I got laid off a few days ago at State Street Boston office along with five others at HR meeting room.
I'm truly sorry this happened to you.
Any chance we can get some more info on this? Anybody else knows if this was a one-off or if we can expect more sometime this or next week?
I was a managing director in Fund Admin in Boston up until this summer (I left voluntarily) and I can confirm that their plan is to move 85% of the US workforce to India by the end of 2019. Some groups are at 50% or more already. If your group is not at 85% now, more layoffs are coming and a good financial report in Q3 is irrelevant.
A long time ago severance was based on your job grade/title.
You could get 3 weeks severance for every year you were with the company.
Then 2 weeks severance for every year, then last but not least only 1 week for every year with the company.
But remember severance is up to the company .
State street is a f---ing joke
Laid off employees get about 60 days notice now and explanation of severance from HR. Though I don't know if all locations follow this procedure. I've heard some laid off people getting NO severance
Layoffs are continuing. Heard about a few more today from past and current co-workers. Seems they are mainly laying off Officer level and below (Associates).
State Street truly is a rotten company to work for. Its mainframe system harks back to the 70s and its Management teams stink as populated by yes men. If you are looking for a job and have 2 underway pick the other one than State Street. If you already work for them -- then I am sorry for you. try looking elsewhere to get employed -- you know it makes sense....