State Street planning to lay off 1,500 employees
https://www.pionline.com/money-management/state-street-planning-lay-1500-employees Given I have applied here before and I know folks working here i haven’t heard much news on the potential layoff. Looks like they are offshoring more work to India.
Google Microsoft and amazon are opening new offices, i guess they wont do that if they found trash quality. Salesforce hiring like crazy.
The talent distribution in India skews right. Meaning you need to have to have top tier HR in India to be effective. It can be done with right offshoring expertise.
Long live the WITCH i guess
Which role was affected the most?
All IT roles that will be offshored to India
Now the question is what do they consider as IT? Do they lump swe into IT? What about other roles like Data engineering, data scientist
The future looks bright for India!
State street was laying off like there was no tomorrow even in 2019. In 2019!
Yea they basically stopped innovating and focused on cost cuts. Just look at their stock and market valuation, Blackrock used to be smaller than state street in 2000s now they are 5x the size of State Street. State street has been in a downward spiral..
Investment banking has been laying off all year and it’s going to continue in 2024. As for who they consider IT, most banks lump everyone from Dev, QA, BAs, some PMs (product and project), Prod Support, Data, and UI/UX under IT.
Isn’t that the same as Mass Mutual?
Layoff?
Jobs moving to India looks like.