Thread regarding State Street Corp. layoffs

More cuts coming?

https://www.wsj.com/articles/state-street-ubs-are-in-talks-to-merge-asset-management-businesses-11607735564

State Street is having talks with UBS for a big merger, it's been confirmed by multiple news platforms.
I have seen many VPs leaving State Street in last two weeks, the news(could be a rumor**) is overall they are cutting down 50%. They are outsourcing most of the jobs keeping (10-90 ratio for onshore-offshore) I can't believe how come states allowing it.

Good luck everyone, don't stress it out! There are better jobs outside, or so I have heard.

by Random
| 4512 views | | 8 replies (last January 5, 2021) | Reply
Post ID: @OP+18rvrH2i
Comment! It's anonymous!

8 replies (most recent on top)

Key dates are Jan 13th and Jan 20th.

by Anonymous
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Post ID: @khtv+18rvrH2i

Anyone has any update on the layoff timeline? initially i heard it would be in first week or January.

by Random1
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Post ID: @krcl+18rvrH2i

@Post ID: @gsno+18rvrH2i

I think what angers workers the most is when they replace workers with H1B workers
Bad enough to see your job be outsourced outside the U.S, worst when they start brining in
workers from outside the U.S

by Anonymous
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Post ID: @gcje+18rvrH2i

@1jne+18rvrH2i - I agree that they definitely have too many AVP's, VP's and managers and not enough staff employees who actually prepare/review the work that is generated. This continual outsourcing should not be allowed to happen and these companies should be fined. Where do they expect the average worker to find employment since State Street and other financial services companies are outsourcing many positions and it continues to keep happening. Automation of positions is understandable since it has to be expected if the technology is available.

by Anonymous
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Post ID: @gsno+18rvrH2i

Can they start with Debbie Arnold. Jesus she survives every cut cause she is the biggest see/you/next/tuesday for upper Upper management they have. Debbie has ruined several middle management people on the way up just because she could.

by Anonymous
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Post ID: @eouh+18rvrH2i

Well I guess after they gutted at least 90% of the low level to mid level average worker.
They finally are moving to the big salary workers, who make an average of 2 to 4 times what the average worker makes.

I seen a dept with 10 regular workers be reduced to 4 to 5 workers, yet they still have the following.

An Asst Mgr, Mgr and a AVP lol

If they really wanted to cut cost they should have started from the top 1st then slowly move down

by Anonymous
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Post ID: @2qdk+18rvrH2i

too many AVPs too - titles at State Street are a joke

by Anonymous
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Post ID: @2civ+18rvrH2i

50% cut in VPs? I say that is a good start. For too many years we had a VP with 1-2 direct reports. Or one VP reporting into another. Shameful. None of them will be missed.
Once the cuts at the VP level are complete let's move up to MDs and SVPs. Lots of fat there to cut as well.
It seems executive management is finally getting to the heart of the problem. Bloated management ranks comprised of do nothing VPs, MDs and SVPs.
Good riddance to all of them

by Anonymous
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Post ID: @1jne+18rvrH2i

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