Thread regarding State Street Corp. layoffs

Expect more and more IT layoffs in 2020

SSC Execs, including the new CEO,love to hold employee calls to basically provide lip service, so staff that remains does not walk away. IT will be hit hard with layoffs again in 2020. If you are offered a job with this company, run away like it is the plague. State Street does not value employees, no raises, no bonuses, all while the execs receive their yearly increases and multi million dollars bonuses.

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Post ID: @OP+139PDDqS

5 replies (most recent on top)

I was let go exactly one year ago from SST. At first I was miserable, I worked for them for 11 years. At least during that time they have not touched the severance package yet. Keeping in touch with other members from my old office, they were informed that they would move all the jobs within the next 2 years.

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Post ID: @aich+139PDDqS

The company thought they were so smart when they got rid of all the people over age 50yr
The people who had 15,20,25, years of knowledge.
The ones who trained all the new hires, the ones in charge of writing up procedures.

Now they are all gone and the senior people are the ones who been their 5 years, who panic when a problem arises, because they have no one to asked for help.

Yes real smart getting rid of all the old timers

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Post ID: @1zdr+139PDDqS

I still have a few friends left at State Street and they have said , their workload has doubled due to layoffs.
The worst is when a person goes on vacation for 1 week and their workload triples.

But mgmt doesn't care they still demand quality work , and will not take any excuses
Of course it doesn't help when trying to get help from the Indian staff which has no concept of
doing quality work and providing Real time support

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Post ID: @1bup+139PDDqS

Not many, a lot of outsourced IT folks. Quality of the work is inferior. Look around the cafeteria during lunch, looks like Bangalore, India.

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Post ID: @1vra+139PDDqS

@Post ID: @139PDDqS

I swear they have laid out at least 75% of their IT department in the U.S
They have outsourced IT functions and brought in H1B IT workers

So how many U.S born IT support staff is left in the U.S ??????????

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Post ID: @1cna+139PDDqS

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