Thread regarding State Street Corp. layoffs

State Street pays well below market

Just heads up, I was not as aware of this until I started interviewing, receiving offers and working elsewhere-looking back at State open positions: State Street pays well below market.

Just FYI

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| 2858 views | | 12 replies (last April 24)
Post ID: @OP+1kglVk4B

12 replies (most recent on top)

I'm running a salary at a new gig 50% higher than my prior salary AND bonus combined. Only way to get a raise at that joint is to bail and then come back if they have a position worth taking. Likelihood of that happening is lower and lower every day unfortunately.

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Post ID: @22iew+1kglVk4B

How is your department budget planning going for 2023? Cut cut cut?

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Post ID: @3ntm+1kglVk4B

We are always generous in giving out H1-b visa.

With H1-b, OPT visa, there are free trainings given by the out-going American. The free knowledge transfer to you when corporations eliminates older American is always a win for you and your motherland.

H1-b visa alone is well worth the price to you at any salary level.

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Post ID: @3fbd+1kglVk4B

I am 100% honest on the 50%+ increase. If you’re looking to do the same, 1-be a woman 2- that’s been taken advantage of since day 1.

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Post ID: @2saj+1kglVk4B

@Post ID: @2ggi+1kglVk4B

I have to agree with you, I think the 50% is a big lie.
I know people who found new jobs outside STT and its been a 15% to 25% increase in pay

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Post ID: @2uco+1kglVk4B

Post ID: @2eca+1kglVk4B - I don't know of anyone who left State Street that received a 50% increase in pay. The only former colleagues who are earning more transitioned into a sales role. Selling insurance, real-estate and many other sales roles could be an opportunity to earn more. Good luck to you if you are earning 50% more in base pay,

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Post ID: @2ggi+1kglVk4B

Leaving ssb I got a 50% increase in base pay

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Post ID: @2eca+1kglVk4B

Agreed, I received two offers for over 30% base pay increase- let alone bonuses and benefits.

Glad I left

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Post ID: @1sdz+1kglVk4B

@Post ID: @hxg+1kglVk4B

But why would anyone take a chance and work for State Street only to be laid off in say

6,9,12, 18 months ?

As I said they been doing yearly layoffs since 2002yr

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Post ID: @zlp+1kglVk4B

@Post ID: @OP+1kglVk4B
I also believe that it depends on what you do and if you are already in management. If you are still fairly young, it makes sense that you would eventually go to work for one of our competitors. If you currently live in Massachusetts, you could be employed by Fidelity Investments, State Street Corporation, Bank of America, Santander, JP Morgan Chase, BNY Mellon, Wells Fargo, TD Bank, Morgan Stanley, Citizens, etc. That does not include the many management investment companies that you could also eventually work for. This might also require that you relocate for a new role with Goldman Sachs which is just one example. Are you studying to become a CFA? Are you working as a programmer for State Street? Are you already an engineer who could try to find a new role within a different industry? Many of my former colleagues left State Street for better opportunities after only a few years. State Street may pay below market but if you work for a small start-up company and many other corporations you may be paid far less than what you are being paid by State Street.

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Post ID: @hxg+1kglVk4B

@Post ID: @OP+1kglVk4B

The big clue is State Street has been laying off workers, bringing in H1B workers for the last 20 years.

So if they been doing all that, it tells you they are going to pay you as cheaply as they can.

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Post ID: @xxe+1kglVk4B

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