Thread regarding State Street Corp. layoffs

State Street is not a company employees want to work for anymore. It is failing and people have/are jumping ship, or doing bear min

I have been trying to figure out what exactly is the biggest issues with the company and I've narrowed it down to:
1-hyper focus on cost cutting at the expense of everything else: there are not enough people with skills and knowledge at State Street, so everyone is overburdened and processes fail
2-States mission and vision are not in line with the day to day operations and actual culture of State: mission: 'inclusion and diversity," this is not the reality and there is no way top management doesn't see it.
3-Pay/Merit system: pay rewards tenure and/or favoritism by managers. There is no benefit to working hard and continuing to innovate/push yourself, in fact if you do you may not make any raises for stepping on managers toes.
4-They don't care about employees wants or needs. From HR telling us cost of living is not factored into our pay therefore many people didn't get raises this year: to forcing people into vaccines and boosters, to forcing people into connect week. Employees do not matter they are just pawns that have no say.
5-Overall the company is going downhill-I have friends in other banks and State has a reputation of horrible response/service/knowledge. that is due to how this company has decided to operate with offshore and cost cutting, and as a result now the attrition.
For a company so focused on client experience it is amazing to me how State is horrible for clients and getting worse.

Is there anything you would like to add? I hope State ultimately sees this since they ignore what employees say in the office.

With that I do want to shed some hope to others still here, many of us have left and have found great jobs with better pay and more benefits. There is so much opportunity out there- esp in finance, and you deserve more for your hard work. This is your life, you do not need to keep giving it to a company that is falling apart.

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Post ID: @OP+1ijSAaoh

8 replies (most recent on top)

State street blows and most of the people who work there are fools.

Post ID: @ilmq+1ijSAaoh

Things I do not miss working at State Street.

Working 55+ hours a week

Having to work weekends to pick up the slack due to layoffs

Living with a company cell phone attached to me 7 by 24 by 365

Being told, " be grateful you still have a job"

Going 1 to 3 years without a raise and bonus. And if I do get one it was 1% to 1.5%

Not the 3.5% to 6% they used to give to the best hard working workers

Things I miss ?

The good friends I made at State Street

Post ID: @7rkn+1ijSAaoh

Of course we need to give jobs to China and India.

How else would you forgive student loans if American graduates can find good job?

Post ID: @7tsh+1ijSAaoh

"The traditional Finance Path comprises 10 courses that can be completed in as little as 11 months if students elect to take summer courses, or 16 months, which may include a summer internship. "


"The 40-credit MS in Computer Science at Boston University can be completed in 18 months of full-time study, and as few as 24 months as a part-time student."

Post ID: @2svy+1ijSAaoh

@Post ID: @1obo+1ijSAaoh Stop posting non facts that you cann't support

People in China and India are getting a 6 year Master degree in under 2 years ?

Please dream on

Post ID: @2tfg+1ijSAaoh

Post ID: @1obo+1ijSAaoh

Your 100% wrong, its not the so called labor supply.

Companies have been outsourcing and bring in H1B workers to save money.
Yes save money , that is why they are laying off highly skilled U.S workers to save

Post ID: @2ewq+1ijSAaoh

@Post ID: @OP+1ijSAaoh

Excellent post everything you said is true.

I remember a time when one of the State Street Motto's was

Employees are our greatest asset

Post ID: @2mny+1ijSAaoh

They treated me horribly when I was here.

The major problem is the global labor supply just too great.
Especially it only takes 1 to 2 years for people from China and India to get a master's degree. Then they are all highly skilled, coveted by all corporations.

They no longer care about us, it got worse for me when I am older.
They will gladly give my job to sponsor H1B to China and India nationals.

Government doesn't care, corporations love it

Post ID: @1obo+1ijSAaoh

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