Ron is presiding over a failing firm whilst sailing his competition yacht all over the world. Thoughts?
Topics regarding layoffs at State Street Corp.
It makes sense that the next big one would be October. Give the people 2 months notice and then by end of December they will have a leaner workforce to make those layoff numbers for the new year.
No one can build his or her career here any longer in confidence. The truth is once someone is maybe feeling like it’s taking off In a good direction, the job may be eliminated or placed offshore. Pretty grim I guess. Greener pastures out there... — read more
Has anyone heard from legit source if this Wednesday is big lay-off day??
Truth is we were told in confidence, 6 years ago when my job was supposed be sent over, that these offshore employees Make less than 2.50 an hour and SSC doesn’t have to pay their health or 401k. So do the math. We can never compete with that. So, ... — read more
I remember when all the work was being done in the U.S , mgmt demanded 100% quality work be done. It was constantly drilled into our head, " State Street stands for quality work" Question is I find it funny how they allow Indian to do C - to... — read more
That everyone on here contact their senators about voting no on senate bill 386 that Lyndsey Graham is wanting. It is massive visas for many jobs that we hold going to India and China and bringing them here. They’ve destroyed the tech industry and... — read more
The hard facts are since the retirement of Marsh Carter, this company has been going down hill. Each CEO is more of a hatchet man than the next. Marsh Carter days were when employees here were valued, treated with respect, and seen as assets to the... — read more
Most of the technology is old and what is new is badly designed. Good luck.
A Very sad place that has k–led a once amazing place to work. No employee value and all they do is offshore our jobs and lay off in addition. No raises, cutting benefits constantly, and always trying to move people out of Quincy to the new building... — read more
Just wondering, if there was a union at State Street, a lot of this wouldnt be happening. What are peoples thoughts?
It’s getting really scary now. I think there’s going to be a mass lay-off it’s almost inevitable. My team seems to be running scared. Working tons of hours couldn’t even try to apply for a job all I have time for is sleep by the time I get home. ... — read more
So is the 60 days (i.e. 5-6 weeks) from notification to last day apart of your severance package? For example, if someone worked there 10 years for 20 weeks severance, would after their last day they only get severance for 14-15 weeks?
For all of you who think WFH is a soft perk, State Street receives a $2k per employee per year tax credit for this. Assuming 15k Boston employees, that $30M per year. Could be used to offset cutting us to the bone, but alas that’s a fools errand!
Effective 8/1 US Severance packages eliminating minimum weeks per job to just Years of Service. Previously a VP would get 14 weeks + 2 weeks per Year of Service. Now only 2 weeks per year of Service. That’s why layoff news is quite. Keep... — read more
“State Street is now aiming for 2,300 job cuts in 2019, it said. A spokesman told the Business Journal that the 800 additional cuts would come from natural attrition tied to the hiring freeze, not through layoffs”. So if you you think your next... — read more
From Boston Business Journal: "Following another weak quarter, State Street Corp. now plans to cut 2,300 jobs in Boston and other higher-cost locations this year, 800 more than it had previously targeted. The Boston-based company (NYSE: STT)... — read more
Anyone know what the current redundancy package been offered in Ireland is?
State Street is a great place to start your career whether you are new to the industry or making a job change above all before accepting a job offer ask about the high deductible Heath Insurance that may or may not be right for you regardless of your... — read more
Last week, State Street got hit with $95 million in fine for overcharges to clients(https://www.financemagnates.com/institutional-forex/regulation/sec-hits-state-street-with-95m-fine-for-overcharging-clients/). Got to wonder if more layoffs planned... — read more
very quiet on the lay-off front for months
State Street Corp. will move its corporate headquarters to One Congress, a 1 million-square-foot office tower currently under development. A partnership of National Real Estate Advisors, Carr Properties and The HYM Investment Group is constructing... — read more
The department I'm in is currently seeing a more proactive approach to off shoring. Anyone know which departments are up next n the chopping block?
Nobody is safe anymore indeed. I can tell you with 100% accuracy that upper mgmt has recently admitted that they have recently let go of people too fast without finding out if their offshore counterparts could do the job. Do you want to know how... — read more
Apparently the board is nervous and fear a takeover given the low stock price. If the price continues to drop it may happen. State Street is almost to the point where it would be attractive for a larger company.
Half the people laid off were either taking hour lunches mowing their lawns or bringing kids to school jokes on State Street
I am amazed with all the layoffs, and the poor quality of work being done in India. How this company has not lost any major customers. But then they seem to do a good job of keeping things out of the news. I pity the U.S workers already doing double... — read more
6% additional plus 1500 executives on top of 70000. Who is going to be left to run the show in Boston? Who will the clients meet with locally? That used to be the safe harbor role were your customer facing roles. Does anyone know the impact on our... — read more
How soon should I expect they lay off? Really distressed.
All the years with chronic layoffs and I have yet to see real time honest tangible accurate detailed information on here. It’s either ppl complaining about the company or former employees giving bad info or insight and worse still the trolls that lie... — read more
Had enough of this place, and am looking for a change of scenery. Been asking my manager for the last 18 months to get laid off but it hasn’t happened even though there have been multiple loses in my team. I am in the category of too competent and... — read more
There is life after State Street. I was RIF'ed last year that found a job in 4 weeks with better salary and benefits. I am 50+. The upside is it is a great employment market.
Heard there were going to be layoffs in fund admin starting tomorrow and happening throughout the summer Any chance we can get some more info on this? — read more
It’s no coincidence that the mighty Clipper started to sink when the acquisition of IBT occurred. IBT management came in and took high position and kicked out SSC folks. Now that most high level VPs come from IBT, are they to blame for the current... — read more
“Noted banking analyst Mike Mayo warns State Street shareholders executive pay is too high”. Really? You think? I know my salary is getting to be close to the new minimum wage the libs want to award kids in high school for their summer jobs too. Once... — read more
Nothing like a poor earnings report (down $3.00 at the open) to boost moral! More layoffs are eminent.
They get pensions but us here at state street nothing No presidential candidates helping us. No governor or mayors helping us. They care not one iota about us. But go ahead keep voting in the same hypocrites maybe next time they’ll come to our aid... — read more
I'm talking about major rounds - not the small cuts we are witnessing each day.