Thread regarding State Street Corp. layoffs

A long time ago the company used to have a Pay grade chart based on Job Grade.
It would show the starting pay, medium range pay and then the top pay for the job

Grad 1 through 12 were for nonexempt employees

Grade 13 to 17 were exempt employees

The top pay for a grade 17 was $60,000

Then the company got rid of this job grade chart and came up with a new formula
which really made no sense

One thing they did was streamline the titles of people who did the same job function
into one title instead of multiple different ones.

Been here many years, AVP, 70k. I am also a woman and while I rank highest in yearly grade, am doing work higher than my pay grade (managers have confirmed this to me) and peers I still am making far less than everyone else. If you are a woman or minority be wary, it is demoralizing.

VP, salary; $215k, bonus $35k, plus sock options.

I don’t really work that hard either.

Cake job. I’ll milk it until they push me out, I’m 55 years old so I know what’s around the corner.

VP base of $210k, bonus of 25k cash, rest in stock options

I was SVP in Global Services in 22 years and retired last year.

From experience, MDs (which only were created in 2015) and very senior VPs, received base comp. of over $200K.

Their bonuses ranged from $60K to $120K.

However, that bonus was only paid about $12K in cash.

The rest of the bonus was half in stock and cash and was deferred (vesting quarterly over 3 years).

If a person left, they lost that bonus.

That is why people over 50 are trying to hold on to 55 because when you "retire" from State Street the unvested amount will continue to vest.

no longer with SSB. but i was an associate 2, and made total comp of $60 for several years

Bases on the posts, glad to know that VP and above get such nice bonuses, while the grunts gets sc-aps at best. No wonder morale is c-ap.

The average salary of a new college graduate is about $50K and I saw new grads hired at slightly higher than that. that is why those salaries were somewhat shocking, especially in Boston with low employment rates.

@ZAvUBrX-4yke I don't believe this is true. I know of recent college graduates that are starting at salaries even lower than State Street. Have family members that are earning extremely low salaries without experience. Unless you graduate from a prestigious college, top of your class, have connections, etc. the salaries are similar for most depending on what you studied in college.

If you want news on what I am describing go to the efinancial careers website. It explains in detail what I am mentioning above. Top graduates from prestigious colleges with proper credentials earn over $100 K. I am sure this is just a small percentage of the population.

When I was there (left in 2017), the VP band when from 110k to 200k for VPs in Fund Admin. Bonuses ranged 10% to 35%.

does anyone have the VP salary bands?

Exactly who is willing to work for these low salaries? If you have a college degree in anything with a business application, you can get more almost anywhere.

@Post ID: @ZAvUBrX-1yxf

Wow I am shocked State Street still offers over time to some workers.

Only because I remember in my area they used a clever trick to legally get rid of it by doing this.

They starting promoting people who were a certain grade and moving them up 2 pay grades.

The people were thrilled because they got a $65.00 a week raise (yeah)

But the next time they had to work overtime they found out people of their new grade were now salaried no longer pay by the hour .

So now when they have to work 10 to 15 hours a week , no OT .

Started off 34K as Associate 1.

Senior Associate now, making about 68K total

A1 36K + bonus

A2 46K + bonus

Senior 56k + bonus

Boston

Was an AVP for 6 years - salary ranged from 70ish k in 2012 to 93k in 2017. I am a VP now making the minimum which is 100k.

I'm quite underpaid. AVP in Boston $90k, plus small bonus, which is smaller each year.

I have 8 years w/ SST & 20+ years industry experience.

I get the highest rating every year, by the way.

Also, I wonder if being female is why I am underpaid.

I'm relocating due to my spouse's job early next year, so I hope to be laid off.

Started off 32k as associate 1. Now as senior associate probably making low 60-ish, maybe just maybe pushing to 65k if counted bonus, OT, "straight-time" hrs. Bonus shrinks every year, and don't even remember the last time there was a notable raise. Didn't get a raise this year, or maybe even the yr before too. Also remember getting cents for raises for at least a few years. And this is someone who is consistently rated as "exceeded performance standards" during this time.

No you didn’t.

I was a 15 year veteran of SS and left voluntarily in 2018. I started at $75K as an AVP 15 years ago and when I left as MD, I was making $250K plus $100K bonus.

Some of the people who post, post nothing but lies.

This person was not geting a yearly salary of $210,000 after 10 years of service.

For 15 years they have been laying off people, freezing yearly raises for as long as 3 years.

And when you do get a raise it varies from 1% to 3% if you are lucky.

Very interesting thread. I don't work at State Street any longer and was not an officer but still earned approximately, $65K plus bonus. Total compensation was around $70. I believe your compensation is dependent on many factors, years of service, department that you work in, responsibilities, etc. I was told but a peer that they know of someone that recently started at State Street that is earning in the $35K range. It appears that starting compensation is much lower than when I started.

I believe that starting salaries at the AVP and VP level are also much lower. Of course, as I already stated it also depends on your years of service, department, responsibilities, etc.

Wtf... i heard AVP pay was starting 80k

Left in 2017, was a VP... after 10 years...

$210K base salary plus stock options and bonus...

A bit under 250K total comp...