State Street: Growing, but why not he...

State Street: Growing, but why not here? - Sentinel & Enterprise

There are 9 comments on the Sentinel & Enterprise story from Dec 6, 2010, titled State Street: Growing, but why not here? - Sentinel & Enterprise. In it, Sentinel & Enterprise reports that:

By all indications, State Street Corp. is in a position to grow its business and hire more employees.

Join the discussion below, or Read more at Sentinel & Enterprise.

From Townsend

Lowell, MA

#1 Dec 6, 2010
Regardless, the pattern is disturbing and we see little action to reverse the trend.

Right you are, let the outsourceing continue as no action to reverse the trend will ever happen thanks to the 53000 lobbiests in DC who are actually running this country into the ground.
Far123

Tustin, CA

#2 Dec 20, 2010
Hooley is a clown. He has no idea what he's doing. Laying off is one thing, but sending jobs to India is criminal. State Street employees are training their replacements from India in person. That is disgusting.
Mexican Guy

Gardner, MA

#3 Dec 21, 2010
Holy smokes. Americans will have to start illegally immigrating to India to find jobs. Karen Buckley will have a bird. Welcome to the global economy.
Daniel J Armstrong

Toronto, Canada

#4 Oct 22, 2011
My name is Dan Armstrong. I am 50 years old and I have worked in the mutual fund industry in Boston since 1987. Right now I am harboring incredible guilt about what I am doing at my current employer, and I as an American I believe it is morally and ethically wrong.
My employer, State Street Corporation, a large Mutual fund firm in Boston, received between $4 billion in US government TARP bailout money about two years ago, and we are now embarked on a program of sending hundreds of jobs (in "small increments" in order to avoid the attention of the media, the press, and politicians) to India where the workers will receive approximately $400 per month to perform work for which American workers in Boston and in Kansas City currently receive approximately $2,700 a month on average to perform.
When my employer needed help. even though we really didn't at the time, the federal government bent over backwards and provided a huge amount of operating capital - which ultimately came from each American Worker. We are told within the company that these new strategic initiatives are about making us a more "global" companies and that we need to embrace a "global mindset" and embrace other cultures. But none of us believe this. This move is about greed, the same greed the young people in many instances - are now getting the living crap kicked out of them in cities like New York.
Currently in the cities of Pune and Mumbai, India, there are two large campuses filled with workers from some company called "Syntel" where hundreds of workers are performing - Fund Accounting, Portfolio of Investments compilations, and Custody work. All of these people are now doing work that was once being done by Americans in Kansas City and Boston, and other parts of Massachusetts. If you contact my employer and they state that I have lied to you or that what I mentioned isn't going on - ask them about a company called "Syntel" or contact Syntel yourselves in India and they will verify that what I have told you is fact, absolutely the truth. Next month the entire corporate help desk will be shipped off to a company called "Wi-Pro" in Bangalore, India.
I was told by a Administrative person who works in the office of the Unit Head, that State Street plans by the end of 2012 to move almost all of the Fund Admin operartions - which is about 725 people, to Mumbai and Punai where "Syntel" will perform all of these jobs leaving sveral hundred Americans out of work at a crucial time in our economy and our history.
If the US congress enacted a "Jobs Expatriation Act" which require any corporation - with 100 employees or more - doing business in the US to file paperwork each year with the Federal government indicating just how many employees they (the corporations) have on their payroll. If there were any change in employment figures within such a firm during a given year based on the fact that an organization "expatriated" US jobs to a foreign country, than that entity would have to pay the federal government a $250,000 tax per job expatriated. If such a firm within that year failed to report such activity, a fine of $500,000 would be assessed for any unreported "expatriated" US employment.
This act would halt corporations like my current employer "State Street Corporation" from depleting the US job base to
enrich the lives of a few corporate officers, and a hand full of institutional investors - who are presumably pretty wealthy to begin with.
Thank you
Daniel J. Armstrong
gimme a break

Fitchburg, MA

#5 Oct 22, 2011
funny how right after this article is published, and this honest man here tells the truth. S&E deletes the article. much like all stories of cops or officials under corruption charges or suspected of such. im planning to move out of america, canada is looking pretty good right about now. 2012 is real....get use to it the only world ending is the world of americans everywere.
Hey dummy

Gardner, MA

#6 Oct 22, 2011
gimme a break wrote:
funny how right after this article is published, and this honest man here tells the truth. S&E deletes the article. much like all stories of cops or officials under corruption charges or suspected of such. im planning to move out of america, canada is looking pretty good right about now. 2012 is real....get use to it the only world ending is the world of americans everywere.
See ya. Take Alec Baldwin with. Don't let the door hit you on your ass.
The Insider

Readville, MA

#7 Oct 22, 2011
gimme a break wrote:
funny how right after this article is published, and this honest man here tells the truth. S&E deletes the article. much like all stories of cops or officials under corruption charges or suspected of such. im planning to move out of america, canada is looking pretty good right about now. 2012 is real....get use to it the only world ending is the world of americans everywere.
Hey dumb dumb, This is spam that is sent to every Topix forum in all communities.
Dan Armstrong

Boston, MA

#8 Nov 4, 2011
The Insider wrote:
<quoted text>
Hey dumb dumb, This is spam that is sent to every Topix forum in all communities.
What I wrote wasn't spam, its 100% true.
Dan Armstrong

Boston, MA

#9 Nov 4, 2011
What I wrote was not spam, it is 100% Truth.

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