Not the Company it once was (for all: employees, stockholders and clients) - Project Management State Street Employee Review

I firmly believe that SSB began to fail 20+ years ago. I think we tried to expand way to fast and without putting in the proper restrictions, technology and management to support the growth. Since then, we have let go of the many employees with the needed knowledge and replaced them with unskilled lower paid staff or contractors. This has resulted in terrible service for the clients not to mention significant losses to the company. Our technology division is another area that cant catch a break. They are given a budgets and deadlines to complete projects but cant hire the staffing (contract or FTE) to meet the deadlines. When a rec (contact/ fte) is approved we need to use a preferred vendor (Wipro, which the majority are Indian) and find a candidate that can actually know the work. SSB has manipulated most of their code, so many new contractors have a 2-3 month learning curve. Once we get them fully trained they are typically let go. It is torture for the employees trying to pick up the slack. ALL of the people that I deal with are working 50-60 hours a week with no overtime and all are salaried. We are expected to keep working more for less, then wait to get laid off. Promotions and salary increases have become a thing of the past. The only way to get the money/ promotion you deserve is to leave the group you are in or the easier way is to leave the company and come back. I have worked in areas where all of my co workers were VPs (I was an AVP at the time), we did the exact same job, had the same certifications and great reviews but I could not / did not get the promotion. I left and they replaced my position with a VP. This is not a new and everyone lost out - except the new employee.