Thread regarding State Street Corp. layoffs

Yes - one person noted that they have been promoted from an A2 to a VP over a 9 year period. But that was nine years ago. I am not saying that these promotions do not happen - but it is now very few and very difficult. Hard work is not necessarily going to get you there - you need to be in the right group at the right time. One that is still growing in the US.

I have been trying to get an A2 promoted only to be repeatedly told that the position is moving overseas. Unfortunately jobs are moving to India due to the fact that it is significantly less expensive. This is no different than most of the financial industry so overall jobs in the industry are getting more scarce.

I'm the one that posed the initial question, is it maybe a matter of your division and SVP whether your team gets promoted?

I mean I've seen ppl go from early fired to officers by getting in to the right area.

I don't know I feel stuck, again I like my job I just feel like the opportunities are very slim, too many trying for the senior plus roles and no real openings no matter how quality the work you produce.

Oh well, sign of the times i guess I was just hoping after the financial meltdown things would get better out there, just wishful thinking I guess.

At some point, hard work, quality work should get rewarded right?

@As someone who has gone from A2 (hired as out of college)

Sorry you can bust your butt, work 50++ hours a week, work nights, weekend and holidays

And your boss and the higher ups are not going to reward you.

Look at how many Ceo's SST has gone through over the last 20 years.

Yes a long time ago working late , coming in on weekends and holidays used to get you noticed

now its just expected you give up your life for SST

Post ID: @MNeMMzz-lir

I agree with you about the automation and outsourcing which leads to no opportunities. As a long-time former employee of State Street, I experienced first hand the negative changes that were occurring. We went from being very optimistic, positive employees who would get rewarded for our efforts and didn't mind working extra hours when the system went down. At the end of my career at State Street, I would arrive around 7 am so that I could try to have breakfast before being harassed about one of the many unrealistic assignments that we were expected to accomplish in a working day. Many days I went without breakfast or lunch since we were so busy so I would leave and go home only to try to complete my assignments from home.

I know of managers who worked on their vacations so never really had any vacation time. I also never got paid overtime even though, I was entitled to overtime pay. The expectations are very unrealistic at all levels. We all eventually lost our jobs and many of my former friends being VP, AVP's, etc.

Definitely try to find another position before being laid off.

D: @MNeMMzz-sko

Thanks I just did a lateral move in a quest for more responsibility and I appreciate your advice too.

It's nice to know there is some opportunity to aspire to also.

I know the quality of my work is at a very high level so I'll keep at it, but I do think the opportunities are slim so I will keep trying elsewhere even though I do like what I do, I think part of it is the low wage and the fear of constant layoffs and just not really seeing much career mobility anywhere here.

Thank you I appreciate the two of you posting advice, I really needed some solid advice.

As someone who has gone from A2 (hired as out of college) to VP (this recent cycle) in 9 years I would advise you to work hard, stand out, don't get complacent, ask to do more than anyone else at your level. Most importantly don't give your boss any reason to not want to promote you.

If your hard work isn't rewarded/recognized then move to another department. I had to do one lateral move after I felt what I was doing wasn't recognized (got a 3 for my PPR) after my 4th full year and have been promoted every 2 years . Part of it is opportunity the other part is simply being the best internal option in my department.

@MNeMMzz-lir

Thank you really I want to thank you for your honest answer.

I was the one asking the question and the first response, I couldn't believe no one would help a fellow worker.

I appreciate your candor and advice.

You gave what i suspected to be the reason and cause, and at least I feel armored with some knowledge and insight on how to proceed forward.

I'll keep working hard internally because quite frankly I keep trying externally and I'm not getting bites.

Thanks again I do appreciate your response.

Silence--complete silence. You know why? Because there is no advice or recommendations to give that will work. An A2 used to be a great stepping stone onto a very nice career. Work hard, learn and you were on your way. That is no longer the case.

Jobs are being automated. Jobs are being outsourced to low wage jurisdictions. As a result there is virtually no upward career path potential.

So good luck but honestly consider moving to another organization as soon as possible. I wish this was not my advice but sadly it is.

I hope someone can be more optimistic and provide some hope. I sure can't.

I guess that's a novel question for state street co workers, the thought of offering tangible advice defies your imagination.

Pretty sad commentary, most places look to mentor help advise fellow workers to grow and develop.

Jay has you all so scared you can't even open your heart for a little sage advice.

Keep plugging away with the company mantra "be grateful you even have a job" keep your head down don't ask questions maybe they won't pick you.