CFO said at GS conf there will be more layoff
19 replies (most recent on top)
I don't think State Street evens filed WARN from prior years. Earlier this year, I've reached out to mass gov site and asked for previous reports for 2011, 2012 2019, 2020 for Massachusetts. I don't see State Street listed.
No WARN report filed in Massachusetts to let the State know of layoffs.
The company doubled the workload on may workers due to former layoffs.
This was their favorite method to get rid of workers, by stressing them out to the point
they would quit. By quitting on their own the company did not have to pay them
severance packages.
Now to increase the pressure to quit on your own they decided to force people to come back to the office to work. Hoping this will make people quit so once again they do not have to give out severance packages
Seems to be based on division/team and they try to keep it quiet so people don’t talk. Product org laid off hundreds in November and the “leaders” explicitly said they wouldn’t be making an announcement or quantifying
So bad for morale…
@Post ID: @4lyy+1pWZ0NYl
Nope the company has been outsourcing work and brining in THOUSANDS of H1B workers to replace U.S workers to save money.
You can be the most productive U.S worker , work 55+ hours a week, work weekends when asked. And the company is still going to lay you off.
People are let go ALL THE TIME.. And for no apparent reason (quality of work) so I am guessing the don't follow the company culture which is overworking you waaay more than typical 8 hours\40 hour week. This announcement of 1,500 workers being let go is just news fodder.
I am hoping the India teams making high volume daily mistakes which will cause the clients and State Street money. Let the senior management' greed bite them.
@Post ID: @1nmv+1pWZ0NYl
Agree the low quality error filled work being done by contract workers, especially the oversea's ones.
And the poor U.S worker having to either correct the error filled work or send it back to be done correctly.
Then having to explain to their boss why they are behind on their own work, because of the low quality error filled work they are receiving which is 100% useless.
We're living in bizarro world, folks.
In Alpha, since last year the company has been onboarding long term contractors that at an alarming rate. I won't be surprise their numbers of onboarding will be more than the 1,500 FTEs are being laid off. Are these contractors cheap labor? No, in fact most of these contractors are onshore, 100% WFH, and being paid more than State Street workers. I've intially thought these contractors are the cream of the crop (skills, expertise, IQ) to justify the preferential treatment from State Street, but that's rare. From what I've seen, most of their work output had been less than stellar and some things they've delivered has been quite disappointing. It got awkward at times that I end up picking up the work while contractors idle remotely. Once the work has been accomplished, it gets repackage and presented by contractors to senior management as their own work. I'm concern when FTEs are not getting credited for the work, it will make us appear worthless and management can lay us off. Anyone else facing a similar situation? If so, what are you doing to not get impact by layoffs?
Great, I'm sure clients are going to be thrilled about the double whammy of acquiring an offshore company and laying off the few remaining local teams. Definitely not going to leave for BNY
Are they laying off 1500 more people or does that number include the staff they have already let go?
A lot of the new US hires are high cost employees. They are not safe from layoffs. Also, saying long time employees will be going, that's always been the case...they generally are not high cost employees though in comparison cause, let's be honest, there's no financial benefit to being loyal to SSC
@Post ID: @hlp+1pWZ0NYl
Please your post is 100% lies !!! New hires getting high salaries ? New hires getting
big sign on bonuses ???
Lies lies lies
I disagree with Post ID: @fhh+1pWZ0NYl , I personally know of new hires in the 3000 people who got really good high salaries and big fat sign-on bonuses. Unfortunately a lot of them will still be there and the older people will be let go, so no cheap labor being left behind.
My worry is for all of us that were hired on as remote workers. I figure we are first to get cut if we don’t relocate. I checked back to the old job description for the job I was hired, it specifies job location is in Boston. Not sure if they’ll try to use that as justification.
Do we know what country?
600 were notified in Mid-November. Heard the next batch would be told next week..
Few folks I know from the Nov group already found new roles within SSB..
I see older, longer tenure employees are on the chopping block. The newer employees they hired (~3000) for Q32023 are safe. This is to get off the book higher salaries, so if you are 10+ years of service there is a good chance it will be you. They are integrating cheaper labor force
Yeah official communication was sent out today via email. Any idea on where they will be cutting from first or what the approach is?