State Street Corp. said yesterday it will cut 850 jobs, including 558 in Massachusetts, as it launches a second major round of layoffs in less than a year.
The Boston financial services giant said all the affected workers are in information technology and described the cuts as part of an “IT transformation,’’ where transactions and data can be processed in less costly ways. State Street manages investments and handles record keeping on trillions of dollars for pensions and other investors; it depends heavily on technology in its business.
This brings the number of layoffs in MA alone to nearly 1,000 workers. Any guesses on how long it will be before we receive another glowing media report about how well the economy is doing? I mean, it's not like we bailed State Street out already or... wait. At least they had the common sense to forgo bonuses after the bailout, ri- wait. Maybe they should have done some cutting in the management areas - but then again, they don't want to farm those jobs overseas...
State Street claims to be committed to staying in Massachusetts - but not to the people that it employs there, apparently...
That is all.
1 comment:
Well, I think you can still leave a SLAVE STATE, unless of course you owe to much to the company stoar.
BTW, how's the Romneycare workin' for ya?
Post a Comment