I know it’s been ongoing with the 7000 but this additional bloodletting when will it commence? Should we expect this week to see moves?
Is there any division more vulnerable?
That statement about high cost locations so is all of MA at risk?
And I heard that Gov. Baker was going to comment on it but I missed it any idea on what he had to “add”???
Uh my house is under 300k so 800k that’s rich if you can afford that well you have real money Im not selling that would be reckless and foolish if I lose my job I’ll apply like crazy until then I’ll up date my resume and send out a few test applications
Right now, people are only wealthy on paper.
As soon as they lose their jobs and the stock and housing markets crash, boom. Lotta poor people who once had paper wealth only and the hope of a comfortable retirement through a job and a home that increased in value year after year.
It’s coming.
Your pretend paper wealth is about to be destroyed....first they take your jobs....
I’m selling everything. Screw this. If I get laid off, so be it. At least I’ll be out of debt.
You only sell your house if you have equity that could be lost in the future housing crash AND if you are at jeopardy of having no income to pay mortgage. Like if you bought for 800k, put down 20%, you want to get out with that 20% because in a housing crash, you’ll lose all th equity and won’t have the means to pay mortgage if you have no job.
It’s a bad situation all around, but I’d rather have what little equity I could, then risk losing all,equity, be upside down on loan and have no job.
Consumers have stopped spending. Store chains are closing. Small businesses are closing. It’s happening. The signs are everywhere....
Lots of poor business decisions. I suspect STT to merge and then greater job losses will ensue. I just bought a place a year ago after saving and busting my hump. I’m sure I could sell it fairly easily maybe at a very small loss but where do I go? I was lucky I could find this cheap place. Can’t find a place to move to until the ace falls I guess. I can’t just up and sell. In re govt workers I honestly don’t care. They have perks we only dream about you know regular pay raises insurance pays for maybe I’ll geg a federal job cause you know 70% taxes are in our future Like EU. Brest is what social justice and socialism brings death and destruction And greedy ignorant ceos that have no right to be running a company without a ten year snd twenty year plan addressed before they get the role No need for a $15 million income no need
Btw, no one liked the new location in Boston. It was a longer, more complicated commute for many, despite the office still being in Boston and they gave up their prime location because they know the company is dead.
Just because they own real estate doesn’t mean your jobs are safe. Once the company dies, is sold off, they can lease prime office space to other companies
Real estate will always be a great investment and have other tax benefits.
It’s all very strategic.
Read between the lines and all the fine print.
Since 2002 they have laid off thousands of workers to cut cost. Yet they find the money to build a brand new office on the Waterfront ??
I went online and see they already have various offices in Quincy.
Any clue on why they spent a ton of money to build on the Boston Waterfront ????????
Soon. Very soon.
They are getting rid of “high cost areas”. If you are doing the math correctly, that means all of Massachusetts.
Go find out how long your lease is for at your current location. There is your final answer.
Government shutdown is to get rid of all the useless government workers that were hired over 8 years during the last administration . I’d expect it to stay shut down for months, if not well over a year to flush out all the excess and needless jobs. It’s going to get very messy in USA.
I for one can live without the TSA, so i think the shutdown is a good thing. Let them all quit and find real jobs instead of groping the American public.
Your government isn’t going to do sh--. Look at the current shutdown... you think government gives a rats a-- about the private sector when food stamps for February are about to be shut off for millions of people? Wake up, people. How can some of you be so damn clueless? It’s truly mind boggling. I’d be stock piling food, water and preps for the fact that this government shutdown is going to create riots and food problems very soon.
Do any of you actually npay attention to what’s going on Or do you just exist in your state street bubble? The world is upside down and it’s not going to be getting any better.
Doom and gloom is here and the majority of you are about to lose your jobs and everything you own or rather, lose everything you own on credit, lol.
Good,luck, mates, y’all gonna need it.
Cmon people, if you can’t see what’s happening, you deserve to sink with the ship.
Get out of debt NOW!!!!! Some of us have been warning you for the last year...time to take action, state street is sinking fast and by end of 2019, at least 10,000 are slotted to be laid off. Probably more like 15,000. The rest of the jobs will be overseas.
If you have a mortgage, sell your home or downsize to a home with no mortgage. Unless you are ready to leave Massachusetts, you are in for a rude awake awakening, as the job pickings are slim. No way all those senioir level jobs will find the same level in Boston.
Get your house on the market now, don’t be a fool and lose everything when you lose your job.
Housing market is about to CRASH. Did you hear that????? Housing is going to crash in 2019, 2020. The housing numbers just out, news is not good at this very moment. Get your equity and get out now!!!
Get ready, people. The Great Recession/ Depression is at your doorsteps....
i was laid off last thursday 17 Jan. SST is drowning. Poor leadership, spent too much, despite we made record profits for the bank for the past 2 years. What a thank you. Hope they sink
@Post ID: @XfRFBMU-akw
Yes thank you. It does seem crystal clear. I had hoped my new role I got at STT was a safe one but it is evident they want a skeleton crew in Boston to pretend they are a US company No string CEO at STT for a long while nothing like JPMorgsn etc Shane really just bad upper Mgmt bean counters and we suffer. You don’t see pensions being renegotiated you don’t see top taking salary cuts it’s take take take and run the coming into the ground. Last ceo was self serving he and his brother with inside contracts Oh well tune to update the old resume. Again
I would suggest that employee that still remains at State Street read the news articles concerning the recent lay off announcements in the Kansas City news.
The company spokesperson clearly said that "high cost locations" will lose jobs and those jobs will migrate to low cost locations in Poland, China and India.
The company is no longer hiding what they are doing which is what they have been doing for so many years previously.
They are laying off so called high income earners in the U.S. and Europe and moving those same jobs to those 3 low cost locations.
Any current employee who does not react to this very clear statement of the company's go forward strategy to deserves what they get.
A few of us on here have been warning that this news is coming for the last several years. We were criticized and ridiculed by others. Well---i hate to say I told you so but ...I told you so.
My advice---get out while you can. Get your personal affairs in order as soon as possible. It is about to get much rougher for anyone who remains on the sinking Clipper Ship known as State Street.