How soon should I expect they lay off? Really distressed.
26 replies (most recent on top)
Post ID: @ZsWJ4fH-4zga Thanks I couldn’t do anywhere further than Boston my commutes is expensive and long enough too. I just hope that I can find something before the “big day” Geez just when I’m actually happy in my job too.
You can apply internally if you are laid off. Problem is, there are very few postings in Boston or Quincy. Just look at My Workday. All the open jobs are in India or Poland.
The only reason my team has had no layoffs is because we've had so many people quit. Everyone is leaving for better jobs & money. Tons of openings in S bank in Dorchester. I would apply, but my commute would be worse than it id now & I already spend way too many hours away from my kids.
Yes very true about stick manipulation. They do it now anyways with buybacks. It’s a joke. They all have one another’s back. It’s as bad as politicians. I thought our senator was against outsourcing our jobs but she’s been quiet on STT too it’s weird an obvious outsourcing situation right in her own home state. I thought she’d be vocal and call it out. Oh well no one cares about the American worker anymore we’re going extinct and fast.
@Post ID: @ZsWJ4fH-4qfc Very bad idea paying CEO's only with stock.
There have been many cases of CEO's and other Executives doing what is ever needed to manipulate the stock to get it to rise.
The issue is CEO's and other high level Executives some how get to right their own Golden packages when they retire or are let go, they win either way
Thank you for that newest update. This new CEO makes J look like a cupcake. Cut the workforce til there’s no one to turn out the lights. How about you set an example as CEO and say I’m only going to he paid by stocks Nd I donate my salary to the US workforce. Now that would make tremendous news and support from ALL political stripes. It’s amazing how the globe our governor and senators and even Boston mayor all let this occur under their nose and not a hint of divisive negative news or stance taken. We are left out to either and fade off (I’d use a diff expression but it would likely be deleted)
For those of you with Ignites.com access, you can find a story from today (June 12, 2019) that State Street revealed more layoffs in tech and ops for this year — another 1,200 in high-cost locations.
I am amazed with all the layoffs, and the poor quality of work being done in India.
How this company has not lost any major customers. But then they seem to do a good job
of keeping things out of the news.
I pity the U.S workers already doing double workloads, and then having to fix all the mistakes
being done by the unqualified staff in India.
Works but not the best business model. Reputation will go down even further. But those platinum parachutes will save a few so it doesn’t matter in the end. We are all expendable ~ Everywhere
@Post ID: @ZsWJ4fH-3jcq 6% additional plus 1500 executives on top of 70000. Who is going to be left to run the show in Boston? Who will the clients meet with locally?
Easy , they will just use video chat to replace face to face meetings.
And only do a face to face meeting if it is needed.
*7000. But probably over the years it has been. It’s been non stop layoffs that’s not a business model that works.
6% additional plus 1500 executives on top of 70000. Who is going to be left to run the show in Boston? Who will the clients meet with locally? That used to be the safe harbor role were your customer facing roles. Does anyone know the impact on our local economy this will have? There are just no finance jobs out there.
@Post ID: @ZsWJ4fH-1tkc
You must be a current or former worker since you know the mgmt con lines so well.
100% right on you are training this person so I can assign you more high level work to do.
Or the famous when you leave at 5pm ,6pm . Their will be a person working nights who
can continue your job tasks.
Your right, everything said is coded 1/2 truths 1/2 stalling you with questionble information
Ate senior associates at the most risk?
Will I be able to apply internally if they advise me my job is going away? I know some companies allow that. I’m just trying to bide my time if I can’t find an outside job. There really isn’t that many jobs out there unless you’re a VP or advanced degree. Smh maybe I can find a job at the T the pay and benefits are most likely better s m h
I wish i was in your position... I'd do anything to get laid off from this shipwreck of a bank
@Post ID: ZsWJ4fH-1tkc
You are correct depending on what department you work in. If you work in certain departments they have basically made it crystal clear that the end goal is to move the whole thing to India. All of the extremely low margin work that does not have serious daily implications like incorrect navs or overdrafts is going away completely. They are already getting rid of stateside workers before even seeing if the workers in India can do the job.
The workers in India are incredibly dishonest and the so called managers conduct themselves like children. There is nothing you or your manger can do about it. Believe me when I tell you we have caught managers in India doing some really shameless stuff and there is nothing my boss or his boss can do about it.
Do the smart thing and move on to another company that offers you something that is at least interesting even if you half to take less money. If you do not receive a pink slip you will eventually wish you did.
Re: "Do they actually let you know you’re training your replacement or is it vague and say it’s cross training or just training? I mean is it spelled out or should we just infer given the past outcome for others?"
No, they won't actually tell you truthfully what's happening. What they may say is that you are training the foreign worker so that he can take over the mundane aspects of your current job in order to free you up to take on more "value-added" and "challenging" work. Complete nonsense, of course, but that's what they used to tell us. Now they really don't say much of anything because it's obvious to all that the goal is to outsource or automate as many Americans out of their jobs as quickly as possible.
@Post ID: @ZsWJ4fH-1geu
And sadly it is the surviving U.S workers who are made to cleanup all the messes made by
the staff in India.
And yet your already doing a double work load because of the lack on workers in your dept.
You will be even more distressed to learn that your replacement in India will be held to an extremely low standard. All he/she has to do is maintain a pulse and a body temp of approx 98 and they will be declared just as good as you were at the job. Good feeling isn't it?
Find another job even if you have to relocate. It does not take a genius to figure out what State Street is doing. They are slowly positioning the company as a potential merger acquisition in 3-4 years time. All the executives will make a fortune and most of them will maintain their overblown salaries at the new company as a reward for carrying out the objective.
State Street's latest propaganda slogan is 2022. What it should truthfully be called for employees is "By 2022 it will s--- to be you."
@Post ID: @ZsWJ4fH-1iix
I would have to say most workers in my opinon are so scared of being laid off.
They do not really care about raises or bonuses, it is very true when it comes few workers age 50+.
At age 55 if needed they can tap their penison Bad idea
At age 59 1/2 tape their 401k with no early withdrawl penalty Bad idea
Age 62 take early Social security with interest from their penison and 401k
Most are hoping if they can make it till age 59 1/2 they can use their severance and unemployment check to bridge the gap till age 62yr
I think you hit the nail on the head. I heard a manager say he kept a less than competent employee on because they had one of the lowest salaries in the group. The employee was moved to different functions frequently because of their high error rates. He gave the employee some occasional praise to satisfy them versus salary because they had a huge ego.
You can be the best worker in your dept, but when it comes to layoffs your salary is a big factor in who gets laid off.
They will have no problem getting rid of an excellent worker who is hmm lets say getting paid $50,000 and keeping a less qualified worker who is only making $39,000.
Their goal is to cut cost which means they will get rid of excellent workers.
It doesn't matter if you never call in sick, work 50+ hours a week, work weekends, do the work of 2 , 3 people
Its all about cutting cost
Do they actually let you know you’re training your replacement or is it vague and say it’s cross training or just training? I mean is it spelled out or should we just infer given the past outcome for others?
I actually feel like dead man walking. So it’s not instantaneous which I just figured it was. Still very distressing I work hard I’m paid really low wage. I do a great job. They say they appreciate my work I do and then new train this person in India. Smh so upset
Thanks I appreciate the info. Hopefully I’ll find a new job in the interim.
Likely a month before notified and then 60 days.