Thread regarding State Street Corp. layoffs

@Post ID: @VTfFCID-4nyms

You need to start looking before it is too late. Yes it is very tempting to try and hang in so you can get your severance package.
But as you seen over the years, the trend is outsource workers and bring in H1B workers from India.

I remember having a worker asking me why I am still with State Street after 25 years, he was shocked.
I told him I love my job, my salary and benefits are excellent.

He said in India the work ethic is to constantly move around finding a better job and moving up the job ladder.
That is why you will find an Indian worker constantly leaving after 1 to 2 years for a job which pays mores.

State Street golden years 1960 until 1990 then came the Dark Black Cloud

Was laid off mid year. Trained also on webex. Hard time push to get the low cost centers owning the work. Was told desks would not be eliminated. An outright lie to our faces. Hope no one believes anything they say any more.Use to be a great place and felt like they really valued their employees. Can’t believe how fast things changed. A bit sad because I really enjoyed my job. Hopefully better things ahead for everyone.

In GAO Area. We were told early June we will train India on our jobs. We train every day on WEBEX and expect to be let go by December, the latest. Of course, they have said nothing to us about being let go and tell us there is no time frame. Then we were told last week we are way behind in how many of our clients we have trained India on and need to double up our training sessions. The writing is on the wall for their year end deadline, and have no decency to be honest and let us know their time frame. They tried this 6 years ago and the People came here form India. We trained for months, but due to legal issues with some client and the constant turn around in India with staff, it was taken off the table. At least last time the old team spelled it out for us in time line and we knew how many jobs were going. This time, they said train and will give us no details until the 60 day tap on the shoulder. Once an amazing place to work has become an awful environment to be in and they will get rid of anyone they can. The trend now is OFFSHORE all you can and we expect in 10 years most of operations to be done in India and Poland. They already have 50% of their operations being done in India. between no raises, constant layoffs, no opportunities for advancement and offshoring, it is probably the worst place you would ever want to work. It is very sad what they have dome to such a great company and how they devalue their employees. The only perk left is the flexibility they offer, and I know many people who hang on here just for that reason..

@Post ID: @VTfFCID-3Jklg

They started laying off all low level workers age 50+

Then they started laying off all mid level workers age 50+

Then it was outsource outsource, bring in H1-B workers to State Street.

Now they slowly started to lay off Officers, AVP and a few Vice Presidents

As far as I know Senior Vice Presidents are still safe from layoffs

If you look at State Street's numbers, most people being let go are middle aged employees - this should be looked at as AGEISM. They claim they are laying off senior management, that's pure BS. Once again, it's the middle level employee's. How is the Mass government not penalizing them. They send everything to India and Poland. Will State Street be standing in 3 years?

I bet if former CEO Marsh Carter was still in charge, the company would still be a great place to work.

He was a great leader with vision and treated the workers as assets not liabilities.

But once he retired in came the bean counters who slowly started their mission to destroy this once great company.

Layoffs are unnecessary with employee opt-in reduced money/hours contracts. Sad and short sighted by an otherwise progressive organisation.

Remember....if you are a manager that has to lay people off, you too will eventually be laid off. Cool, huh? They will use you to do the dirty work and then discard you. How do I know? Let’s judt say, I know. So be weary when they tell you you have to lay people off... it’s all part of the ritual.

Can confirm, just got laid off in performance and analystics team.

State Street is laying off 15% of senior management...

(Bloomberg) -- State Street Corp.’s new chief executive officer is executing on a plan to whittle the management ranks.

The firm is cutting 15 percent of its senior management beginning Wednesday as it continues to tackle costs, according to people with knowledge of the matter, who asked not to be identified because the information is private. The bank has hundreds of senior managers, and those affected include executive vice presidents and senior VPs.

Ronald O’Hanley, who took over this month as CEO of the money-management and custody-banking giant, is pushing to reduce expenses, automate more functions and simplify the organizational structure. State Street needs to “structurally compress” upper management, he said last month at a Goldman Sachs U.S. Financial Services Conference in New York.

Marc Hazelton, a spokesman for Boston-based State Street, which has more than 30,000 employees, declined to comment on the number of senior managers who are being laid off.

O’Hanley referenced Project Beacon, the company’s multiyear initiative to reduce costs through automation, in his conference presentation.

“When you do that, one, you’re simplifying the way business gets done at State Street,” he said. “But two, you just don’t need as many top-end senior managers to get the work done.”

State Street’s stock has taken a hit as choppy markets hurt fee revenue. The shares fell 35 percent last year, compared with a 27 percent drop for S&P’s index of 18 asset managers and custody banks.

got laid off today. white american citizen over 50.

Yup. Layoffs are coming. The stock market is going down. Way down.

Ha ha ha.... state street is going to have massive layoffs.

They tell people the first Wednesday of each month. Give 60 days with package

they are coming

When I was at State Street, the last Wednesday of every month was "layoff" day. We sadly referred to it as "Walk-em-out-Wednesday".

what business units are getting hit?

I have to tell someone on my team tomorrow. My understanding is that these will go on monthly(last wed of the month) for the forseable future.

We were told no more for 2018, but very likely in Q1. Its never going to end. Operations people will always be hit until we get to the 15/85 GFS ratio