State Street announced 1500 layoffs back in December, still has not chopped yet, everyone has been on edge since and getting worse. Just heard a bunch of new req's came in for Ireland, and India. Apparently they are waiting till the new foreign workers get closer to hire before axing in Boston. Morale is at an all time low. Take care of yourself and your family first, get your resume in order, and start interviewing asap.
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SSBT is now the worst bank with little to no regard for employees, especially if you are UK/USA based. Company is riddles with consulting firms. Hire cheap labor, think HCL, stating they are cheaper and available 24x7, while their delivery is less than an hour. Employees gets crushed completing their rubbish work. After all company makes it onerous on a FTE to stay so they don’t have to pay severance.
Consultants demand results from FTE and managers turn a blind eye if you complain. You will be on the list if you do complain. Environment is set up such that most managers tell their directs to install fear not to go up the chain for reprimand in subtle words. Regulatory nightmares are shoved under the carpet, without any fear of consequences and employees are the scapegoats if they ever get caught, while maangement is ignoring alarms employees raised. This company needs a wake up call from many regulators across the globe.
Nepotism has ruled this place where one EVP moves along, next one joins, brings their cr-p from wherever they came, and then they dictate changes. They all pack up & leave once they realize that they cannot deliver on what they overpromised leaving old timers, if there remains any, to collect the fragments to make it whole.
If you think you are going to make a career here, be aware that you will make career in working you ar-e off with zero raises and little to no bonus.
I’m in Ireland and we have been told we will have the same lay-offs as the rest of the workforce - there have been a good few already and everyone here waiting for a tap on the shoulder .
One of their favorite methods is the sneaky stealth layoffs.
This is were they lay off a few people in each department, hoping nobody notices what is going on.
I knew people in 6 different departments so when a worker or 2 vanished we would
go on the employee grapevine and check with our friends as to whether they had people laid off too.