State Street Reviews

Updated July 28, 2015
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State Street President and CEO Joseph L. Hooley
Joseph L. Hooley
102 Ratings

Pros
  • Flex work program allowing for good work/life balance (in 132 reviews)

  • The only one I can think of is the ability to work from home (in 65 reviews)

Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 42 reviews)

  • High turnover due to long hours (in 57 reviews)

More Pros and Cons

232 Employee Reviews

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  1. Helpful (1)

    Come for the experience; leave for the money.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Business Analyst in Sonyea, NY
    Former Employee - Business Analyst in Sonyea, NY

    I worked at State Street

    Doesn't Recommend
    Disapproves of CEO
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Being a diversified company, State Street offers many positions from which someone can garner a lot of knowledge. However, once you're in a position, you are pretty much pigeon-holed, and are expected to do your job and not expect to aspire to something better unless they thought of first, or unless you are related/friends with someone.

    Cons

    If you are happy being just a cog in the wheel, and are willing to go along to get along, then State Street might be the right place for you. If, however, you are ambitious, then the many political structures you have to navigate to get ahead are particularly disappointing. Local management often hide behind Boston's skirts in order to avoid any unpleasant topic that they don't want to deal with. By the same token, Boston takes a hands off approach to operations. Great ideas get filtered so tight they are strangled. This is not a learning organization as claimed.

    Advice to Management

    Make more of an effort to find out what's going on in your own organization.


  2. Helpful (1)

    Not recommend.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY

    I worked at State Street

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

    Pros

    If you're an underperformer and interested in just becoming a number, this is the place for you.

    Cons

    I worked for a company aquired by State Street. They didn't bother to understand why we were successful and the reasons they purchased us. Their was no transparency, follow-through or commitment to excellence.

    Advice to Management

    They should make decisions instead of deferring responsibility.


  3. Helpful (1)

    Waste of a year

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Fund Accountant in Boston, MA
    Former Employee - Fund Accountant in Boston, MA

    I worked at State Street

    Doesn't Recommend
    Disapproves of CEO
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Meet people. Be in a downtown setting.

    Cons

    My first year I received 5 vacation days and made 30k. I was a naive post grad, now I'm embarrassed I ever took the job as I am making more than twice that with 3 weeks vaca only 1.5 years later (on top of the fact that the companies awful rep generates a lot of teasing and "thats sucks" when you mention you work there). I was under 4 different managers in the span of one year and was constantly stuck underneath incompetent people with meaningless titles who just got shuffled around all damn day. The morale was pitiful, it was always someones last day at SS (good times drinking though!). Wasnt allowed to take any time off in the beginning of the month. When I did it was 5 days total and I made 30k a year so that sums it up....

    Advice to Management

    None-the fund accountants are plentiful so i understand not paying a lot. They need unintelligent monkeys who feel lucky to have the job to run around checking numbers doing month end. I just didn't want that to be me!


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  5. For interns: completely unfulfilling in every way except pay.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Undergraduate in Quincy, MA
    Former Employee - Undergraduate in Quincy, MA

    I worked at State Street

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

    Pros

    I was an intern so my experience is highly different than most posting a review. This essentially for interns who may be looking to get info. The best reason to work at state street as an intern is that compensation is fairly decent (not compared to accounting firms btw). They hire alot of interns so there's a chance you will meet them and really enjoy their company. Another good thing about state street is the people. I really thought my co workers were hilarious.

    Cons

    Company culture was just horrible. Everyone hated their jobs and no one had any kind of passion for the work. I felt like I walked into to death every morning in terms of morale. Internship program itself was a bit lame, a few workshops were haphazardly thrown together. Unlike many MANY other internship programs there were no enticing perks which is why turnover even in the internship program is so damn high. Not to sound like an entitled Millenial but State Street needed to work on making the interns feel special. In terms of work I can speak for many other interns and say that most were given nothing to do at all and spent the day looking for something only to be turned down. They were on Meebo most of the time. Others like myself had the tedious work that you'd expect. Filing and processing corporate actions. I must admit I am biased towards disliking the work simply because this is the last thing I see myself doing. It's just boring typing numbers into a computer and to feel like a unrecognized bee in a hive. If you do not want to grow up and do this you're best bet is to find an internship that suits your interest and take a pay cut if need be. If someone gave me the option to work for the 520 a week at State Street again or work for free at a company and in an industry I've always wanted to be in I'd take unpaid anyday. AND NO I'm not rich enough to do that. Experience counts in the long run.

    Advice to Management

    Who is senior management...they never showed their face. I have no idea what they do day to day.


  6. Good place to gain experience to get you out the door.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Performance Analyst in Alameda, CA
    Former Employee - Performance Analyst in Alameda, CA

    I worked at State Street

    Disapproves of CEO
    Disapproves of CEO

    Pros

    Only 1: it's a well-established name in the financial sector, so it can look great on your resume if you know how to play your cards right.

    Cons

    Managers are extremely weak and lack the experience, skills, and knowledge to manage effectively. Poor company culture, poor morale, and poor work force because all the talented people leave after about 2 years. All the managers and consultants are analyts who stay because they are not good enough to find better jobs.

    Advice to Management

    This is a lost cause. Corporate in Boston needs to fire the leadership here and all weak analysts and start over.


  7. Helpful (1)

    terrible place to work. If you're in it for experience, just make sure you get out fast.

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

    I worked at State Street

    Doesn't Recommend
    Disapproves of CEO
    Doesn't Recommend
    Disapproves of CEO

    Pros

    - Benefits are fairly decent. Other than that.. NO pros.

    Cons

    - It's State Street - Pay is awful - Long hours with nothing to gain - Micromanaged

    Advice to Management

    You don't have to micromanage just because you are being micromanaged.


  8. GET OUT WHILE YOU CAN! DEAD END JOB!

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Portfolio Accountant in North Quincy, MA
    Current Employee - Portfolio Accountant in North Quincy, MA

    I have been working at State Street

    Doesn't Recommend
    Disapproves of CEO
    Doesn't Recommend
    Disapproves of CEO

    Pros

    401k match If you love doing the SAME thing everyday, then this is the JOB FOR YOU!

    Cons

    MANAGEMENT!!MANAGEMENT!!! MANAGEMENT!!! Employees have no voice Managers can turn against you anytime with HR HR says they are here to help you but they always side with Management. They offer NO positive feedback, they focus ONLY on the negative, there is no balance. They give you a written warning after 3 mistakes and hide behind HR. They form clicks against you, they promote who they want (even if not qualified) If your a minority forget about it NO opportunity for advancement! Management can give you any type of unfair review based on their personal thoughts. Upper management, ie VP's AVP's...I don't see their purpose. They don't acknowledge you when they walk around, tooo tied up in their titles to be inclusive. I really don't know what they do. Upper Management is completely not in tune with whats occurring with the bottom level. State Street seen as best place to work...I was very surprised...they should no appreciation for the people who literally do ALL the work that drives them revenue. The pay SUCKS!!! I could have better salary and more respect working at McDonald!!! If you have no personality, your quiet, don't interact...this is the place for you. If you like doing the same thing everyday with no challenges this is the JOB FOR YOU!

    Advice to Management

    Managers should go through an evaluation process of their own, the same way they review us, we should have an influence on their performance. State Street should Implement MANDATORY Monthly Feedback meetings in PPR. Some managers just literally copy and paste old performance comments from your previous to your new review. ( this would force managers to be interactive and engaging in how the employees are progressing) Managers should have a training module every 6 months to be up to date. They need to learn that they are not managing robots rather they are managing people. I believe a managers role should be solely focused on the development of their employees and to delagate & allocate work. (only in that order) Many people who come to State Street, did not always seek this job as a career choice, when we add the managers at this company it makes all that more aparent that its time to LEAVE!!! waiting, waiting, waiting,will get you no results. I candidly spoke to Jay Holley about this not too long ago, and he agrees with Managers focusing on employees! He's a nice guy and i'm sure he'll do well...but these tools needs to be PUSHED down the ladder NOW! he needs to start working from the ground up! I can't stress that enough! To me it's simple IF statestreet thinks they are high earners now, they could be TOP TIER! If they focused a little more on employee retention. It's a simple formula to grasps, and i hope they grasp it soon! Hopefully I'll be around to see it through, buts as of now state street is not the place to work point blank! Hope this helps! They treat you like crap, and whats worse they don't even pay you enough! Take aways the REAL hard workers in State Street and they've GOT NOTHING! If you show people you care about them, they will return by doing a good job, staying not leaving , and always have good things to say about the company. Jay Hooley needs to work on management, because many people who are managers today are not qualified to manage people, they are equivilent to Wardons! Good Luck!


  9. Helpful (3)

    Don't waste your time. Nobody cares about State Street on your resume!

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Associate II in Kansas City, MO
    Current Employee - Associate II in Kansas City, MO

    I have been working at State Street

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

    Pros

    -Hires anyone with a pulse -Show up, work about 40 hours a week and you'll probably be promoted within 2 years. -Fantastic benefits package rivaling anything available from any KC based company -Some good coworkers -Plenty of work life balance allowing you to make professional contacts for your next job elsewhere -Safe parking garage downtown with convenient access from the highways while avoiding all downtown traffic

    Cons

    -Pay (both salary and bonuses are worthless) -During poor economic times don't expect more than a 1% raise even if you are rated well above average! -Other companies don't know enough about State Street to care about your "job experience" that you will develop here -For Kansans, the extra MO taxes, parking, driving cost, etc... really eats up your income fast. Do the math before taking the job as you may make more with a KS company at a lower salary -Attached parking garage is almost $60/month now. Average lunch price in cafeteria is nearing $7. -Company has banned fans, radios, personal heaters, crock-pots on food days, coffee makers, cell phone chargers, and anything else electrical you may want to help bring life into the putty colored sea of cubicles.

    Advice to Management

    If you want to get serious about the future of the company stop rewarding average performers. Look at middle management and pull time-card records. Summarily fire all managers who have been rated a 3 for more than 5 years that routinely put in 40.00 hours a week. Replace them with whoever on their staff has been receiving 4 ratings. Stop. Hiring. College. Grads... You aren't doing them a favor by letting them "build experience" and you are only hurting the success of the company instead. Your hiring strategies bring some talent in but the stagnant atmosphere from middle management drives all of the talent away to companies who pay more. (And yes, they pay 20-30% more than State Street... those rumors really are true). If you want to get serious about the future success of state street you need to remove stagnant members of middle management (starting as low as Senior Associate level), pay for quality employees instead of fresh college grads, and start spending more time listening to your employees desires. Happy employees produce quality work... unhappy employees spend their time on cell phones looking up jobs at other companies instead of working. Lastly, stop rewarding mediocre performance. Offer considerable raises to employees rated at a 4 or above. Those rated a 3 should be given the bare minimum for cost of living regardless of company performance.


  10. Helpful (1)

    Below officer level don't plan on making good money

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

    I have been working at State Street

    Doesn't Recommend
    Disapproves of CEO
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Opportunity to gain experience in the financial services industry Can acquire skills and training Company recognition can be used on resume for future opportunities

    Cons

    Compensation is very low compared to other companies industrywide There are no incentive programs Management is not required to be knowledgeable in operations Salary increases from promotions are very small Recognition of quality work performed is hard to come by

    Advice to Management

    Compensate employees with competitive levels industrywide. Recognize employee contributions above required job descriptions. Communicate important information to employees on a frequent basis. Employ incentive programs and increase salary percentage increases when promotions are awarded.


  11. Decent transitional job, not somewhere you want to get stuck in...

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Fund Accountant in Boston, MA
    Current Employee - Fund Accountant in Boston, MA

    I have been working at State Street

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

    Pros

    good benefits, great locations in boston, large enough to find other opportunities for those who are concerned with advancing their career

    Cons

    negative atmosphere, low company morale, small pay raises for promotion. Overall not too many of the people working here planned on working here as long as they have...

    Advice to Management

    Pay a little more salary so you can afford to be a little more selective in who you bring aboard to represent your company.



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