Let's hope they cut the fat cats at the top.
22 replies (most recent on top)
Post ID: @11LKmcIS-8ale Agree with you and many other who posted on this thread. They have far too many managers who just go to meetings and don't really accomplish much. What about actually doing your job and figuring out how to cut costs without continually laying off and offshoring a large percentage of positions. I know of several AVP's who report to VP's and don't have anybody reporting to them?
Few people were let go on Wednesday in crown colony.
@Post ID: @11LKmcIS-9nki
Lol okay your dept may be safe, but they are still going to Outsource and H1b
Heard lay-off ‘s happening today ..any news as to how many
New mandate came down from the top—all executive salaries cut 15%, total EVP and SVP levels to drop 20%, no bonuses for anyone above AVP levels, all Managing Director positions eliminated.
Then I woke up....
IT
I told someone on my team yesterday in JAB, they got 60 days. First person told on my department in at least 8 months.
Hardly anyone is getting laid off anymore, it’s all just attrition.
6 left, 3 replaced on shore.
Quality of candidates is garbage too.
@Post ID: @11LKmcIS-8ale
Agree they should have starting cutting from the top instead of the bottom.
They laid off thousands of hard workers who gave 100% to the company.
Now the few remaining workers are doing double and triple work loads just hoping to survive until
they can take early retirement.
Notice how after they got rid of most of the workers they kept all the excess managment but shuffling them around , giving them make believe work.
Last time they communicated to managers the names of laid off people between 6-10th .. but employees were only notified around the 12th. 45 days notice.
It is sad to see the amount of useless bureaucratic administrative staff State Street has with many layers of useless incompetent VP, MD, even SVP admin officers... Hope they show those people the door, no matter how many years they have been with the company even if they are just waiting for retirement. You should not have a job if brainlessly all you can do is just do the same old that failed.
Nothing happening here. No one laid off. Not today at least.
Any other update would be appreciated.
TTomorrow is the big day. I am hearing around 300 to be cut. Can anyone confirm this?
@11LKmcIS-lut I tend to agree with you about too many managers and so few workers. The entire job structure at State Street is difficult to figure out.
In September approximately 300 IT people were let go in one day. It that not high volume
You’re simply wrong, or just making sh– up because you’re bored. Staff reductions now are done so frequently there is never a high volume time of year.
Reporting is done quarterly so to make up numbers for year end is just fiction.
@Post ID: @11LKmcIS-2yix
Sorry your wrong I am right, about November , December being the big year end layoffs.
Along with Jan of the New Year.
They do Novemeber and December so it reflects in the Year end profit/expense reports.
To the person that said “no they don’t”. Obviously you are in the know so please tell us when and who. That would be much more helpful since people are constantly on pins and needles
No they don’t
Remember the biggest layoffs happen during November and December and January of the New Year
I haven't heard anything about the first wednesday in november.
Don’t feed the trolls , this fool is obviously pulling it out of his backside
Any insight on targeted groups
I have never seen a company so bloated with mgmt and now so few workers.s
I swear its like 10 people in mgmt for ever 1 worker .