Why am I reading about layoffs happening yesterday? We haven't heard anything and nobody in our team was affected. Does anybody know if this is something that actually happened and if so, what was hit? Also, should we expect more cuts throughout the week?
12 replies (most recent on top)
@Post ID: @3be+1jhqd0pmx
Interesting usually they keep a few smart U.S workers, so they can pick their brains for information. They steal their ideas as their own and take all the credit.
Well I pity what ever dept depends on this clueless Indian team now.
An entire department was chopped and replaced by an entire new team all based in india. I spoke to the "head" of the team, the guy is clueless as he was "tossed into the mess".
There are always layoffs, usually mid summer and twice end of year\beginning of year, to avoid giving out bonuses. There is also a huge number of people that leave as well internally and silently, there are in the headlines, even very high management team personnel. The place is a mess.
@Post ID: @12b+1jhqd0pmx
It doesn't matter if the company has a great financial year, record breaking profits, winning new clients.
The layoffs which started around the early 2000yr's and have continue ever 1 to 2 years.
The main goal has been to replace workers with H1B workers.
Before I was laid off after 26 years I too would say, " why are we laying off people "
The company made record profits, the company won new clients.
In the world of State Street common sense doesn't prevail.
Totally shocked.
Company posted great financial result.
And what we get, lay offs
It is not just State Street. Layoffs are happening across all major global banks, asset managers, investment consultants, IT companies, etc.
Fortunately, I am unaware of anyone affected this time on my floor.
Unfortunately, last week there was a real round of layoffs, or as the company likes to call them, Reduction In Force (RIF). It was certainly a quieter round that we are used to, but definitely happened across BUs.
Growth is in India. If you are in North America, you are a sitting duck for layoffs.
Well the last person i know that they laid off they didn’t even call them. They sent thru the teams instant message process. Weak!
Yes, layoffs did happen yesterday in AIS and other BUs as well. I do not believe yesterday was the last of it. Best of luck to everyone who was unfortunately laid off.
We need to ask these questions directly to Shy Ronnie. Where is he hiding out these days?? Our CEO is a baller laying us off each year and being a board member for 10 other companies that also pays ($300k) generously.
Well for the thousand time, I will post this again and again until people stop asking about layoffs.
The company has been laying off workers since the early 2000's.
You will never read about in the newspaper, you will never hear about it on tv
The company will never send an internal email with layoffs by,
Country, State, Department. Everything is kept hush hush.
Remember they have offices through out the U.S and the World.