State Street Corp. says it will cut 1,400 jobs, or 5 percent of its work force, including about 400 jobs in the Bay State.

It is the second major round of job cuts for the Boston-based custody bank in as many years. About 1,700 people, or 6 percent of its staff, were eliminated early last year as it moved to cut operating costs.

The staff cuts will start in December and will be mostly completed by the end of 2011.

State Street, which provides financial services to institutional investors, also said it will close an unspecified number of offices as part of the restructuring plan.

By the end of 2014, the company expects to save between $575 million and $625 million through the measures. It will book restructuring costs up to $450 million over four years, with between $160 million and $165 million in charges coming in the current quarter.

The bank said it had about 29,000 workers in 25 countries at the end of the third quarter. It posted a 67 percent profit jump in the July to September period, but that was buoyed by acquisitions. Revenue rose just 3 percent, mainly from servicing fee hikes and acquisitions.

With interest rates low, bank profits have been squeezed because the difference between what they pay depositors and what they make from investments and lending has narrowed. State Street has also been hurt by investor movement away from equities and toward bonds in the uncertain economy. The company posted lower investment management fees and trading services revenue in the third quarter.

State Street said it will go ahead with plans announced last month to buy Bank of Ireland Asset Management for $79.3 million. The company aims to double its non-U.S. revenue by the end of 2014, and this year bought Italian banking group Intesa Sanpaolo’s securities services business and Channel Islands based Mourant International Finance Administration as part of that goal.

State Street shares closed Tuesday down 50 cents at $43.20. The stock is virtually flat for the year.