Thread regarding State Street Corp. layoffs

The Glory Days of this company

If you worked there prior to 2000yr, then you remember how great a company this was.
People could worked their way up the job ladder through hard work.

The company rewarded employees with good raises and bonuses.
The company motto was " Our employees are our greatest assets"

Then around 2000yr a dark cloud appeared and the company became obsessed with
saving money through any means.

Suddenly raises and bonuses were reduced to 2%. Then came the period of working
2 to 3 years with no raises or bonuses.

Departments saw their staff cut 25% to 40% sometimes 50%
To add insult to injury then came in the massive flux of H1B workers to take jobs from
U.S workers.


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| 2301 views | | 7 replies (last November 17) | Reply
Post ID: @OP+1k9qp3n2j

7 replies (most recent on top)

@16g

I been working a new job for the past 5 years .
I still have a few remaining coworkers trying to hang on another 3 to 5 years before
they retire.

You may find it hard to believe most companies do not want qualified people over the age of 50yr. They want the cheapest workers possible.

The purpose of my post was to let both new and old people how this was once a great friendly worker company.

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Post ID: @19j+1k9qp3n2j

I would recommend you update your resume and look for a new job instead of complaining about a subject we are all well aware of at State Street.

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Post ID: @16g+1k9qp3n2j

@ar

Yes and Indian staff has 80% error rate due to sloppy work.

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Post ID: @k1+1k9qp3n2j

Simply put, the company went from local hero to zero.

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Post ID: @d4+1k9qp3n2j

Most efficient in India. Work cheeply

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Post ID: @ar+1k9qp3n2j

@a9

Yes agree 100% with your post.

Bad enough to outsource work outside the U.S But when you bring in H1B workers and force the U.S staff to train them for your job. It is like rubbing salt into the wound of low morale.

You might asked why train them ?
Easy your getting a severance package is up to the company.
Under law a company doesn't have to give you a severance package.

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Post ID: @ae+1k9qp3n2j

@OP why did companies get so greedy after 2000? Why did they start chasing the quarterly analysts/earning calls stock price bump so became so shortsighted regarding their clients and quality service and also stopped caring remotely about their employees and communities that they operate in. Do you think it ties with when State Street started to push a real global agenda? Global inclusion? Outsourcing jobs overseas where it was all about Cost cutting and not about having jobs for people in the communities that they serve?

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Post ID: @a9+1k9qp3n2j

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