Why are people mentioning layoffs already again? Is something coming?
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Yeah, happened at Charles River Development, one of the many software companies acquired by SS. State Street does certainly appear to hate Americans.
Oh it’s still happening! I got the “it’s not you, it’s the role” layoff notice today along with my direct report and at least two other teams…basically if your team is small they are just clipping it from the org chart without a second thought. Problem is they can’t retain good people offshore because they pay them like cr-p and they’re getting rid of the people with the knowledge and experience. Streamlining!
They did a round of layoffs in January. I know personally. An entire team within my division was let go and there was talks of some others we were able to save.
So yes there have been layoffs already and I’ve been told there will be more I think each quarter.
They are cutting people every other month for the rest of the year and into 2025. November was first cut, January, and March brings another round- and so on.
They haven been at it for while.. Like cutting the digital venture - 80 people i think?- but i also know of individual that was selected. Not sure what the strategy is to roll out.I would expect most of it to happen before bonus are called. People that are laid off get 25% of the previous year bonus as comp…would be foolish for them to drag their feet
Not true my friend, the layoffs of the 1500 people had started back in Nov 2023, the process has been slow and in dibs & drabs.
They announced Dec 2023, but have not actually done the layoffs yet. One of the companies they bought, Charles River in Massachusetts, word is all over that they're ramping up to fire a whole bunch of people and replace them in either India or Ireland. Since its outsourcing, it takes time to get e.g. software people hired and ramped up. If you work at state street, look for a new job.