Just announced--all of the cuts to staff and poor technology have finally caught up with the great old Clipper Ship. The ship is taking on water now at a very fast rate. Jump overboard while you still can save yourself.
$1 trillion of assets under custody (client assets of Blackrock) have just been lost by State Street to JP Morgan. The Falcon will land hard. Massive job cuts are likely follow--or perhaps all those staff can be reassigned to cutting JH's grass on his Cap Cod estate.
Is it really any surprise they are losing clients ? When you get rid of workers with 15+++ years of
experience working with clients. And outsource to workers in India what else do you expect.
When a person with less than 2 years experience is know considered a Senior worker (lol)
SST has cut workers and upgrades to technology to save money.
Now they will probably charge workers the following fee's
2 $1.00 to use the bathrooms
3 $1.00 for toilet paper
4 No more free coffee or tea in the break rooms, now it will be $1.50 for a small and $2.50 for a large
Have the workers pay $5.00 a day for the right to work for SST (lol)
$2.50 a day for chair rental