Ha Ha Ha... its finally happening!
65 replies (most recent on top)
How does it feel, management? Ha ha. S---s to be you.
Hopefully they lay off all the people (especially women), who “work from home” on Fridays in Boston. Utter b*llsh!t. They are stealing from the company. Working from home is not working.
Psssst. Stock market is going to take a nose dive by end of first quarter. Expect more than 15% to bed fired.
What functional areas are these layoffs happening in?
Best news of 2019.
Be afraid. Very afraid. They are cutting 30%. Slowly. Especially VP level and up.
I’m worried I’m getting cut. I know 4 people were let go today in my group, one VP, and three AVP levels. My manager said it’s unreal how many they slowly plan to lay off during 2019. More cuts are coming. I’m 47, I know I’m on the list. Work load tells me so.
If you are over 48, say goodbye. They are getting rid of old middle aged employees.
Two Vice Presidents in my group got let go. Word is, more layoffs in senior management before February 15.
I know of 3 Senior Vice Presidents and one EVP that got RIF’d. Good riddance. High paid baby sitters, imho.
Much, much more than 15% getting laid off... bank on it.
Oh and high five to O’Hanley.
hahaha...y'all actually think "Senior Management" is getting laid off! :-D :-D :-D
We just got hit today 5 people none of which are senior management. Highest position was AVP.
This after we had someone leave ... had a senior VP call them up and offer them a promotion rather than to offer it to one of many qualified other people who did not show disloyalty by leaving. Now instead another person had to get laid off.
Way to care about employees who show loyality.
It's cute that you actually think that a software Engineer OFFICER counts as "senior management", when I personally know of OFFICERS getting laid off. But by all means, keep wallowing in others' misery (who are NOT "senior management")
it's about time. karma is a b--ch
I am so excited by this news I can hardly write this.
Senior Management had this coming for years. They laughed at the so called low level workers when layoffs were previously announced. They now get what has been coming to them for a very long time.
I will be personally sending a note to the new CEO Ron OHanley congratulating him on this move and suggesting the names of EVPs and SVPs that should be at the top of his chopping list.
This news confirms for me that there is a God!
Anyone hear of fatalities yet?
Officially renamed to State Street Mumbai Corporate
senior management is paid way too much. glad to see them go. now they know how it feels, only at their level, they will never find another job in this bear market economy.
karma is a b!tch
hey executive management you better cancel that new lease on your 2019 BMW and no ski vacation in Aspen this year. lol.
this makes me smile.
Just think of all the senior executives that did previous layoffs... THEY ARE NOW GETTING LAID OFF!!
Priceless. Karma is real.
HA HA HA....state street!!!
(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.
(Reuters) - Custodian bank State Street Corp (STT.N) plans to lay off 15 percent of its senior management, Bloomberg reported on Wednesday, citing people familiar with the matter.
The lay-offs, which will affect executive vice president and senior vice president positions among others, will begin on Wednesday as the company continues to tackle costs, the report said.
The company, under CEO Ronald O’Hanley, has been trying for austerity measures and to make the structure lean, the Bloomberg report said.
State Street, which currently has around 39,000 employees, declined to comment.
The Boston-based custodian bank reported a lower-than-expected profit in its latest quarter, missing estimates for the first time in the last eight quarters. [reut.rs/2RK5pOQ]
State Street shares were up nearly 3 percent at $67.17 in afternoon trading.