From Boston Business Journal:
"Following another weak quarter, State Street Corp. now plans to cut 2,300 jobs in Boston and other higher-cost locations this year, 800 more than it had previously targeted. The Boston-based company (NYSE: STT) announced Friday morning that its second-quarter revenue dropped by 6 percent year-over-year, to $2.87 billion. Performance fell off in several areas, with both interest and fee income down. State Street’s profits fell by nearly a fifth, to $587 million. “Given the revenue environment… we need to double down on expenses,” Chief Financial Officer Eric Aboaf told analysts on Friday."
9 replies (most recent on top)
@Post ID: @107P43PX-2stk
During the 1970's, 80's and 90's, State Street was the company every high school and college graduate dreamed of working for.
If you landed a job you were basically set for life at State Street, having a nice 20,30,35 year run with them.
Many people started out at the bottom of the job rung, and through hard work and taking classes managed to move up the job ladder.
But then around the year 2,000 bean counters along with new poor mgmt started destroying this once great company.
Now the company is but a fromer shell of what it once was.
i didn't want to leave SSB, but they gave me a good severance. i started a new job and collected severance at same time
Word is S Bank in Dorchester is hiring tons of SSC people. I know of 5 personally who went there.
Same here. I was waiting out State Street in hopes to get laid off. But, I could not wait any longer. I gave my notice & left a couple weeks ago. I was sad to leave my coworkers but not SST. My team has lost nearly 20 people on the past year. All my friends left are looking to leave.
I have been hanging around the last year in hopes of being laid off and getting a severance.
Sadly it appears that SSB is content to wait you out, so they don’t have to pay severance No one has been chopped from my group in about 18 months. All they’re Doing now is replacing each vacated Boston/Quincy Req with 1 or 2 in Bangalore or Gdańsk.
State Street's benefits are average, even if you consider SMB employers,. This is likely because of the terrific employment market in Greater Boston. I don't believe that staying 10 years at one employer is negative in seeking new opportunities, as long as there is a pattern of growth, such as new functional areas or promotion. However, if you "peaked" a decade ago, finding a new position might be more difficult, especially if you have not expanded your skills beyond attending the occasional conference.
@107P43PX-1ocy I wish I was still at State Street and it is definitely sad to see what has happened to this once great company. Yes, I would definitely say that you made the right decision by leaving when you had a chance. Many employers believe that if you work for a company for more than 10 years that you have no ambition. What about company loyalty and building your retirement fund?
Some smaller companies don't offer good health care, dental benefits or any type of retirement.
I have many current/former employee's of State Street in my network and the current employee's of State Street are pursuing other avenues. Of course it becomes more difficult if you are the older worker.
Anyone who is still at State Street and does not see the writing on the wall is either totally blind or in complete and utter denial.
Many of us on here have tried to warn you for several years! We were ridiculed and laughed at—who is laughing now.
If you are still with State Street anywhere in this great country you need to wake up and get out while you can.
Executive management is no longer even trying to hide their plans. Their only business strategy is cut, cut and more cuts. An extra 800 staff cuts before the end of 2019 beyond what they had previously announced. That's not 800 in total but an extra 800.
Wow, this is crazy. I work in Quincy just left State Street for a new job, which I started on Monday. Although I have no idea if I would have been next to be laid off, I guess I made the right decision!!
I had 5 years w/ SST and wanted to build a career there...but, saw the writing on the wall.