Talk:State Street Bank and Trust Company

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Untitled

My former (I left a week ago) employer, State Street Corporation, a large Mutual fund firm in Boston, received approximately $3 billion in US government TARP bailout money about two years ago, and is now embarked on a program (A Joint Venture "JV" with SYNTEL of TROY, MI) 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, and Irvine, California, currently receive approximately $3,200 a month on average to perform. This action is all being taken under the direction of State Street's CEO Jay Hooley ($12.9 million in compensation last year)and his operations man Alan Greene.

When my former employer needed help. the federal government bent over backwards and provided a huge amount of operating capital - which ultimately came from each American Worker.

Currently in the cities of (1)Pune,(2)Chennai, and (3)Mumbai, India, there are large campuses filled with workers from a 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, Irvine California, and Boston, and other parts of Massachusetts. I was told by one of the Syntel workers that in Pune alone over 1,200 workers are now performing jobs which less than two years ago were being performed in Massachusetts, and Kansas City.

I was told by a Administrative person who worked in the office of the former Unit Head, that State Street plans by the end of 2012 to move almost all of the Fund Admin operations - which is about 725 people, to Mumbai and Punai where "Syntel" will perform all of these jobs leaving several hundred Massachusetts. Irvine CA, and or Kansas City residents out of work at a crucial time in our economy and our history. If you contact State Street and they tell you they are not going forward with the "JV" They are lying - We Just trained a bunch of guys last month, We actually send a team to INDIA to train workers to take US Jobs.

Sincerely,

Dan Armstrong 8 hall Avenue apt #3 Braintree, MA 02184 — Preceding unsigned comment added by 72.93.207.201 (talk) 16:23, 22 December 2011 (UTC)[reply]