State Street

  www.statestreet.com
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State Street Reviews

Updated Jul 20, 2014
All Employees Current Employees Only

2.7 1,213 reviews

51% Approve of the CEO

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

Joseph (Jay) L. Hooley

(378 ratings)

40% of employees recommend this company to a friend

Review Highlights

Pros
  • Company has good benefits and is looking to improve work/life balance for employees(in 118 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to(in 55 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach(in 36 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you(in 47 reviews)

160 Employee Reviews Back to all reviews
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    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    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

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    1 person found this helpful  

    A great place to waste your life away.

    Derivative Pricing Specialist (Former Employee) Sacramento, CA

    Pros- Easy schedule (Mon-Fri 8:00 -4:30)
    - 3 weeks of vacation the first year
    - Company matches 100% of 401K, up to 5% of salary, after the first year.
    - Some friendly coworker if you're in the right team.
    - If you like to blindly push buttons all day this is perfect for you.

    Cons- Expect to work holidays.
    - People at the top lack communication skills and common sense.
    - High turnover.
    - Bad reputation.
    - Underpaid.
    - Learn skills irrelevant to job title.

    Advice to Senior ManagementFire yourself.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    1 person found this helpful  

    Like working at Mcdonalds

    Anonymous Employee (Former Employee)

    ProsDecent pay for right out of college. Very cut throat. Very little if anything positive to say. They are the corporate underground.

    ConsYou name it! High turnover, bullying employees that make you humiliated to work there. Never worked 40 hours always more and I was on salary and would get the bare minimum over 40 hours

    Advice to Senior ManagementTreat your employees better and pay more

    No, I would not recommend this company to a friend

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    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

     

    Nothing to do in IT

    Anonymous Employee (Former Employee) Quincy, MA

    ProsNone currently, at least in IT division or what's left of it.

    ConsOutsourcing everything, no sense of structure and direction, people treated as bodies and get assigned to roles that they have zero competency in. Outsourcing isn't working out as well as it was sold and presents more issues than it claimed to solve.

    Advice to Senior ManagementTake people specialties and competencies in consideration before assigning them to fill available roles.

    No, I would not recommend this company to a friend

    • Culture & Values
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    • No Opinion of CEO

    1 person found this helpful  

    Underpaid Unappreciated

    Trader (Former Employee)

    ProsThey give you a ton of responsibility up front, thus opportunity to learn.

    ConsRemember that part about responsibility? Well, they don't pay you a ton.

    Advice to Senior ManagementPay what you weight.

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

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    1 person found this helpful  

    This place totally works its employees to the bone.

    Assistant Director (Current Employee) Boston, MA

    Prosit has the benefit to buy/ sell vacations.

    ConsLong hours and weekends are expected. No work life balance at all.

    Advice to Senior ManagementIt's a horrible company to work for.

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

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    6 people found this helpful  

    Every day's better than the next....

    Senior Manager (Current Employee) Boston, MA

    ProsSomewhat of a country club atmosphere (whether I, as a manager of managers, like it or not).....most everyone is able to come and go as they please. They take care of getting my monthly transit pass for me. That's about it.

    ConsWhere to begin....culture is terrible. Everyone I know hates their job. There is no incentive to work hard and provide good client service because raise percentages for most employees have not kept up with inflation over the past 2-3 years. For a certain level and above (and we're not talking about senior management, folks) pay has been frozen for the past three years, while profits have increased steadily. Advancement past the 5-6 year tenure mark is nonexistent, currently.

    All proprietary systems are junk. The core accounting system is over 20 years old and so antiquated it makes me cringe. The client interface is universally hated by every client I've spoken to. Tech support is non-existent; all the talented tech folks who weren't laid off have left for greener pastures.

    Senior management is absolutely, postively clueless. The hiring standards are through the floor. HR flat out refuses to revisit salary structures even though it's a fact that starting salaries at STT are 10-15% lower than local competitors. Even at middle-management levels, salaries are lagging. I was assured by the SVP of my team that I am well compensated compared to my peers....great, but I'm making 25K less than my counterpart at a comparable firm across town. If getting out of the industry altogether wasn't my ultimate goal I would've jumped ship 2 years ago.

    Let us not forget about the Channel Center. Everyone in the Back Bay or in Lafayette is moving there the second we are able so that STT can cancel their leases and save some more $$$.....with just one hitch. At last count there are approximately 6K people for approximately 4K seats in the new building. So either they had better get the architect back on the phone quick and draw up another few floors, or there's gonna be a whole 'nother round of layoffs in the next 6-8 months.

    There are three main sets of stakeholders any business must satsify in order to be successful: customers, shareholders, and employees. By keeping salary levels as low as possible, STT has proven that they care only for the shareholders; they are driving talented people away and killing those who stay with an awful culture. This, in turn translates to poor client service and disgruntled clients.

    Advice to Senior ManagementInstead of begging the state for tax breaks on building new offices that your employees can't even get to conveniently, invest in the employees and systems infrastructure. Ultimately, you pay for what you get, and if you keep skimping on the things that really matter to a service business (intellectual capital and tech support), you will fail. Things are going to get much, much worse at this company before they get better.

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

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    1 person found this helpful  

    Right out of college, you're just so naive...

    Associate II (Current Employee) Boston, MA

    Pros-work/life balance is great because the incentive to work overtime is non-existent
    -PTO and sick days are the only benefit you will get when working here

    Cons-where to begin...I am pretty sure the Senior Associate above put it perfectly
    -No room for growth (only lateral and who wants to stay at the same salary, yet on the bottom of the totem pole? Really, if you have an answer enlighten me on here)
    -The pay is absolutely terrible, the company has been ranked #1 custodial bank for the past few years; however, we have one of the worse base pay rates in the industry. Even Brown Brothers have a higher starting salary....and that says something
    -the company only cares about their shareholders and not the individuals (associates aka peons) that actually keep a good standing with the clients which inadvertently gets the CEO a bigger bonus
    -The peons bonuses, never mind, we shouldn't even call them a "bonus" by the lack there of...
    -Raise percentages fall under the same umbrella of the bonuses....I believe you can start to see a trend
    -Even if you have the determination to start making a change for you and your fellow associates, your voice goes unheard....even when you schedule a meeting and discuss this with SVP

    -

    Advice to Senior ManagementWith high turnover rates, lack of incentive and morale, and barely any intellectual assets....this company will just continue to stay on course towards the iceberg it's about to hit. Good luck.

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

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

    2 people found this helpful  

    Awful Company!!!! I would not advise my worst enemy to work here .

    Senior Fund Accountant (Former Employee) Kansas City, MO

    ProsThere's nothing good about working here.

    ConsThe skills you learn here cannot be used anywhere else.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    2 people found this helpful  

    State Street is for those who can't find work anywhere else

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

    ProsEasy job to get.
    Job security is 99%. You pretty much have to try to be fired.
    Some groups allow you to work from home.
    You learn good skills like Excel, time management, multi-tasking, and how to look like you are working when you are not.

    ConsPay is the lowest in the industry.
    Work is processing (clicking buttons) not accounting. You will not learn the fundamentals of accounting or any field for that matter.
    Management hires based of whether they know you or not and skills do not matter. I have a good reputation with everyone and could be promoted in a heart beat, but I'm not conforming to that ridiculous way of management. My current manager is not qualified for the job and she was just hired on. There are two others in my group who should have been promoted, yet they are not the most "popular". It's like high school at the company.
    Accounting/work becomes something you never want to do again.

    Advice to Senior ManagementCare about your employees and the good ones will stick around. You management is full of untalented individuals. Look for potential and offer rewards to good and hard workers and the talented ones like me may stick around instead of leaving for 20k more pay. Oh also, how about you seek better employment opportunities? Why do you want to be known as someone who works for State Street Bank and Trust? I'm writing this review and I still work here! I'll be gone in two months tops.

    No, I would not recommend this company to a friend

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