State Street Reviews

Updated October 29, 2014
Updated October 29, 2014
1,325 Reviews
2.7
1,325 Reviews
Rating Trends

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

Review Highlights

Pros
  • Good work life balance with potential to work from home or create a flexible schedule (in 128 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 62 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 39 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 55 reviews)

More Highlights

859 Employee Reviews Back to all reviews

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  1.  

    Self motivation required

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street

    Pros

    Flexible work arrangements, competitive vacation policy, great place to start a career

    Cons

    Lack of standardized training, long hours, depending on your industry there is a fair amount of turnover

    Advice to ManagementAdvice

    Organize standard trainings to assist with on boarding new hires

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Associate 2

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous
    Current Employee - Anonymous

    I have been working at State Street full-time (more than an year)

    Pros

    Good workers. The flexibility to work from home when needed is a great incentive.

    Cons

    Low pay!! Company doesn't compensate employees for their commitment and hard work.

    Advice to ManagementAdvice

    Need to award employees for their hard work. They tend to award employees who do not work or care about the work that they do.

    No opinion of CEO
  3. 1 person found this helpful  

    Good, but highly bureaucratic

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street full-time (more than 3 years)

    Pros

    Good work/life balance.
    Competitive base salary and Merit based yearly bonus structure.
    Generous maternity/paternity leave and vacation for higher levels.

    Cons

    Highly bureaucratic and strict adherence to hierarchy.
    Not the place if you are somebody who thinks out of the box and want to do things differently as there are process hurdles.
    Attitude among folks is to get the operational system issues working and get by somehow rather than attacking the core of the issue and devising ways to apply a permanent fix which obviously requires some lateral thinking and more often than not, time pressure to deliver comes in the way.
    Be nice and visible and you will be rewarded well irrespective of the quality of work.

    Recommends
    Positive Outlook
    No opinion of CEO
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  5.  

    Layoffs, Layoffs, Layoffs to good people

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Assistant Vice President in Boston, MA
    Current Employee - Assistant Vice President in Boston, MA

    I have been working at State Street full-time (more than 10 years)

    Pros

    Experience, work-life balance, benefits, retirement matching,

    Cons

    compensation, no loyalty to employees with many years of service, constants layoffs and corporate driven. Pay consultants not employees.

    Advice to ManagementAdvice

    training, leadership

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  6.  

    So far my experience has been good, people are friendly and welcoming!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Functional Specialist in Boston, MA
    Current Employee - Functional Specialist in Boston, MA

    I have been working at State Street full-time (less than an year)

    Pros

    It is a great resume booster and the people seem to be very nice so far.

    Cons

    The pay is very low for someone living in the city or communting to it.

    Advice to ManagementAdvice

    Be more accomodating to personal finances.

    Recommends
    Positive Outlook
    Approves of CEO
  7.  

    Great career development opportunities

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Operations Processing Analyst in Hadley, MA
    Current Employee - Operations Processing Analyst in Hadley, MA

    I have been working at State Street part-time (more than an year)

    Pros

    Learn a lot and develop skills that will help in career development

    Cons

    Work is boring at times

    Advice to ManagementAdvice

    None

    Recommends
    Positive Outlook
    No opinion of CEO
  8.  

    Changing times

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Performance Analyst in Boston, MA
    Current Employee - Senior Performance Analyst in Boston, MA

    I have been working at State Street full-time (more than 10 years)

    Pros

    Flexible hours. Not bad for entry level or non-operational roles.

    Cons

    Constant turnover, annual layoffs, constant focus on creating task-oriented roles instead of roles to broaden skills. Offshoring of all possible jobs is a constant struggle. Building relocation occurs every 2 years, never settled.

    Advice to ManagementAdvice

    Eventually client dissatisfaction will be recognized.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  9. 1 person found this helpful  

    Huge corporation focused on profits, not people

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Operations Associate
    Current Employee - Client Operations Associate

    I have been working at State Street full-time (more than an year)

    Pros

    Good exposure to fund accounting for an entry level, recent college grad. If you're put into client operations or fund accounting, you can learn a lot of skills quickly to put on your resume. (Any custody type, processing roles will be completely useless for your career however)

    Cons

    They've outsourced most of their workforce overseas at this point so good luck keeping your job. Not only does that mean layoffs for us, but also the quality of work suffers. The people in India and the Philippines they hire are completely incompetent and you will have to pick up their slack. In fact, it seems as though they foster a culture of mediocrity in general: get your work done, don't go above and beyond because we don't listen to people who think outside the box and don't recognize overachievers. All the truly talented people leave this company within a few years. VERY low pay, to the point where I can barely pay bills. Very hard to get promoted, basically no employee development in this company. If you are a serious professional trying to make a career in the financial industry, don't waste your time here, they don't reimburse employees for the CFA exam. You are not important to them: you are a cog in the wheel.

    Advice to ManagementAdvice

    Invest more in employee development to instill a sense of community among the employees. Encourage them to develop themselves professionally and reimburse them more for graduate programs, CFA, CPA, etc. And please pay people who actually perform!

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  10. 1 person found this helpful  

    Eh....

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Tax Associate II in Boston, MA
    Current Employee - Tax Associate II in Boston, MA

    I have been working at State Street full-time (more than an year)

    Pros

    Young company, so a lot of your coworkers are around your age. Managers/colleagues are usually the only reason to go to work. And that's only on some teams. Really only busy for 5months of the year. Lots of learning and training, definitely get to know ins and outs of tax.

    Cons

    VERY low pay. Yes OT is allowed, but compared to other companies, the salaries are extremely low. Upper management are only concerned with how low their pay is, so they only hire college grads, then get mad when the ending product is less than satisfactory. Very VERY little room to grow, career wise. Takes around 4-7 years just to be promoted to Senior.

    Advice to ManagementAdvice

    Happy staff, better ending product. Keeping your staff miserable doesn't get you a better outcome.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    Low investment in people and innovation

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous
    Current Employee - Anonymous

    I have been working at State Street full-time

    Pros

    Flex work and benefits

    Cons

    Slow and old fashion environment. State street remains a custodian, low margin high volume and unsophisticated tools.

    Advice to ManagementAdvice

    Invest in your employees and attract talent with market competitive salaries. Diversify and allow world talent to lead, not the same Boston monochromic old guard.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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