“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 job won’t have Layoffs then you haven’t lived in America for the past forty years or you’re delusional.
The CIO quit or was forced out, either way this is a positive for IT. Now need to get rid of some of his cronies that were out of their league in an environment the size of SSC
Lots of negative articles about STT in many other financial articles. Kind of sounds like how analysts speak of GE. I wonder if O’H the new ceo will be voted out. Stick us down 30% pretty much since he took the helm.
You can cut into oblivion but if you don’t fix the root cause it the end is sooner rather later unfortunately. :-(
@Post ID: @10a8PyiP-kyb
True for the last 15 years, they done nothing but layoffs, layoffs,layoff
The hiring freeze has been going on for at least 10 years, along with hiring temp workers for a period
of 3,6,9, 12 months.
I know many people who have seen their workload double and in some cases tripled.
The only people who have left are the ones who cann't take beign worked to death anymore.
Furthermore—they have now announced to the investing community/wall street crowd that head count will be reduced by a further 800 before the end of 2019. As a result of this public announcement management must now reach this expense reduction goal or else face class action lawsuits. Therefore they cannot rely on natural attrition alone to hit the 800 reduction number. Layoffs are the only way! Wake up people. Learn how the game is really played!
Regardless what they say the reductions will come from attrition AND layoffs. They need to target high cost locations (Boston) and attrition doesn’t guarantee focus on particular locations, functions or people.
This is typical deflection strategy by State Street apologists.
What other companies are doing or may do in the future is totally irrelevant to what is happening at State Street. Totally irrelevant. And by the way—there are several American companies that have bucked the current trend to outsource to the cheapest global locations and continue to thrive and prosper.
Furthermore—natural attrition....due to the hiring freeze people across the company are being worked to the bone...so then one of them leaves because they can't take the abuse any longer (nor should they) it is attributed to natural attrition. What a joke.
Stop with the nonsense. Stop apologizing for the very poor strategy developed/adopted by State Street's executive team.
And yet our MA senator running for potus says she’s against outsourcing yet she’s completely silent on her own states massive job loss at STT due to outsourcing. Crickets! :-/