Thread regarding State Street Corp. layoffs

I agree with you about the various levels of management that exist at State Street Corporation. I do recall that in some groups they had more managers than actual staff level workers which really doesn't make sense at all. What do these managers do all day when the lower level staff workers are busy trying to complete their daily, weekly and monthly assignments? In the group that I last worked in at State Street we had just two lower level staff workers and one person who was a student and worked part-time. We reported to one manager, two managers who were above them, and one Assistant Vice-President, (I don't recall their actual titles). It never made sense to me that they had so many employees who had the designation of manager and really didn't have any other responsibilities other than reviewing the work of staff level workers. What did these people do all day?

Yes I always laughed at all the make believe executive titles the company has .

I mean really what is the difference between an OFFICER, AVP, SVP ???

I remember the good old days when it was Supervisor, Asst Mgr, Mgr, VP, Executive VP, President.

State Street needs to spend some time taking a deep look at what they have. Companies don't need SVPs supervising SVPs. SVPs should be managing more than one employee. Be responsible with your money and your employees.

I also wonder what opportunities are going to be available for the younger generation when so many companies continue to layoff, outsource positions and hire contractors instead of permanent full-time employees. At least I have heard of similar layoffs, outsourcing and hiring of contractors in other financial service organizations and not just State Street.

Those days are gone forever. I am afraid of what will be left for our children because of such greedy executives running companies.