This Boston-based company, which employs 4,000 IT workers, is turning to IBM and Wipro, the India-based company, to manage "support components of its , and application maintenance and support systems."

State Street is focusing on development and investing "in the things that differentiate us as a company versus more of the support type functions that don't offer us competitive advantage," said Alicia Curran Sweeney, a spokeswoman for the financial services firm.

It expects to eliminate those 530 IT jobs over the next 18 to 20 months.

In November, State Street announced a broad business transformation effort that included changes to IT and investment in new technologies, such as development of private clouds. As part of the initiative, the company told investors that it expects to recognize restructuring costs of approximately $400 million to $450 million over four years.

The restructuring was expected to result in of approximately 1,400 employees and lead to some real estate consolidations. A majority of those layoffs have already occurred and are separate from the ones announced Tuesday, the company said. While some IT workers were included in the earlier layoff, the company isn't providing a breakdown.