A few areas are being told to find another 20% to cut in Q1.
Good luck to anyone still around.
11 replies (most recent on top)
I see ageism here, there are companies that hire 60 plus year olds with the right qualifications
The cuts will be deep. Covid slowed things down earlier in the year but have started up again. All the big banks are taking part so no doubt State Street's executive management will join on board.
Those still left will look back and long for these days when things were easy, promotions plentiful and cash bonus huge. Be afraid my friends...it is about to get very dark at the ole Clipper Ship.
Lots of trolls on this site. What you fail to note is that in many departments Managers and AVPs are now doing the tasks of Associates, Supes + their own roles.
Notice how the U.S offices barely have enough workers to do the work.
Yet they are still bloated with Officers, AVP, VP , SVP .
When you go to a dept and it has a Mgr, Asst mgr, Supervisor, and yet maybe 4 workers left.
HMM time to cut some of the upper mgmt which has very little to do.
I have seen depts were certain people who are the favorites of Senior mgmt are kept and though they have very little work to do.
@Post ID: @6pjr+16RIkDEh
1st your staying probably because No offense your over 50yr and know its very hard .
For people over the age of 50yr to find another job, no company wants well seasoned workers over the age of 50yr.
There’s no jobs on the listing. You look at other financial or insurance companies and the jobs are there.
I just might be on my last effort of hanging on with the volume of work dumped on me.
If I leave I pity the rest of my coworkers. There’s not enough to finish the work.
Very bad ominous feeling occurring. The clipper ship might just be sinking for real this time.
They continue to add managerial layers while moving other positions elsewhere.
State Street is a nightmare. What once was a superior place that treated employees
With dignity and respect is no more- unfortunately. Lost my job to HCL in November after 25 years there. My new place is a smaller place and treats people much better. No offshore offices, there are annual raises, making 30 percent more, no constant threat to be moved any moment into the city, etc etc. Was scared to leave and be let go, but now it’s an absolute blessing to be treated like an asset, get annual raises, and make a normal salary! Don’t be scared if you get the 60 day notice, for in time you will make out way better. Hard at first, but it is so for the best! That place will k–l your nerves and self worth the way it’s going!! Good luck to everyone dealing with that there! It is very tiring for sure and wears even the toughest people down. There IS better out there! Way better! Don’t fret and It will be for the best in the long run!
Yahoo!
Facts please: As which areas were told this ?
Cut it all. State Street produces nothing. It's all fake "financialization".