Thread regarding State Street Corp. layoffs

More layoffs coming for VPs and MDs before the holidays....

Merry Christmas and Happy New a Year.

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Post ID: @OP+11cteHAW

34 replies (most recent on top)

Well, I have a friend who left as an avp years ago and rejoined as an svp last year.

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Post ID: @1jpct+11cteHAW

It is a fact that svps have been rehired. This is not a rumor. People have come back to IT at the same level. I agree it makes no sense but it is fact

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Post ID: @8ofb+11cteHAW

They are not rehiring svp’s, the whole point of laying off svp level was to save $$$ and cut costs. They may rehire at a lower title and pay, but it’s unlikely, they are having a hiring freeze right now because of layoffs.

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Post ID: @8zke+11cteHAW

As they rehire svps that were let go earlier this year...

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Post ID: @7owz+11cteHAW

if you've recently been stripped of your job duties and "title", and then told you can work at "this job with a different title", you are not on the growth track and should have your resume updated and ready. That old trick is the "wink, wink", we value your work, but we are demoting you and then laying you off if you don't find another job. We'll let you hang on for a few months, but this is our humiliating way we push you out while all your co-workers laugh and talk behind your back, as most of your direct reports probably loathed you.

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Post ID: @7ets+11cteHAW

oh, layoffs are coming, that is a fact.

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Post ID: @7sfo+11cteHAW

October surprise.... stock market crash AND layoffs galore.

Merry Christmas and Happy New Year!

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Post ID: @7ndf+11cteHAW

So you post negative comments about other people being screwed for working at State Street? Why do you care so deeply about us? Why waste your time explaining life at State Street to people that work at State Street?? Are you compassionate or just a a/hole?

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Post ID: @6tmr+11cteHAW

I don't know where these posts are coming from that tell anyone in the 50 or so age range that they are doomed if they get laid off. I was making a good salary at SSB and got a job less than a month after being laid off from SSB. I know others with the same experience. That being said, I kept my skills current and transferable.

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Post ID: @3cpx+11cteHAW

We all know more layoffs are coming but to tell people getting laid off it is figuratively the end of your life is over the top. I know many people that were laid off and they ALL found good jobs. I’m sorry for those that haven’t but to project the same fate on everyone is inaccurate

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Post ID: @3muy+11cteHAW

Of course there are going to be more layoffs.

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Post ID: @3ndd+11cteHAW

Oh dear the truth stung someone on here, lol....

Read and weep, everything on here is true. And no, jobs are not plentiful unless you are below a VP, you might find something. If you’re over 50 and paid well, forget it, no jobs for over 50s, they can hire cheaper. Fact.

Pay off your debt, kids, it’s only just begun.

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Post ID: @3yvx+11cteHAW

Good the see the bitter ex-sst trolls are back to instill fear. There are over 7million open positions... most ever. If you happen to get laid off it will work out.

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Post ID: @3pya+11cteHAW

Nice to see the truth on here about the state of the economy. You can't even pretend that everything is okay anymore. I got laid off and was fortunate to find another job, but I had to relocate to a sh–ty state. I did it for my family and it's been a huge sacrifice leaving my home that I lived in for over 20 years, but ya gotta do what ya gotta do. I save every penny now, have a paid off home in a cheaper state and no stress. If I get laid off again, I won't have to sell my home. We just miss our families, that was the hardest thing about taking a new job in another state.

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Post ID: @3fkn+11cteHAW

Massive layoffs everywhere are coming because it’s the next phase of bringing this country to its knees and destroying what little wealth the fake upper middle class white collar workers thought they had — a home in the suburbs with a huge mortgage does not equal wealth it means you’re a debt slave. Your average EVP is not a “one percenter”. Soon there will only be two classes, dirt poor slaves (you) and your banking overlords who rule the world.

The American dream is a lie. You’re totally f$cked if you have debt, especially a big mortgage.

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Post ID: @3aio+11cteHAW

You have to be a special kind of stupid to not understand the markets are all rigged and the Fed is pumping money like no tomorrow.

We are on the eve of some very bad destruction.

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Post ID: @3ygc+11cteHAW

Edit: late 2018*

I also read that the total number to be riffed could be more than 8,000, maybe double if needed. And if the economy is headed for recession, as many are speculating, then yeah, get ready for a bloodbath. Look around, the economy and global economy is in really bad territory, like nothing we’ve ever seen. Mix the political b—s— going on and this could get bad, really bad. That dumb–s president can’t save you.

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Post ID: @3gfo+11cteHAW

Do you people not understand how to read? Google layoffs at state street, plenty of valid articles back from late 2019 and early 2019, stating that state street has a quota of roughly 8,000 to layoff by end of 2020, but most likely before end of 2020. Do the math. So end of 2019 thee will be layoffs, rumor has it they are getting rid of the newly created managing director (MD) roles, as they were created back around 2014/2015 when the VP was not SVP material, but at the VP salary ceiling. Instead of a raise they got duped with a fancier title and maybe one or two more direct reports. Fast forward to 2019 they realize they are top heavy with too many overpaid VP and MDs.

That’s the truth. Now we get to sit back and watch who gets the boot.

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Post ID: @3abr+11cteHAW

then you must be a big boss then if YOU know Boston is going to get hit hard because big bosses don’t tell their managers????? How do you know??

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Post ID: @2hca+11cteHAW

@Post ID: @11cteHAW-1jui Well I will explain it to you ,since you do not understand rumors.

The big boss is not going to tell the lower level bosses about layoffs until he or she decides they need
to know.
Then your boss may call you in their office on the day of the layoff, or they will do what they been doing .
Just sending out a generic email telling you , your services are no longer needed and your termination date is.

If people knew they were going to be laid off in 3 ,6, 9 months they would start job hunting .
And the company wants to keep you and use you until they decide your no longer needed.

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Post ID: @2kme+11cteHAW

If you know there are going to be layoffs by saying “Boston is going to be hit hard “why wouldn’t you give more specifics. People are on this site for information if you have it why not provide it? A short statement like that comes across as someone that knows nothing and is only looking to instill fear.

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Post ID: @1jui+11cteHAW

The VPs and MDs in my department are working an average of 18 hours a day, trying to keep the department going. Grant it they are more then compensation for it, but still, I hope they are not hit otherwise we all know their work will flow down. No one in my area can take anymore. Hit the EVP, they are all leaving on time and making horrible choices while they are here.

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Post ID: @1pom+11cteHAW

Boston is going to be hit hard with layoffs by end of 2019.

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Post ID: @1psr+11cteHAW

We have a MD here in the Midwest, caused a 12 million dollar error, then tried to place blame on staff under her supervision. Would be nice for karma to finally come around on this one.

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Post ID: @1mas+11cteHAW

PLEASE! Cut more SVP, MD, VPs. Plenty of useless administrative fat is sitting on the head of people who do actual work.

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Post ID: @wki+11cteHAW

The Managing Director title is one of the biggest cons the executive management team ever came up with.
Most MDs couldn't make the SVP grade so they were perfect candidates for this ceremonial title.
Anyone with any self-respect would not stick around if "rewarded" with the MD title.
But I stray from the main message....which is....
Cut, cut and cut some more. SVP, MD, VP, AVP matter not...as long as the Executive team continues to enjoy their lavish bonuses and stock option grants!
But cutting MDs...couldn't happen to a nicer bunch if you ask me...this news made my day....thanks...

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Post ID: @nqg+11cteHAW

But, but, but, I just bought a new house with a huge mortgage and my wife has a new lease on a Range Rover, and the kids got accepted to private kindergarten....they can’t lay me off!

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Post ID: @rbg+11cteHAW

Remember all the news articles (google it) about the 8,000+ layoffs by 2020? Well that is right around the corner and they need to dump the higher paid people first.

I know a lot of people who have been stripped of their direct reports and given “different “ titles and told they are “safe”.

If you have recently been given a new title, you’re on your way out by end of year.

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Post ID: @aeu+11cteHAW

MD’s are in between VP and SVP

They are usually given title with a promotion and little to no raise. It’s how they fool you into staying in a role they don’t want to pay you fairly for.

Most MD’s I know at SSGA are freaking out because they know they are on the targeted list to be laid off.

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Post ID: @zde+11cteHAW

FML it s—s being in a client facing department. We're last to get a package

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Post ID: @okz+11cteHAW

All these fancy titles to manage so few workers after 15 years of layoffs.
When I was there the titles I remember were the following.

Senior Vice President, Assistant Vice President, and Officer.

Please what the help is a Manaing Director and what is their function .
Are they higher or lower than a Senior or Assistance Vice President ??

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Post ID: @qqn+11cteHAW

Big deal, they will find new jobs, the economy is great, the President said so.

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Post ID: @zqc+11cteHAW

Managing Directors are not necessary.

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Post ID: @ely+11cteHAW

Couldn’t happen to a nicer group...

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Post ID: @jdc+11cteHAW

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