Thread regarding State Street Corp. layoffs

Curious how much compensation will Captain Ron and his shipmates get with their layoffs and quieting firings for 2023-2024.

Unethical practices of Board of Directors that we need to watch out for:

1. Excessive Compensation:

Approving excessive compensation packages for executives without proper justification or alignment with company performance can be considered unethical.

2. Conflict of Interest:

Board members making decisions that benefit their personal interests rather than prioritizing the well-being of the company and its stakeholders is a breach of ethical conduct.

3. Bribery and Corruption:

Engaging in bribery or corrupt practices to gain business advantages or secure favorable deals goes against ethical standards and can damage a company's reputation.

Let me get this straight:

1. Boards of Directors are ultimately responsible for making executive compensation decisions. One member of the board happens to be an executive at State Street.

2. State Street quietly hired 500+ consultants at Deloitte. One of them happens to be a member of the board of directors at State Street.

3. The consultants are highly paid more and the benefit to be 100% remote. They're trained to do pretend-work or take credit from employees' work.

4. All employees must return to office. Since not enough people quit from this corporate mandate, State Street announced 1,500 employees will be laid off.

As we're getting laid off or pushed out, H1bs are thriving.

@Post ID: @9fiq+1qDEJzlT

Yes some companies give their executives stock as part of their benefit package.
Some companies also give their executives Stock options the right to buy a stock at a
predetermined price.

Post ID: @7rxp+1qDEJzlT

As a member of Board of Directors at STATE STREET CORP, William C. Freda made $395,873 in total compensation. Of this total $160,000 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as options, $195,017 was awarded as stock and $40,856 came from other types of compensation. This information is according to proxy statements filed for the 2022 fiscal year.

As senior partner and vice chairman of Deloitte, LLP, Mr. Freda served Deloitte’s most significant clients and maintained key relationships, acting as a strategic liaison to the marketplace as well as to professional and community organizations. Mr. Freda joined Deloitte in 1974 and built a distinguished record of service during his 40-year career, having served on a wide range of multinational engagements for many of Deloitte’s largest and most strategic clients. Mr. Freda brings to the Board key insight and perspective on risk management, international expansion and client relationships gained through his extensive experience interacting with audit committees, boards of directors and senior management.

I believe: They get paid in stock because if they wait 1 year before they sell it - they only pay 15% tax. If instead it was regular salary, it would be taxes at the highest bracket - 37%. So they save 22% (millions) by getting stock. It's good to be the king.

Besides getting our jobs outsourced or taking my H1B workers, there's also something wrong that the company is laying off 1,500 people that can actually work yet hired 500+ inexperienced consultants in Alpha to play make-believe-work.

Who's getting kickbacks for this scheme? Will this be covered in the Anti-Corruption Policy test on MyLearning?

I remember when State Street demanded 90% + Efficiency / Error free work from the U.S staff.

Once they outsourced work outside the U.S they for some reason changed the
Efficiency /Error free work down to 50%.

Asked the few remaining U.S workers who have to fix the error filled work, or have to send it back again to be done correctly .

As of January 2024

# of job openings for Low-Cost Low-Quality locations:

1. India: 147
2. Poland: 61
3. Hangzhou: 17

# of job openings in North America being created for H1B1 workers: Unknown. You'll need to ask Ron.

Loads of openings in india.

I miss the glory days of State Street, when raises and bonuses for the average worker was 3% to 6% . And for the very hard working employee sometimes 7%.

When every high school senior and college grad dreamed of getting a job at State Street.

When the company motto used to be, " Employees are our greatest asset.
Then around 2005yr when we lost excellent executives and replaced with the
bean counters. The motto changed to " Employees are our greatest expense.

We must lay off workers, outsource bring in H1B workers

Banks hate people. State street bank hates people more than many other banks. Basically, humans are treated like used office furniture. Ive never worked at a company with morale this low across all age groups.

What’s the implication of them being payed mostly in stock?