More layoffs happening today, KC, Bangkok, India and probably others. Keeping this one on the DL for sure.
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Update here for the record, Stone sent an email saying 2.2% were let go, 562 souls. Sorry to see you all go, but rest assured many of us are still here, putting on a good show, but doing very little! It's just our way of sticking it to the stone-man! Hear that stoneman? Missed me again neyah neyah!
Flash your post is spot on. Leadership has been only for themselves from the get-go. I laugh at those who reminisce for the good old days of the Toms. If they were the great leaders people make them out to be, they would have had the foresight to make changes before layoffs became necessary. Just because they were gone before they happened does not absolve them of responsibility. They took their millions and ran - as did anyone who was an “officer” of the company.
SS&C/DST has an active Trade Act petition for workers laid off from March 5, 2019 to October 28, 2022 that includes extra benefits for those workers - including job search and relocation reimbursement, wage subsidies for workers over 50 with qualifying re-employment, training funds, and many other re-employment services. The State of Missouri will be hosting virtual informational meetings for those workers. If you would like to be invited to this informational meeting, please email Karen Scofield, Trade Act Navigator at firstname.lastname@example.org.
I got laid off last Wednesday too. I want to know how many people they let go but why I don’t see it on the news?
If you were not laid off this round, get another job and get out. There is no need to put up with the abuse. It is a terrible place to work. Its hard to understand why clients would think they are going to be supported and taken care of by this company and risk their business depending on such a poorly ran and dishonest company.
I heard from a friend in Kansas City that they had a RIF on Wednesday. I believe that may just be on the pharmacy side of the business. I know that the company recently gave out bonuses which seems dumb if the company is losing most. This is evident by the loss of a couple of their larger customers. Why the hell would they give out bonuses one week and turn around and lay people off the next week? Personally, I think Health & Pharmacy in in danger of being sold off or closed altogether.
DST has had a reputation for being a sweatshop since 1982. Thats why the Office Workers Union of America tried to unionize in 1983. DST was against it. DST was also against TEFRA - yes they didnt want the IRS to get tax ID numbers for any shareholders - who cares about the tax fraud going on, DST just didnt want the expense of adding a tax ID field to the system. Let the fraud continue and the under reporting to continue. You ever see a Kansas City Southern employee transfer to DST when KCSI owned them? No! Dont act surprised - DST never cared about any of their staff. Its all about executives making huge $$$$ ever since 1979. You people drank the cool aid if you though DST's adage that "staff are the most important part of our business" Now you learn it wasnt true. DST existed to make the Tom's, the Hooleys and a few selected others billionaires and millionaires. Yes options were given that equate to billions.
Don’t worry about leaving SS&C - DST you will be glad you are gone from there.
I was part of RIF 2/2020 after 34 years. Best thing that happened no more day to day stress walking in that building. Its definitely not the DST that I was hired. Good luck to those impacted..you will see the light is brighter than the dark conditions you were working.
The writing was on the wall, here is an exert from a 2018 article when dst sold to ss&c,
"We would expect cost synergies to stem from data center consolidation and reductions in corporate overhead," Heckmann wrote in an analyst note. "As well, we would expect divestitures (of non-core operations and investments) could help to reduce debt levels."
This is the consolidation and reductions forshadow
Yeah, can you asses stop with the “dead weight” argument? They’ve been getting rid of great people for 12+ years now.
They have gotten rid of the low performers in past rifs, the only ones that still exist are the talented people. There was a ton of talented people that they let go today, hard working high caliber people. It’s a sad day for sure, and people with needed knowledge and needed skills etc. These recent layoffs make little sense other than perhaps financial reductions based on tenure and salary. This makes for a toxic future environment where everyone is scared of being let go and everyone is paranoid, and overworked. Hard days ahead.
24 years in got lad off due to high salary, 2 week for every year, helped build the company sad day.
I honestly can't believe the caliber people they cut today. A ton of knowldege gone, poof. This is really the start of a major decline. You can't fire the only people left who know anything. Damn. Glad I don't have to answer to customers when stuff starts breaking and no one knows why.
Wouldn't be surprised if just "DST". DST management is not the best. Maybe some of the execs hired during this past decade should be on that list?
ALWAYS REMEMBER IT WAS THE POS HOOLEY WHO CALLED STONE AND ASKED HIM TO BUY DST. HOOLEY WAS ONLY CEO SO HE COULD SELL DST AND TO KEEP THE NUMBERS LOOKING GOOD THEY CUT EMPLOYEES EVERY YEAR. HOOLEY WALKED WITH HIS 99 MILLION AND HE COULD HAVE CARED LESS ABOUT ANY EMPLOYEE. MAY KARMA HIT HOOLEY IN THE FACE SOMEDAY. THERE IS A SPECIAL CAGE RESERVED FOR HIM IN HELL ALREADY.
Has anyone heard about the package? Is it 2 weeks for each year worked or what?
Yes, big layoff over in the UK tomorrow. Lucky ones
FACE IT THE PLACE SU&KS. THEY ONLY CARE ABOUT MONEY AND IF YOU WORK THERE YOU ARE NOTHING MORE THAN A FLY ON A GIANT TURD TO THEM. THEY DONT CARE ABOUT ANYONE. MAY KARMA STRIKE THAT COMPANY AND DRUNK STONE WHO IS AN EMBARRASEMENT IN PUBLIC IN THE BEHIND.
Is it over?
Heard ~400 people laid off, mostly in former DST/Argus positions.
A Place for Mom is hiring in Overland Park! Go out and pally for the numerous positions available. Lots of contact center.
- and no associates in finance and accounting are being let go...
Glad I left on my own a couple years ago. What a sad place to work at.
I just got laid off today. I worked for 7 yrs. My performance reviews were always above average. I even received a bonus a couple weeks ago. It is all about $$. I was expecting it to happen at anytime as I have seen a lot of people released. My co-workers are freaking out. I kind of feel bad for those that are still employed at SS&C. The sad part is my group is adding new people out of college. My co-worker and I that were released today are both > 60 yrs. Coincidence?
We appreciate your hard work, long hours and dedication, however on our accounting spreadsheet we are over an allocated number of people, thus you must loose your job. We need to hit our earnings number to pay down the massive debt that was used to buy DST and you are required to be sacrificed for the good of management. Our bonuses are tied directly to hitting a target and we missed, so you need to go. As senior management, we are perfect, we excel at what we do, and want to drive everyone else harder with 1% raises, minuscule bonuses, and no real leadership to speak of.
Thank you for your noble sacrifice to further our leadership.
Next row of volunteers please step forward and kneel.
Is it just DST or SS&C?
Oh perfect. You know, every department is overworked, most of them working overtime and even over weekends. But yeah. Layoffs will save the company more money.
got my call at 8 am this morning. 7 1/2 years in. survived the last 2 cuts. honestly, feeling relieved I no longer have to worry when the next RIF will be.
Lol, one of the guys they fired was a hard worker, he really cared and did a lot!
What is the value of hard work?
KC losing ppl
Confirmed, Bham is losing people.