In addition to laying off 15% of its senior management, state street will lay off 1500 employees to cut costs.
https://www.bloomberg.com/news/articles/2019-01-18/state-street-says-it-s-laying-off-1-500-workers-to-cut-costs
7 replies (most recent on top)
its going to be so much worse than they are even reporting.
10,000 will be gone by 2020.
@XbtPYJf-nvt I believe it is an additional 1,500 in addition to the 7,000 that were already targeted. Many of the roles formally held by people in Massachusetts are being sent to India.
Yeah, they are adding 1,500 to the 7,000 number. But we all know it will be more and more as they see they can actually do more work with less people.
State street has been over staffed with a lot of do nothing people for years. They move people around a lot and I’ve witnessed first hand people who do nothing all day but hang out in other peoples offices and go on 2 hour lunches.
Time to clean house, starting with VP levels who have no direct reports.
It will be more like 10,000 people cut by 2020
Age 40+ is now the target age since they’ve chased out so many 50+ aged employees , anyone with a good salary and bonus will be targeted and the 40-50 age bracket makes the good money there right now....they are as good as gone.
They can hire cheaper and younger
State street is a dying company...,who would want to have a career there?
Oh it will be way more than 1500 cut.... back in 2016 they said 7,000 to be cut by 2020, the share price has tanked, heads are gonna roll non stop until they get the numbers they want.
Deep cuts coming, especially to upper management and anyone making over $150k
They can hire younger and cheaper and pay way less bonus nowadays.
40 is the new 50 of age bracket getting cut..... get ready to be replaced.
do you think the 1,500 was included in the 7,000 they promised before or is this on top of that?