State Street Corp. plans to cut 630 jobs, or about 2 percent of its worldwide workforce, as the Boston-based custody bank continues to work on lowering expenses. Fourth-quarter net income climbed to $468 million, or $1 per share, vs. $371 million, or 76 cents, a year earlier. Excluding some costs, adjusted earnings were $1.11 per share. Analysts expected $1.01 per share,. Full-year net income rose to $2.02 billion, or $4.20 per share, from $1.88 billion, or $3.79, in the prior year.
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Well. since the Globe will not report on the joint venture being run by Allen Greene at State Street which is causing all of these layoffs, I guess I will do it.. When I was working at State Street a year ago, on the third floor of the John Hancock Tower, the work being transferred to SYNTEL was compliance work and it was NOT going that well.. The Indians who had taken our compliance testing often went home before the work was really done, because they were working 1t 1:00am their time when it was 3:30pm in Boston. The Compliance team, our VP specifically, was in such a hurry to train the Indians and send the folks back that they shortened their training by 1 week which didn't help the Indians understand complicated SEC and IRS testing. The funniest thing of all, is that our clients were now paying top dollar for really sensitive IRS and SEC testing to be done, and when I left this work was now being done by peeople nine time zones away from the US who barely new what they were doing, and they were half asleep.
After our initial meeting when we were told there would be no layoffs and that we could merely find jobs eslewhere within State Stret after our work was sent to INDIA - one VP turned to the senior VP whose naem was Phil and asked "PHil" what would they do if some of "them" couldn't find jobs eslewhere within State Street, and "Phil" turned around and said to her "we'll make-em leave" and they both laughed, like this was a funny event for them.