State Street Reviews

Updated July 24, 2015
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332 Employee Reviews

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  1. Analyst Intern

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

    I have been working at State Street as an intern

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Great place to work Easy to get along with the team Good pay Really enjoyed working the the quincy office everyone was very helpful

    Cons

    Long Hours Too many projects The HR took too long for request Pay stubs, Reimbursement, any tax documents The interview process took way to long

    Advice to Management

    I advice a better HR facility, that makes everyone feel more comfortable in the office, I wish I had more open communication about new projects and what was going on big picture


  2. Assistant Vice President

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

    I have been working at State Street full-time

    Recommends
    Neutral Outlook
    Recommends
    Neutral Outlook

    Pros

    Flexible Working Arrangements, Access to Training, lateral mobility

    Cons

    Limited upward mobility in some departments, constant expense reduction leads to staff reduction


  3. Fund accountant

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

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

    Recommends
    Positive Outlook
    No opinion of CEO
    Recommends
    Positive Outlook
    No opinion of CEO

    Pros

    Good place for new graduate or someone wants to have a new career

    Cons

    It will take longer time to know things if you are not accounting major

    Advice to Management

    Most of the Management teams are pretty good here


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  5. Helpful (2)

    Accounting Intern

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Intern - Accounting Intern in Fair Lawn, NJ
    Former Intern - Accounting Intern in Fair Lawn, NJ

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

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Growing company, quick employee turnover

    Cons

    somewhat boring work environment, but that is the fault of the work itself, not the people in it.


  6. Professional!

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

    I have been working at State Street

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Lots of opportunity to move up and advance. Great pace to start a career.

    Cons

    You can become stagnant career wise.

    Advice to Management

    There is a role hierarchy that makes it hard to collaborate with team members.


  7. Helpful (1)

    I actually woke up everyday and didn't mind going to work; really liked my position, teammates, and loved my managers.

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

    I worked at State Street

    Recommends
    Neutral Outlook
    Recommends
    Neutral Outlook

    Pros

    State Street gives that chance to people without a ton of experience or just out of school without any experience. They are a huge financial staple in the industry, and have such a great reputation. They give people opportunities that many other companies don't. So many young adults are able to start a career at a well known company (having numerous locations- commutable) and receiving excellent benefits. You are able to advance and grow to move up. But, if you decided to not stay, it's a very useful for a resume.

    Cons

    The only thing is it's a huge company, and it's almost as if you were just a number. Your team itself is can be very pleasant. But there can be a down-side too, being placed in a group that's disengaging. Moving around a bit, being in different groups, each group varied on how things were done. In my first group I had amazing managers. The 2 had both been there for many years and taught me so much. I have them to thank for everything I learned there. But on the con-side, as much as I enjoyed the other groups and teammates (who all worked very hard), I felt I was never taught anything. I hoped to build my knowledge, but didn't have anyone guiding me to learn new processes. It all depends on which group you're placed in. And some groups have absolutely no room to advance. So you may be forced to find a new position (in a different group) if you want to progress and advance up the latter. That can be said for any company or job though. It's up to you on what you make of it, where ever you might be placed. One other con (that I would hear many people complain about) is basically people felt they weren't compansated for how hard they worked. Some people worked extremely hard and weren't getting paid enough for the amount of work they were doing and time put in. And then there were others that didn't do much, sitting next to you with the same job title probably not even knowing how to do their job correctly, with the same salary as you. That would be frustrating.

    Advice to Management

    I do not think implementing the new structure of the specialized groups was a very good idea. Working on a fund from start to finish works better in my opinion. First of all, as for the client's sake, if there's an issue they'd want to speak with the PA/FA. You've processed everything on that fund and know exactly what's going on. With the specialized groups there's too many people touching one fund. Not to mention people are working on too many funds. Now people have a lot more funds they're posting to and responsible for. Only working on what their specialized in posting the same thing all day to numerous funds. Always trying to call attention tothe understanding the big picture, promoting "the big picture." This completely takes away the idea of the "BIG PICTURE." Completely. For example, Client Ops doesn't really work on the funds or process anything. But that's who the client has to contact. The client is talking to someone that doesn't know anything about whatever the issue is. It now needs to be researched by Client Ops. Then they contact the income department to have something reversed. First that team needs to research it and understand what the issue is. Maybe another department needs to be notified also (income needs to inquire with another team for some reason)? And maybe it had to do with a corp action? An email will be sent out to Corp Actions. The accounting team needs knowledge of what's going on also, when doing their trial balances. But a reversal makes a problem for custody's short term investment also. If it's a fund that's swept (state street's short term money market investments) the deadline has most likely passed and the fund will now be overdrawn. All this communication takes lots of time to be emailing and waiting on responses involving several parties back and forth to figure out an issue. Client Ops now needs to be made aware of all these different interactions and transactions made or reversed. Possibly, an inquiry would then need to be made about the issue and non-payment. Also, (not very likely) worst case scenario ..how big of a transaction was reversed? And how big is the fund? Will this reversal move the fund at all? Will pricing be effected? (This would be basically impossible happening in this situation; it would've had to have been a monumental mistake to not account for by the latest extension. I just was being extremely dramatic). The client needs a returned call to have the situation explained. Obviously using all worst case scenarios- The client would not be very happy. BUT if that was my fund, I could've talked to the client (who I'd have a pleasant relationship with because we speak frequently and I help solve issues quickly). I would've looked into the issue myself right away, and then after I thoroughly researched I would've done the reversal myself. And if a corporate action was involved, they would've needed to be reached out to (if there wasn't an email already sent out from them). But since I looked into it myself and right away, and didn't need to wait all day for email responses from several involved people, not much harm was done. And hopefully there'd be time before the deadline for the new corrected amount for the short term investment. I would create the non payment inquiry and send to the appropriate department. Also, email the accounting team to inform them for their trial balancing. I can then call the client back and let them know simply that I put out an inquiry for that payment. It's much simpler working on a fund start to finish. Actually Account Controllers would've been a good idea to lean more towards. Knowing exactly what's going on with your fund and having basically no one else touching it works better, in my opinion. I believe the clients were not happy with the transition. During the transitioning, new employees were being hired as Client Ops. New employees! That doesn't make sense. They not even familiar using MCH, systems, apps, programs, etc. There's so much to take in and understand when first employed. WHY would they ever hire new employees for Clients Ops. It should absolutely be an internal move. It all comes down to the client, right? Isn't that what's most important? So why stick someone right out of college that spends 2 weeks with each group: cash, trades, recon, accounting, etc. And then they're answering a calls to clients. No one likes change. And everyone adjusts eventually. But during the transition, it seemed like a very bad idea. I wish it was explain better. Not why moving towards the specialized groups will all be better and work out better in the end, But why PAs and FAs were such a bad idea? Or Fund Controller? But again, people adapt. And I believe hearing the new transformation is supposed to be more efficient. And I'm sure save money. And India will be a huge help also. I do hope the transformation worked out well, went as planned and that the concept turned out how it was expected it too.


  8. Great place to work

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Contractor - Senior Software Developer in Boston, MA
    Current Contractor - Senior Software Developer in Boston, MA

    I have been working at State Street as a contractor (More than a year)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Good environment and flexible to work.

    Cons

    Very slow process to get things at place.


  9. Loan Servicing, Senior Associate

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

    I worked at State Street full-time (More than 3 years)

    Recommends
    Neutral Outlook
    Recommends
    Neutral Outlook

    Pros

    Was able to be promoted fairly quickly. Great people to work with.

    Cons

    Pay for Associate 1 & 2 is low. Barely able to afford rent anywhere near the city.


  10. Corporate Audit

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

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

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    State Street's 401k match is strong relative to other banks, and travel accomodations are unparalleled in the industry.

    Cons

    Employees generally work 9-5, with few exceptions. If you want to work with a more highly-motivated and driven core instead of individuals who work to just take home a paycheck, this might not be the place for you. This is most likely a function of the type of audit work.

    Advice to Management

    Advance employees more based on merit than because of internal office politics.


  11. Good Company. One month training.

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

    I worked at State Street full-time (More than a year)

    Recommends
    Recommends

    Pros

    Great Team. Nice people. Willing to teach you. One month training. Learn well.

    Cons

    repeating work everyday. Not too much challenge

    Advice to Management

    Great. Give enough freedom for employee. Great Communication. Monthly meeting.



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