Thread regarding State Street Corp. layoffs

I agree with both sides of the sentiment. The employees with 15+ years of experience are the most important contributors we have. They are the only reason we continue to deliver. There are certainly some that don’t work that hard as well though. I give them a pass a this point because they are treated very badly
Technology initiatives always underestimate how hard it will be to automate and make changes. The timelines are always too ambitious and because of that, even with very talented IT folks working very hard, they run out of time and don’t achieve what they sought out to do. The IT leadership that come in from outside don’t ever seem to understand this and ultimately sc--w up a bunch and move on. Then the next leader comes in and the cycle repeats.

after brian franz left, ron had no idea what to do so he went with the safest choice which was andy. andy is a clown and has surrounded himself with yes men. no bad news means no bad news.

@d6 You would have been great employee and rewarded with big raises and bonuses during the glory years . The years become the dark clouds of depression came to this company in the early 2000's.

@f7 Remember Senior mgmt will do anything to keep getting their big raises and bonuses. Even let's say get very creative with the reports.

@en No obvious improvement. But Sr. Management generates all kinds of reports showing how all of the initiatives succeed so well. But nothing really improves and morale continues to plummet.

For those who've been at State Street through multiple transformation initiatives, has anything actually resulted in lasting improvements? Or does the organization just rebrand its priorities every few years while the underlying problems remain the same?

You guys need to embrace the su-k. Laugh at the problems, leave on time. If you see someone dropping the ball, leave it on the ground. Do the absolute minimum - including in communications. Never suggest a solution unless directly asked. Never point out a problem. Been her over 10 years, retiring soon. If you're indian you probably have a future and fit right into the culture. If you're American forget it. Leave or enjoy the disaster. I was an over achieving professional before I came here and when I was new. Years of raises not even matching a Cost of Living increase takes it out of you. F it!

Since your a newbie to the company you need to understand the following.

Many people with 15+++ years experience are very good at their jobs.
They know the in's and out's of what needs to be done.

The real problem is you have Senior mgmt which believes in the old saying
" If it is broke don't fix it" These are the people which keep many departments
behind the time. These are the people who are against new ideas.

And since the layoffs started around 2005 people are too afraid to rock the boat so they keep silent just hoping they do not get laid off.

@b8 Sadly having the lower level workers put out the fires, come up with new ideas and then stealing them. Goes on at every company , it has happened to friends who work outside State Street.

One of the favorite line of the credit stealers, is to say to a lower level worker.
" This is your chance to expand your job role (lol) aka code for come up with a great idea so I can present it as my own to my bosses. Get the credit get a bigger raise and bonus

@ah I was laid off in between those 16 years. I made a mistake of thinking one of my prior roles was safe since I was the highest contributor in the team while the VPs were doing nothing but twiddling their thumbs and waiting for me to come up with solutions. I found out that they took credit for my ideas. They stayed and I got laid off. Best thing is to move around the company to avoid these vultures.

@ag How did you last here for 16 years?

I was once had the same thoughts when I first joined state street in 2010. It all became clear each time layoffs happened. Most employees are working in survival mode. Others take advantage of people to climb the corporate ladder.