IT

Looks like Ireland is next on SS hitlist for outsourcing, would you stick it out for the redundancy or run for the hills?

With cuts happening at various State Street locations both yesterday and the day before, I'm not sure if I should relax just yet or if there will be more today? Do we know if we are done for sure?

how big were the layoffs. thank you!

Hope it's me. SSC s—s, the worst employer in Boston.

I hear is going to be a busy day

Is in the horizon. He can’t right this old schooner. Her glory days were pillaged by many retired and former execs. They left the hull for the rest to row to shore if it even makes it. We can only hope for a merger but then the axe comes full... — read more 

How about that share price eh? On the slip and slide for quite some time now, how long before it hits rock bottom...

Ron is presiding over a failing firm whilst sailing his competition yacht all over the world. Thoughts?

It makes sense that the next big one would be October. Give the people 2 months notice and then by end of December they will have a leaner workforce to make those layoff numbers for the new year.

No one can build his or her career here any longer in confidence. The truth is once someone is maybe feeling like it’s taking off In a good direction, the job may be eliminated or placed offshore. Pretty grim I guess. Greener pastures out there... — read more 

Has anyone heard from legit source if this Wednesday is big lay-off day??

Truth is we were told in confidence, 6 years ago when my job was supposed be sent over, that these offshore employees Make less than 2.50 an hour and SSC doesn’t have to pay their health or 401k. So do the math. We can never compete with that. So, ... — read more 

I remember when all the work was being done in the U.S , mgmt demanded 100% quality work be done. It was constantly drilled into our head, " State Street stands for quality work" Question is I find it funny how they allow Indian to do C - to... — read more 

That everyone on here contact their senators about voting no on senate bill 386 that Lyndsey Graham is wanting. It is massive visas for many jobs that we hold going to India and China and bringing them here. They’ve destroyed the tech industry and... — read more 

The hard facts are since the retirement of Marsh Carter, this company has been going down hill. Each CEO is more of a hatchet man than the next. Marsh Carter days were when employees here were valued, treated with respect, and seen as assets to the... — read more 

Most of the technology is old and what is new is badly designed. Good luck.

A Very sad place that has k–led a once amazing place to work. No employee value and all they do is offshore our jobs and lay off in addition. No raises, cutting benefits constantly, and always trying to move people out of Quincy to the new building... — read more 

Just wondering, if there was a union at State Street, a lot of this wouldnt be happening. What are peoples thoughts?

It’s getting really scary now. I think there’s going to be a mass lay-off it’s almost inevitable. My team seems to be running scared. Working tons of hours couldn’t even try to apply for a job all I have time for is sleep by the time I get home. ... — read more 

So is the 60 days (i.e. 5-6 weeks) from notification to last day apart of your severance package? For example, if someone worked there 10 years for 20 weeks severance, would after their last day they only get severance for 14-15 weeks?

For all of you who think WFH is a soft perk, State Street receives a $2k per employee per year tax credit for this. Assuming 15k Boston employees, that $30M per year. Could be used to offset cutting us to the bone, but alas that’s a fools errand!

Effective 8/1 US Severance packages eliminating minimum weeks per job to just Years of Service. Previously a VP would get 14 weeks + 2 weeks per Year of Service. Now only 2 weeks per year of Service. That’s why layoff news is quite. Keep... — read more 

“State Street is now aiming for 2,300 job cuts in 2019, it said. A spokesman told the Business Journal that the 800 additional cuts would come from natural attrition tied to the hiring freeze, not through layoffs”. So if you you think your next... — read more 

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)... — read more 

Anyone know what the current redundancy package been offered in Ireland is?

State Street is a great place to start your career whether you are new to the industry or making a job change above all before accepting a job offer ask about the high deductible Heath Insurance that may or may not be right for you regardless of your... — read more 

Last week, State Street got hit with $95 million in fine for overcharges to clients(https://www.financemagnates.com/institutional-forex/regulation/sec-hits-state-street-with-95m-fine-for-overcharging-clients/). Got to wonder if more layoffs planned... — read more 

very quiet on the lay-off front for months

State Street Corp. will move its corporate headquarters to One Congress, a 1 million-square-foot office tower currently under development. A partnership of National Real Estate Advisors, Carr Properties and The HYM Investment Group is constructing... — read more 

The department I'm in is currently seeing a more proactive approach to off shoring. Anyone know which departments are up next n the chopping block?

Looks like our problems are now being talked about on Bank of New York Mellon forum as well: https://www.thelayoff.com/t/ZwhogmL I think direct link goes like this @ZwhogmL.

Nobody is safe anymore indeed. I can tell you with 100% accuracy that upper mgmt has recently admitted that they have recently let go of people too fast without finding out if their offshore counterparts could do the job. Do you want to know how... — read more 

Apparently the board is nervous and fear a takeover given the low stock price. If the price continues to drop it may happen. State Street is almost to the point where it would be attractive for a larger company.

Half the people laid off were either taking hour lunches mowing their lawns or bringing kids to school jokes on State Street

I am amazed with all the layoffs, and the poor quality of work being done in India. How this company has not lost any major customers. But then they seem to do a good job of keeping things out of the news. I pity the U.S workers already doing double... — read more 

6% additional plus 1500 executives on top of 70000. Who is going to be left to run the show in Boston? Who will the clients meet with locally? That used to be the safe harbor role were your customer facing roles. Does anyone know the impact on our... — read more