Hearing some layoffs will be coming in the next several weeks. Anyone know in what areas / department?
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Cut cut cut. Summer more cuts. Projects that are useless will remain.
I heard this summer there would be more layoffs.
Reducing more people. More layers going.
Transformation is being transformed with reductions.
All areas. Reducing VP and who levels.
I had never heard about 20/80 How do you know that this is accurate? I know many people in my network who have left State Street or transitioned to another position within the organization.
If they only have 20% of workers located in the United States who is meeting with client's? I can't imagine that people from India are flying to the US although they could be communicating through Zoom.
Promotions published today so much for flattening the organization. If your name was not on the list, your job is not safe.
State Street has an active Trade Act claim open in Kansas City through Sept. 2022, so anyone laid off should call their nearest Missouri Job Center and ask to speak to a Trade Representative. The program has additional benefits for workers, so you'll want to see if you qualify.
Fund Accounting got hit pretty hard. All levels from A1 to VP impacted.
Financial Reporting and LCARs are targeted for March layoffs
20% onshore / 80% offshore
What does 20/80 percent end state mean? 20% get the boot?
@Post ID: @7obd+19AGqMbA
Very good fact based post, and I can answer your question on why do we do it to ourselves.
If you can survive until your 55 you can take your pension without paying a 10% penalty.
If you can make it till 59 1/2 you can access your 401K without paying a 10% penalty
If you can make it till your 62yr you can get early Social security, but waiting till 65 is better.
In my opinion I would say hmm at least 70% of the people over the age of 50yr are gone.
And from my own experience the job market shuns people 50+.
Client Service was basically wiped out. IT, legal, projects, the rest of accounting also hit. I am not aware of a team that directly impacts a client that was not insanely hit. well over the 1000 announced. Since they are being replaced by people in India. I guess they do not count. Tons of svp, md, vp as well. People who are already working 12 hour days and every weekend now being asked to pull more hours. Team has not had any pay increase since 2008, plus our bonus have decreased every year so we are constantly making less money then the year before. Not sure why we do this to ourselves.
Every department has a 20/80 percent target end state. Keep that in mind.
Too bad people keep posting new posts about layoffs.
Why not try reading the old layoff posts.
THE COMPANY IS NOT GOING TO TELL YOU
WHICH DEPT
WHICH CITY
WHICH STATE
Starting when?
All areas & departments will have layoffs.