The layoffs have been going on for at least 15 - 20 years. If you have a network of former and current employees of State Street believe me you would be surprised how long they have been planning on sending a large percentage of US positions to India and other global sites. I recall when the positions were sent to India and some of my colleagues went to India to train them. I believe we were told it would be a small satellite office and has grown to a large organization that is hurting the opportunities for many who live in Massachusetts especially. Just my take on the current company that is State Street. My advice is to update your resume and look for a new opportunity ASAP if you haven't already.
This is a repost from @XacMhAC-4vfx .