This thread is for info about potential State Street layoffs? Any chatter, news or rumors?
17 replies (most recent on top)
Yes. It's begun. I can confirm this personally.
@Post ID: @1Oxeo+1jUGiaqB
I often wonder how many big clients State Street has lost due to the lack of quality work being done, and customer service support from Offshore workers.
All I know is when you worked with U.S customer support you got your questions/problems resolved.
Now with foreign customer service from India all you get are workers who work from a script and lack the knowledge to work outside of a script .
Ridiculous aggressive rounds of layoffs (I'm hearing it could be quarterly) and low level operations continuing to be relocated to India and low cost of labor jurisdictions. All the good experience gone, and NAV errors have shot through the roof...but somehow more layoffs are the answer. I don't get it. Less staff equals heavier workloads on remaining which leads to burnt out, low morale, and increases errors. But Sr Mgt sit on their perch doing nothing and justify all the dysfunction below as something else. What am I missing?
@Post ID: @1Cbyd+1jUGiaqB
What are stealth layoffs ?
As the original poster I will tell you what they are.
It is when the company does small layoffs of 1 to 3 people in multiple departments.
Trying to keep people in other departments from knowing what is going on.
When I was there I knew people in 8 different departments.
So we would keep each other updated when suddenly a coworker or two had suddenly vanished due to a stealth layoff.
Looks like the company is applying 'stealth layoffs' as someone else mentioned.
When they say no layoffs during meetings, watch out.
Just got laid off a few days ago. Was with the firm for over 5 years. Never received a raise. Bonus same as last year, not too bad. Looking forward to my next opportunity, honestly tired of the same old, same old at STT.
@Post ID: @Wuot+1jUGiaqB
It would be every interesting to see a layoff breakdown based on the following groups.
- Senior VP
- Assistant VP
- Regular workers
I mean with so many Regular workers gone how to they keep the expensive Mgmt types ? If you have no staff then why are you still being kept ?
I heard from the COO more layoffs are coming, you would think they would almost run out of people to cut in the US.
Once again I will repost the same old thing, State Street has been doing layoffs since 2000yr. 1st the layoffs were ever 2 to 3 years. Then it became ever year doing layoffs.
Some of the layoffs are big others are small layoffs so the workers will not know what is going on.
With other banks laying off have anyone heard of any action to do the same with state street?
You will be terminated if you do not go into the office.
I am happy to say I am out :) someone can have my job!!! Can’t imagine anyone would want it though.
Ron and his CFO buddy should both be shown the door after the disastrous BBH experience.
BBH deal is off.
Looking at the list of who doesn't do connect week? Easy to select and cut. Bye bye!
Chatter: management asking if any headcount can be reduced.
Same thing as every year.
They would love to lay off people the second they can.