Thread regarding State Street Corp. layoffs

May I ask where did you find out that Bravo was ending?

Curious what the new Bravo system will look like. Reduced value to trade for products? More just a “thank you” system? Not that I get that many. My new management doesn’t believe in thank you’s - even zero point thank you’s.

Maybe the thank you notes will be signed directly from Shy Ron.

@57k bravo points will not roll over so if anyone has points should redeem them before the end of the year.

Bravo is going away. They are starting a new reward platform next year.

It will be “an improved employee experience…” Maybe more thank you notes will be coming your way next year.

@1e2

Ever wonder if HR hiring get bigger bonuses and raises when they save the company money. By hiring new people at the lowest possible salary ?
The salary range is $40,000 to $60,000 and they get the new to accept $43,000 maybe $45,000.

Back in the old days when looking for work, the newspaper would tell you the salary upfront. When you went to an employment agency they would tell you the salary upfront.
Back when things were easy and honest, no playing what I call Poker Salary bluff.

About salary transparency law in Massachusetts:
https://youtu.be/7dpvnvqT69g?si=oZnMbIin0CoOfXq8

@1e2 it is so sleazy especially when they go out to the Street stating everything is wonderful regarding earnings. If it is so wonderful, why are they doing sneaky reductions? I would not recommend this place to any newbie.

@16h State Street Corp (STT) are purposely lowering wages. Massachusetts companies as large as State Street must post salary ranges in job postings. The law also requires the company to submit annual wage data reports to the state.

Here at State Street when you apply and get screen by recruiters, they ask about your salary expectation. Every time you mentioned that your expectation should be somewhere in average or high end of the salary range posted on their job openings, they manipulate you to accept a lower salary.

This helps them with their salary reporting with the state. If you don't accept the low salary, they remove you from consideration. At State Street, year over year, the salary range have been moving down.

@11b you are grossly under paid

@wd ..and please "advice"

@zh just some perspective from a US employee. You may have been a little mislead on salaries. I remember always being told the India salaries were ridiculously low and I always assumed it was true but I was being lied to. So here’s some real life numbers.
I was at 65k USD a year as an officer in about 2020
85k USD as an AVP in 2023
115k now as a VP

I had a direct report in India so I know exactly what he made. He was an Officer and he made 34k USD equivalent

So in my view India salaries are about half what they are in the U.S. I don’t have any first hand knowledge of salaries in Poland but no way Poland is 1/3rd of U.S salaries. If that were true we’d be moving work from India to Poland.

Also my India report got a 12% raise for mediocre work. I got a zero % raise in the same cycle so there salaries grow like crazy.

It seems to me everyone in Poland has been promoted a lot and I see a lot of officers and AVPs so yea you have a big target on your back now bc there’s not many left to layoff in the U.S

@zp

The company has eliminated bonuses and raises for the working class.
And if they are given its usually 1% to 2%.

Good quality health insurance and dental have been replaced with the cheapest plans to save the company money.

Remember the more money the company saves, the more money they have to give bigger raises and bonuses to the SVP's and higher up.

@zh in the u.s., they cut dental benefits so dental visits that were covered in the past are no longer covered. Employees did not find out about this change until they got their bill for previously covered visits. The u.s is changing health insurance providers starting in 2026. They make a rah rah thing about that saying premiums won't go up for employees. The bank self insures health insurance so they don't want THEIR costs rising. In the shareholders meeting, all was presented as glorious meanwhile behind the scenes they are cutting anywhere they can.

I'm from Poland, and 2 months ago we had a meeting with our MD regarding the budget for our department. It wasn't some cheap town hall and it was pretty straightforward. We were told that bravo is being cut to zero (normal employees in Poland don't even know anything about Bravo because it was more of a cash grab for VPs). For anyone wondering, we were told that the company would cut everything, including real estate, if needed, but wouldn't reduce headcount. Sounds promising, right? The thing is, it means nobody is getting promoted or a pay rise, and people are encouraged to leave the company because India is much cheaper than Poland, even though Poland is about three times cheaper than the US. But the company will do whatever it takes to satisfy its shareholders, so every penny counts and the quality of work is the last thing that matters. We recently had to do training for the India team, and we basically outsourced our own positions without thinking about the consequences. Reading your feedback here made me realise what is going to happen soon, because people here are a little confused right now

Greetings for the day. Rhamainish K. here. Please do the needful and enjoy your Bravo award. Wishing you a happy day ahead.

How are the budgets?

Funny I just had this conversation today about the Thany you bravo with no points associated with it.

Upper management thinks that is all employees want is to be appreciated. But if you really honestly want to appreciate someone you show it more than simply say it. Actions speak louder.

On the flip side some one said we should return the favor and give Ron a bravo thank you when he sends the email about quarterly earnings … maybe that is what he should get instead of his bonuses and he can see how appreciated he feels

@c2 Remember the Indian staff doesn't believe in quality control work.
They produce useless work which the U.S staff is forced to correct.

       I remember when the work was done by U.S staff.
       The quality standard was the work has to be at least 95% right.  Anything below 
       95% was unacceptable.        

@ft The Town Hall meetings are nothing but PR garbage where they make pretty useless speeches.

We had gotten an email from our manager recently that they were freezing the bravo thing till the end of the year. Maybe that's the reason for the 0 bravo.

Useless Bravo junk. What would matter is offering full-time remote especially for women who are caregivers, but the company doesn't care. They say they do in useless town halls. I think they like to listen to their own voices. On and on they go while the working class is stressed out due to pending layoffs, political bs, commuting, everyday costs, and so forth. The top is so disconnected from the working class reality.

@OP I received the same zero-value thank you award. It is an option from the person entering the Bravo request. I have a similar frustration as you, but, it is not a reflection of the corporation being cheap on this matter.

If they are going to offshore to India and elsewhere, then cut all staff in HCL (NA) instead of stringing employees along.

Rumor has it the reason bravos no longer have any monetary value is because Indians blew through the budget 10x what U.S. workers did and State Street was forced to pull the plug.

The earnings call is happening on Oct 17 at 11 am est.

@a2 wow that’s a little dramatic.

Bravo used to have quality programming and now it's the housewives of bullsh-t palace all the damn time.

I hope it all gets burned to the ground and you're all in a soup line somewhere for the complete trash you've put out there. You're a cog in a huge filth machine. You deserve no sympathy.