State Street Corp. (STT) is about to get smaller.
The $222 billion-asset company said Friday it will shed roughly 630 positions, or 2% of its global work force, in the coming year.
The cuts will cost the Boston company about $139 million and "better align expenses with the business outlook in 2013," it said in a filing with the Securities and Exchange Commission.
"We remain focused on controlling expenses across the company," Ed Resch, State Street's chief financial officer, told analysts Friday on a conference call.
Earnings at State Street in the fourth quarter rose 26% from the same period a year earlier, to $468 million. State Street expects a "challenging market environment" in 2013, according to its regulatory filing.