SWFI Daily Layoffs Briefing, December 16, 2020 Posted on 12/16/2020 1. State Street Corporation is among just a few financial institutions that pledged no layoffs during the COVID-19 pandemic. At a December 2020 Goldman Sachs U.S. Financial Services conference, State Street CEO Ron O’Hanley said the company’s pledge to “not displace anybody” this year “will go away.” 2. The San Francisco city government faces a new deficit of US$ 653.2 million over the next two fiscal years. SF Mayor London Breed seeks to talk to various departments within the city and the plan could include layoffs and service cuts. Sales, hotel and business taxes have been lower than expected in 2020, while COVID-19 pandemic-related costs and expected employee raises are pushing up expenses.