This is a generic discussion thread to capture comments about potential State Street Layoffs 2021? Any news or rumors?
15 replies (most recent on top)
Layoffs probably next week or the week after... Good luck all.
Read the news. 1200 jobs to be eliminated.
The company thought they were so smart when they got rid of all the people over age 50yr
The people who had 15,20,25, years of knowledge.
The ones who trained all the new hires/
Now they are all gone and the senior people are the ones who been their 3 years, who panic when a problem arises, because they have no one to asked for help.
I am hearing Talent Marketplace purge early March
Well, so much for no layoffs in 2020. Got the “elimination’ word on Dec 7, 2020. Colleagues throughout State Street and CRD impacted. Talent Marketplace, whatcha got 4me?
I read the article about SSgA as well. Apparently the asset management business is what is known as a "business of scale". Translation....we've got to merge with another asset manager in order to be able to significantly reduce employee costs. So yes....it seems that our colleagues at SSgA are in for a rough ride! Good luck to all.
Read in WSJ that State Street and UBS have been in talks to merge their asset management groups. Looks like SSgA could be in for a rough 2021.
Ronnie O our illustrious CEO announced at a Goldman Sachs investment conference earlier this week that State Street's no-lay off policy implemented during this year's pandemic is coming to an end and that the regular staff reduction/cost reduction strategy so prominent for the last several years will be in full force once again in 2021.
Further Ronnie O stated that the automation/staff lay off strategy is still very much in the early innings at the Ole Clipper Ship.
Well any bets that the pace and quantum of layoffs in 2021 more than make up for the pause in lay offs we enjoyed during 2020.
Stay safe and as always continue to update your resume and explore all options outside of State Street.
See this thread https://www.thelayoff.com/t/16RIkDEh
or @OP+16RIkDEh
Finally some truth about the old Clipper Ship being told on here. Yes...it's all about the bottom line. Cut expenses that's all they know.
Those that still don't believe...wake up!
Lol people let's be serious, they have been laying off people for 15 years.
Why is everyone acting so suprised ?, it doesn't matter what your job title is, how valuable a worker you are.
The main concept is cut expenses, outsoure jobs, bring in H1B workers
You can work 60 hours a week, work weekends, work holidays and your still going to be laid off
SSGA IT layoffs coming before the end of the year. Both full time employees and consultants. If you aren't on project Rainier you should beware. Expensive infrastructure upgrades happening in 2021 and they plan to pick to the bone on non-rainier project staff to pay for it. So much for that pledge to not lay off any employees during the pandemic. The marketplace is a scam.
Well layoffs/redeployment started again yesterday and more December 7. This will continue heavily into Q1. People will go into Talent Marketplace but there isn’t great confidence in that ‘program’.
I agree that information regarding lay-off facts or rumors should be a focus of threads, instead of the “ I hate State Street”, “The Clipper Ship is sinking” and personal venting - As it’s been asked before “Facts Please”
Wow anothere useless thread about layoffs
How about just using the existing thread instead of constantly creating new ones