State Street
2.7 of 5 1,201 reviews
www.statestreet.com Boston, MA 5000+ Employees

State Street Reviews

Updated Jul 7, 2014
All Employees Current Employees Only

2.7 1,201 reviews

                             

51% Approve of the CEO

State Street President and CEO Joseph (Jay) L. Hooley

Joseph (Jay) L. Hooley

(372 ratings)

40% of employees recommend this company to a friend
159 Employee Reviews Back to all reviews
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    Opportunity for advancement is more dependent on your relationships with your supervisor than the quality of work you do

    Fund Accountant, Associate I (Current Employee)
    Kansas City, MO

    ProsYou can gain valuable knowledge of mutual fund accounting.

    ConsYou most likely will not receive much job satisfaction.

    No, I would not recommend this company to a friend

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    6 people found this helpful  

    Pathetic company, so glad I got out in time

    Manager (Former Employee)
    Boston, MA

    ProsWas able to work from home occasionally but SS only did that to set up expense savings in the future, not to reward employees

    ConsEntry level pay hasn't increased in about 8 years.
    Promotions ground to a halt years ago.
    Tanking economy was a godsend for them since most people chose not to leave on their own.
    Morale is the worst, nobody is happy working there, MANY people wished they would get laid off so they company would keep paying them while they searched for jobs.
    Teams have a few key employees who get beat on 24/7 while the rest skate by creating poor dynamics and burn out.
    VP and above management is a complete joke. Nobody thinks for themselves, they just follow the playbook and wear teflon clothes. Most of their time is spent spinning away problems to clients after countless hours are wasted finding out what happened in a group far far away (India). None of them work well with each other since they are all hoping to save a seat next time the layoff song plays. Senior management is actually happy with this "step on others to save your own job" attitude. They all forget where they came from and can't be bothered to talk to anyone except their direct reports. Some promise inclusive group meetings then you never see them again except when there is an error.
    I personally witnessed a senior manager direct a junior employee to make accounting entries that would purposely end up making another senior manager look bad.
    Employees lie on the "completely anonymous" surveys out of fear.
    Centers of excellence just rearranged the deck chairs. ERRORS occur by the minute and the people/teams responsible just say "why didn't someone else catch it" then the finger pointing begins.
    Oversight Duplication all over the place yet still the losses pile up.
    Any system that gets rolled out is riddled with bugs making risky workarounds constant.
    You could be the best worker in the group and get a 1,000 pre tax annual bonus meanwhile the guy next to you does nothing and gets $500. Both are expected to pretend they are lucky to have a job.
    Reviews are on a bell curve and low level managers give crappy EE's a 3 (of 5) so they don't have to lose people and re-train newbies.
    Next time I need to hire a service company for my funds it will not be State Street.

    Advice to Senior ManagementSenior - is there anything more cowardly than laying off hard working employees to control expenses while accepting an enormous annual bonus yourself?
    Middle to lower - when you get axed, file or unemployment as soon as possible.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    1 person found this helpful  

    Churn and Burn

    Fund Accountant, Associate I (Former Employee)
    Sacramento, CA

    ProsGood transferable skills if you focus on developing yourself
    Quick promotions if you apply yourself

    ConsWhere to start:
    Terrible work/life balance. A lot of days are extremely long.
    "Churn and burn" high turnover/low pay philosophy. The focus is on hiring for cheap and working the employees into the ground until they leave and repeat the cycle. This also weeds out the competition so management is not as talented as it should be.

    Advice to Senior ManagementNot a place I would want to stay for my entire career. Focus on treating employees better.

    No, I would not recommend this company to a friend

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    1 person found this helpful  

    Custody Specialist

    Custody Specialist (Former Employee)

    ProsExperience first hand how cutting corners and saving pennies can create a horrible working environment.

    ConsNo matter how hard you worked (and succeeded) - it was unsatisfactory for management. Direct quote from management: "watch what you print, because it comes out of our bonus."

    No, I would not recommend this company to a friend

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    1 person found this helpful  

    Stay away

    Anonymous Employee (Former Employee)

    Prosnot many pros to give

    ConsEverything here is bad..do not work here

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    Entry level experience with no job security or upward mobility

    Hedge Fund Accounting Supervisor (Former Employee)
    Boston, MA

    ProsThis is a good place to get a foot in the door in the financial industry.

    ConsThere is almost no job security. They are constantly moving jobs overseas or out of state. There is very little upward mobility. You have to fight tooth and nail for a promotion. This place is very poorly managed at a high level. I worked in one group that was extremely understaffed and another that was so overstaffed I only did an hour of work a day. The VPs spend their time worrying about staggering lunches and making sure you're not 2 minutes late for work rather than making sure their appropriately staffed or getting enough new business to allow people to keep their jobs. I worked in multiple groups at this company and was miserable in every single one of them. If had to summarize the impression I got from upper management it would be 'just be glad you even have a job.'

    Advice to Senior ManagementAt some point the revolving door of entry level staff is going to backfire and you'll start losing clients. Start trying to retain quality employees who will make processes more efficient.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    cube monkey

    Anonymous Employee (Current Employee)

    Prospretty good job security. hard to get fired in low level positions

    Constreated poorly, culture is not very conducive to happy work environment

    No, I would not recommend this company to a friend

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    1 person found this helpful  

    Overworked, underpaid, & no advancement if your not the favorite

    Anonymous Employee (Current Employee)
    Boston, MA

    ProsA lot of locations. Nothing else

    ConsPay bad
    Management bad
    Advancement non existent

    Advice to Senior ManagementPPRs should be done for managers by their employees

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    3 people found this helpful  

    Unrewarding, both professionallly and in terms of compensation

    Assistant Vice President (Former Employee)
    Boston, MA

    Pros1.) If you work in the right area you may be eligible for a Flexible Work Arrangement (Note: Those privileges are can removed from an entire department, without notice, as a form of communal punishment for operational losses within a separate area of the department)

    2.) If you become CEO you will be the 3rd highest paid in the entire industry.

    ConsTalent Loss/Brain Drain is remarkably high at State Street. With little to no merit increases for employees over the past 7 years, attrition rates for talented employees are extremely high. The remaining lesser-skilled employees have been forced to work longer and harder to implement unrealistic cost savings plans (i.e. outsource their own jobs). As a result, moral among employees is terrifyingly low (crying at the desk, storming out of the building are not rare events) and operational losses seem to be occurring at unprecedented rates.

    Advice to Senior ManagementIf you care about your employees, your employees will care about you and your clients. In Jay's short time as CEO he has obliterated the loyalty of what was once the most loyal employee base in the industry.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    • Culture & Values
           
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    1 person found this helpful  

    Avoid here

    Operations Associate (Former Employee)
    Boston, MA

    ProsAfter working there for over a year and a half I really cannot think of any pros to write down about the company

    ConsPay, Work environment, way too many temporary employees who they refuse to hire, moving everything to india, poor management, bad benefits

    No, I would not recommend this company to a friend

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At State Street, we know that smart, skilled, productive employees are essential to our company’s continued success. As a leading provider of financial services, with operations in 27 countries and more than… Full Overview

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