Financial Services Firm To Cut 60 Austin Jobs

AUSTIN, TX — Sixty local workers at State Street Financial Services, Inc. — one of the world's largest asset management companies — will be laid off come November, according to a state filing.

The Boston-based company this week alerted the Texas Workforce Commission it would cut the jobs at two of its facilities at 11801 Domain Boulevard and 11501 Alterra Parkway. The specific reason for the cuts was not disclosed, but company officials said the layoffs would take effect by Nov. 13.

Details on the imminent layoffs were outlined in correspondence to the Texas Workers Commission sent by the company in compliance of the federal Worker Adjustment and Retraining Notification (WARN) Act designed to give employees advance notice of job cuts. Patch requested the correspondence, which was sent to the state agency by Debra Bielke from the company's human resources department.

Bielke noted the affected workers lack so-called bumping rights that would allow those with seniority to take a a lower position from a colleague in staying employed.

According to informations found on its website, the publicly traded firm has some $2.9 trillion under management and $29.1 trillion under custody and administration as of June 30. The disclosure on the local layoffs comes after company officials announced they would cut 1,500 jobs by year's end and another announcement in July alerting to another 800 cut jobs in the same time period.