The leadership keeps making baffling decisions just to boost the stock short-term, while gutting teams full of experience we can’t easily replace. Honestly, it’s hard to see a way forward without new leadership, which is most likely why so many are now leaving on their own.
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Depressing place to work. Constant layoffs. Inconsistent messages.
You must not remember when the slaves would sometimes go 1 to 2 years with no bonuses
And when they did give the slaves bonuses they were 1% to 2% maybe 3% if you were connnected
Just wait until it's time for bonus payouts .... Good luck as they will be down due to the market conditions. Call it now, down 25-30%
Not all but most foreign born Indian workers that are put into management positions are unequalified. They work here in Boston but are ignoring regulations and risks because they still have the mindset that they're in India where nobody cares about rules and policies. It's astounding the decisions they make without any oversight. If you raise concerns to them, they dismisses it and think you're crazy. This is reality of the work culture at State Street. Its one of main culprits that drives away talent and clients because of the amount of stupidity from poor leadership.
@e0 they don’t even have an effective risk management process or program … it shocking the regulators haven’t hit them with a cease and desist order or board resolutions. Corporate Governance is absent and the people running the show are are clueless
Place is being run into the ground from a good place to work standpoint. Place is an unmitigated disaster waiting looking for a place to happen. This starts at the top and like a blastoma the cancerous tentacles spread far and wide. Strongly suggest working elsewhere ~ the place is broken in a big way ~
6 months since I left this sh-t hole. Thanks G-d !
I feel bad for all the high school and college grads who will no longer be able to get a job at this once great company.
I started working there in the 1980's and remember the high school and college grads
starting at entry level jobs. Then working their way up the job ladder to better paying
jobs.
More layoffs coming next week. It’s constant and not justified with any automation or process change. They keep hiring EVPs and laying off or outsourcing our workers to extremely low wage locations. The EVPs act like royalty and actually create more work than they eliminate. I feel so badly for our clients. State street is a farce and is so poorly managed. All management does is focus on the next quarterly earnings call to pump their own bonus and stock. Conflict of interest exists when they make choices that are good for them but not good for clients, employees or our communities. This happens constantly. And apparently the board members are too stupid or careless to understand they are being bamboozled.
@bd Right morale has gone down. I personally have always been thorough in my work however due to recent layoffs my workload has increased … I’ve been told to look at risk items and don’t review all.
I’ve given up now. I am letting things slide for my own personal mental health which by the way the company provides tons of classes and stuff to do to help your mental heath if only you had time to actually use these resources.
Anyway I’m no longer providing quality reviews but signing off stuff even without looking at them since upper management is not concerned about quality any longer. Why should I?
This was a once great company which valued its workers.
I started in 1980 and over the years worked my way up the job ladder.
The company rewarded workers who took on extra work, learned new skills with
higher bonuses, raises and promotions.
Then around 2000yr the company brought in Bean counters, who's only job was to cut cost by any means.
The longer people stay at State Street, the more we realize the company is run by crooks and robbers. The top brass (board, executives) make decisions to solely enrich themselves, not to benefit the company long term. You can see proof of it in the latest compliance training where executives were caught overcharging clients and had to serve prison time. As a result State Street had to pay hefty fines ($50-60 million). I'm sure that caused the company to cut costs such as terminating or laying off employees.
Top management keeps coming up with ideas that doesn't work, so they come up with other ideas to repair them that also goes poorly. I've work in other companies throughout my career, State Street is the worst managed company out of all of them. This place feels like like it's run by an inexperience mom & pop shop.