Thread regarding State Street Corp. layoffs

Will there be more layoffs soon?

Or is there no need due to increased attrition?

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Post ID: @OP+1fvNP7Tz

10 replies (most recent on top)

We usually keep H1 and get rid of older American somehow.

Not sure how it is done, but the results speak for itself

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Post ID: @Jsdf+1fvNP7Tz

Since layoffs have been going on since 2002, the question should be will they ever stop ?

Answer no , not until they have at least 80% of the jobs outsourced and the rest of the jobs being H1B workers

I went to visit some old friends who are still hanging on at this place.
What I saw was despressing my old dept which once had 35 workers down to 3 people
The other 32 all outsourced.

It was the same thing as I visited other departments skelton crews

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Post ID: @Icrf+1fvNP7Tz

I was at SS from 2008 to 2018. When I left, I was a Managing Director in USIS. The plan that was shared with MDs in 2018 was for the company to be at an 85/15 Offshore/Onshore footprint by 2022. If your department is not at that threshold yet, you are in danger. Even if your department is at 85/15 already, I suspect that they may have adjusted that target to 90/10 after I left.

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Post ID: @Dgmn+1fvNP7Tz

I am just about the door so that will def allow a current employe to take my job. If they want it. But as sure as the air you breathe yes there’s always a layoff and they just assume hire 3 Indians for one USA employee. At some point the disenfranchising of USA workers will cripple and topple STT.

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Post ID: @dlgl+1fvNP7Tz

There is layoff pretty much every month not in large scale. Of cause, the number of US staff is very small now. You cannot expect to see the kind of layoff scale as before. But the goal of the company is to get ride of all the US based staff anyway. So, enjoy your life in STT while you still can.

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Post ID: @8ofu+1fvNP7Tz

@Post ID: @mll+1fvNP7Tz - If enough State Street employees find another opportunity it has to result in laying off less current employees. It could also result in open roles in this department which definitely does happen. In addition to outsourcing many of the positions they also hire contractors to replace some of these open roles. Many of these contractors are never hired as permanent employees either.

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Post ID: @5lcw+1fvNP7Tz

When I was there I knew people in at least 6 departments. So when the rumors of the yearly layoffs would start.

We would keep in constant contact to give reports of any coworker who was no longer in the office. The phone lines would be buzzing with updates on who was let go.

Remember the company prefers to due everthing under the radar.
You would never see it on the news or in the newspaper how State Street laid off another ------------- workers in the U.S

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Post ID: @2qhz+1fvNP7Tz

@Post ID: @mll+1fvNP7Tz

They prefer to control the number of people being laid off, and when they are going to be laid off.

If people leave on their own, this causes problems with their time schedule of laying people off.

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Post ID: @1gaq+1fvNP7Tz

My thinking is, why would they pay people to leave when people are walking out on their own?

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Post ID: @mll+1fvNP7Tz

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