Thread regarding State Street Corp. layoffs

I have seen both. Some were warned that their position would be eliminated, then sometimes this person is moved to another department or leaves the company. But I also seen many shocked and had no clue their position was affected. What I do know, when I saw the 2nd in the entire company left SS (Lou Maiuri plus other very high level EVPs), I started looking elsewhere, I knew big layoffs were coming. Good luck to those affected and left behind because I know that non-sense work falls on those left..

When you do not get invited to meetings for a project you are working on means you are seen as not essential. You're out.

Thanks for the info. When people got laid off last week in Corp and no one was complaining about being told they were on a list weeks before I knew something was up at GA. I think the new GA COO is je-king us all around. The managers were told to tell the afffected people that they were on the list, so it wasn't a thing where some managers were giving people a heads-up. They were ordered to do it. And the official story is that it was so we could align with the notifications in Europe.

Agree with above. I was slightly involved for the first time because my team was directly impacted. Before I just heard via the rumor mill like all us saps. I had a managing director that had even told me that she was one of these lists… a friend saw it and warned her.

Any way what I experienced is like you said they gather up people under a managing director … the managing director asks those reporting to him to get a list and rank people on your team. Then it is discussed I believe by the VPs and managing director or maybe directors and they decide from there who is at the bottom… not sure how they decide… is it that there are too many officers, AVPs, individual contributors? Who has lowest performance, salary factor in? Who knows how the final decision is.

So yeah these discussions were going on probably around March when budget cuts are decided which typically prompts these. I am not sure how much in advance it is known directly who will be let go. But the list is started and presented well in advance.

Then there is a day chosen that those final cuts are presented to those impacted … they have two months to find another job internally where their workload is decreased so they have time to work with the talent group to find other suitable employment. If they don’t in that two months, they are officially laid off and their severe kicks in.

From my experience, we do not inform people before their layoff on corp side. They are on a list and they don’t know. And then there is time after they are informed before they’re actually let go. Approximately two months and then their severance would begin. All of it is awful and the lack of accountable expense management that leads to this is shameful.