State Street Corp. plans to lay off approximately 1,500 employees in "high-cost locations" and ramp up efforts to automate its services to clients, the company reported. The newly announced layoffs go far beyond the job cuts to senior management reported by the Business Journal earlier this month. The senior managers are believed to make up roughly 10% of the 1,500 layoffs. The job cuts have already started and are likely to continue through the first half of 2019, according to a State Street spokesman. They will take place exclusively in what the company calls its high-cost locations: 6% of its total headcount in those offices will be laid off. While it was not immediately clear what areas constitute the company's high cost locations, a State Street spokesman said the layoffs do not affect State Street's growing offices in India, China and Poland.