State Street

  www.statestreet.com
  www.statestreet.com

State Street Reviews

Updated November 26, 2014
Updated November 26, 2014
1,357 Reviews
2.7
1,357 Reviews
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
440 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

359 Employee Reviews Back to all reviews

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  1.  

    A "soul killing" organization

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

    I worked at State Street (more than 10 years)

    Pros

    You have a job with a large company.

    Cons

    You are working for a company than is hell-bent on enriching the lives of its CEO and the small circle around him by off-shoring thousands of American jobs from Boston, North Quincy, Kansas City, Mo, and Irvine CA. The effects of off-shoring are a lower quality product being delivered to State Street's clients by workers in India, that are im most cases poorly trained, and half asleep working 8 time zones away.

    Advice to ManagementAdvice

    (1)Get a new CEO, (2) stop diluting the quality of services State Street offers by off-shoring jobs that add value to the clients, (3)and start hiring really bright people, like the firm once did in the late 1990s.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2.  

    Bank Loan Specialist

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

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

    Pros

    Young environment, not particularly stressful, training period gives plenty of time to understand job specifics

    Cons

    Low grade pay, even for an entry level job. Corporate culture needs significant improvement - most employees feel underpaid and unrecognized for their hard work.

    Advice to ManagementAdvice

    As a former manager, I know there is little you can do regarding pay raises but something needs to be done to make employees feel appreciated.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  3.  

    Decent Work Experience; Poor Managerial Experience

    Current Employee - Processing Analyst in Hadley, MA
    Current Employee - Processing Analyst in Hadley, MA

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

    Pros

    Office culture is fairly laid back. Management trusts employees to get their work done. Good financial experience as a college student.

    Cons

    Managers do not know how to manage 90 part-time employees who are college students. Also, regardless of how hard you work, managers will not give you a raise.

    Advice to ManagementAdvice

    Provide incentives for students to work harder. Encourage growth and promote leadership opportunities. At $11 per hour, it's hard to convince students to work on the weekends.

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  5.  

    Make of it What You Can; Get Out if You're Ambitious.

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

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

    Pros

    Depending on the group, you can do a lot of work remotely...hours in the office can be light. This is NOT the case across the board.

    It's very easy to take on new responsibilities at State St to gain professional experience. If you simply start doing something, it's very rare that someone will get in your way. In leaner times, when layoffs are frequent, this can get harder to do because people are more protective of their responsibilities.

    100% match on 5% of your salary for retirement accounts vests instantly - not a bad benefit. Health/Dental/Vision are ok, but the cost for the employee goes up each year.

    More PTO than most people use, but zero official rollover to the next year. EVERYONE gets 3-5 weeks depending on title and seniority, plus floating holidays, bank holidays, etc.

    Cons

    It's never been part of State Street's business model to pay to retain talent. If you are ambitious, part of your "compensation" here needs to be experience gained by work that you actively seek out. Even if you get promoted, no internal increase in salary will match what you'd get for even a lateral move outside of the company. The most "successful" employees at State Street maximize their external value, and leave for a huge raise (50-100% is not uncommon). As you climb the ladder, more and more of your bonus is paid in stock that vests over 5 years. If you get to that level, the longer you stay, the harder it is to leave. It is not uncommon for an employee to refuse a promotion because their cash compensation will be less with a higher title.

    It's a huge company, and experience differs greatly depending on the path of managers between you and the executives. Unfortunately, one weak or unambitious link in the chain can stall the careers of everyone below them.

    Advice to ManagementAdvice

    Upper management does a good job of making money for investors. They could be more forthcoming about not investing in talent, but if you're a talent worthy of more compensation, you likely realize that anyway.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6. 2 people found this helpful  

    Do not work here!

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at State Street

    Pros

    Good learning experience and they have good insurance benefits. Typically longer vacation periods.

    Cons

    They have little recognition for employees. The communication is horrible through the corporate ladder. I always felt like I was finding things out last minute. The compensation is definitely want of the worst in Kansas City. Expect to work over time on a regular basis. not worth the pay time or energy.

    Advice to ManagementAdvice

    Value your employees more!

  7. 2 people found this helpful  

    Just keeps getting worse

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

    I have been working at State Street full-time (more than 5 years)

    Pros

    The flex work schedule, most people have an option to work from home twice a week.

    Cons

    Continuous layoffs. Frequently the layoffs are no longer about performance but based on who makes the most money on the team. 15-20 year veterans are now being replaced by entry level college students. Too large of a workload that is impossible to keep up with. A hostile work environment where you can't trust anyone because most are desperate to do anything to keep their jobs. Client dissatisfaction with the drop in quality of service through missed deadlines and inexperienced staff has just created even more hostility. We keep on wondering when it will get better but when you think things can't get any worse, they do.

    Advice to ManagementAdvice

    There is such a disconnect between the executives and the rest of the company. Their unwillingness to listen to how overworked employees are is just embarrassing. Stop pretending to listen, and actually start to pay attention to what many people have been saying for years; the new center of excellence model does not work. Laying off people consistently is not the solution. I think it will take a few large clients to leave before the executives take notice.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. 2 people found this helpful  

    Glad to be gone

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

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

    Pros

    Good work life balance with potential to work from home or create a flexible schedule. Benefits were excellent.

    Cons

    Extremely negative environment, pressure to work overtime to get the work done with limited staff.

    Advice to ManagementAdvice

    Mean what you say when you claim you want to retain top talent. My department had a huge turnover percentage and lots of good people were leaving.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  9.  

    IT experience

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Assistant Vice President - Applications Developer Consultant in Quincy, MA
    Former Employee - Assistant Vice President - Applications Developer Consultant in Quincy, MA

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

    Pros

    Good co-workers if you are lucky
    Parking depending on location

    Cons

    Layoffs, low morale, bad management.

    Advice to ManagementAdvice

    Reverse outsourcing

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10.  

    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
  11. 2 people 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

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