Thread regarding State Street Corp. layoffs

I won't be surprised if Ron embrace AI by just generating a AI video of himself instead appearing live for company speaking events. Where have this guy been hiding?

Doesn't make sense that he's forcing employees to the office while he's relaxing at one of his places in the North End or on his yacht at Seaport.

Be interesting to have AI run a report on all Senior Executives and see how many can be eliminated due to no longer having staff. Due to overlapping on duties.

Yeah we all know that report will never be run or made public.

I remember an Executive who's department of 10 people was outsourced.
But the old boy's network gave him a make believe job for 8 years until he retired.

@14k this was insane because tech employees working on said AI were laid off in this cycle.

Tech guy here. AI is a tool but like always not perfect and flawed about 70% of the times. I don’t bother saying anything cause honestly I couldn’t care any less about this pos company. Hoping another financial company will buy us out. SS su-ks.

U N I O N

If you’re not in India you are at risk. They will use AI to make up for the poor quality of work coming out of India so they can replace others who are fixing all the cr-p work India does. Not even AI can save State Street from the inevitable doom they have themselves created. They can’t even stand their own clients. If they knew what management says about them behind closed doors they would all leave like Morgan Stanley.

@1ay

Yes you will do all the hard work perfecting AI. Then to show their thanks the company
will bring it a H1B worker to take your job.

The only people who are safe, are the brings of the Senior Executive Board.
The word of the company no longer means anything.

@v6 I am expected to start testing AI with many parts of our job functions. It hasn’t started yet but will be soon. I was told this would secure my job as wed be the first to have this knowledge.

I called it BS.

Answer: Yes, AI is the cause of the layoffs.

Sources:
1) Most Recent Investor call
2) A colleague got laid off in current quarter because of AI
3) Some colleagues were ones of the 900 employees that were laid off in the prior quarter because of AI
4: This article 'State Street pays severance to 900 employees amid strategic pivot toward AI'

https://www.wcvb.com/article/state-street-ai-strategy-employee-severence-layoffs/65427426

@mb response is dead on.

At the Quincy office they used to have a 7 by 24 Tape Library staff who's job it was
to handle all Data cartridge request.
The company replaced 99% with a large Robotic Data silo which can hold from
5,000 to 15,000 data cartridges.

The silo has robotic scanners which can read the cartridges, add and remove them from the silo with a robotic hand. After the cartridge has been read or written to the robotic hand will put it back in the correct data storage slot.

It will happen eventually. But it’ll take a while due to many many many systems at state street cobbled together so harder to have AI to execute tasks across. That said they’ll still say we can cut workers due to “productivity” gains and automation that is actually complete and utter bullsh-t. And will just further crush the remaining staff. Ron is selfish, greedy and smarmy AF. And his weak pandering directs are too. And the board is also a farce to let this terrible decision making occur. Shameful.

Ron O'Hanely is lying about AI not replacing our jobs. There's a team at State Street who's objective is to replace workers with AI. I recognized some of these people when they were under a different name many years ago. Their job was to go through each business unit at State Street to reduce the workforce and replace local workers with overseas workers.

Now, this team are trying to do the same thing by replacing workers with AI. What's scary is they don't have any technical understanding or consider long term impact. Instead they pressure people with technical skills to do the dirty work for them.

Has anyone seen Ron in corporate events besides the event with recent hires, grads? Shy Ronnie is hiding from experienced employees.

Ron prefers to spew lies on camera than show up in person to address employees questions. He's might go down as the worst CEO at State Street. He got so insecured with Lou Mauiri being more popular than him with employees that he pushed Lou out of State Street.

I don’t think the SSB employees are d-mb. I don’t think most of them …. At least all of us speaking about it believe Ron’s load of cr-p.

I am thinking do you really think we believe this? I think Ron acts and talks like he feels he is this superior being and we all believe him. He is just hoping to keep us long enough to cover work that AI will eventually take over.

Most are either just hoping and praying they won’t be impacted basically thinking I’ve survived so far they have to keep some of us and some are actively looking elsewhere and the last group are older just saying give me x number of years, lay me off and I get another six months or year of pay and retire.

Micromanaging expenses - that is what is happening - when expenses are micromanaged, your job is under review - be prepared

The big bank I work at went like this - AI is going to help you, fear not. A year later - numerous layoffs due to “time saving”. People are d-mb. AI is taking jobs, period. No debate. And the sad thing is these companies are making billions. They’ll claim it’s for shareholder value but all it is are executives getting even more millions.

If anything, I believe that SST is slower than other financial services firms or other industries in utilizing the latest AI.
These tools can really improve the productivity of the workforce and firms will require less number of employees and do more things than before.
It is pretty scary.