What's interesting about this move is that increasing AUTOMATION is taking the blame as locals confront more outsourcing and tech challenges to employment. State Street has 1,220 full-time-equivalent employees in the Kansas City area. Typically, branch offices like our hometown outpost take the layoff hit first. Here's a link tease and then more info for subscribers:
State Street is doing away with more jobs - The Boston Globe
State Street Corp., one of the Boston area's biggest employers, launched another round of layoffs as it accelerates a campaign to boost efficiency in the face of tough competition and what it called an uncertain outlook for the global economy.
SS Controversies
ReplyDelete1 Currency trade fraud
2 Non-disclosure of short position
3 Shareholder complaints
4 Secret commissions
A fine upstanding corporation.
They are sending the jobs to India.
ReplyDeleteState Street is the worlds 3rd largest holder of PCG stock, yes the utility company that just burned down California and has gone bankrupt. State Street owns 25,000,000. shares. And State Street has lost OVER A BILLION on the stock. When is was $60 per share a year ago their holdings were worth $1,500,000,000.00 - but now the stock is 1/10th the $60 price, its just $6. So their holdings are worth only 150 million. Way down from 1.5 billion. A matter of fact, 150 million is barely enough to build 50 McDonalds fast food establishments. Or maybe 50 houses in Hallbrook. And State Street has been selling so they probably owned at more at the $60 per share price. Plus their link to the failed DST SYSTEMS, which was way behind the times in technology and was know as a huge sweatshop that poorly treated their staff has not helped. State Street can leave, their staff can find better jobs in the KC area for kinder and higher paying employers
ReplyDeleteWell, at least the Metro area will have all those Sprint jobs to fall back on! Won't we?
ReplyDeleteWill the Trump winning ever stop???
ReplyDeletewe can't take it anymore.
Go to Cerner or AMC or Sungard
ReplyDelete