment manager outsourcing," Spina said in a statement.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.