Thread regarding State Street Corp. layoffs

What is the difference in the Titles

Some of the titles make sense other seem to be created .

The old motto " I keep give you a raise but I can give you a title

Senior Vice President

Vice President

Assistance Vice President ???

Officer ??????

Then a newly created title Managing director ?????

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Post ID: @OP+1eLnBm2V

14 replies (most recent on top)

Agree 100%.

And if you do not train young foreign H1-B worker, your group usually label you not a team player. Since majority of the team is on H1-B.

So you train them, for them to claim they are highly skilled and better than American.
And you will be asked to take the highway.

Take a look around, those who are sacked today here and everywhere, many are also those highly skilled H1 workers at some point in the past. - Suddenly, after getting older, they are no longer worthy to be "highly skilled"?

The entire H1-B system is systematic ageism

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Post ID: @8odp+1eLnBm2V

@Post ID: @7vkw+1eLnBm2V

Agree they need to reform the tax laws which companies use when the outsource jobs outside the U.S

But they also need to reform the abuse of the H1B system which companies use to bring int 10's of thousands of foreign workers to replace U.S workers.
The excuse companies use is the " We are unable to find qualifed U.S workers.

Its bad enough when your job is outsourced, its even worse when your forced to train
your H1B replacement worker.

If you do not train your replace you will not receive any type of severance package.

Remember Walt Disney world around 2016 replaced 250 IT workers with H1B workers to save money

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Post ID: @8svi+1eLnBm2V

Comments about punishing companies? - Incentives should be implemented to keep jobs in the U.S. Reforming corporate tax law would be a huge step forward to keep jobs in the U.S. and start the process of bringing jobs back to our country. Companies should be punished for offshoring jobs. Businesses should move all offshore jobs back to the U.S. - Imagine what would happen if some positions that were offshored were sent back to locations in the United States.
Comments about automation - (October, 2021) - 100,000 positions could vanish over the next five years as large U.S. banks invest more in digital banking and other technologies. Roles slated to disappear include branch managers, call center employees and tellers. Artificial intelligence, cloud computing and robots will play a larger role in daily banking functions like taking payments, approving loans and detecting fraud. Of course this only impacts a certain sector of financial services but still could be detrimental to many families.

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Post ID: @7vkw+1eLnBm2V

I see two hierarchies:
(1) H1/F1 and (2) "easy target" for rest of us

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Post ID: @7kll+1eLnBm2V

Can someone list the current title hierarchy for State Street?

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Post ID: @7jfb+1eLnBm2V

Does STT increase your salary when STT changes your title?

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Post ID: @7coh+1eLnBm2V

Managing Director was a new title they introduced back in 2015 or so. It was designed to trick life-time VPs that might otherwise have jumped ship into saying "your valuable" but the promote almost no one to SVP anymore. MD was basically to delay life-time VPs from leaving.

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Post ID: @6dgh+1eLnBm2V

After reading some posts, I find it very funny that you have VP's and MD's getting paid the big bucks, yet they are doing the work of an Asscociate 2 and a Senior Associate.

The company motto over the last 20 years is "cut expenses through any means"
Aka outsourcing and bringing in H1B workers.

Just proves the old crony network is still in full force, keeping VP's and MD's who have no legit work to do.

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Post ID: @1uoq+1eLnBm2V

what's the point of getting the title when you are left with more mind numbing work? Good and smart people,have left. I and others, 90% married with kids, have stayed because of we are working from 100%. I work with VPs and MDs. They are all doing Associate II, and Sr. Assoc level works... they are reconciling cash and position. LOL
Oh we were told our 2021 $ will remain the same. No pay raise and same if not lesser bonus from 2020.

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Post ID: @1rxq+1eLnBm2V

STT title only means more work and responsibility and has nothing to do with the pay and bonus.

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Post ID: @1key+1eLnBm2V

@qju+1eLnBm2V - I agree that when you reach your salary limit you may not be managing anyone or only a manager of a few employee's but you get a title. Once this happens you are expected to work more hours as well as mentoring the colleagues that you are managing. Unless you get to the Vice-President level you are generally not earning more money but just expected to complete more work, train or mentor more employee's, etc. Leaving State Street is a good idea once you get to a certain level but unfortunately not everyone is fortunate enough to get hired by one of our competitor's. I have worked with many people who left State Street a while ago and other's who are still working for State Street.

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Post ID: @plv+1eLnBm2V

Everyone I know who ever got a promotion to a better title left soon after because the base pay wasn’t in line with the stress and work load.

You have to be an id--t to accept a new title and get no base pay increase.

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Post ID: @dce+1eLnBm2V

They create titles when you are at your salary limit. Then they promise a better bonus, but there are always reasons why they can’t give you a better bonus. Remember, they have to think about the shareholders.

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Post ID: @qju+1eLnBm2V

They give out titles when they stiff you on a raise or a bonus. Like if you get promoted, they never increase your base pay, they sway you with the title. The only way to get a good raise is to change companies every 2-3 years. If you go to another company, you could increase your base pay by at least 20%. They always promise a better bonus, but we all know how that one goes, plus, SST options that are given have to vest, which means you have to wait. If they promote you, give you a new title promise you a better bonus, but in reality you are just doing more work with a new hat on.

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Post ID: @sno+1eLnBm2V

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