I was a 15 year SS employee until last summer. During the past 18 months as we moved 80% of my Fund Admin team to India, the output from India was awful. Those of us left in Boston worked our tails off to fix the work and keep the client happy.
But now, we even fewer people in the US, how in the world are the US employees keeping up? Aren't clients complaining? Are clients demanding fee concessions or just leaving?
If you are still employed at SS, what is your report?
My team is a non client facing one, so we can get away with paperwork piling up, and we’re doing just that.
Speaking specifically to the previous post I bet your managing director never gets on the phone and yells at your people in India. I can speak from personal experience that you are not allowed to criticize the people in India. We have had some serious problems with specific employees in India and my boss was told he cannot do anything about it.
Upper mgmt makes every excuse in the book for them because they are so cheap and have to follow the company directive. Meanwhile you are probably overstresed, overworked, and everything is your fault.
You are also correct about the fee concessions. They are paying the people in India so little that even with fee concessions they still come out ahead. State Street is far from done.
Yes there are fee concessions . The quality had been so low on our client that we were required to reimburse a certain amount back to the client. We get yelled at for any little mistake. Morale is low and we have a managing director that attends a lot of our meetings with more yelong about how our quality needs to go up.
My guess is that hiring in India is so cheap that SSB still makes tons even while reimbursing the client some fees.
India still making lots of mistakes. Still outsourcing my group. Got my notice last month. Been an employee 25 yrs
Ship it all to India, Poland, and China...
@YkD7LFl Believe me I wish I was still employed at State Street. Although I do agree with you about client satisfaction. I can't understand how it is possible that State Street doesn't lose a good percentage of their clients. Since many of my network are former/current State Street employees I do have some insight with what is going on. My current position post State Street is with a small terrible company where I arrive at 7 - 7:30 am and leave about 5:30 pm on a daily basis. I earn a salary that I earned about 25 years ago.
I truly believe that the current salaries in the Boston area aren't what they used to be. How do they expect the younger generation to survive, pay their college loans, etc.?
State Street will never quit the outsourcing model in IT. This created a brand new revenue stream that consists of fines and penalties against IBM for missed SLA's and downtime.
The only way that work is coming back is if your client is willing to pay more and there are very few clients in the bank that are willing to do that. Most of them all want something for nothing and that is what started this mess. State Street is also responsible for doing extra work at no charge for many years and once you do that you cannot put the genie back in the bottle.
Most of the clients are also outsourcing work to India so they know what the deal is and don't care as long as the final product is correct. They could care less that you or anybody else is killing themselves to make deadlines. As long as people continue to stay there State Street will treat you like trash.
To answer your question about why aren't they leaving? Where are they going to go? All the competitors are also outsourcing to India. Same sh-- in a different colored bag. It is never going to get any better so if you can move on to something else I recommend it.