Just announced--check out the WSJ article. When will the embaressment for this once great company stop?
5 replies (most recent on top)
@Very discouraged
If your over 50+ you are totally screwed trying to find another good paying job. As a former SSB
worker I found one after 2 1/2 years for 35% pay cut. But least I have a job and any job is better
than no job State Street the once great company which uses a ship as its symbol.
The ship over the last 10 years has become the Titanic being steered right toward the iceberg.
Former Captains Ronald Logue, David Spina and new captain Hooley
Very discouraging to read this if it is indeed true. As a former SSB employee I still have a lot of friends that work at State Street. I just don't believe that they will all be able to find employment in the current job market. It is really sad to see what is happening in this country.
Doddy -Franky regulation will NOT help anything. It is very simple as we all see.
bank will fail when it can not sell its investment securities in a timely manner to raise cash. Obviously banks would not invest all its capital in high risk assets. If the securities market is collapsing, liquidity is a problem. who would buy $1 securities for $1. therefore, what price should they set for their current investment holding? 20% or 50% discount?
I am not defending SSB but it is a waste of resources for all banks to comply with this kind of regulation.
There are so many other methods that can govern banks' business but Congress only looked at only one proposal and passed it.
Well instead of 7,000 people being cut, they will probably do 15,000 and pocket even more savings.
Maybe they should change the name from State Street Corp to State Street INDIA
When they stick a fork in it!