Has anybody been notified already? The entire process should be much more transparent if they don't want to see morale plummet.
23 replies (most recent on top)
One of the reasons that Slave Street publicize layoffs is to instill fear in the labor force. In the intial wave, they start targeting specific workers to inform them that their jobs are being eliminated. For everyone else, the company want workers to be scared of loosing their jobs to force them to look for employment elsewhere, so they don't have to pay for severance. If the company is not getting the desire results of quiet firing tactics, they move to the next wave of layoffs.
The company has specalized teams working behind the scenes with leadership to send jobs overseas. These teams consists of workers at State Street and external consultants. How do I know? Lets just say someone was desperate for a job at that time and was not proud of it.
Have zero loyalty for the company.
@Post ID: @qisn+1pXPZXFy it has already started and being done in waves, the first wave was informed in November. God only knows when the second wave will be however a good bet would be sometime January/February. The procedure is similar to what Post ID: @rodl+1pXPZXFy mentioned unless you or your manager is remote then it is on Zoom
@Post ID: @qisn+1pXPZXFy
The company will use the same method it always has. The person or persons in each department, will be called into a conference room by the Department Boss.
Then given the bad news they are being let go.
Anyone hear anything on when people will be informed?
Post @ddjl+1pXPZXFy, I am not sure how long you have been with State Street, the last time back in 2003, they had voluntary layoff's it was a disaster they needed about 1800 volunteers and about 3100 signed up. Just google it and you will see all the details.
They had to extend the departure dates for a lot of people in some cases people were on the books for up to a year to train their replacements and it ended up being costlier for them.
I don't think voluntary separation is going to happen again.
71 percent of workers are in offshore locations.
Burned out from all the bs. They should ask for volunteers to the layoff.
@Post ID: @8bth+1pXPZXFy
Yes the company loves using fancy words like ,
Streamlining the company to make it more efficient
Consolidating redundant departments into smaller more efficient ones
Positioning the company to make it more competitive .
The translation to the above is "We need to keep cutting cost so we can keep increasing the salaries and bonuses of the Executive board members.
Aboaf's statement that they are just consolidating is a complete lie. This firm is cash starved and mis-managed at the top. Even though there is a travel ban in place, EVPs fly all over the world and spend without any repercussions. There is so much wrong here that as a G-SIB bank, the FED should call Aboaf into their offices and ask him some real questions.
Management doesn't want to be transparent because they want people to voluntary quit and not get severance. From a HR standpoint, they want to avoid confrontations and lawsuits. State Street does not care that low morale impacts workforce productivity. Do not be loyal to this company.
Take a look at LinkedIn State Street page- “notable new hires”
Interesting how we hired dozens of MDs and above the last 6 months yet are laying off thousands now…
I heard the entire ESG team is gone as well.
There's a bigger story here. State Street is ki-ling it's Digital division completely which it announced over two years ago. All of the team is being let go or moved into other projects. It has no budget to continue but is telling clients it is. Bigger story as to why that happened to come.
@Post ID: @3rti+1pXPZXFy
Yes I often wonder if you replaced 50% to 70% of the U.S workers.
How on earth do you justify keeping all the Senior Vps, Executive Vps, Vps, Md ???
Image the money the company could save by starting their cutting from the top down.
This method would have saved a few thousand low to mid U.S worker jobs
SS is a terrible company to work for. It seems only the absolute toxic employees (svp and above) have been forever and somehow survive layoffs. You would think they at least very effective or productive but they aren’t either. wtf is going on?!?
Monday
As a former employee it was sad when I would visit my former office to have lunch with the few few few remaining friends still working there.
Going to the old cafeteria and seeing the place filled with 90% replacement workers
from India.
Seeing departments with 90% workers from India
Remember to complete your surveys! Rah rah rah...
Will begin in January 2024. Source is the all employee call going on right now. 1,500 layoffs, but they keep talking about the push for internal mobility and consolidations.
@qds, you're right.
US before Christmas and Europe 1st week in Jan, end date end of March
They already did in November
Are you a newbie "? The company never tells which month the yearly layoffs are going to start.
They do it the same way they have always done it, you go to the office .
Then your Boss calls you or another worker into their office to give you the bad news.