Well...it's official. 1200 hard working American jobs are being cut/eliminated at State Street during 2021. Announcement just made by one of the glorious leaders from the executive management team. Don't say you weren't warned.
For the rest of you—consider yourself lucky to still have a job! Now get back to work.
7 replies (most recent on top)
@Post ID: @1ydm+190Z76FB
The company has been doing layoffs and outsourcing since 2001.
The mistake they made was starting 1st with the low level workes, then the mid level workers .
Instead of going from the top down to save the big money.
That is why the few remaining U.S workers are doing double and triple workloads because of the lack of workers.
I think middle management that are top candidates are 640 level VP and all MDs.
AVP and VP is middle management.MD SVP is upper.
@soz+190Z76FB In my experience State Street always had too many employee's with the title of Vice President. They always needed more employee's who actually were involved in the day to day operations no matter what department they worked in.
I would think VP is middle management, at least in my area the 'management' aspect has been increasingly pushed up with the bulk of the work and oversight happening below them.
There are employee have already received layoff notification.
Most of the 1200 in middle management though. So the VPs and their INFLATED salaries survive again. Disgusting.