State Street

www.statestreet.com

State Street Reviews

Updated January 24, 2015
Updated January 24, 2015
1,432 Reviews
2.8
1,432 Reviews
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
465 Ratings

Review Highlights

Pros
  • Good work life balance with potential to work from home or create a flexible schedule (in 132 reviews)

  • The flex work schedule, most people have an option to work from home twice a week (in 65 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 42 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 57 reviews)

More Highlights

373 Employee Reviews Back to all reviews

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  1.  

    State Street bank and Trust Co Intern Hourly review for late 2014

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Analyst Intern in Kansas City, MO
    Former Employee - Financial Analyst Intern in Kansas City, MO

    I worked at State Street

    Pros

    Nice people, most of the work was easy to pick up and most of the people were helpful

    Cons

    Pay was below average, and at times felt like the clock just stopped all together. Possibly the most stressful place I have ever worked.

    Advice to ManagementAdvice

    Be more concerned with you lower employees

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  2.  

    Company doesn't value hardworking employees

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at State Street full-time (more than 10 years)

    Pros

    People and flexibility, good place for starting out in your early years.

    Cons

    No loyalty to the hardworking staff.

    Advice to ManagementAdvice

    Keep the ones that do the work layoff the ones that don't.

    Doesn't Recommend
    Negative Outlook
  3. 1 person found this helpful  

    Luckily, I was a temp, passing through the night

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

    I worked at State Street as a contractor (less than an year)

    Pros

    There are some pretty good, competent coworkers
    The buy lunch when there will definitely be overtime, which is frequently

    Cons

    The person who trained me was a temp. He said he didn't want to train me. He liked to punch cubicle walls. No logins or computer for 2 months, but expected to do my job, then yelled at for not being able to do it because I had no access to do my job. Open racism, sexism, getting yelled at for things I had no power over. Asked for help, training and was flat out ignored. Half the people here had no clue what they were doing, and the other half were too busy doing all of the work. I finished grad school in Accounting, for this?

    Advice to ManagementAdvice

    Reward intellectual curiosity and get rid of your toxic "bro" culture. You have more people stirring the pot and pointing fingers than you do actual competent people and you set a new low for the worst temp job ever.
    Oh, and let your employees make fun of the only black temp guy in front of his face by making jokes about "diversity hires". I hope that dude sues you.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5.  

    Too big to have the flexibility in adapting quickly

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Fund Accountant, Associate I in Boston, MA
    Former Employee - Fund Accountant, Associate I in Boston, MA

    I worked at State Street full-time (more than an year)

    Pros

    Decent work life balance and matching 401(k) contributions up to 6%

    Cons

    Vacation days don't carry over year to year
    The work is largely mindless and repetitive
    They move around poor managers rather than getting rid of them

    Advice to ManagementAdvice

    Encourage a culture that welcomes talent rather than driving it out.

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

    OK place to be

    • 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

    The work itself is relatively easy and not hard to learn. I had only trained for a few months before I could grasp the over concepts of the work.

    Cons

    Pay pay pay. The pay is very low. I would rather have harder work and more responsibility and get paid more.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  7.  

    Client Service Degradation

    • 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

    Pros

    State Street has a solid management team and is building the future state service model...

    Cons

    ...that will adversely impact clients service. Offshoring initiatives and their segmented approach has limited their flexibility and acountability internally.

    Advice to ManagementAdvice

    Provide opportunity and support for your employees.

    Doesn't Recommend
    Neutral Outlook
  8. 2 people found this helpful  

    more concern for top management than employees or clients

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Fund Accounting Manager in Boston, MA
    Former Employee - Fund Accounting Manager in Boston, MA

    I worked at State Street

    Pros

    salaries if you've been there a while, lots of room for growth at entry level to mid-level, good benefits.

    Cons

    Executive management has taken their eye off the ball and it shows in the service delivery. Morale of employees is about as low as it can get and advice from managers is, go look for somewhere else to work because it isn't going to get better here anytime soon.

    Advice to ManagementAdvice

    Stop gutting the employee base and eliminating the knowledge base with layoffs. Wonder as the employment market improves, how you think you'll keep good employees.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  9. 5 people found this helpful  

    Layoffs and offshoring

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Account Manager
    Former Employee - Account Manager

    I worked at State Street full-time (more than 3 years)

    Pros

    It used to be a place you were proud to name as your employer. Now the pros are limited to a decent vacation policy, co-workers are generally good people, employees are given two paid days each year to participate in community service.

    Cons

    The threat of layoffs has loomed constantly for many years while jobs are simultaneously being offshored to India, the Philippines, China, etc. Consequently, morale is very low and overtime is high among client facing teams as they struggle to keep clients happy in the face of the offshore challenges.

    Advice to ManagementAdvice

    Syntel, IBM and all other offshoring/outsourcing projects are an unmitigated disaster. Swallow your pride before it's too late and bring the jobs back to the US. Woo back the experienced staffers who were laid off due to their "high" salaries because they earned every penny working nonstop to keep clients as happy as possible.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 3 people found this helpful  

    Run while you can

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

    I have been working at State Street full-time

    Pros

    Overtime pay, work from home option, for a person right out of college and not having many bills to pay the salary is good.

    Cons

    Benefits - you expect me to give up 100+ of my pay (which is weekly) no thanks, work-life balance - depending on your group you may be in the office til 9pm and may have to work weekends, the help desk - unless you like talking to a person that wont go off script to fix a problem expect many issues when you call, took over 3 months to finally get the proper access to everything.

    Advice to ManagementAdvice

    Pay more attention to your employees personal needs - don't expect them to stay late all the time and show up every morning with a smile. Make more of an effort to balance group work.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  11.  

    State Street Kansas City

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Officer in Kansas City, MO
    Former Employee - Officer in Kansas City, MO

    I worked at State Street full-time (more than 5 years)

    Pros

    Good company culture, onsite gym & cafeteria, work-life balance, PTO, 401k match.

    Cons

    Compensation is well below average. Starting salaries are very low and promotions are capped at a certain percentage. This makes it impossible for your salary to ever catch up to "market value". State Street on the resume can make it difficult to gain fair value from potential employers since most know how low they pay. It is also very difficult to move from operations to other functions. KC office is looked at as the little brother compared to Boston office.

    Advice to ManagementAdvice

    Acknowledge talent in KC. Compensate high performers. Stop laying people off to hit your numbers and stop offshoring jobs to India.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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