State street plans to layoff 7,000 people by 2020, so 2019 will be a year of constant stress and layoffs until they achieve their goals.
https://www.google.com/amp/s/www.bostonglobe.com/business/2016/03/29/state-street-official-pegs-staff-reduction-workers/89HmTzw98F6AvUCVyA9A4I/amp.html
It seems to me that the fix for them and all other institutions is to do lay offs they don’t realize that that is a bandage to the actual wound that’s bleeding money
One day it will be too late if they can’t find the actual reason behind the lost profits
Because it really is about shareholder profits
So instead of thinking rebuild they are thinking of ways to create annual profits
That is short sighted
You are probably right, I’ve heard of three executives that got laid off who laid off people last year. I’m sure they never expected it.
I heard manager that ever had to lay somebody off, will also be laid off. That is some beautiful karma.
They already said no raises and bonuses are slashed...now they will slowly lay off 1/3 of the company and watch everyone suffer as no one is safe now.
So glad I got outta that sh--hole, lol
Yup. 2019 will be a month to month, week to week, Wednesday to Wednesday year of worry and wonder.
I’ll bet they cut more than 7,000... probably more like 10,000 since share price has dropped so much since this article was written.
Gonna be a sh--ty year at state street for sure.