Thread regarding State Street Corp. layoffs

What is the rumor on raises for 2022? I’ve heard MS, JPM, GS are giving decent raises to align with inflation

Will state street give out such raises? A 2% raise won’t do much, but getting 15-25% will help with inflation.

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Post ID: @OP+1eMWPOFt

23 replies (most recent on top)

Cuts cuts cuts and incompetent management. Need to reduce costs again and again and again. Golly gee why are the clients so unhappy? More cuts will solve that problem. Meanwhile, the higher managers get their bonuses and glory.

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Post ID: @7ueb+1eMWPOFt

Hard to say that STT gives jobs to H1/F1 or offshore can really save money. My previous roles were taken over by two offshore guys plus a new H1/J1(?) from a consulting firm. Even so they cannot match my efficiency, availability and communication. Unfortunately I have been training offshore team at my new roles again and feels I will be laid off some day. Some managers must benefited from moving jobs to H1/F1/offshore rather than STT itself.

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Post ID: @7ejd+1eMWPOFt

I have been involved in interviewing candidates for the last ten more years. At least 90% of the time, the manager will pickup an H1/F1 with some kind of connection with the manager. For those H1/F1 new join, expecting a big increase and bonus is natural. But for most of the existing US employee, it is definitely a dream.

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Post ID: @6chp+1eMWPOFt

@Post ID: @5ioi+1eMWPOFt 100% wrong

When State Street has a need they hire a H1B worker or a temp Contract worker

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Post ID: @5mco+1eMWPOFt

Yes, but other companies are also purging American for H1 and OPT visa workers.

STT at least hire when there is a need. Many companies, like CFG, hire to train their foreign hires.

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Post ID: @5ioi+1eMWPOFt

For those working on the IT area would normally get some increase in pay and title when going to another company.

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Post ID: @5gqt+1eMWPOFt

For those working on the IT area would normally get some increase in pay and title when going to another company.

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Post ID: @5blb+1eMWPOFt

The only recent pay increase for me at STT is 5 years ago for 1%. My bonus for the past few years is just 1% although I have been a real contributor in the last 10 more years at STT so far. I really don't understand the meaning of this subject.

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Post ID: @4lec+1eMWPOFt

@Post ID: @3hfn+1eMWPOFt

The only time I know about my bonus is when the boss calls me in the office, and gives me an envolope with my bonus check.

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Post ID: @4eop+1eMWPOFt

No one has talked to me on the bonus yet. Why someone already knew his/her exact number? How many STT employee are in the same situation like me? Is this the STT type of discrimination practice?

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Post ID: @3hfn+1eMWPOFt

This question looks coming from an new join with H1/F1 or assigned to US location from Indian.

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Post ID: @1lqj+1eMWPOFt

@Post ID: @1ctx+1eMWPOFt

Hmm with a response like that, you must be a H1B worker replacing a U.S worker.
Or a greedy company get rid of its U.S workforce and replacing them with H1B workers .

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Post ID: @1wvc+1eMWPOFt

And there is a labor shortage that we need to expand H1-B visa

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Post ID: @1ctx+1eMWPOFt

@Post ID: @qee+1eMWPOFt - I agree with you that many who are laid off - not only from State Street but from any financial services organization may be earning 15% to 25% less which is very sad but true. I personally know someone who was a Vice-President at a bank who is currently earning about 50% less than what they used to earn. Believe me it isn't just State Street. I consider anyone who leaves State Street to be fortunate to find a better position with a better salary and opportunities to advance. In my experience most of the member's of my network are struggling and have been for a while. If you have connections, an education from a prestigious institution and are currently working in a technology role you shouldn't have any trouble finding employment. Positions in technology should always be in demand.

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Post ID: @1xei+1eMWPOFt

My MD and I got everything squared away today.

On my team of 6, I was able promote 1 from an A2 to a SA and the rest got between a 3%-5% bonus. No COLA for anyone.

I’m a VP and got a 10% bonus.

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Post ID: @kze+1eMWPOFt

In January 2019, State Street announced that it planned to lay off 1,500 employees,

increasing the number to 2,300 in July.[40] The company is shifting their workforce from

the United States to countries like China, India and Poland and is operating under a hiring

freeze.[40] Offsetting this is increased overseas hiring, resulting in a 3K+ net gain of employment.[41][

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Post ID: @hxs+1eMWPOFt

Benefits used to be fantastic, but they've been whittled down over the years. There's no standardized promotion schedule, no standardized raise schedule (not even to beat inflation), no accountability or transparency. Salary is below market, but further below market for some. No internal investigations into pay equity or fairness.
There is so much turn-over, that positions rarely have a standard set of expectations (be ready to be "adaptive"--perform 2-4 roles for the same salary). Performance reviews are performed by the managers, with little to no employee input, with no clarity on standards. It's a free-for-all, and largely dependent on budgetary constraints.
During COVID, the expectation was to be constantly available, and at short notice. Sales teams under a lot of pressure. Support teams shrunk.

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Post ID: @xsm+1eMWPOFt

@Post ID: @evp+1eMWPOFt

It is a well known fact U.S companies have been abusing the H1B system to replace U.S workers with cheaper workers.
It has nothing to do with finding qualified workers, as they claim.

Its all about saving money

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Post ID: @jft+1eMWPOFt

@Post ID: @qee+1eMWPOFt

Its not being lazy its be praticial, I am 57yr currently making $60,000 at State Street.
I know many friends who were laid off from State Street, and make 15% to 25% less .

Yes its a tricky slope staying and being miserable or taking a job which pays less and then worrying about living expenses.

It sounds like you were lucky and find a job paying the same or more than you made at State Street.

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Post ID: @haf+1eMWPOFt

Only if your field attracts heavy H1 / F1 visa worker presence, tech and quant.

These jobs have very large global labor supply,.
Companies generally prefer people under 30yr, because so many to choose from.

Many job postings on linkedin receive 100+ applicant within 48 ~ 36 hours

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Post ID: @evp+1eMWPOFt

@mmh+1eMWPOFt

I’m 58 and have changed jobs 3 times in last ten years. Once because of a layoff and the other two because I wanted a new job. Don’t be lazy, plenty of jobs out there.

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Post ID: @qee+1eMWPOFt

Some people who stay are over the age of 50yr and they know they will have a very hard time finding a new job.
Companies want H1B workers to save money, they want recent college graduates to save money.
That is why people age 50yr are staying and praying they can make it another few years.

Then you have people who are married with kids to support so leaving can be a very risky business when you have a family to support

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Post ID: @mmh+1eMWPOFt

When I worked there, I got one raise. It was around 4.5% and it was there 8 years. I left and got a 20% base pay increase and a better all cash bonus. I don’t know why people stay at this place, they don’t give good raises. Even with a promotion, all you get is a fancy title, but no additional money.

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Post ID: @aqk+1eMWPOFt

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