State Street Reviews

Updated October 20, 2014
Updated October 20, 2014
1,314 Reviews
2.7
1,314 Reviews
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
419 Ratings

Review Highlights

Pros
  • Company has good benefits and is looking to improve work/life balance for employees (in 126 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 61 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 53 reviews)

More Highlights

348 Employee Reviews Back to all reviews

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  1.  

    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
  2.  

    Financial Reporting Specialist

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Reporting in Quincy, MA
    Former Employee - Financial Reporting in Quincy, MA

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

    Pros

    Gain a lot of experience

    Cons

    There are nothing much to talk about cons

    Advice to ManagementAdvice

    Please consider work-life balance.

    Doesn't Recommend
    Disapproves of CEO
  3. 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
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  5.  

    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
  6.  

    Fund Accountant

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

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

    Pros

    Flexible schedule
    Good Team management
    Had a good cafe

    Cons

    Dull atmosphere
    repetitive work
    micro-managed
    Did not recognize talent

    Advice to ManagementAdvice

    None

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7. 2 people found this helpful  

    A lot of responsibility with little worth.

    • 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

    Benefits are very competitive here.

    Cons

    Hours and pay are not reasons to work here.

    Advice to ManagementAdvice

    Needs to be more competitive with salary

  8. 2 people found this helpful  

    Some good, mostly bad.

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

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

    Pros

    You will learn a lot by working here. The initial training is not the best, but once you get on the floor you will learn a ton from doing the work or from colleagues, if you are fortunate to have good colleagues. Benefits are decent.

    Cons

    Pay is awful. Depending on where you are, promotions could be hard to come by, but that is more because State Street is always looking to cut costs by moving to cheaper and cheaper labor. If you see similar departments as yours being outsourced, find a new job. 401k match here is 5% once fully vested, but I do not think many people actually work at State Street long enough to be fully vested. Compared to other companies, the 401k match does not do much considering you will be taking a 10-20% pay cut to work here.

    Advice to ManagementAdvice

    Pay employees better. Implement programs to identify talent and try to retain them. Instead of trying to focus so much on talent acquisition, try to focus a bit on talent retention.

    Disapproves of CEO
  9.  

    internship

    • 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 an intern (less than an year)

    Pros

    looks good on the resume

    Cons

    environment is very slow with workers just trying to get by.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  10.  

    more of the same

    • 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 8 years)

    Pros

    Good amount of work to keep busy. Flexible work arrangements.

    Cons

    work-life balance due to commute

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

    Low stress environment for the most part, but low learning opportunity if asset servicing isn't your career

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

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

    Pros

    - Most employees are open to help if you ask for it
    - Very little interaction as everyone seems to keep to themselves or their own group
    - Company HR does make an effort for interns to go to large events and get to know people in the company
    - Interns are paid fairly well ($12-15 an hour)

    Cons

    - Workload can vary dramatically based on what group you are in
    - Difficult to apply experience to broader finance if asset servicing isn't your field
    - Entry level compensation for full time work is not competitive, especially given city location
    - It doesn't seem like any of the folks that join the company straight from school actually wanted to end up here

    Advice to ManagementAdvice

    - Entry level compensation is not nearly competitive enough
    - Improve the ability of junior members to quickly move up the management chain

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

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