To offset the bear market's impact on its profits, State Street Corp. plans to cut 1,700 jobs by March.

The Boston company said Wednesday that it will shed about 6% of its 28,700 employees, and that about two-thirds of the cuts will be made in North America. The reductions will come mostly in the middle and senior management ranks, State Street said.

Fund managers and custody banks have suffered as $31 trillion of value has been erased from world equity markets this year.

Bank of New York Mellon Corp. said last month that it would eliminate 1,800 jobs, or 4% of its staff.

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