State Street Corp. is eyeing up to 7,000 layoffs across its footprint by 2020 in an effort to become a more technology-driven company and automate some of its processes.

Though the company had previously announced smaller layoffs, President and COO Michael Rogers put a figure on the potential reductions at an investor conference late in February, the details of which were recently made public. The story was first reported by the Boston Business Journal.

“We believe that we will reduce our staff across the globe 6,000 to 7,000 people over the five-year process due to this technology,” he said. “Now most of these people will be redeployed into new business or not replaced due to turnover, but that’s a big savings for us across the world.”

Worldwide, State Street employs more than 32,000 people.

In a filing with the Securities and Exchange Commission, State Street estimated that the price tag of restructuring over the next several years would include $250 to $300 million in severance and benefits costs.