State Street

  www.statestreet.com
  www.statestreet.com

State Street Reviews

Updated November 15, 2014
Updated November 15, 2014
1,352 Reviews
2.7
1,352 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
437 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

498 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  1. 2 people found this helpful  

    Seen better days

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

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

    Pros

    They once had the biggest and best pool of talented, dedicated IT professionals who went to limits to support the infrastructure and applications. People worked here for decades and knew how to keep things running smoothly.

    Cons

    They continued to cut and cut and cut right into the bone until there was nobody left and the ones left standing got the worst of it. Way too much work, always putting out fires and not addressing the real issues

    Advice to ManagementAdvice

    Bring back the jobs

    Doesn't Recommend
    Disapproves of CEO
  2.  

    Easy Pt. time job for umass students

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Trade Processor Associate I in Hadley, MA
    Current Employee - Trade Processor Associate I in Hadley, MA

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

    Pros

    Gaining experience in financial services

    Cons

    No opportunities for advancement internally
    Micromanagement of productivity

    Advice to ManagementAdvice

    Either get a clue whats going on or get new management. Youre focusing heavily on the wrong things.

    Recommends
    Neutral Outlook
    No opinion of CEO
  3.  

    Mixed

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

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

    Pros

    The benefits are great and coworkers are wonderful. Hard work will pay off but you need to be patient.

    Cons

    Pay could be better, work life balance is not quite what it could be with little chance that this will change any time soon.

    Advice to ManagementAdvice

    Decreased focus on initial training classes and lack of job rotation narrows the capabilities of junior employees. This may save money in the short term but could have longer term impacts if the added stress on senior employees leads to increased turnover. There is a lot of talent present but if not properly cultivated is just wasted potential.

    Recommends
    Neutral Outlook
    Approves of CEO
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  5.  

    Meh...

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street full-time

    Pros

    Job security had historiclly been good

    Cons

    Mgmt has no interest in work/life balance

    Advice to ManagementAdvice

    stop trying to get blood from a stone

  6.  

    Great company atmosphere

    • 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 (less than an year)

    Pros

    Sense of community. Great company morale. Good opportunities for advancement if willing to put in the time.

    Cons

    Not paid near what was deserved.

    Advice to ManagementAdvice

    Starting salaries needs increased.

    Recommends
    Neutral Outlook
    Approves of CEO
  7.  

    Overall, over years

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

    I worked at State Street

    Pros

    Typically offered good contracts of good duration and was enjoyable to work for as a company, where employees felt valued.

    Cons

    Current atmosphere of reductions the last few years have been less than conducive to a spirit of high production and positive company PR.

    No opinion of CEO
  8.  

    State Street

    • 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 (more than 10 years)

    Pros

    Most departments offer flex work schedules for a work/life balance for it's employees. They are very volunteer focused to give back to communities.

    Cons

    Leadership lacks employee focus and growth and is more concerned with bottom line and return on stock holders earnings per share.

    Advice to ManagementAdvice

    Compensation to lower employees were below market average.

    Recommends
    Neutral Outlook
    Approves of CEO
  9.  

    Decent for an entry level job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Pricing Specialist in Sacramento, CA
    Current Employee - Pricing Specialist in Sacramento, CA

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

    Pros

    Benefits are on par with other Fortune 500 companies.

    Job security is pretty good for any of the Global Services roles. This is also a con though because it cultivates employees who don't care sometimes.

    I've enjoyed the people that I worked with. This is highly dependent on the group, but my interactions with everyone were positive 95% of the time.

    I've worked in two different groups at State Street in different locations and had a very good manager in each.

    Work life balance depends on your group. You find out very quickly if you're working 10-12 hours a day or if you are out on the dot after putting in 8 hours. Generally from what I've seen you can make the decision, but that also depends on if your manager is willing to vouch for you/let you move.

    Cons

    Biggest con is compensation. It starts low and the advancement is fairly slow (yet also group dependent). Raises at the associate level were in the 10-15% range from what I saw, which isn't much when your base is in the 30s. Bonuses are in the 3-5% range depending on your review. The compensation is about 20-30% lower than other comparable companies in the same geographic area.

    The morale is terrible. The stem of the problem from talking to people (and what I say to others) is that the company just doesn't value it's employees.

    The nature of the work varies, but 90% of it is data entry and troubleshooting the ancient processes/hardware. It's pretty much an assembly line.

    Advice to ManagementAdvice

    The road to becoming a manager is not well thought out. I know of multiple people trying to not get promoted from senior associate to officer because it's essentially a decrease in pay for the same hours (this is the case for a large number of people; you move from hourly to salaried). I'd recommend putting some sort of equity program together once you hit the officer level to add an incentive for getting to the management level.

    I understand this isn't a job that doesn't require an extensive skill set, but at least show some sort of care for employees. Bonuses are a joke, salaries are low and people are always looking to leave. Everyone sees this and this adds to the low morale.

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

    Not what it used to be

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

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

    Pros

    Good place to get a foot in the door. It's hard now to learn more then one task now because of the center's of excellence. When you join a group you basically learn how to do only one thing. As a fund accountant it used to be you were in charge of accounting and custody. Now you are only in charge of accounting.

    Cons

    Outsourcing of work is the priority right now. From what I understand the whole fund administration department is being outsourced. Compliance, Client Operations, Financial reporting etc. There is no room for growth. Layoffs are happening constantly

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    Fine place to start

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

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

    Pros

    Benefits package solid. Job very dependent on what unit/team you're on. If you work hard and try to learn every day, you can move up quickly and stop doing the rote processing required at the entry level.

    Cons

    Compensation not in line with similar positions at other companies. Not a very pervasive company culture.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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