What happened? Can anyone share how it went down?
22 replies (most recent on top)
Sadly the company has the legal right to change the severance rules.
And it looks like they are changing severance packages to save even more money at the expense of the person being let go.
Have you checked if state street calculated your severance correctly? My role was just eliminated and GHR is trying to convince me that severance does not factor in tenure and is the min based on level unless you have spent more than 6 years at the org.
@xh you only receive 25% of your prior year's bonus if you are terminated after Dec 1 and before bonus is paid out. So, everyone notified in July 2025 that worked until October or November does not receive any part of their bonus, even though many worked 75% of the year.
@26x Partially by their employee rating do basically those that exceed were safe so those below are already gone … so those in the middle was a guess at who is at a higher end than the others.
But then it eventually goes to someone who really doesn’t even know these people and they decide … so the rating might not even matter. I guess said that each person on my team contributes well and each has skills that are very important.
Really d-mb we are already at bare bones
@265 how did you rate people? Is it based on how you feel or from reviewing what workers wrote in their annual performance reviews on myworkday?
I hope the employee rating shouldn't be only how the rater feels. My manager is forgetful on how much I contributed.
@1wh I was part of a discussion of who is next. Kind of had to rate people at each level… so got me wondering where I fall. After so many layoffs most everyone left are top rated people who all contribute.
A lot of management meetings this week.
Due to the size of the layoff, they are legally required to provide 60 -day notice.
If you got let go and saw what you would pay into benefits your tune on management may change. My kids are out but others let go may not have a significant other to get benefits so everyone is in a different spot.
@10t yeah, don't slander....can't let the shareholders know how backwards things really are inside the walls.
@zf In order to get severance, impacted workers need to accept the company's separation agreement to not sue or slander State Street in the news media. This has nothing to do with their kindness of their heart.
@xh Sorry to hear that you were let go. Still, they were not obligated to hold you for 60 days. They did. They were not obligated to pay 25% of the last bonus. They did. Also, they did not have a contractual obligation to make severance payments. In my opinion, the upper management may be selfish and incompetent but they are not cruel.
How do i know because i was laid off in november. They hold ypu 60 days. I have full copies of the package. If terminated before march you receive 25 percent of last years bonus pretty sh---y. Family cobra plan quoted by fidleity at 102 percent 2600 per month. Oh and i been here 30 years and know people in almost every building.
@e9 Mostapha Tahiri and Anne Fogerty. Neither are Americans.
@vn How do you know that in February there will be another "blood bath of layoffs"? And that this year's bonus will be 25% of the last year's?
There is another feb blood bath coming of layoffs. Wanna know how cheap state street is? You get 25 percent of your bonus from the previous year in your package. Health is 2600 per fidelity just for the cobra health and dental is175 a month. If you have questions when let go i have alot of answers. Thats per month. Thank god for my wifes benefits.
@e9 Yann L.
It's honestly wild that JP "exec" is handling this kind of stuff or maybe not?
@b1 who is in charge of GD these days allowing it to be stripped from US staff to move it to India. They should be ashamed. When the India venture fails the leadership should be fired .
@b1 I am very sorry to hear that you were let go. Was it this month or quite some time ago? If this month, which office?
Big hit to global delivery like usual. They want all the work in India and not here. 20+ years and was let go.
@aj can you share what office or state this is in, I currently work in the New Jersey office also in GD
@OP team of 18. Lost 6. My buddy's team has 11 staffs. Lost 3. All in GD.