State Street Laying Off 145 Workers in Mass.

Global financial behemoth State Street Corp. on Friday announced it will lay off 145 workers in Massachusetts.

It's part of 400 job cuts the company plans over the next year, according to the Boston Business Journal.

The Boston-based company is dealing with falling revenue and "burdensome regulatory and compliance costs," the Journal reported. State Street employs about 29,000 workers worldwide, including about 12,000 in Massachusetts.

"We are responding to the challenges presented by low interest rates and conservative investor risk appetite by realigning our staffing to support our goal of positive operating leverage for the full year," company chairman Joseph Hooley said in a statement.