The move is globally to low cost area not only India and Poland. Impacting not only US but also EMEA and APAC. State Street is about to open a pandora box sooner or later.
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@W27NcCu-2fnd Yes, you are correct and they are already losing clients. But as mentioned above many companies are outsourcing which results in huge savings for the corporation but decreased work quality. I am thankful that I am close to retirement age and soon won't have to worry about losing my job or finding another one. At least once I reach full retirement age I may want/have to work a part-time position. Of course until this happens I am just thankful that I am working full-time. Many of my network of friends and peers have already left State Street and some have been hired by a competitor or transitioned into a completely different role.
I'll leave as soon as I can, I don't want to help facilitate the moving of jobs over seas.
Many former STT workers who were discarded after years of faithful service. Hope with the chaos caused by the low quality of work being done outside the U.S
That STT mgmt would have decided to hire some of the people they laid off back, but sadly this did not happen.
I know a few people who still work there and tell me the quality of the work is so bad, they have to keep sending it back again and again until its done right.
Although I agree this is a bad way of doing business pretty much all if not all service providers are doing the same. They are all miving work overseas even the public accounting firms and many if our clients.Everyone is going overseas ... the savings are huge.
It is sad but this is the wave of the future. My advice for anyone if you are young get into something that you need to be local. I am just hoping I can hold on until retirement . .., I figure they will still need us for another 5-10 years and then overseas will be knowledgeable enough to get rid if us.
@W27NcCu-2fnd Yes, I agree with you and why would anyone want to hire State Street when they can hire another firm that will give them better quality work.
Agreed- clients are already reportedly unhappy with service quality and late deliverables. It is only going to get worse.