Thread regarding State Street Corp. layoffs

Bonus and raises 2022

Yep.. As expected my group got a big fat zero for 2022. Zero raises for the past 5 years and as a result i am starting to see few farewell emails from my peers in other groups.

Seriously, most of us that have stayed on took on more work and grind out because it was the right thing to do. And this is how State Street treats us. I feel disgusted. Used and abused.

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Post ID: @OP+1f16aDJy

16 replies (most recent on top)

Way past time to leave....worse than last year. Whole team got screwed this year after all the BS talk about retaining employees. Let's face it, they want you to leave. Easier than putting you in the talent marketplace and having to pay you severance if you're not placed else where

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Post ID: @jeju+1f16aDJy

Remember to do your diversity goals. They talk the talk.

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Post ID: @jzzk+1f16aDJy

@Post ID: @iwqw+1f16aDJy

You are sadly learning hard work, wearing many hats no longer gets you a decent raise or bonus.

If your under 50yr you might want to look for another job.
If your over 50yr do your best to try and hang in.

Remember at 55yr you can tap your penison without paying an early penalty.

At 59 1/2 you can tap your 401k without paying an early penalty.

I too wore many hats , worked extra hours without pay, did the weekend thing when told to.

Sadly a lot of workers have been under great stress the last 15yrs

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Post ID: @isef+1f16aDJy

well, I got mine. <1% raise. Workplaces everywhere are giving raises, I worked very hard last year with many hats and they reward me with. <1% raise.

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Post ID: @iwqw+1f16aDJy

How was your bonus? More or less then last year?

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Post ID: @esad+1f16aDJy

Anyone get their bonus numbers yet?

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Post ID: @ebha+1f16aDJy

@2eaj+1f16aDJy - If interested you may also want to reapply to State Street. I was recently contacted by them directly since it appears that they need experienced workers. I was very surprised to be contacted by them directly and sent this to someone in my network who is also a former State Street employee. He was also very surprised. I had worked in several different areas in my time at State Street and gained a lot of knowledge.

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Post ID: @9rfg+1f16aDJy

@Post ID: @4nwa+1f16aDJy

If you had read the original post carefully, the person is taking about the last few years of raises and bonuses.

If you read the other threads about raises and bonuses 90% of them say the same thing.
My coworkers and I been getting 0% to 1% in raises.

Of course they are talking about the average State Street slave worker.
Not the AVP, VP, MD, SVP

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Post ID: @4wwv+1f16aDJy

Comp decisions in the US are not final so curious you would know it is 0%.

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Post ID: @4nwa+1f16aDJy

@Post ID: @4eyd+1f16aDJy

Good post, I find it amazing a dept which still has all its Senior mgmt , yet the work staff has been cut by 30% to 40%.

You have at least 5 mgmt types managing hmm 8 people

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Post ID: @4sxe+1f16aDJy

They are spending all their money hiring new people who just have accolades on paper. All the compensation is going towards these new hires, I cannot phathom how a department which had only 1 SVP and 5 MD's a year and half ago grow to 5 SVP's and 40 MD's the work is still the same

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Post ID: @4eyd+1f16aDJy

Argue your pay! Everyone should argue their pay, sst literally had record profits last year- record, look at the financial statements. Argue for more pay and if they don’t provide it- walk. Many people are doing this, there are many positions open at other banks and really everywhere. People need to start demanding better or none of us will get better. Sit your boss down- pull up state finance package from last year, create a list of everything you did to aid in that revenue and demand a number- give them the number because if you don’t they’ll cont to take advantage of you.

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Post ID: @2oox+1f16aDJy

I was laid off in 2019. Was 2 months shy of 30 yrs. Was 52 years old. Found a job in different industry making same money. Raises and bonuses have been much better

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Post ID: @2eaj+1f16aDJy

@Post ID: @1pbe+1f16aDJy

That is the trap for most workers over the age of 50yr.
They know most companies will not hire them because they want younger cheaper workers.

So older workers just try to hang in until

Age 55 can access their pension without paying a penalty

Age 59 1/2 they can access their 401k without paying a penalty

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Post ID: @1off+1f16aDJy

Almost all the companies have been giving pay increase to maintain workforce at this super inflation time except STT. I would have found another job if I was not close to retirement age.

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Post ID: @1pbe+1f16aDJy

My coworkers and I went through the same exact thing.

Our staff was cut from 10 down to 6, so our workload was doubled .
And when somebody was on vacation we were down to 5 people doing double workloads.

If we did get a raise within the last 8 years it was usually 1% and our bonuses if given were also 1% .

You think when they cut staff and work is doubled the Senior mgmt running the company would be smart.
And say "hmm lets give the remaining workers a nice 5% raise to make up for the tougher working conditions.

Yeah dream on

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Post ID: @1loa+1f16aDJy

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