State Street Corp. Layoffs

Topics regarding layoffs at State Street Corp.

Ron’s Sailing it in

Ron is presiding over a failing firm whilst sailing his competition yacht all over the world. Thoughts?

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Post ID: @10AAcAPS

Timing

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.

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Post ID: @10x5pF6i

Not a place to build a career at anymore

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 

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Post ID: @10rMLxGB

Layoffs wednesday???

Has anyone heard from legit source if this Wednesday is big lay-off day??

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Post ID: @10oStP3I

Quality vs savings

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 

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Post ID: @10onC9Ja

State Street and Indian outsourcing quality

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 

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Post ID: @10oDSBaX

It is imperative

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 

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Post ID: @10oYLDQI

Hard realities to accept

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 

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Post ID: @10mrvq5w

Technology?

Most of the technology is old and what is new is badly designed. Good luck.

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Post ID: @10l3kv5T

It’s a very sad place to be now

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 

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Post ID: @10l0iUIs

Unionize or Strike?

Just wondering, if there was a union at State Street, a lot of this wouldnt be happening. What are peoples thoughts?

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Post ID: @10jOk7Jo

It’s pretty grim isn’t it?

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 

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Post ID: @10jXMPje

WFH Tax Credits

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!

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Post ID: @10d2TVBj

Reducing Severance

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 

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Post ID: @10dl2dUT

Tiny fact missing from BBJ omitted in previous post.

“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 

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Post ID: @10a8PyiP

More State Street Layoffs

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 

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Post ID: @107P43PX

HEALTH CARE PLAN

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 

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Post ID: @ZYx1EMt

State Street Fines

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 

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Post ID: @ZOPP5tJ

Street moving to 1 Congress Street

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 

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Post ID: @ZFnQgZT

Slow down the layoffs

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 

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Post ID: @ZAhG9Oa

Takeover?

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.

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Post ID: @ZzsmVaU

Layoffs due to non workers

Half the people laid off were either taking hour lunches mowing their lawns or bringing kids to school jokes on State Street

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Post ID: @Zy1ixYa

Poor work quality

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 

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Post ID: @Zwf1Mxe

Who is going to be left to run the show in Boston?

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 

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Post ID: @ZwbUp2X

I’ve been aware of this site for many years now.

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 

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Post ID: @ZiQXUSo

Anyone know how to get yourself laid off?

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 

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Post ID: @Z1zrPd2

There is life after State Street

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.

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Post ID: @Z03eA7o

Layoff news

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 

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Post ID: @YQrBWQx

Did IBT management ruin SSC

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 

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Post ID: @YOIcLBT

I could’ve told them this for less!

“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 

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Post ID: @YK8WFfS

Poor Earnings = More Layoffs

Nothing like a poor earnings report (down $3.00 at the open) to boost moral! More layoffs are eminent.

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Post ID: @YIN1Jr7

Stop and shop

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 

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| 1028 views | |
Post ID: @YH4QCGV

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