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 D quality work , and nothing is said
or done to them.
I can only assume profits are the number 1 goal over providing quality A + service to customers
I wonder how many clients State Street has lost because of the lousy work being done by India.
One thing very telling about State Streets policies is the share price. 5 years ago it was around 75 as I write this it is at 54.....in other words the company has lost about a third of its value over that period of time whilst the stock markets have soared. The one surprising thing I do find is why is it that the share holders have not gone mad at this? They should be jumping up and down in rage at this......
In a lot of these outsourced ventures you will find that State Street only owns 50% or so of it. So when they come to laying down the law and the ultimate sanction of firing someone in a joint venture they do not have the power to do it....so is it any wonder why its all so lackluster on the quality front?
I have a client that literally gave up on us ever providing an accurate and complete report. They take our report and redo certain sections on their own just because its less hassle for them to constantly review for errors and provide feedback.
The errors from the India team are so inconsistent, fix one thing and another thing that was fine ends up being incorrect repeat this every momth and you have a broken down client.