https://www.bostonglobe.com/business/2016/03/29/state-street-official-pegs-staff-reduction-workers/89HmTzw98F6AvUCVyA9A4I/story.html
7 replies (most recent on top)
"State Street (NYSE:STT) jumps 8.2% after announcing it's plans to cut about 6% of its workforce, or about 1,500 jobs, to cut costs"
every time they need to boost share price, they'll do a layoff.
Facts are hard to swallow for some.
Don’t be stagnant, get busy lining up interviews. I just had an interview and hiring manager told me they had a total of 9 other qualified candidates. It’s brutal out there. I wonder how many of them were from STT.
Given they admitted to hiring over 30% of work force over last 5 years.... you can expect 30% + 15% to be laid off at the very least.....there will be 45% to be cut easily.
Companies make deals with the state to create “x” amount of jobs. They get big tax breaks. Until they have a few consecutive bad quarters and a few years of no raises and sh--ty bonuses. So we as employees know things are bad. We see the writing on the wall.
I don’t think STT ever expected this info to get leaked, but yeah, huge layoffs are coming.
7,000 plus 1,500 equals 8,500
That is being conservative
Cuts will be much deeper and all HIGH COST AREAS, ie., Massachusetts are done.
Then there is the merger... more cuts to eliminate duplicates jobs.
Good times, good times.
Ignore this entire post completely inaccurate. Looking at more like 1500 total or about 4 percent of fte
yes, plus they just had another article 5 days ago that added an additional 1500 to be let go. So the total to be laid off by end of 2019 in Boston area is now 8500. Probably much more, but they are trying to be conservative with the layoff numbers.
people should be in panic, this is serious cost cutting measures.