Thread regarding State Street Corp. layoffs

To the person who finally resigned.

I went through the same exact thing during my 21 years at SSB.

I worked in a dept with 12 people and over the years saw it cut down to 7 people

The workload doubled and the stress went up, and the pay stayed the same

It really got hard when when vacation time came along , workload would Increase as did the stress

Enjoyed being called in to cover for people who called in sick, cover weekend shifts

The thrill of spending 2 to 3 days at a motel/hotel during major snow storms and getting no thanks

Good Mgmt would be smart and hand out some $50 to $100 American gift cards to show the company's appreciation for all the sacrifices people made.

And when the workload and stress became too much and people would start snapping at each other. The famous words from Mgmt was "Be grateful you have still have a job"

Wondering if it makes sense to jump ship now or ride it out...

Here's the simplest answer: Yes, it ALWAYS makes sense to jump from the clipper ship; the boat is sinking! Ride it out, as if there is an end??? I admire your optimism, but the reality is that you'll be riding out this storm for the rest of your career. Seriously get out of that hell hole as quickly as possible. The longer you stay the shorter your life span gets. The place is highly toxic. Let the executives and upper management deal with the mess they made and still continue to make.

I resigned from my position at SSB last December. During my years at SSB, I worked in IT, Global Market and Global Treasury. In the last couple of years, I asked my managers to let me go but I never got it. Instead of being axed, I picked up more work and got little reward ( a promotion would increase a couple grant) Finally, I decided to call my last day. Many good peoples have left SSB in the last couple of years. Those were a backbone of various important projects but being treated as low key workers, senior management took all credit. A special talent is never a good thing at State Street due to its politics and culture. Changes at State Street are never a good change. Layoffs more people will drive this company to the ground. I still owned a lot of SSB stock, it tanked to 50s. Remember talent is hard to find, talented people can get job any where they would like.

10+ years at SSB is a long journey for me and my family!

Unless you have a really good relationship with your boss, you may find yourself out the door with no package at all. Severance is not the law or required. In response to this statement; I do know of a former State Street employee who was employed for more than 10 years and wasn't given a severance package. From what I remember they had a disagreement with one of their managers and was ultimately laid off. They were able to collect unemployment but no severance.

It was 10 weeks + 1 week for every year of service for the old grade 14 level back in 2014. More for higher levels.

As others have said, be careful. It used to be virtually impossible to get fired. Now it isn't.

I just heard about an SVP that got a severance package this round of layoffs. Was he mad? Upset? Disappointed? None of these. From what I am told he is so happy that he can't contain his excitement.

Unless you have a really good relationship with your boss, you may find yourself out the door with no package at all. Severance is not the law or required. Generally it is given so you agree to go away quietly without making trouble. Be careful what you ask for.

Thanks to everyone who has replied. It seems to make sense to me to approach your supervisor and try to get on the cut list for severance payouts as soon as possible. The more of us that do this the less likely your request will be granted because as someone says the place would empty out if a voluntary severance offer was available. So act now to get the best severance offer possible and avoid being stuck with even more work and long hours as your fellow workers are laid off before you.

To the person who answered my post about Older workers should step up.

Sadly you miss the point over the last 10+ years SST has been cleaning house

Outsourcing jobs to India, China, IBM.

You sadly think if ever old person 59 and up left SST everything would be all right, well it would not

Its all about cut cut cut cut cut.

The customers are the ones paying for all SST by having to put up with bad service due to all the outsourcing.

For the people left at SST, the big joke is any one who been there for 5 years is considered being an old timer

Discarded worker: It would be great if more of the older workers did decide to retire a couple of years earlier to prevent some of the younger workers from being laid off. Of course, I don't think being laid off at 45 years up to early 60's makes it any easier to find another position. The younger workers of 21 to early 40's will have an easier time finding employment. Just believe this to be true since I know many friends and family members who were older than 45 and still had a difficult time finding another position. I also think that some in certain professions will have an easier time finding employment.

In 2013 they offered me 10 weeks plus one week per year of service.

Way way back in 2003 State Street DID offer a voluntary package, and 3000 people took it. If something like that were still available the building would probably be empty...

To the person who posted a dumb asscomment about Older workers should volunteer to be laid off

Ha Ha Ha. SST has been laying off the older workers 45 yr and up for years.

Why do you think the company has been outsourcing jobs for the past 10 years ? The company

saves a fortune in money and benefits .

And yes the older workers 60+ volunteered to take a layoff package to save the job of a younger

worker in their dept. Ever dept is given a list which tells them how much money they must cut

from their dept budget.

I remember a VP who volunteered to take early retirement at age 62yr . His generous gesture

said the job of 3 workers in the dept.

Jimmy Z: If you want to resign from State Street and can be added to a list you should do it. I wasn't aware that any companies did this but if it is possible to get severance and then collect unemployment it sounds like a viable option. You could start looking for a new position immediately after resigning from State Street and still collect your severance payments. If more of the older workers who are close to full retirement choose to resign it would be a good solution to State Street having to continue to layoff many of the younger employees who have many years to reach retirement age.

I am a current employee at the AVP level, a VP and SVP in my department both choose (each 60+) to be let go. Neither of them were escorted out of the building either.

What I was told they were both part of the layoff decision making and put their names on the list. That got them both a severance and unemployment that likely bridged them to social security.

Pretty good deal if you ask me.

One comment in this chain says that you can volunteer to get a severance and that vp's have been doing this for the last several years.

Can someone please explain this? I would be very interesting to volunteer for a severance so that I can get on with my job search and my life.

I agree with: 1 week for ever year you worked at SST average worker

2 weeks for ever year you worked at SST for middle level (Non Mgmt workers)

3 weeks for ever year you worked for SST for Officers, Avp, SVP and higher. This sounds like the correct compensation that you would get for severance.

Isn't the job market already going to be saturated with jobs. It doesn't state how many people will lose jobs in 2016 but if they are laying off 7,000 employees until 2020 they could be laying off a substantial number of people in 2016. They may be gradual layoffs throughout the year and not all at once.

Waiting till the end means the market will be saturated with people looking for jobs.

As a former employee who was let go, I can tell you the 3 different levels of severance given to workers based on your Job grade/Title This was the packages offered from 2000 up till 2010.

Not sure if they have cut back , Example 1 and 2 are straight cash only nothing else

1 week for ever year you worked at SST average worker

2 weeks for ever year you worked at SST for middle level (Non Mgmt workers)

3 weeks for ever year you worked for SST for Officers, Avp, SVP and higher

no one said anything about volunteering, I figure if they are chopping 7K employees the odds are in my favor. Also, actually you can volunteer to be let go. VPs and above have been doing it since 2004.

Finally, there is no way they are paying people 1 month for every year of employment. Last I heard they are now down to 4 week minimum with 2 weeks for every year.

Jimmy Z: I don't think that you can voluntarily resign and expect to get severance? My understanding of severance is one month for every year that you have worked at State Street for non-management employees and managers get severance for up to two years depending on their length of service. I would imagine that a higher level manager also receives some additional compensation. I am not sure if this is exactly correct but this is a standard severance package for many companies.