Not sure how many but I heard it I will be a noticeable amount.
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So the same day they layoff GTS staff they post an announcement to welcome 100 new hires in April....talk about tone deaf management. Anyone with a clue wouldn't have announced that
GTS was hit today
bloodbath is the norm but these foreign hires are clueless. I barely speak to them. In the beginning, I was grateful for some help but then realized they are severely uneducated. We received several but I do not bother with them. I paid for my education.
@Post ID: @2cz+1jsfnpcpm
Lol I used to joke about that with some of the bosses. About we are outsourcing so many jobs to India. What the he-l happens if India or Pakistan ever go to war with each other.
Hits in Boston. Smart move to ship those jobs to India expecially now. What will they do when the power goes out if there is a war ? I am sure they thought of that.
Bloodbath in Global Delivery today
Large numbers today is GD.
Nothing
From my experience working directly and indirectly with different business units at State Street, MDs or specific VPs get alerted to reduce the labor costs by sharing their feedback and collect data of lower level employees. What's suppose to happen is they should be evaluating the data before deciding if the roles are needed and if the responsibilities can be shifted to another worker (FTE, contractor, onshore, offshore). There's a business reason.
However, it can get quite absurd and become personal when some of these people are unfit in making these decisions. If you are surprised that you or another key team have been effected with layoffs it's because the decision makers can be very bias in evaluating workers.
I know someone that discriminate people from her deep-rooted beliefs of the Indian caste system. She acts like she's queen of the throne and actually find enjoyment in the quiet firing and layoff process.
My limited understanding and limited experience with this…of who is making the decision to reduce staff is it’s coming as a result of a department’s budget. Not sure the specific level but it is coming from above VP. So the department is given a budget … which of course is lower than previous so the solution by the head of the department probably SVP is to payoff x number of people to meet the new budget.
Even who directly is impacted is decided by higher than direct managers which may be asked their opinion often times not even given a heads up, but ultimately those being played off are ultimately decided by higher than the VP.
The list must be easy for them. Layoff everyone not going into the office.
@Post ID: @233+1jsfnpcpm
I would say the Board of Directors and the Ceo.
The same people who been outsourcing jobs and brining in H1B workers to the various State Street offices.
Im excited lay me the bleep off. Give me a package and i will never look back but SS is too cheap to do that.
What level is making these decisions to reduce employees? Sr SVP? MD? Direct managers?
They really need to let go their tenure employees; they have no clue other than passing the deficiencies to their own people to avoid being fired. I lost so many good colleagues, now we are strapped with foreigners that have no clue....
I’ve heard it from a VP. I was informed as this will impact my team. Not providing more detail as i am not sure which teams are directly impacted. They only provide the minimum amount of intel that you need.
@Post ID: @13f+1jsfnpcpm
They have to keep a few token U.S workers to fix all the mistakes being done
by the Indian staff and Indian H1B workers.
They should layoff all north America staff to get it finally done instead of these paper cut reductions.
Where are you hearing this stuff? and what depts are you hearing this about?
Instead of laying off employees that are actually working, here's a suggestion:
- Layoff Ron O'Hanley and save the company $17-18 millions a year
- Board of directors can chip in paying for Ron's severance package as punishment for their corruption
- Demote all the senior leaders. They need a taste of their own medicine of their quiet firing tactics.
- Long time employees that been performing constantly well but haven't been fairly compensated (raises, bonus) suddenly get a bump in pay coming from the savings above. This will encourage all employees to perform because of the realistic incentives.
I'm sure with these changes will raise STT stock price.