very quiet on the lay-off front for months
14 replies (most recent on top)
@Post ID: @ZN4hpQN-kvct
Did State Street stop playing those subliminal messages, Be happy you still have a job, Do no complain, Work work work work Raises and Bonuses and bad you do not want them
"State Street is now aiming for 2,300 job cuts in 2019, it said. A spokesman told the Business Journal that the 800 additional cuts would come from natural attrition tied to the hiring freeze, not through layoffs."
natural attrition at this point is work you till you can't take it anymore. treat you like sh**, and give you c-appy bonus and raise. driving you out is much cheaper for them than a package deal. Look for another job and absolutely don't k–l yourself working OT for this place. The upper management doesn't care - it will not save you.
That seems consistent with the real estate plan email we got the other day. Seems like they may not renew the Crown Colony lease when it runs out. The only building they own in Quincy & plan to keep is John Adams (JAB).
Crown Colony is got hit with layoffs. Basically all Associate level 1s were given their 60 day notice. Also some individuals that were previously provided there 60 days last day was a couple of weeks ago.
last i heard they were planning ~ 2k layoffs this year
State Street is a horrible company. Morale is extremely low. Salary increases are almost non-existent. Jobs have been moved to India and elsewhere. There is no loyalty to employees who have worked at the company for years. The company has been doing rolling lay-offs since Hooley took over as CEO. He retired with big bucks and Ron O’Hanley, another horrible CEO, is running the show. I expect GA gets sold over the next 2 years. It’s one of the only divisions that has value from the ETF business. Otherwise, it’s an index shop.
@Post ID: @ZN4hpQN-4rez
I know some people who were very lucky when they wee laid off, they were able to find another job quickly.
So they had the benefit of getting a salary and a severance check at the same time.
But this happens verly rarely, good luck on the job interviews.
Our group in GTS is not having layoffs. The reason? We've lost about 20 people since late last year. In the past month alone, 7 people have given notice. My department has been gutted & we are all looking to leave. Every single person that has given their 2 week notice has NOT been given a counter offer to stay...even critical people. It's all pretty sad.
I've had 3 outside interviews in the past 2 weeks, so I plan to be out soon. It's a good job market, which helps.
Today was actually my last day at SS. So layoffs are still on as far as I’m concerned.
@Post ID: @ZN4hpQN-1yrb
I agree, for most older workers they are not complaining they are just thrilled to have a job at their age.
The point I was making is how can this company allow the staff in India to get away with sloppy work.
Well I know of one dept that will not be having the upcoming round of layoffs they expected to have hahaha.
@ZN4hpQN-obi Yes, most of the positions have been reviewing/editing work prepared in India. Depending on what department you work in of course you may still enjoy working at State Street.
If you are younger I would recommend that you look for another position or try to find employment elsewhere. For the older worker it could be difficult to find a new position.
This slow motion event has been the same for at least the past 15 years.
Post ID: @ZN4hpQN-tdd It's a slow motion event.
Strange itsn't if when your dept in the U.S did the work it was at least hmm 95% correct.
Now that the people in India are doing it the accuracy rate is maybe 50% 60% which means
your job is to review and make all the corrections.
It's a slow motion event. They don't want to attract undue attention with a massive layoff, so it's a few here and few there. Those layoffs combined with the natural attrition that comes as the result of this being a terrible place to work, probably puts them where they want to be.
In my group, most of the work has been sent to India, so our role is mostly oversight/babysitting. There's not much else to do. If you look around the floor on any given day, most people, managers included, are playing on their cell phones or internet shopping, so it seems like only a matter of time before this goes away.