When Layoffs Hit The Executive Suite




BOSTON (WBZ-AM) -- Usually when you hear stories about layoffs, they’re hitting middle-class and blue-collar workers – on assembly lines, at start-ups that don’t make it, in newsrooms.

So it always catches your eye when a big financial-services company like State Street says they’re doing major layoffs – of senior managers.

The CEO says they’re dropping 15 percent of these executives as part of a cost-cutting program that includes “increased use of automation…. When you do that…you just don’t need as many top-end senior managers to get the work done.”

State Street, like other comparable firms, has previously employed technology to eliminate lower-level jobs.

But now it seems it’s the penthouse residents getting the pink slips thanks to the insidious union of profit-crazed stockholders and eager technology peddlers.

This is truly an interesting trend, and you wonder if we’ll start to hear more public dissent from the disruption of human labor.

Maybe Harvard Business School can have Sheryl Sandberg from Facebook back to speak about the unrestrained excesses and failures of conscience of tech-obsessed speculators.

No sarcasm here, I truly wonder if these soon-to-be-unemployed executives are getting a raw deal. Can a computer give their clients the same tender, loving care that they did?

Or a robot in an expensive suit?

Somehow, disruption has been spun into a happy noun, a healthy, cleansing process, like flossing.

But maybe it’s just as likely to be a dirty word.

Better check with your local asset manager.

You can listen to Keller At Large on WBZ News Radio every weekday at 7:55 a.m. Listen to his previous podcasts on iHeartRadio. 

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