A noteworthy wall Street player is cutting 1,500 jobs and accelerating automation

Custody banking giant State Street is downsizing its workforce and increasing its reliance on innovation.

The Boston-based firm said Friday it will diminish its employee count by 1,500 employments surprising expense areas. The layoffs amount to roughly 6 percent of its all out workforce, including a 15 percent decrease of senior management.

The move will encourage cut expenses and make room for “benefits of automation and standardized global processes,” State Street said in its earnings statement.

“While we have made progress on our technology transformation, much remains to be done and we are not satisfied with our recent performance,” CEO Ronald O’Hanley said in the statement. “Structural costs are still too high and our automation efforts have not moved fast enough.”

State Street says it is in charge of guardianship, or putting away securities for the benefit of the customer, for in excess of 10 percent of the world’s advantages. It is one of the best firms for the imperative yet not really impressive employment of holding mutual funds and different resources for customers like Fidelity. State Street is likewise one of the best ETF suppliers alongside names like Invesco and Schwab.

The firm beat Wall Street’s desires for the final quarter, getting $1.68 adjusted income per share versus $1.67 expected by experts. Its final quarter income was $2.99 billion versus the $2.98 billion anticipated.

Shares State Street rose 1 percent Friday morning. The stock is up 17 percent this month however down around 30 percent in the previous year.