So Troll, what did mom make you for dinner to celebrate being wrong again with your lay off rumor? Meatloaf or Chicken Parm?
19 replies (most recent on top)
Power to all you rebels! For the first time in history the big companies like SS have a valid enemy to watch out for in the midst of all their layoffs and reckless, unethical cost cutting initiatives: SOCIAL MEDIA!
Power to the people. Keep fighting!
15 year people are expensive. 2 year people cost less. It's as simple as that, No other criteria matter---no other points are considered. It's all about the bottom line!
Sadly since 2000 ever employee lives in fear of the yearly layoffs at State Street Corp
Senior mgmt is nothing but bean counters who believe do what ever you need to do , to save the
company money.
I know departments were the so called Senior people have only been there for 2 years (lol)
Yes it was considered a great idea to get rid of too many of the people with 15++ years experience
and knowledge.
I feel bad for STT HR personnel. Most of them are extremely capable people who understand that a company's most prized asset are its staff. Fort the most part they promote a corporate strategy of professional growth and also understand ethics. The problem with STT is that is it rotten with overloaded mediocre senior management who have mismanaged their resources so badly over the years that now they have processes that don't work, IT applications which are outdated, and an excess of employees looking for something worthwhile to work on. HR is absolutely not to blame for they are only following their orders received by the mediocre executive team who often use HR in the most cowardly way when its time to get tough. HR is in a tough position trying to promote Jay's innovative and futuristic vision which is supported only by an army of people that should never have arrived as high as they did and now control the company.
I am pleased that we have finally heard from HR. I take comfort in their assurance that none of ever have it ever will be locked out.
Perhaps HR can now comment on additional aspects of the layoff plan--number of employees to be laid off, timing and whether severance will be paid.
HR would certainly calm things down if they clarified these items for all of us.
Now back to work. We gotta close out the day.
@ the last poster.. Your post and your argument would have been more credible if you would have let someone with basic english skills proof read it first.
@HR person.
Sorry I was there from 1970 until 2010 and I know what I am talking about. I saw 6 out of the 15
people trying to enter their Dept which had a security door. When they swiped the light stayed
red instead of turning to green. My badge worked fine and I was able to enter my dept.
I seem far more than you will ever see at SST.
Its the Security section which has access to grant and deny people access to certain sections
of SST.
Everyone know's HR is a useless dept which only gets involved when their is a chance the
employee could win a Big lawsuit against the company.
I work in HR and that has never happened actually. Security has absolutely no access to badges.
Not to mention SS has more respect for their employees than to do something scummy like that. Unless you're a danger to another employee you will be allowed anywhere in the building until the time you're informed that your employment has been terminated by State Street.
I remember once when Security screwed up and accidently deactivated the badges of 15workers on a Wednesday instead of Friday. Poor workers coming back from lunch and finding their
badges not working
This is how SST would let you know you were being laid off. You would find your
badge no longing working and Security would check and then tell you to report to Human Resources.
The first time I ever saw layoffs at State Street was in 2008 when I was in Luxembourg. It was a horrible work environment with rumours flying around like mosquitos. It was the only thing talked about at the coffee machines and my handy was being bombarded with messages every hour of what was being heard on the street. During the worst of it, we noticed that one of the key senior managers was let go and noone knew the details. Everyone spoke about how cruel the company was leaving a 50 something dedicated employee out on the streets. About a year later he was the feature story in the state street newsletter speaking about how he went into retirement early and is enjoying his family. There was even a picture of him enjoying his last day in the office. A forced early retirement ? An overblown story started on the rumour mill? A post-layoff, propoganda-like story by State Street to try and make ammends? Who knows! It seems to me the only person that didn't lose any sleep over the who matter was my ex-colleague who was enjoying his early retirement. Go back to work ! State Street s---s! Accept it or get out.
I believe the poster before you was joking about the 100 employees being let go.
Your reaction should tell you all you need to know about how the rumor mill works at this place and the actual harm this website has. I can only estimate but I would believe that about 80% of what is posted here is pure fiction (i.e. Not true).
Although they announced 18 months ago that 7000 employees would be laid off, I have not seen one significant event where more than one person per team is dismissed. Granted the environment is not what it use to be, it's the employees paranoia and small minded attitude that does more harm than good.
100 layoffs from one team, locked out and no severance payments. And this poster calls this forum crap. Seriously?
This forum has been the only place where employees can find out the truth about what is happening at State Street.
Hopefully more posters will provide updates on layoff activity on their teams. Let's stay United.
Rise up oh mighty State Street worker rise up!
They just laid off 100 people in my team.
All came to work today to find their I'd badge no longer worked and they could not enter building.
No severance package either.
Seriously people. Stop reading this crap and do your jobs.
Finally a well written and thoughtful post. State Street has been cutting staff for the last 7-8 years and are not done yet. This has caused a lot of stress on its remaining employees let alone on the employees that have been been cut. Executive management is on the record as saying they plan to cut another 7000-8000 employees by 2020. This has created a terrible work environment and is having a negative impact on all remaining employees. Shame on management for doing this.
All of those who post on here and criticize those who ar shining a light on management seemingly reckless approach to employee relations should look at the reality of what is happening. This company is a shell of what it used to be. It's employees are totally stressed out and are far less productive than they could be.
So deny it all you want---major job cuts are coming very soon and will continue until managements target of 7000-8000 less employees is reached. Shameful and disgusting. Get out while you can is the only advice I can offer.
I have worked at State Street for a while. I don't remember all of the specific dates, but I remember layoffs in almost every month of the year in different years. I recall December layoffs which is a terrible time to be laying off anyone. February and March are also popular months for layoffs. Layoffs have also happened in the month of June.
When I first worked for State Street they never had any layoffs. It is a trend recently and I still expect a good amount of layoffs this year or early next year. If they are going to cut 7,000 jobs by 2020 I can't imagine that they will have all of these layoffs at once. Although, I don't know how the work will get done except for sending it to one of their offices in India. I have been and continue to look for a new position and hope to find one soon.
I've seen layoffs on Nov 30(2014) and the first week of Dec(2007).
Give it up troll. Why don't you spend your time making your Mom dinner for once.
99 LIES