State Street Reviews

Updated September 19, 2014
Updated September 19, 2014
1,285 Reviews
2.7
1,285 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
406 Ratings

Review Highlights

Pros
  • Company has good benefits and is looking to improve work/life balance for employees (in 120 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)

More Highlights

341 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  1. 1 person 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 for more than a 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
  2.  

    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 for less than a 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
  3.  

    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 for 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
  4. We want your feedback – Are these company reviews helpful to you?  Yes | No
  5.  

    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 for less than a 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
  6. 2 people found this helpful  

    disappointed

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street

    Pros

    Good entry level job but pays poorly comparative to its competitors.

    Cons

    People of color are systematically discrimated. Promotions are preserve of friends of middle levels managers as opposed to merit. Prides in diversity but only a PR stunt. Some managers have the worst people's skills in the industry.

    Advice to ManagementAdvice

    Wake up and find out why people of color rarely go beyond associate 2 across the bank. If you doubt ask HR for data. Age of big data, analyze yours first.

  7. 1 person found this helpful  

    Not a company that values employees or talents

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

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

    Pros

    Flexible work schedules, good benefits

    Cons

    Poor upper management and company structures

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    Low pay, easy interview.

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

    I worked at State Street full-time for more than a year

    Pros

    It does have a decent training intro program to get you going if you didn't go to business school. If you did, look for a job somewhere else.

    Cons

    Low pay and miserable mid office management.

    Advice to ManagementAdvice

    Kick up the starting pay and thin the button pushers.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  9. 1 person found this helpful  

    Dying

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

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

    Pros

    State Street will never be on top, and they know it. Better work-life balance than most finance companies. Lots of training opportunities and internal education as well.

    Cons

    Inflexible system, low compensation, no office culture. I didn't meet a single person who enjoyed their job or enjoyed working there.

    Advice to ManagementAdvice

    Change something! You're tanking and had to fire a huge portion of your staff. Not looking good...

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  10. 1 person found this helpful  

    Fund Accountant Associate II

    Current Employee - Fund Accountant Associate II  in  Boston, MA
    Current Employee - Fund Accountant Associate II in Boston, MA

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

    Pros

    Solid Benefits, Stable Company, Good company to work for when you're just starting out.

    Cons

    Feel like a small, irrelevant cog in a machine much greater than yourself. Office politics rule, management is peppered with people who know their job but don't know people. Pay raises almost aren't even worth the added responsibility of a promotion. Factory-feel.

  11. 1 person found this helpful  

    Good place to start, bad place to end.

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

    I have been working at State Street for more than 5 years

    Pros

    Good benefits: Flex time/work from home, tuition reimbursement, vacation purchase program. If working with the right people, ability to learn and seek career advice.

    Cons

    This is probably one of the most disorganized, inconsistent, inefficient companies I've worked for. No one seems to be on the same page from corporate to management to associate. Every team is a silo, and under its own governance. In the same department there are teams that work standard hours and others that are overwhelmed. Middle management seems to be poorly trained or qualified for their role and is often more concerned with getting work done (and micro-managing) rather than improving processes, leaving their employees floundering. There is also very little regard for employees and their over all satisfaction at work. It is a good starter job, but over the years your role will most likely change and your environment too, so that it is difficult not the be demoralized by the sub-par work conditions. If you work here, my advice would be get the experience and run.

    Advice to ManagementAdvice

    My advice to upper management would be to educate middle management. There is a disconnect between the ideals of the organization and the reality.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

Worked for State Street? Contribute to the Community!

Your response will be removed from the review – this cannot be undone.