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?
Topics regarding layoffs at State Street Corp.
Looks like our problems are now being talked about on Bank of New York Mellon forum as well: https://www.thelayoff.com/t/ZwhogmL I think direct link goes like this @ZwhogmL.
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?
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.
The first Wednesday of every month appears to be reserved for Layoffs. I heard there were more coming the first week in May. I hope for more on the business side this time rather than IT. A large portion of the higher up business people are... read more
You can contact HR and volunteer to accept a severance package as long as your dept is looking to make cuts. I had someone in my dept take the severance package voluntarily. Is there any way to find out your department is looking to make cuts any... read more
Why can’t we get a pay raise? It’s been years without an actual raise. I’m tired of “big banks” being demonized by 2020 potus contenders. Who’s going to manage all their money? I’m so tired of making ends meet with a top college degree excellent... read more
Just heard some upper management got hit today in GA.
I was a 15 year SS employee until last summer. During the past 18 months as we moved 80% of my Fund Admin team to India, the output from India was awful. Those of us left in Boston worked our tails off to fix the work and keep the client happy. But... read more
https://www.bizjournals.com/boston/news/2019/02/21/state-street-in-settlement-talks-with-sec-over.html HUGE cuts are coming in addition to the already scheduled layoffs for the end on 2019, so they are able to pay the lawsuit settlement. $267 billion... read more
layoffs are coming.
Next will be insurance. Where will we find a job? Manufacturing - gone. We’ve been outsourced to oblivion and not one person in “power” has a real tangible solution for this outsourcing of jobs and industries. Computers are already smarter and wiping... read more
It's starting in Quincy already today. 2 layoffs that I know one of so far. It's not looking good for the rest of us since the 2 were the first 2 to arrive at the office today. Good luck to everyone. Does anybody have any more info on this? Have any... read more
This is true in every corp company. They want young ,cheap employees. Once you hit 50, you are considered old. Have 5 friends going thru this now. Very sad situations. They can’t seem to find a job that pays enough to live on. Some have to sell homes... read more
No one is hiring anyone over 50. Better make as much money as you can by age 49 and pay everything off before age 50. Gone are the days of working until 60. I’m dirt poor again like when I was in my 20s. All those years of working and saving, all to... read more
Most of my department got comp info this week. Many of us got high ratings but no raise & a very low bonus. I can't imagine what people with poor ratings received. It was expected, especially in Boston & Quincy, but frustrating still. We worked... read more
Thete is nothing factually based posted here. Old lies. Innuendoes misinformation and disgruntled ex employees sowing the seeds of hate and bitterness. Nothing to see here don’t waste your time
IBM, Verizon and CBRE essentially are replacing the actual SSC employees at an inflated price and they are surprising under qualified. Last week another 4 went at Global Real Estate leaving just 5 left....for whom the bells toll.
I know the company was desperate to save money but replacing temps with temps? I signed a 3 month contract to work at State Street. After my 3 months was up they extended my contract 4 more times for a total of 15 months. After I hit 15 month they... read more
Do they usually do it in the morning or all day?
Go look at all the other companies in the “layoff.com”, every company is laying off over 50 crowd. We’re f#kced.
A little bird told me.
Huge merger. This is the beginning of mega sized banks. Who will STT merge with? Goldman’s? Vanguard? Fidelity? This is likely why the rapid acceleration on layoffs. I have no inside knowledge but it makes sense. Only the large survive in this global... read more