Look it up for yourself, State Street had job cuts in 2013, 2014, 2015 and now 2016

If that’s not enough to turn you off about State Street think in terms of boring monotonous work, very low pay and extremely high turn-over rate. There will be limited room for career development and growth. You will be expected to work long hours and you will not be compensated for it. You may get a mentor but the mentor will be more unhappy than you are so all that negativity will rub off you as well.

Keep in mind that State Street is in a constant layoff mode, so they will be reducing responsibilities for you and your ability to learn new things will be decreasing all the time. You will likely have to search for a new position every year and with jobs becoming more scarce this will be very hard for you. Just ask around company, you’ll notice that jobs are being lost here in the States and they are being sent to India – so with a billion people in India ready to take your job your position will always be in danger.

Also, the amount of work is not going down, so with layoffs, there will be less people to do work but the amount of work will go up so you will have to work fifty hours a week if not more. There are many people who work sixty hours a week and they do not complain as they are afraid that State Street will lay them off.

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The layoff package is based on your job grade which is a big factor is how much you get.

Example

A person with 20 years of experience with a pay grade of say 17 will get 2 years times 20 = 40 weeks

People higher up Officer, Avp and Vice President will get at least 3 years times 20 = 60 weeks

If your a low level worker your getting 1 week pers ever year of service

You can actually go back farther than 2013 for job cuts. They used to have the annual "trimming of the fat" (i.e. Laying off low performing employees), however after the financial crisis in 2008 they have had frequent layoffs. For a while in 2009 layoffs occurred on a weekly basis. After that, State Street has consistently laid off employees on a monthly basis in 2009, 2010, 2011, 2012, 2013, 2014, 2015, and now 2016. This will never end. Everyone has a number...it's only a matter of time before you get a tap on the shoulder. If you make the most money on your team, you are most likely the one to be cut. And, honestly, a large number of managers are keeping their fingers crossed that they will finally be on the list. (Myself included) we have put up with so much work and stress we don't want to let the company off easy and leave on our own, we want to be paid to leave. The place is a sweat shop, plain and simple. The misery and stress is at every level, no one is immune, with the exception of the executives.

Thread regarding State Street Corp. layoffs

Look it up for yourself, State Street had job cuts in 2013, 2014, 2015 and now 2016

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