Thread regarding State Street Corp. layoffs

State Street Layoffs 2023

This thread is for info about potential State Street layoffs? Any chatter, news or rumors?

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| 11575 views | | 18 replies (last January 25)
Post ID: @OP+1jUGiaqB

18 replies (most recent on top)

Senior Management caused the problem and if each of them took a 2% cut i n their bonuses, they could keep everyone.

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Post ID: @6Qnce+1jUGiaqB

Yes. It's begun. I can confirm this personally.

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Post ID: @60atg+1jUGiaqB

@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 .

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Post ID: @1Oojl+1jUGiaqB

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?

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Post ID: @1Oxeo+1jUGiaqB

@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.

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Post ID: @1Dmzh+1jUGiaqB

Looks like the company is applying 'stealth layoffs' as someone else mentioned.

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Post ID: @1Cbyd+1jUGiaqB

When they say no layoffs during meetings, watch out.

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Post ID: @1Carz+1jUGiaqB

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.

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Post ID: @1zzbf+1jUGiaqB

@Post ID: @Wuot+1jUGiaqB

It would be every interesting to see a layoff breakdown based on the following groups.

  1. Senior VP
  1. VP

3 MD

  1. Assistant VP
  1. Office
  1. 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 ?

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Post ID: @Wtui+1jUGiaqB

I heard from the COO more layoffs are coming, you would think they would almost run out of people to cut in the US.

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Post ID: @Wuot+1jUGiaqB

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.

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Post ID: @Maru+1jUGiaqB

With other banks laying off have anyone heard of any action to do the same with state street?

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Post ID: @Lujw+1jUGiaqB

You will be terminated if you do not go into the office.

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Post ID: @gqiz+1jUGiaqB

I am happy to say I am out :) someone can have my job!!! Can’t imagine anyone would want it though.

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Post ID: @9ycp+1jUGiaqB

Ron and his CFO buddy should both be shown the door after the disastrous BBH experience.

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Post ID: @8vww+1jUGiaqB

Looking at the list of who doesn't do connect week? Easy to select and cut. Bye bye!

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Post ID: @2yfi+1jUGiaqB

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.

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Post ID: @2ezm+1jUGiaqB

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