State Street Reviews

Updated April 13, 2015
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
90 Ratings

204 Employee Reviews

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  1. Avp

    • 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

    Doesn't Recommend
    Doesn't Recommend

    Pros

    Good company for CV... And that's it.

    Cons

    Atmosphere, horrendously long hours, management

    Advice to Management

    Do not ignore problems.

  2. Helpful (2)

    Annual raise was 1%.

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at State Street

    Pros

    The pro side of this company is 4 weeks vacation + 3 personal days + unlimited sick days. Also the 401k is immediately vested.

    Cant really think of anything else.

    Cons

    Stock price is overvalue (employee reward says it all). Company is not well prepared with its current crisis management. Internal social network needs help. Bonus and other financial incentives needs to adjust accordingly. Overall, the company needs to improve its culture.

    Advice to Management

    Please read case studies about top companies.

  3. Helpful (4)

    Bad Company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Service Associate
    Current Employee - Client Service Associate

    I have been working at State Street

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    There is nothing good about this company

    Cons

    Not a good company to work for

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  5. Decent first job

    • 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 10 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Very good benefits package. The quantity and various types of paid time off are tremendous. There are opportunities to build out your experience for your resume. There are pockets within the corporation in which managers show concern and interest in their employees, direct and indirect. Currently, there is plenty of opportunity for promotion. If looking for quick change in titles and responsibilities without gaining burdensome knowledge, this is the place for you.

    Cons

    With all of the time off, associates are constantly doing the work of two individuals.
    The company has fully embraced functionalized tasks of all tasks. This creates a situation in which no one has global understanding of the details to get the routine issues fixed. It is a case of "we don't know how to do that, ask group B". Repeat 10 times and it eventually returns to group A again.
    Promotion is due to the knowledge experts leavings. This leaves many in positions of expected knowledge with no knowledge for servicing their client's needs.
    Many clients are looking for State Street to be a partner for their organization. For the smaller clients, State Street's action speak that State Street knows what you want and your needs and desires don't count. This is due to the client's low margin. Employees that care about providing excellent service will be left standing out in the cold when the client complains about not being serviced/supported. Executive Management is only using those clients to pad their revenue growth.
    If you are looking to enjoy a career in accounting, this is not the place currently. You will need to promote into management to have a salary that allows you to move out of your parent's basement. Once in management, the exposure to accounting is minimal in comparison to the entry level opportunities.

    Advice to Management

    Days out of office affect productivity. If you make sweeping additions to give away even more days out of the office, add one employee for each 20 presently employed. Giving out extra weeks of vacation does impact employee's ability to get their assigned task done. Not for sure the intent, but, the entry level employees saw this action as an opportunity for executive managers to say they care about employees by giving them an extra week of vacation. The entry level associates saw it as a way for the company to make a change that did not affect budget, but put pressure on the entry level workers. This vacation policy is driving your dedicated workers crazy. They are unable to do their job up to their standard due to covering for absent individuals all the time.
    The executive managers need to recognize that all of their illustrates their buy in of the words that come from their mouth. Right now they are hitting at about 20% of their words being supported by their actions. At the executive level, actions refers to policies that they execute for their areas. There is a lack of vision to see how all of their policies contradict each other.
    It would be nice to see Executive VPs to convey and support a vision that looks out more than 10 years. Currently, actions reflect a vision from the executives that is 18 months into the future. This short sighted vision trickles down so the first line managers can only have a vision that looks 1 week into the future. Put some thought into a vision for the future and stick with it for more than 2 years. After 6 years, employees no longer know what they are working towards because the values in the goals have changed so often.
    The corporation's pride in having rock bottom take home pay is starting to come to fruition. The latest class of upper management I would not follow to the bathroom as they may get lost. At this point, you can fill those spots with outsiders as the internally developed individuals are just as lost in the knowledge of the industry as a new person would be. Exposure by handling the situation will never be replaced by classes. You cannot conduct a training class to give expected leaders the necessary knowledge to do their job.
    Create labs in which all tasks for a couple of select clients are handled in one group. Use this group to develop your managers that go out into the functionalized task world. This will give you experts that know how to get routine issues resolved quickly, instead of letting the issue become a permanent difference after 2 weeks. The details should include methods for including employees outside of Boston. Not all problem solvers around the world want to move to Boston for this experience. You can argue about their dedication. But at the end, they are going to be the people that will be occupying knowledge positions in functional centers that don't have the full knowledge. This program has be deployed and implemented globally.
    The high quality entry level employees are not impressed with pay. They look around the country and see entry level fast food workers getting paid more than them and they question the value that the company puts on them. They are simply building the resume to move to a company that have actions that support their claim of caring for their employees.
    Clients are looking for experts on the accounting side of the business. Especially the ability to have systems that deliver what the salesmen are selling. $pend to develop products prior to having client paying for it. The current model has us charging the client for an unproven product. If the first client on it complains about it, why would you expect other clients to buy the service. If in denial, our clients talk to each other. They know our strengths and weaknesses better than the executive managers of the company.

  6. Helpful (2)

    Ever heard of the Peter Principle?

    • 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 10 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Benefits package is competitive. Depending on who you work for, flexible work arrangements are encouraged. On-site CFA class is good if you want to get a better job and can get it reimbursed.

    Cons

    Getting back to the Peter Principle, this place embodies it. The higher you go, the more incompetent the people are. And there is no way to climb the ladder based on merit alone....you have to kiss you-know-what in order to get noticed. Extremely hierarchical structure....most SVPs won't take meetings even with VPs that don't report directly to them. Senior management, which has recently been overhauled with former consultants, is cutting costs to the bone, which translates to awful tech support and rolling layoffs. It's pretty fun coming in the last Wednesday of every month not knowing if you're going to be in the unemployment line or back at your desk the next morning . The push is still to offshore a lot of work, while it has been proven through experience that the offshore partner cannot handle anything other than simple tasks. Regarding salary...it is not good. The company pays approximately 3% more in starting salary than it did in the year 2000, and management's excuse is that "we're in line with our competition". Two problems....A) that's a bold faced lie and B) even if it wasn't, management obviously isn't paying attention to a little issue we have in this country called wealth inequality (which actually makes sense, thinking back to my previous comment about incompetence levels rising the higher up the org chart you go). Then we're told that the SVP level and above have their pay frozen so that the "little people" can still get a 2.5% merit increase....guess what, nobody feels bad for a class of people who average over 200K in salary and God knows how much more in bonus/shares. Other reviewers have mentioned the SSB brand name as being a pro...I couldn't disagree more. Rumors have been around for years of other financial firms in the city throwing away SSB resumes before even reading them. Once you're here for more than a couple years, buckle up, you're likely here until your number gets called. Don't bother with advanced degrees or designations; senior management couldn't care less.

    Advice to Management

    Aside from the removal of the CEO and a complete overhaul of the corporate culture (meaning wiping the senior management slate clean and starting over from scratch), I don't see how this company can be changed for the better. I had high hopes when the current head of US operations what promoted recently; sadly it has been more of the same and in some ways worse than before. I spend most of my spare time desperately trying to get out before they invite me to leave; it's incredibly hard to do without just getting dumb lucky. My odds are likely better playing the lottery.

  7. Helpful (1)

    Low morale

    • 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

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    Pros

    Nice people
    work life balance OK

    Cons

    Horrible morale
    Horrible pay
    Horrible hierarchy
    No communication within immediate groups or between groups
    Lack of career path
    Lack of growth

    Advice to Management

    Focus more on your people.

  8. Helpful (2)

    House of Cards

    Current Employee - Associate II in Kansas City, MO
    Current Employee - Associate II in Kansas City, MO

    I have been working at State Street full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    4 weeks vacation after two years

    Cons

    There is zero work-life balance

    Advice to Management

    The business transformation was a mistake. You are now teaching people to push buttons, while not explaining why they are pushing them. More mistakes will keep happening when no one knows how to prevent them. Management is uniformed and uninspiring. This company is a house of cards

  9. Helpful (1)

    Terrible Place to Work

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

    I have been working at State Street full-time (More than 3 years)

    Doesn't Recommend
    Neutral Outlook
    Doesn't Recommend
    Neutral Outlook

    Pros

    They employ a lot of Temps and HB1 Workers.

    Cons

    Terrible environment for an entrepreneurial spirit.

    Advice to Management

    Get a clue!

  10. Intern - Fund Service

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - Fund Service in Hong Kong (Hong Kong)
    Former Intern - Fund Service in Hong Kong (Hong Kong)

    I worked at State Street as an intern (Less than a year)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Managers don't care anything at all

    Cons

    I was told I would have chances to learn a lot through 6 months intern. However, I quited within one week. teammates here with long term working experience speak very bad English. I am wondering how they were hired in the first place. All things here were following the procedures. 

    Advice to Management

    no advice

  11. Corp Audit

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

    I worked at State Street

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Travel, Work Life, Balance, Health Insurance, Movement

    Cons

    Comp, Benefits, Culture, Management, People

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