State Street Corp. said it would lay off 630 employees, or 2 percent of its work force, including 260 people in Massachusetts, and sounded a cautionary note on the economy even as it reported higher profits.
In speaking on a conference call with financial analysts Friday, Joseph L. Hooley, State Street’s chairman, president, and chief executive, said that the Boston financial services giant was cutting jobs to create a “leaner, more efficient, and more profitable enterprise.”
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This headline is A LIE, the jobs are not being cut, they have been sent to INDIA and these people who are now losing their jobs are now "redundant" and they were used to train their replacements. I know this because I worked there for 14 years and I was forced to train my replacement as well..
I have attached a recent (July 19th, 2012) clip of the Greater Boston Emily Rooney show in which State Street is asked about their outsourcing of jobs from North Quincy and Alison Quirk a senior State Street executive refused to comment on (see clip). While I was at State Street I was forced to train INDIAN works to take American jobs. The Indian nationals from “SYNTEL” Corp in Troy MI, told me that in one city “Punea” there is a campus where approximately 1200 workers who are performing work only two years earlier had performed by State Street workers in the US, and they said the majority of these jobs came from North Quincy. You might want to address this with State Street (Jay Hooley or Allen Greene) and or speak publicly about this State Street Program – which occurred after State Street received a $2 Billion TARP Bail out from Americans who they subsequently laid off..
http://www.wgbh.org/programs/Greater-Boston-11/episodes/July-19-2012State-Street-outsourcing-40276
Fidelity kept more IT people in Boston than State Street, 90% of State Street IT is now outsourced to India. I recently left State Street after number of years there and it's been a good move, all they have been about last few years is cut, cut, cut - freeze raises, reduce bonuses, lay off workers, increase executive compensation. Not a good place to work for these days, unless you are executive or in India.
what scum. larger profits at the expense of peoples jobs and livelihood. so they will go on unemployment paid for by us taxpayers. so the execs can make 12 million a year?! why would anyone do business with state street bank or want to work there is beyond me. there will be justice...