So three SVP that have been with SSB for a number of years ...their positions are moving to India. This was announced in a company wide email. Who will be next? Seems there is no loyalty whatsoever any longer.
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The problem is the SOPs and job aids that were created in the past by the original American workers or documented by consultants are are no longer useful. The offshore workers (mostly Indians) that rely on these documents cannot think for themselves on how to keep them up to date. Just trying to get them to resolve anything is a waste of time because they keep going back to outdated documents to search for answers that don't exist. This is biggest problem with outsourcing at State Street and it makes us look completely incompetent with our clients. Then upper management brings in consultants I hopes of improvement. These consultant agencies aren't doing anything special. It's just smoke and mirrors to not draw the attention that it's the greedy execs and board of directors fault.
@Post ID: @8vgy+1rqRCskS
The company did not think things through when doing yearly layoffs.
Their goal was to save money at the expense of quality error free work.
Having job aids and Sops does help new hires. But their is nothing like having a person
with 10,15,20+ experience to go through. When the Sops doesn't have the answer to your question/problem.
India. Ireland. now Poland. Any place State Street can hire and fire American workers. its not a "business model". It erodes the US tax base. But they are, primarily, bean counters. that is all they do.
@fdq+1rqRCskS - I agree with you about lack of loyalty to US workers. It has been happening for about 20 years. So many department's and US workers were fired and replaced by Indian workers. I am no longer working for State Street and neither are many of my former colleagues. Some are currently working for our competitors such as JP Morgan, Brown Brothers, BNY Mellon, etc. and some never really find a comparable role.
I love my offshore counterparts but they strictly depend on job aids and SOPs. If an inquiry or issue isn’t covered in one of those documents they’re unable to respond and come to people like me..or they used to because I was unceremoniously laid off this week. I recruited my amazing offshore colleague and he has stuck it out because he loves working for me. Every other team has suffered from constant turnover; some have turned over multiple times because they get paid next to nothing (most make less than $10K in USD) but my guy stayed. He cried when I broke the news that our little team will be no more. My remaining onshore colleagues are also in disbelief because I literally get pulled into anything related to regulatory or operational issues. I have fixed problems before they happen. I know clients I have supported over the last 8 years will be shocked. Experience cannot be taught or captured in a SOP; it also can’t be replicated by hiring more poorly paid employees in India - and axing the one person who could help them. Thanks for listening to my TED talk!
Might as well just move the headquarters there. This is an American company with the majority of revenue coming from American clients yet the most sc--wed people are the American workers and the American clients. It’s awful and Ron, Eric and the board should be ashamed. Collectively they are ruining this company. It’s sad.
If this is true, North Americans workers will basically be on our own to self manage than before. No offense to Indian workers, but it's a big mess with their work culture and attitude. They were Quiet Quitting decades ago before it became trendy here in NA.
My shred of confidence in State Street leadership is completely gone. Captain Ron probably didn't realize how much maintenance and overhead costs there will be after acquiring his boats (sailboats, yachts). He doesn't understand why employees are pi---d at him when all he wants is to maintain his extravagant lifestyle and impress his friends.
"I mean it makes sense on paper but working with the day to day people every day I can say for sure they lack a deep understanding of the process"
This statement is applicable to the SVP role as well...
Everyone in the middle I guess. I report up to one of the 3 SVPs you mention. The day to day work is done in India. leadership and oversight here in the U.S. The leadership is going to India, I would assume all the oversight teams are next.
I mean it makes sense on paper but working with the day to day people every day I can say for sure they lack a deep understanding of the process and don’t really care. Why would they care as contractors…. I guess they could grow to care as we bring in the HCL and Syntel teams as SSB employees but that will take years. I don’t see how they can pull of this strategy in a short amount of time
It may or may not be materially cheaper to hire in india but that could be beside the point. state street leadership, like the rest of the industry's leadership, views india as the new "gold rush" - a country of 1.5B people with their own millionaires and billionaires that need wealth management. state street sees its future there, not in the declining US, and state street's gambit has been to give away nearly all of its business infrastructure just to establish itself there. state street's customers, employees, the US public & government should push back hard against this self-destructive mercenary behavior.
Let the SVP taste their own medicine
Any longer? There hasn’t been loyalty to any US workers for years. Decades maybe. You should know by now the business model is to move everything to India to unqualified but cheaper workers.