State Street Reviews

Updated July 24, 2015
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State Street President and CEO Joseph L. Hooley
Joseph L. Hooley
115 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

332 Employee Reviews

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  1. Great entry-point for the Financial Services industry!

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

    I have been working at State Street

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    State Street provides fair compensation with a good benefits package in a Fantastic! working environment. The employees by far and large are very friendly and caring. The working environment is relaxed and comfortable. There are many opportunities to grow as a person and an employee.

    Cons

    As with all companies that have a large amount of entry-level jobs there is a noticeable amount of turnover. At times this can cause under-staffing issues that other team members will have to make up for. On the bright side though this does mean a fair amount of overtime on a yearly basis can be available. Stellar performers will often feel underappreciated and stifled by the corporate atmosphere... but a solid 95% of employees will love the opportunities available to them at State Street.

    Advice to Management

    Remember that not all employees fit State Streets model of an ideal employee. Some have additional needs, some have fewer needs... some grow at different paces and some just don't grow. Make sure to spend the time on the employees who can best utilize it, not those who are constantly underperforming despite your nearly constant attention.


  2. Solid Company with room for improvement, which is good

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

    I have been working at State Street

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    Training is abundant. Support for education and carreer development is good. Stability of job and exposure across teams is one of the more important aspects of my satisfaction

    Cons

    Teams are too siloed, which can limit cross team/ business unit collaboration. Pay is not excellent and advancement is tough... I have been told in the past that I deserved a promotion but there were no "spots" available...

    Advice to Management

    Seek accountability from Upper management. From a budget perspective, resources are not always fully accounted for. In my area, our team is extremely consciencious of forecasting and meeting our budget. However, others don't care and exceed their budget with no repurcussions.


  3. State Street: A good place to start...

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

    I worked at State Street

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    Large company with opportunity to move up and sideways. It is a good place to learn many important aspects of the financial services industry. They have good training programs and are pretty well organized.

    Cons

    They don't pay as much as other organizations. Management may attempt to limit your advancement if it serves them. You really have to fight to get exposure to other parts of the organization if you're trying to change career paths. It's possible but not easy.

    Advice to Management

    Reward talent. State Street loses talent because they do not cater to the needs/desires of their younger stars.


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  5. Decent place to work ... but be ahead of the game.

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

    I have been working at State Street

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    Lots of growth opportunities, many divisions within the company. Have options to move within the company.

    Cons

    Kind of get lost in the crowd sometimes.

    Advice to Management

    Be more frank with what challenges the company faces so that the employees know what is really happening.


  6. Helpful (1)

    Good Entry Level position in Finance/Accounting

    • 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

    Recommends
    No opinion of CEO
    Recommends
    No opinion of CEO

    Pros

    The environment is very laid back. It is a fun place to work.

    Cons

    So far, I have not seen that much change in the way of challenging work. It seems like the work you do as soon as you are done with training is the same work you will be doing for quite a while. Not the best environment for someone who thrives on challenges and change.

    Advice to Management

    Talk to your employees more. Give them more feedback on the work they are doing and ask what would make thier job better and accommodate any reasonable requests.


  7. State Street can't get you into Fenway for free, but you can get into the MFA.

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

    I have been working at State Street

    Approves of CEO
    Approves of CEO

    Pros

    The best reason its a great first job. They even recognized the fact that many people train and leave after a year or two by lowering the vestment for the 401k package. Communication has improved within the company over the last five years. Work life balance is good as well. i've had many managers that are very understanding of your needs and will allow you to work flex time. I think the managers and such are fair to the many employess. I'm sure that some of my comerades would say otherwize. You get out what you put in the situation.

    Cons

    The worst part of the place is the "trapped mentality" of some workers. Too many people in a group that complain can ruin morale. Compensation is good only 2\% each year. But if you actually do work, you do get bonuses'. You have to try really hard to get recognized. Im in my 20's and I feel like this place took five years off of me. The leadership does not realize the long term effects of corporate strategy. The opportunities are great but I would not want to work in other groups after seeing the differences. Do something besides surf and you will get ahead.

    Advice to Management

    Please invest more in facilities based in the US. The quality of work will improve company wide. Partnerships are good but the ultimately costs outweigh the benefits.


  8. Good entry level position, but don't make it the only stop in your career.

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

    I worked at State Street

    Doesn't Recommend
    Approves of CEO
    Doesn't Recommend
    Approves of CEO

    Pros

    Good entry level position. They will often accept and train those without a business degree, which was key for me. I started out (at IBT, which State Street took over) as a Politics major with no previous business background. While it was a bit of trial by fire, I was able to move around the company, and learn many different aspects of the business. To a large degree, it is what you make it. You can come in, put your hours in without much thought, or you can make your own projects to improve the processes. Don't wait for anyone to give them to you - they won't. There are too many people there for them to care if all of the Rep I team members are advancing.

    Cons

    Its very much about who you know. Its very easy to get used to thinking about your little piece of the pie, and ignore everything else.

    Advice to Management

    I worked for State Street after they purchased the company I was previously at. There was very much an attitude of "Us vs. Them".


  9. State Street -- Great Starting Point for Financial Professionals

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

    I have been working at State Street

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    In my 5 months there I have seen a handful of managers at work, and while some first line managers may be hands off or lack specific and necessary knowledge, my VP is very accessible as well as knowledgable and willing to help. Also, the 401(k) offers a 100% match of 6%, in which I am completely vested after 1 year. As I can't see any reason to stay less than a year this is an amazing benefit. I'd also like to point out that management encourages learning more from other departments in periods of down time. As I am an entry-level employee, this offers me an excellent growth opportunity that should provide me with the appropriate tools for wherever I land next.

    Cons

    The salary is geared towards exactly who they want to attract -- young professionals willing to learn who don't carry many expenses. As such, the salary is on the low side at $33,000 in my position.

    Advice to Management

    While there are a host of online tools to learn about State Street and the financial industry, most personally-instructed courses are offered about once a quarter, and they fill up quick. With an increase in young and curious talent joining the ranks I think these classes need to be made more frequent.


  10. Not a bad place to work...

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

    I have been working at State Street

    Recommends
    No opinion of CEO
    Recommends
    No opinion of CEO

    Pros

    I don't know about other groups within the bank, but the one I work in is enjoyable. You can come into the company not knowing a whole lot about the business world and the market and you can learn a lot very quickly. Also with employee turnover being somewhat high it's easy for those who stick around be be promoted. Since joining the group in September 2006 everyone in the group who was a Fund Accountant at that time who is still with the company is now a Senior Fund Account and the pay raise from the promotion is quite decent. I went from about 34.5K to 42.1K

    Cons

    There are times when there isn't much going on to times when we're swamped. You really have to take the good with the bad.

    Advice to Management

    The managers in my group are all very competant and I think they are doing an excellent job.


  11. Helpful (1)

    Excellent place to begin a career if you're new to the financial industry.

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

    I worked at State Street

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    Excellent place to begin a career if you're new to the financial industry. If you're looking to get into the industry but don't have a strong background, State Street is a good place to get your career launched. The overall level of talent is lower than you'd expect at one of the bigger firms, but they hire capable and friendly people. The culture is fairly laid back, but maintains a professional atmosphere.

    Cons

    Among the lowest pay in the industry, but generally fits the qualification level required. The work itself is quite tedious with low levels of variance. There aren't many opportunities for creativity as the work is quite repetitive

    Advice to Management

    Very friendly and helpful when required.



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