What do you former or current long term employees suggest? Get out now? Wait it out? Where are most applying to after State Street? Is fund accounting a dead end or are they going after highly paid AVP and SVP types?
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4+ years? Get out ASAP. Layoffs are part of the culture there, it's not a new phenomenon. Every year you will wonder if your job will be spared. Also, keep in mind that every rung of the ladder you climb the target on your back gets bigger. The future is not bright. Find a job that is stable & appreciates their people.
I suggest that you start looking for a new job. It is always easier to find another job when you are still working. I worked for State Street for a long-time but left before I lost my job. Although, I do know many who were laid off from State Street and eventually found another job.