State Street Corp. is preparing to get rid of a large chunk of its senior management.

The company’s new CEO Ron O’Hanley said in a recent presentation that it would reduce senior management by 15 percent, as part of a broader initiative to cut structural expenses by 2 to 3 percent.

In total, the company plans to cut roughly $6.5 billion worth of expenses, mostly through compensation and benefits, but also through occupancy, transaction processes and other expenses.

The move, according to the presentation, will also reduce layers by 25 percent, creating a more agile organization.

Furthermore, the initiative includes increasing the pace at which the company deploys technology and evolving its skill base around technology automation and data priorities.

Technology has been at the forefront of State Street’s priorities, as the company has tried to bounce back from a difficult year that saw its share price fall by about 34 percent.

In an previous interview with the Boston Globe, former State Street CEO Jay Hooley, who retired at the end of 2018 but remains board chairman, said technology would have to come above all else.

“You can sit back and let technology disrupt you, or you can embrace technology and disrupt yourself, and move yourself to the next phase of growth,” he said. “That’s what I would like to believe State Street has underway.”

State Street announced the acquisition of Charles River Development in an all-cash transaction for $2.6 billion in July 2018.

With total revenues of more than $300 million in 2017, Charles River’s primary focus is providing solutions that automate front and middle office investment management functions across asset classes on a single platform.

But the acquisition worried investors, causing shares at the time to fall 9 percent, the biggest lost the custodian bank has suffered since August 2015.

The impending layoffs mark the second time in the past three years that State Street has made a significant cuts of higher-level employees. In March 2016, the company laid off roughly 360 jobs, most of which were executives and other senior positions.