November and December 2016 Layoffs at State Street - State Street always wait till Nov and Dec to give out the bad news. God forbid they wait till after the Thanksgiving and Christmas holiday. The stress levels will hit the roof by Nov and Dec when workers live in fear of their boss asking them to come in the office.
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It's not just happening in Boston - staff are being made redundant in the UK too. It's being done by stealth, with staff in various departments in London and Edinburgh, usually the most experienced, who vanish without warning. It's the poor guys who are left behind that I feel sorry for, as they have to do more work with fewer staff. At least UK staff get an enhanced redundancy payment. If SSB REALLY wanted to lose staff, they should ask for voluntary redundancies in the UK. I know dozens of former colleagues who would go for it - but I guess they'd be crushed in the stampede, so it would be against the health and safety regulations.
Tomorrow is the last Wednesday of the month. That's as sure a sign as any...
You can tell when they are doing layoffs in Quincy when they put out the velvet ropes in front of the middle elevator in the north lobby of the John Adams building.
Anyone hear of or see any signs of layoffs yet this week?
I wouldn't be surprised if they layoff 750 people next week. They are supposed layoff 7,000 by 2020. I would expect them to layoff at least 1,000 or more this year.
Calling bullshit now on your 750. I wouldn't call the voices in your head reliable.
750 cuts next week. That's what I am hearing from very reliable sources.
I remember once how SST tried to do stealth layoffs by laying off a few workers slowly over a couple of months. Well this plan did not work because as soon as we noticed a few workers vanishing in some departments. People hit the Layoff grapevine and starting talking.
How cruel it is to layoff people during the Thanksgiving, Christmas and New year Holiday.
But I seen it done SST CEO and Board of Directors have no shame.
End of September? We are almost at the end of September. Time to barricade yourself in your cubicle and do not answer the phone when it rings in the morning.
I have heard layoffs end of September from multiple sources.
The real fat are the protected Vice Presidents, Executive Vice Presidents, Assistant Vice Presidents.
Then you have the favorite Pets protected by all these people.
Last year it started End of OCTOBER through the end of the year.
I worked at State Street for eight years. They always have large layoffs in December. We would call it the annual "trimming of the fat" but there were other years where it wasn't just underperforming employees.
State Street is laying off 7.000 by 2020. It makes sense they will lay off at least 1,000 this year. I am no longer working at State Street but still are friendly with many who still work at State Street. I just hope that anyone who is laid off will get a severance package. Not sure that this will happen though.
So you're basically admitting to making up the dates you previously posted?
I have Been at SS for the past 8 years and there is never a surge in layoffs by the holidays.
Sounds like you leaving may not have been voluntary.
Regarding it being a reputable source...they announced huge layoffs over the next 3 years. Gotta get started sometime, and Dec is when they do it.
So glad I left but I can't seem to look away from the shipwreck.
I jumped off the ship last December. I am really missing many colleagues at SSB but I don't want to connect them now. It is sad for all, who are staying to make the ship afloat.
Best of luck to all!
Did this come from any reputable source or are you just bored sitting in the cafeteria in the JAB on lunch eating another uninspiring chicken pesto sandwich from Sodexo?