Thread regarding State Street Corp. layoffs

Your Boss is not going to tell you the truth. They have been given a prepared script by Senior Mgmt. To tell you the company lies as to why you were downgraded, given a small raise a small bonus.

There are still some good honest mgrs there, but unfortunately they too are under
extreme pressure by Senior mgmt.

Several people I know who were laid off were consistent top performers, receiving exceeds every year.
There is no pattern to the cuts. Also- aggressive hiring is happening in Poland, Germany, Ireland, and those workers are hired as hybrid and some remote.
US being told zero remote hiring - everyone must be in an office.
The pattern is there- time to get your resume together and work your network people.

I agree 100% with Post ID: @5cyh+1qUHB8Zd; you have the right to an explanation for the downgrade regardless of which state you are in. Make sure you follow the procedure and document everything; this is very important in case of a lawsuit.

I am assuming your manager did not discuss your performance with you prior to placing negative performance review in your record. If that is the case and you are employed in Massachusetts, I strongly suggest you get familiar with your rights. Take a look a Massachusetts General Law Chapter 149 Section 52C. The law requires the employer (manager) to notify you within 10 business days whenever negative information is entered into your record. Your manager already violated the law. Second, the same law allows you to rebut the negative information. So, before you do anything, write a rebuttal of whatever your manager wrote in your performance review and ask to HR to enter your rebuttal in your record. You have the right to examine your record. If HR refuses, then file a complaint with the Massachusetts Attorney General's office (they have forms online). Once you complain, State Street cannot retaliate against you, even if they plan to lay you off.

Do not quit unless you have landed a new job. You won’t be able to collect unemployment insurance if you quit You are doing a favor for State Street and a disservice to yourself. Walk away with a severance pkg.

Your manager does not have to tell you why they downgraded you. They are just following orders. its better for State Street to falsely down grade, so they can convince themselves they're clearing out dead weight, than admit they just want to fire from the USA, and hire in India, Ireland and China. State Street really doesn't like people.

A director told my manager directly (and our manager is honest with us to the point of pain): State street told them to take all of your reviews and downgrade every single person in the department. No s**t. He said what they want to do is 1/3 are performing, 1/3 are sometimes, and 1/3 will be setup to be fired. Their goal is to make it look like you didn't do your job, even if your manager is very happy with what you do. This is a toxic company, please, take care of yourself, and find another job. Unless you're in India, China, Ireland. They told my manager they would be hiring there, and they are doing that right now, this minute.

In some groups I've heard that people take turns getting the "partially meets," thanks to the stupid bell curve. But on those teams they know they're taking turns - it isn't a surprise.

@Post ID: @1rwk+1qUHB8Zd

CEO Marsh Carter was the best

He joined State Street in July 1991 as President and Chief Operating Officer, became CEO in 1992 and Chairman in 1993. During his nine years as CEO, the company grew more than six fold.

Post ID: @1sbl+1qUHB8Zd

Before Captain Ron and Jay Hooligan, who was the CEO?

When I went to college in the early 2000's, most of my classmates all dreamt to land a position at State Street. I would hear commuters on the T spoke highly about the company whether they worked for the company or not. I took an offer somewhere else after graduating but when I did joined later in the 2010's, I realized the company prestige was no longer exist. Even recovering from the 2008 financial crisis, the culture have been nothing but dreadful and gloom.

I get embarrassed when people ask where I work. They all have colleagues and friends that tell them horror stories about this place. The reputation of this company is so bad that they should update the company logo with a laughing donkey.

@Post ID: @1bbf+1qUHB8Zd

Prior to 2005 before all this yearly layoff madness.

Workers used to get decent raises and bonuses. But once you lost a good CEO the downfall of the company started. It got even worse when money hungry Bean counters were brought in.

Being the best and brightest and most productive worker will no longer save you from being laid off.
They do not lay off a person to give another person a promotion, (sorry your totally wrong)

The only thing that counts to the CEO and the Board is save money through any means

Did you get a recent raise or promotion? Lots of times they downgrade someone to lift someone else. With the forced bell curve someone always has to lose and it has nothing to do with how you actually performed. It’s dog eat dog.

Yeah it’s unfortunate but you are done for. Could be anything really - maybe they think you make too much, I would quite quit and start looking for another job.

I know is the past many mangers were told what the guidelines would be in performance reviews. I know a few people like yourself who suddenly were downgraded on their
performance reviews.

Not to sound like a conspiracy person, but I wonder if this new way to mark people for
layoffs and future layoffs. By setting a code rating of anyone rated 3 or less is to be laid off.

You mentioned your mgr has been ghosting you, so it seems like he or she is under orders by senior mgmt to say nothing .

I am sorry to hear what happened in your case. The text part for a rating of 4 is "Sometimes exceeds expectations." if you were downgraded this drastically then your manager definitely owes you an explanation.

If I were you, I would document all the work you have done during the year, document feedback you have got from others on your work, emails or comments in the system will help.

You schedule a meeting with your manager and highlight all your accomplishments. Make sure you have a clear plan of action worked out and documented with your manager. If your manager ghosts you for the meeting, then escalate it up the ladder chain; feel free to go all the way up.