Huge merger. This is the beginning of mega sized banks. Who will STT merge with? Goldman’s? Vanguard? Fidelity?
This is likely why the rapid acceleration on layoffs.
I have no inside knowledge but it makes sense.
Only the large survive in this global cloud environment
Not good for employees or consumers either way we lose our.
No one wants to work at state street and no one wants to merge with state street.
Off topic thread
OMG, Goldman Sachs and State Street? LMFAO. That's a Funny one. Fidelity would have no use for State Street, anything they need/want, they create it, especially wrt to technology. Vanguard, IDK, but I doubt it. If anything State Street will probably get chopped up and dissolved.
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Wow, you paint ever worker at State Street as not being on par with workers from Fidelity.
1st do not blame the workers, blame the Mgmt running the company which ties the hands of
many of the talented State Street workers.
Give credit to the great IT staff which has managed to keep the old obsolete computers running ,because the company never wants to upgrade unless they are forced to.
People in IT can only make suggestions as to why the company should upgrade their old systems, but its all up to the senior mgmt running the company.
Remember for the last 15 years they have done outsourcing jobs, not replacing workers anything to save money.
That is why they refused to upgrade their computer systems unless they had to.
I have to lol to the complainer troll. Speak for yourself and your ASSumptions are incorrect grow up you clearly are a troll with an ax to grind
Got to LOL at the thought of Goldman or Fidelity, who run tight ships with excellent profit margins and the best talent out there would ever purchase a sinking ship with outdated technology. Not happening. Goldman can have any company they want, if they want to merge with someone, they would never merge with something that would cost the money. Just names alone Goldman Sachs and Fidelity Investments; shouts success and money. And Fidelity is just a different animal all together, you can't even begin to imagine the vetting that goes on when they acquire and purchase the small businesses that they do. Nope, they'd never risk their best in breed reputations on a dying, struggling place like State Street. LOL, made me laugh though. Thanks.
Someone once told me that State Street is a place you go when no one else will hire you or when you want your career to die. Its true.
BNY passed on buying STT because BNY is a far superior company -- and that was back then, 15 years ago, they saw that STT was not a company worth buying.
GS and Fidelity are a different breed, merging those types of Class A companies with a lower class place like STT won't mesh. GS and Fidelity recruit the top of the top. STT is not even in the same league as far as the talent they recruit. Sorry but GS and Fidelity would never merge with a place like STT, the pedigree just isn't on par, do you even know how difficult it is to get a job at GS or Fidelity? People that work at those places are far more sophisticated. educated at better schools and simply more intelligent. If GS or Fidelity ever merged with a shop like STT, it would be their demise.
I still think the three I initially listed are the most likely but pure speculation on my end Whatever the future may hold including the current lay offs things will tighten tremendously. Everything we do will be monitored for cost ratio. If we are bringing in money compared to how much we cost them. Bottom line is always profit to cost Good luck I think rough waters ahead even more than we see right now. Just keep plugging away and hopefully stay afloat.
GS & Fidelity wouldn’t touch SST with a ten foot pole. It will be some sh-- company and things will get worse, more cuts.
You may be right I suppose. I definitely could see State Street merging with another large corporation. A long-time former State Street employee who knew about the massive layoffs and outsourcing many of these position to India from a few people in my network. Of course I suppose it could also result in a merger but of course a merger would also result in more layoffs. Especially at the executive level.
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About hmm 10 or 15+ years ago the rumor was State Street was going to be bought by Bank of New York.
Which ended up merging with bank Mellon