Custodian bank State Street Corp
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.
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State Street plans to layoff 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
So glad I’m over 55 and everything is paid off. If I get laid off, I’m sailing away on my boat.
The problem is the economic system here in the US. Every Bank no matter what type is up against competition that is using technology to push cost to the user of bank services to zero. You don't need expensive active portfolio managers, you don't need Compliance/Risk people, you don't need entry level key punchers because AI, Robots and their algorithms can do the job faster, for 24hours without a potty break. Tech companies are coming out with disrupting technology daily. Then add that sending the work to Poland, India and the Philippines is cheaper in a capitalist economy why would a multi billion dollar company not do this. Its a new economy, learn what computers can't (until robots come along- look at the Boston Scientific Robot youtube video).
I typed her name inaccurately so as not to trigger a censor. And why we’ll lets see its the economy stupid. These massive chronic
Layoffs impact and trickle up all areas of the economy. She has gone zero for our country and our state. She’s a fraud. Yes Elizabeth WARREN is a fraud
Yeah, I’d hate to be just starting out in life. In used to think being almost 50 s---ed, but I realize, we had it made last couple of decades. Can’t imagine trying to start a family and buy a home in this day and age in your late 20s and 30s, especially in Boston area. Outlook doesn’t look too good for long term growth or decent salary that stays ahead of inflation. Everyone thinks that getting laid off after 50 is bad, but if you’re 30, you’re going to be working more for a lot less. They’ll give you a promotion with a fanc6 title, but they won’t up your pay. A 1-2% raise is not a raise, it barely buys you groceries.
If you’re over 50 and got laid off, you know you just have to cut back a bit maybe sell your second home. But the millennials, many have huge mortgages and can barely keep ahead as it is.
All levels better get used to working for a sh--ty wage and reduced benefits. You’re already paying more for your healthcare benefits, soon they will do away with bonus and stock options.
Welcome to the new amerika, don’t forget to smile and bow to your corporate over lords. S---s to be 30 something, these people are going to be the new slave labor force, working for peanuts. Say good bye to your fancy luxury cars and your dream home, those days are over.
Lol, joke is on the millennials. I’m glad I’m old, I’ve already made my money and never p-ss-d it away on sh-- I don’t need.
Well duh, this is old news.
First of all the name of the Socialist is "Warren," and second, why does everything think that senators and congressman should get involved in the restructuring of a private corporation? As much as I don't like what State Street has become and what it is doing to poor workers who are losing their jobs, State Street is not doing anything illegal and it is not the business of government to be involved in downsizing.