State Street Reviews

Updated October 16, 2014
Updated October 16, 2014
1,308 Reviews
2.7
1,308 Reviews
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
417 Ratings

Review Highlights

Pros
  • Company has good benefits and is looking to improve work/life balance for employees (in 124 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 60 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

176 Employee Reviews Back to all reviews

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  1.  

    Worse company to work for

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Reporting Administrator in Toronto, ON (Canada)
    Current Employee - Financial Reporting Administrator in Toronto, ON (Canada)

    I have been working at State Street as an intern (less than an year)

    Pros

    Some people were great to work with. Good location. Gain some knowledge.

    Cons

    No training. Upper management expects you to know everything even though they don't make the effort of training you. High turnover rate because of low pay and poor upper management who abuses their power. Long hours because upper management spends their day doing nothing other than complain about other employees. There are no career advancement since no one moves up so everyone ends up leaving.

    Advice to ManagementAdvice

    Just stay away from here. Regretted my decision for taking this job. Just waiting for my contract to end so I can get out of here.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  2. 1 person found this helpful  

    Mundane, thoughtless and repetitive work with no opportunity to differentiate yourself from the herd.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Fund Accountant, Associate I in Kraków (Poland)
    Former Employee - Fund Accountant, Associate I in Kraków (Poland)

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

    Pros

    - Unlimited filtered water and ice. New building adjacent to a shopping mall. Employees who perform their work quickly can go to the mall and spend the majority of their time surfing the web using free wifi in the mall.

    Cons

    - Trained over the telephone by someone who had been working in the company for a couple of years but didn't know how to use keyboard shortcuts in excel or windows
    - Fragmented company vision. (certain supervisors choose to disregard the company outlook)
    - First town hall for IFS (hedge fund services) only came about after 4 years in Poland. The average employee has no idea what the company does other than some cheesy buzzwords. e.g. The Way Ahead
    - Conflicting messages: some supervisors say you are open to execute your tasks in any way you see fit, others have a more fascist and childish approach to their management with an inability to control their impulses, discuss things like rational adults or recognize others' real talent
    - Citrix: A virtual windows client used company-wide that ensures "security", while at the same time makes transferring 15kb (that is KILOBYTE, not MEGABYTE) files a process that takes nearly a minute
    - Upon asking the supervisor for their rationale regarding the improvement of the system, the response was: it makes your work more interesting
    - General system issues nearly on a daily basis.
    - Legacy software with a complete lack of effectiveness or design
    - Business continuity planning is preached routinely, but the company has never even bothered to do a stress test of its backup servers, which when the main servers crash (bi-monthly), slows the already crawl-like speed of the system to 0.
    - Generally, a toxic environment but great for those who seek a simple job with no eye on real career development
    - Company policy dictates that the amount of time worked directly relates to job promotions, leaving those with superior skills to rot while going through the motions of the mundane daily tasks
    - The company celebrated their 2000th Polish employee by giving out cheap bisphenol-A plastic water bottle which leaked when turned upside down or sideways

    If it ain't broke, don't fix it...even if it it broke, don't fix it.

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

    Vice President

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

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

    Pros

    Nothing to talk about. It is a hell

    Cons

    Most horrible place I have worked

    Advice to ManagementAdvice

    Hire good managers. Not dumbos

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5.  

    Do not reccomend

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

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

    Pros

    Decent amount oftime off given

    Cons

    Barely compensated for any overtime

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6. 3 people found this helpful  

    Slave Street

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

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

    Pros

    Good resume booster. A lot of positions give you a good opportunity to learn a lot. These are the only two things. You'll see some people mention the work/life balance... it doesn't matter. You don't stay late, you don't get half your work done. You take a vacation, everything is in shambles when you get back. This is because of terrible organization and incompetent and selfish management.

    Cons

    low pay, toxic culture, get out as fast as you possibly can before this place sucks the life out of you. This isn't me having an abnormal terrible experience. This is the experience of most people working at State Street. My review just sounds terrible because I'm not trying to look on the bright side. This is what it is.

    Advice to ManagementAdvice

    Take business 101

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  7.  

    Client Service

    • 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 3 years)

    Pros

    you can work from home if management approves it.

    Cons

    evrything, bad mangement, politics are first then employeed. Management is not invovled with their department.

    Advice to ManagementAdvice

    to care about their employees

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. 1 person found this helpful  

    Was not happy here

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Associate II in Sacramento, CA
    Former Employee - Associate II in Sacramento, CA

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

    Pros

    I learned strong Excel skills while working at State Street. There is a lot of opportunity to take on your own projects and show initiative. If you do this, it is easy to advance up the corporate ladder.

    Cons

    There was long hours. The salary was very low. There was a lack of strong knowledge across the office. They only provided 1 computer monitor for work that needed at least 2 screens. All of these led to high turnover.

    Advice to ManagementAdvice

    Fix the hours problem, you are over working your employees into the ground.

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

    Ridgid and incompetent infrastructure support

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    Current Employee - Officer in New York, NY
    Current Employee - Officer in New York, NY

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

    Pros

    Team members are dedicated and generally expert int their area of responsibility.

    Cons

    Infrastructure support quality has plummeted since outsourcing to IBM, but even before that, silly end-of -period lockdowns and mindless restrictions on development staff cost the company millions in lost productivity, unnecessary hardware duplication, and brain drain due to the resulting burnout.
    The Helpdesk has been hopelessly incompetent, essentially asking the caller to solve their own issue before the Helpdesk personnel do anything at all. Current Helpdesk phone wait time is typically over 40 minutes, after which they seldom are able to resolve any issue.
    Reports of these problems go up the management chain and disappear, never to be resolved, perhaps because fixing it would require that the IBM outsource be recognized as a mistake.

    Advice to ManagementAdvice

    Fire any SVPs and above who advocated the disastrous IBM support outsourcing.

    Doesn't Recommend
    Neutral Outlook
  10. 1 person found this helpful  

    WHY WORK HERE WHEN LAYOFFS CONTINUE?

    • 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

    Pros

    Unless you are completely horrible at your job you can survive awhile.

    Cons

    Too many to list, at the top would be low job security in Massachusetts. The economy is thriving, jobs are being added everywhere but they continue to pink slip workers to save a buck here and there. Do you really want to work at a company that doesn't value the people who make it? God help those workers next time the economy heads South, it will be a bloodbath at State Street.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 4 people found this helpful  

    Lousy Place to Work

    • 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 5 years)

    Pros

    Nothing really stands out in my mind

    Cons

    Whole departments being shipped to India, incompetent managers, low salaries, high stress factor, lots of people creating unnecessary work, corporate politics, low employee morale

    Advice to ManagementAdvice

    Resign your positions immediately, especially Mike Bell (worst CFO in terms of morale I have ever heard of). Look for ways to satisfy your employees, as opposed to destroying morale via off-shoring positions to India. Don't introduce initiatives such as "The Way Ahead" and then sell it as "It's not just about cutting costs, it's about re-thinking how you do things". Everyone knows "The Way Ahead" is about cutting costs, and doing more with less.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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