From what I can see, September 6 rumor turned out to be false at least where I am.
Unless I am missing something? Where there some layoffs somewhere else at State Street that I didn't hear about?
I think word would have spread by now if that were the case, but who knows...
The move is globally to low cost area not only India and Poland. Impacting not only US but also EMEA and APAC. State Street is about to open a pandora box sooner or later.
gapitalism, bro :-DDDDDDDD
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.
I was told last week that I will be laid off on the 31st of October. Also heard that 6 people in the group next to me is getting the axe also. Most of their work is oversee India JV.
They are supposed to layoff 7 ,000 by 2020 so this needs to happen at some point. Even a few thousand a year will make the goal of 7,000. Of course this constant offshoring will continue to keep happening at not just State Street but many of the other large financial institutions. Of course I have always believed that unless you are from a wealthy family and someone in your family owns a small or large corporation you can be laid off from any position no matter what your educational background. Just my take on it.
2 people from my area were told on Thursday. One lady cried, other guy was high fiving people.
NY and Boston were affected
Did you not get the press release that they are moving to Poland? And yes, they are laid off. "Restructuring" is just a window-dressing term. I was also told that we are heading to the seaport and the innovative district. You still believe in what they say?
India? Did you not get the press release that it's Poland? And yea, they are laid off. "Restructuring" is just window dressing. I was also told that we are at the seaport and innovation district. you still believe in that sh--?
I know of one group in Boston that is "restructuring" .... this was discussed a couple of days ago. I have no idea if anyone was laid off as a result but much of the positions are guess what...moving to India.
3 people in my area today. 2 last month.
In Boston and NY as well. In many different departments.
They chop ppl in stealth mode. Yes, there are ppl from GA that got axed today.