Heard it from a friend.... layoffs happening first quarter of 2019.
S---s to work at state street, lol.
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They will lay off 7000 people by 2020
https://www.google.com/amp/s/www.bostonglobe.com/business/2016/03/29/state-street-official-pegs-staff-reduction-workers/89HmTzw98F6AvUCVyA9A4I/amp.html
Friend of mine working for State street just called me about 10 percent layoff today. He was not affected. This is in addition 15 percent layoff planned for executives
I told ya so...
LMAO!
(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.
Ha ha ha.... can’t wait to see all the state street people get laid off. Lmao. Bear market is here. More stock market crashes. S---s to work at state street.
I heard they are getting rid of managing directors.
I hear women are getting laid off in large numbers.
Can’t wait to hear about all the people laid off from state street.
Hahaha. Love it. So many a--holes at state street.
I want every asset class I don't own to crash, and every asset I do to rise. Since I don't own most asset classes, bring it on. Been defensive hedged positions since the Dems took the House, but hopefully things keep falling further so things start looking attractively priced again. Things have run up into overpriced lately every which way over the last few years with all that liquidity pumped into the market.
I can’t wait for the market crash. DOW 13000, here we come. All you s*ckers at state street are in for a big layoff.
@WMeS68D Agree with you that massive layoffs will continue to keep happening. I also heard from someone in my network that State Street continues to keep hiring for contract positions which makes sense since they don't have to offer any benefits. Unfortunately, it isn't just State Street that continues to layoff but many other companies and not just in the financial services industry. Just my take on the economy and opportunities for anyone not just people living in Massachusetts.
Sorry the job market is not kind to people over the age of 50, most companies view us as expensive workers.
So they prefer to hire the cheapest lowest skilled workers they can find.
Even if you do find a job its going to pay you 30% to 40% less than what State Street was paying you.
State Street no longer cares about workers who have shown dedication, hard work, producing quality work results.
It is a well know fact the error rate and quality of work being done at State Street has gone from an A to a C to C-.
Ha ha ....s#cks to be at State Street corporation.
You won't be finding another job. The global reset is coming. You better pray you're not up to your eyeballs in debt and your home is paid off.
Oh it's on. And with the forthcoming market collapse, you'll be done working for good.
Enjoy that one year severance, it's all your going to have to survive on.
Bring it on, full year of severance and unemployment to move and find a new job. No matter how you slice it, it sounds like a win to me.