Apparently the board is nervous and fear a takeover given the low stock price. If the price continues to drop it may happen. State Street is almost to the point where it would be attractive for a larger company.
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I remember years ago the rumor was Bank of New York was going to take State Street over.
Hmmm would it have been a good or bad thing for the workers
@Post ID: @ZzsmVaU-tmg
True they exam the applications and processes being used , then plan how to move the customer
base over to their systems.
They will keep the support staff until they finally have moved all the customers over to their systems.
Then they give you your pink slip and out the door you go.
@Post ID: @ZzsmVaU-api
Well after 15 years out outsourcing and brining in H1-B workers from India.
How could it get any worse then it currently is ????
At this point most people welcome being laid off. The environment is so hostile it could be an improvement.
At this point most people welcome being laid off. The environment is so hostile it could be an improvement.
We are in a client facing department that staff is down from 2000 to less then 100 and we are losing more people everyday with no hope of getting replacements. We pray for another company to buy out State Street. State Streets clients are requesting RFP's and leaving us as fast as possible, we have not won new business in years. Executive management is making one horrific decision after the next. Which we are being forced to shove new processes down our clients throats even though we know it will force them to leave. We are increasing our risk daily by having the centers of excellence make the rules even though they do not understand the business. There are things executive management is having us complete that we are not sure is legal. Everyone is looking. What make us think it wouldn't be better if we didn't get bought out?
Hr, it, finance, mktg... all redundant and reduced
Danger
When most large companies acquire a company, especially financial firms, they fold them into their infrastructure and operations. They are really purchasing the customer base. That is how they make acquisitions profitable. It would mean jettisoning old applications and processes (and the people that support them).
I wonder if that will happen. It's such a mess at work...I'm wondering if someone buying SSC would be an improvement??