To VPs and above from Cyrus at SSGA. Anyone wants to share the email?
5 replies (most recent on top)
“In summary, all of your positions will be outsourced internationally as soon as possible and in the interim, you will work in a living hell. Only the CEO and his cohorts will benefit and escape unscathed. Thanks for being there for us.”
this email went to the entire Bank, VP and above. Nobody cares about SSgA...somebody mentioned acquisition in another thread. GA is where that will happen, if it does. Then you'll all cry tears for the 100's of customized Patagonia SPDR vests formerly worn by the silver spoon set from Metro West.
this last post just makes my skin crawl. Obnoxious losers like this making blanket statements about 39K people they know nothing about. There are absolutely some awful, lazy, mo--nic people working at STT....and Fidelity, and Wellington, and Putnam, and MFS, and Loomis Sayles, etc etc etc. Most days I root for the Socialists to win just to watch the pathetic losers have 90% of their wealth taxed away.
Everyone knows state street is a lesser organization to work for. People go there when no one else will hire them. They are underpaid compared to other financial companies. Now they are paying even less and lowering bonuses. No surprises here. They attract a less intelligent , less talented workforce and it’s been that way for a long time. People go there when their career won’t take off or they can’t find a job anywhere else. It’s a subpar place to work with no traction to grow.
I have part of the email (some texted me a picture). The part I saw picks on the third point (I am going to type verbatim what I have):
THIRD, based upon our 2018 performance, our bonus pools are down approximately 25-35 percent, with more senior people experiencing the most significant impact.
Lastly, we have made the decision to reduce salary increases commensurate with the current environment and will strictly govern any salary adjustments throughout the year.
While these decisions and actions are really difficult and will not be without impact to individuals, we must meet our commitments to investors as well as invest in the areas that will drive our strategy for growth. Context is important here too. One of the drivers for State Street's success over the past 200+ years has been our ability to recognize significant industry change and adapt to meet that change. Although it may feel more fast-paced and all-encompassing, what we are going through in which the underlying fundamentals are still very strong in terms of the overall growth prospects for the investment industry.
We have a clear vision for the future and one in which State Street will be significantly differentiated by a superior client experience, the industry's only front-to-back investment servicing platform that provides clients with the data and analytics they need to grow their businesses and an operating model that is resilient and highly effective. We also want this model to be a place where the best and the brightest in the industry can grow their careers. The steps we are taking now enable these objectives over the long-term and therefore we must withstand some shorter-term pain to effect this important next evolution for our clients, our shareholders, and our employees.
Attached, you will find key messages and FAQs that can help you communicate about these actions with your teams. Also attached is a TEAM TALK which you can share with your teams at your discretion.
[I don't have the attachments}
Wut?