Any news yet?
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It’s still happening. They just axed 3 onshore teams, including mine, over teams calls. Zoom was too good for us apparently 🙄
Congrats on the retirement. I hope it was your choice. I agree that state street will never change. I've crossed path with one of folks that worked on the logo. Seem like he's good people and just a cog in the wheel, like everyone else. I think we should keep the frustration on senior management and the corporate brown nosers.
So glad I retired early and got of that place. The things I anticipated would happen are happening albeit a little slower than I thought. State Street will never change except for that new logo which is mind boggling and silly looking. The person that created that thing should be on the lay-off list. Just know there is a much kinder world out there so get out in whatever way you can afford to.
I have heard today that UX team is affected. It has happened for different products. Offshore UX team is not affected. Only the US UX team is affected.
@5hno+1pBT4GuV Thanks but I don't know if being at State Street in Toronto had anything to do with it, or if its the same practice as in Boston or other locations in the States.
I agree with @Post ID: @5hno+1pBT4GuV , I have heard mixed stories from the people who came out of the Talent. I pray everyone is able to find something internal or external.
@Post ID: @3ybf+1pBT4GuV
You were very lucky, your new job in the dept must have the same salary range as your old job.
Most jobs have a minn, med and max salary range.
So you were very very lucky they did not cut your salary at the new job
in the same boat here. Just keep hearing about it and most people I've spoken too are worried.
One layoff in my group at last month. There are also quite a few resign or forced resign in my department in the past year. Looks SST is constantly doing stealthy US head count cut.
I can only speak for myself when I was layed off in 2018 and got another job in a different department I got no pay cut. But I don't know if thats changed or if other people had different experienced.
Does anyone know people who were laid off and got jobs in another group have to take a pay cut or it was a lateral move?
@3rzg+1pBT4GuV I can say that I know people including myself who have been layed off but got hired by another group.
@3rzg+1pBT4GuV - Tell me you know nothing about State Street, without telling me you know nothing about State Street.
They’ll move someone making 80 to a role left by someone who made 90 in order not to pay a new hire 90 or pay out a nickel in severance.
If you don’t take the new role you are essentially quitting.
@Post ID: @3ttd+1pBT4GuV Sorry but the company does layoffs to SAVE money.
So 99% of the time when they let you go your gone, they are not going to lay you off in one department only to have you get a job in another .
Sadly true, I know quite a few folks who were told on Wed.
Most are hoping to be placed elsewhere, which seems to be the case as state street doesn’t want to pay out packages
Position Eliminated = We finally found cheaper labor to replace you. Can your replacements perform your job with the same accuracy and care without negavity impacting our business down the line? We're not concern if the company fails. We just want to collect our bonuses by Christmas so our children can get their yahts.
Yours Truly,
State Street Senior Management
It’s true. Only one layoff (VP) in a State Street division for no reason other than “position elimination”. Nearly 16 years with the company and absolutely zero explanation. Happened Wednesday 11/15.
@ @ktb+1pBT4GuV - what they give you for a final day and what is your severance package?
Which departments are laying off people today? Right before the bonus time, the senior managers cheat any money from the employees.
Its definitely happening. Happened to me today. And at least twi other people that I know of. Told "job is being eliminated".
People people why all the new threads about layoffs ?
The company been doing yearly layoffs for the last 18 years.
They try and hid if from the workers by doing small small layoffs in each dept trying to keep things secret from the rest of the workers.
When I worked there I new people in 9 different departments, so when ever people starting vanishing the worker's telephone grapevine would be active .
Why I don't understand is since they must have replaced at least 60% of the U.S workers with H1b who is left to layoff ?
And wouldn't it be great to see the 18 year layoff chart and see what the percentages are in each employee level.
I would say hmmm 70% layoffs for the average U.S worker
20% layoffs in Middle level mgmt
10% in the overpaid expensive Senior mgmt level
When?
it is true. dont know how much is confidential but its definitely happening
Source or are you just fear mongering??