Thread regarding State Street Corp. layoffs

Bottom Line

The goal is 85/15 offshore/onshore by 2022. That’s all people need to know as the bottom Line-and the future for all employees here. Currently Operations- Now is at 50/50. So quite a few more to go over the next 12-24 months.

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Post ID: @OP+12rpfNSq

11 replies (most recent on top)

Some US workers thank god for the effort put forth by our vender partners.

Follow the sun.

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Post ID: @5thv+12rpfNSq

@Post ID: @12rpfNSq-3qpa

Feel bad for the few U.S workers who have to spend 90% of their time cleaning up the messes
made by the unqualified Indian staff.
Who believe speed and meeting deadlines is more important than, doing the work correctly and making sure its of the highest quality

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Post ID: @3hpx+12rpfNSq

Just move the whole damn company to India. Hummm... but then no clients will hire us and or will leave ?!! Just like is happening! This MC team has no realistic vision. Greed drives all of their decisions. Never putting the client at top of list. It’s atrocious. Just hoping for a package to put me out if my misery and move on to a more functional organization with a strategy and focus on their clients. It’s not that hard to understand. State Street exec leadership is a hot mess.

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Post ID: @3qpa+12rpfNSq

STT seems to continue winning new clients, guess they can beat everyone else on pricing.

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Post ID: @3ent+12rpfNSq

@12rpfNSq-1gez Having only 15% onshore seems crazy and unfair to workers in Massachusetts.
Eventually State Street will lose many clients if they haven't already. Outsourcing many of the positions at State Street is very unfair to the work force and especially the younger worker who has more than 30 years until retirement.

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Post ID: @3xcx+12rpfNSq

"If you already got laid off, consider yourself lucky..."

And if you got laid off (notified) before 9/1 your package was much better, too.

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Post ID: @1uiq+12rpfNSq

Brenda Lyons is so far beyond useless it is not even funny. She believes everything her Sr VP's tell her and has no intellectual curiosity what so ever. She is the perfect example of most of State Street's upper mgmt. No ideas or vision Just carry out the agenda like you are told and cash the big checks.

Post ID: @12rpfNSq-pyg wrote
"I was an MD in Fund Admin and I can confirm that for Global Services (which is Brenda Lyons’ world), the goal is 85% offshore and 15% onshore by the end of 2021."

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Post ID: @1gez+12rpfNSq

SS is going downhill fast. No doubt huge cuts are coming in 2020. If you already got laid off, consider yourself lucky as the competition will be fierce as people scramble for the few jobs out there. Financial Services has a much less lucrative future.

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Post ID: @xzi+12rpfNSq

I was an MD in Fund Admin and I can confirm that for Global Services (which is Brenda Lyons’ world), the goal is 85% offshore and 15% onshore by the end of 2021.

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Post ID: @pyg+12rpfNSq

I've heard the same. I think they may get more aggressive too. They are starting ask why we need 15% onshore

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Post ID: @lpf+12rpfNSq

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