State Street Corp. Layoffs

Topics regarding layoffs at State Street Corp.

Is Channel Center the Boston version for JAB?

I think it might be. How is this not work related stress eligible for worker’s compensation? If you work in a hostile environment I’ve read that constant and impending layoffs are considered eligible. We just heard we’re moving not sure where... —  read more 

by
| 279 views | |
Post ID: @11w141f0

Commuter Benefits

Do not forget that State Street takes care of you: https://www.wageworks.com/statestreet/commuter/

by
| 654 views | |
Post ID: @11lXvPJA

Wednesday 10/2 Boston

Yup, it’s going to happen on 10/2. I know of one person getting let go, and it could be just one person here and a few there. But the information I have just acquired (big ears) is that it’s a guy on the 5th floor at 1 Lincoln. Sorry bro.

by
| 2202 views | |
Post ID: @11jT4YaA

Move to JAB

Moving to The John Adams Building on Tuesday. Anyone who is there now know if it is as miserable in there as I have heard it is? I am all for the change because I live on the South Shore and no longer have to take the commuter rail but I am... —  read more 

by
| 1611 views | |
Post ID: @11guDfY7

Lots more cuts coming?

By December 2019 lots more cuts to come to VP and MD levels. They have a quota to meet with that 8,000 layoffs by 2020 and they are only 40% there, so between now and 2020 there will be huge cuts. But I hear the next round of layoffs is targeting... —  read more 

by
| 1253 views | |
Post ID: @11gQtgJn

State Street HR Failures

Hearing that the Belfast and London offices got automated emails putting their status of leave before being told they were being made redundant, complete HR failure. They turned up closed the Belfast office, took everything away according to the... —  read more 

by
| 1356 views | |
Post ID: @119pUFvg

Rest Assured - Some are Getting HUGE Bonuses

The great Executive Team Can't sell the clipper ship just yet...still have more large salary increases to get and more huge cash bonuses and share options to award themselves. Cut, cut and cut further is the executive team's plan to get... —  read more 

by
| 958 views | |
Post ID: @1180DKgc

So...

Looks like Ireland is next on SS hitlist for outsourcing, would you stick it out for the redundancy or run for the hills?

by
| 1249 views | |
Post ID: @111jjvXD

Any chance we are done?

With cuts happening at various State Street locations both yesterday and the day before, I'm not sure if I should relax just yet or if there will be more today? Do we know if we are done for sure?

by
| 1638 views | |
Post ID: @111uyx9y

I’m thinking a new CEO

Is in the horizon. He can’t right this old schooner. Her glory days were pillaged by many retired and former execs. They left the hull for the rest to row to shore if it even makes it. We can only hope for a merger but then the axe comes full... —  read more 

by
| 1537 views | |
Post ID: @10KoHpLB

Share Price

How about that share price eh? On the slip and slide for quite some time now, how long before it hits rock bottom...

by
| 1029 views | |
Post ID: @10J8rSzl

Ron’s Sailing it in

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

by
| 1299 views | |
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.

by
| 592 views | |
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 

by
| 1366 views | |
Post ID: @10rMLxGB

Layoffs wednesday???

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

by
| 1846 views | |
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 

by
| 1410 views | |
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 

by
| 1238 views | |
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 

by
| 775 views | |
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 

by
| 1053 views | |
Post ID: @10mrvq5w

Technology?

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

by
| 1127 views | |
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 

by
| 1228 views | |
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?

by
| 950 views | |
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 

by
| 1294 views | |
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!

by
| 938 views | |
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 

by
| 2358 views | |
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 

by
| 1595 views | |
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 

by
| 1815 views | |
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 

by
| 1142 views | |
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 

by
| 1486 views | |
Post ID: @ZOPP5tJ

Start a new thread - post a news comment, question or message:

: