Well now I know where my raise and bonus went.
State Street to pay a $382.4 million fine and penalty for wrongdoing related to FX mark-ups on FX trades executed for custody clients.
No you are not reading this wrong and no its not a typo. $382.4 million -- time to cut more staff!
Even Jay Hooley's salary looks small in comparison to this amount.
Shameful! Why do clients continue to put up with State Street?
Turn the light out! Please! Put this company out of its misery!
I agree that we will see more layoffs by the end of the year. Although, I haven't heard anything yet about layoffs in my department or other departments since I also have friends who work in other departments. It is definitely time to start looking for a new position since it is easier to find a new position when you are still employed. I would definitely consider leaving for another opportunity.
I wonder how much more devious secrets about STT will be found out as time goes on.
Notice how they keep seem to find a decent CEO to run the company.
Rumor has it they spent over 100 million to build the state of the art building in Grafton Mass
Then the money spent to build the new office building on the Boston waterfront.
$$$$$$$$$$$$$$$$$$$$$ = no raises, no bonuses and more layoffs to pay
No Mention of these fines in the Quarterly Results. This will hit the books just as they are laying of hundreds more to offset the numbers
That is why State Street if laying off a few hundred workers by the end of 2016
They will need to raise cash to pay this fine, and workers are just pawns
hey its worse than $382 million. State Street is also paying an additional $147.6 million to settle class actions lawsuits brought against them by some of its clients alleging similar misconduct related to FX transactions. Total payouts for this is $530 million.