Thread regarding State Street Corp. layoffs

layoffs at state street bank this week

how big were the layoffs. thank you!

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Post ID: @110uh9sF

10 replies (most recent on top)

@Post ID: @110uh9sF-1njg

Sorry they have gotten rid of 50% of the IT support state in Boston and Quincy over the last 15 years

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Post ID: @110uh9sF-1gtg

I guess the conclusion here is that if you are young and into IT and all the exciting stuff happening, leave State Street ASAP, but if you are older then hang on because all the old tech at State Street isn't going anywhere and will need to be supported for quite a while...

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Post ID: @110uh9sF-1njg

It's a shame for the people working on Omnia, there where some great people, state Street where lucky to have them working for them. I'm sure they will be snapped up by companies that appreciate their skills.

The Omnia project was doomed from the start by the usual politics and complete lack of technical leadership at the exec SVP/EVP level.

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Post ID: @110uh9sF-1zri

Wow!

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Post ID: @110uh9sF-1eyo

@110uh9sF-1qax you clearly don't know most the people who were laid off. insulting people who just lost their jobs to feel better about yourself is pathetic. you can have whatever opinion you want, but know when it's needed or appropriate. learn to act like an adult.

anyway, the way they laid people off was sh–ty. random members of teams would get an invite to an IT org change related meeting from the big IT boss, so some forwarded it to their coworkers who they thought were missed on invite. because the invite had no real details, but seemed important, it looked like a general town hall style meeting. instead they found a half empty room with an HR person first telling a little joke, then telling the people without an invite to leave/hang up before saying they were laying us off.

they weren't even clear about it at first. they listed specific teams that they were eliminating but made no mention of other teams affected. it took until someone asked for them to say that if you weren't in one of those teams and got an invite, which was a substantial number of people, that you were /probably/ laid off too. i guess because they were going to validate the names on the meeting invite? but were they trying to assure us or were they really unsure? who knows at stt!

anyway, it sounded like they were going to have similar "meetings" in other locations. not trying to fuel anyone's anxiety like the trolls on this board, just being honest. not sure if this round is just IT, but i haven't heard anything about ppl in the business being affected yet

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Post ID: @110uh9sF-1hkx

For those who wish they were next, why don't you just find another job? :P. It cant be that hard

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Post ID: @110uh9sF-1fzu

Considering the stock market price for STT, I would deduce that the majority shareholders are pleased with the results thus far. They will continue to do so until MR = MC as basic economics would provide. Since the cost per head is so much lower in India and other areas I would suspect an ramp of layoffs to meet the demands of the said layoff and then some to ensure the stock holders confidence in offshoring.

From experience, there is a lot of attrition in India because there so many job openings and the competitiveness of said jobs. You would be a fool to think that any job in the US is safe from these. Yes, some jobs are more analytical, but still, it is only a matter of time until your job is also subject to lower cost locations.

Understand that YOU need to be proactive. The job market is changing and if you dont open your eyes you will be blindsided and left collecting a severance, if there is any left.

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Post ID: @110uh9sF-1tdg

Lots of OMNIA jobs got cut today & IT jobs on Quincy. Many people got notice their last day is 11/1/19.

Most of the people who got cut in Quincy today were dead wood or useless & not doing much with the past 6 months. One coworker literally does nothing got the boot today. Finally!

My department is down by 50% since 2018...between layoffs & going to S Bank.

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Post ID: @110uh9sF-1qax

Who got cut? I heard rumors of OMNIA being gone.

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Post ID: @110uh9sF-fci

100 yesterday, 300 today. This could become a weekly thing.

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Post ID: @110uh9sF-uns

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