Thread regarding State Street Corp. layoffs

Couldn't it stay that way?

This used to be a company where most employees felt valued. At one time, loyalty, hard work and competence were valued and rewarded here. I wonder why it couldn't stay that way? Today this is a totally different company.

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Post ID: @OP+1i0ZoeWq

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Writings been on the wall there for several decades at this point. Bring US employees in to manage for substandard pay + have them manage a largely off-shore, shared resource team. Then grind them into dust with long hours + required availability for evenings, weekends, etc when required. Then eventually fire them and replace them with a substandard offshore shared resource manager who'll do a barely adequate job, but who is substantially cheaper.

A mistake I made there was to not be CONSTANTLY on the lookout for better opportunities elsewhere. I dipped my toe into the pool occasionally, but loyalty for my boss kept me there far longer than I should have been. Always be looking for an exit door and know your value. Even if you do niche work, financial sector experience and soft/people management skills do translate nicely into a number of different positions elsewhere. You are NOT locked to State Street, or any company. But the onus is on you to have your ducks in a row before the hammer comes down. And ideally get out while the going is good, and while you have control.

And finally, if you suspect your skills simply aren't going to transfer well, start looking into a career change. I'm an older worker and I was concerned about finding new work. But I had started planning and learning new skills in IT/Cloud and I landed on my feet quite nicely.

So plan for the worst and trust your gut - if things are bad and you suspect they're gonna get worse, then in all likelihood they are. Get your resume polished up, get your LinkedIn profile in order (very important!) and pi-p your skills/accomplishments. No one is going to save you - you need to do that yourself.

Post ID: @4cvt+1i0ZoeWq

@Post ID: @2jlm+1i0ZoeWq

Yes it is harder for older workers since 99% of companies do not want older workers.
A lot of State Street competition have also used outsourcing and H1B workers.
And I know people who have found jobs some in the same filed others totally new career.
But making roughly 30% to 40% less.

The real insult is for the remaining U.S workers to see all the H1B workers working at the desks of former colleagues. It just pouring salt into the wound of people living in fear of , will I be the next to be let go.

Post ID: @3ivl+1i0ZoeWq

The question is, where can we go?

Is there a place that we are not trying to extract our knowledge for China? The ALM group at CFG is the worst.

Post ID: @3znu+1i0ZoeWq

@1gdv+1i0ZoeWq - I have a few in my network who are still employed by State Street. Most of them have not worked at State Street for many years. Some of them have worked at State Street for over 25 years. I am sure they are only a small minority that are still employed by State Street and are the older worker. It is much easier to find another role with one of our competitors or transition into a completely different role if you are the younger worker. Outsourcing is something that has been going on in many industries not just the financial services industry.

Post ID: @2jlm+1i0ZoeWq

Yes this was a great company to work for prior to 2000yr
People would get jobs out of high school and college and work their way up the job ladder. Most people stayed 25,30,35, 40 years and then retired.
The pay and benefits were the best I had ever scence

Then around 2000yr the people running the company brought in the bean counters.
Who only job was to cut cost by any means, which meant the start of the yearly layoffs.

Then the outsourcing of jobs, worst bringing in H1b workers and forcing their American workers to train them or no severance package.

Post ID: @1gdv+1i0ZoeWq

H1B and Outsourcing.

When we were still at 225 Franklin Street, we replaced the entire floor with 12 project managers, outsourced the rest. And we got away with it.

We sponsored a Chinese university with our American technology. Then we prospered and we had been bringing their students in all over ever since on OPT and H1B.

Why care about us, when State Street can be so successful by leaving us out?

Post ID: @1rkz+1i0ZoeWq

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