State Street Reviews

Updated September 8, 2014
Updated September 8, 2014
1,281 Reviews
2.7
1,281 Reviews
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
404 Ratings

Review Highlights

Pros
  • Company has good benefits and is looking to improve work/life balance for employees (in 120 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 55 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 36 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 47 reviews)

More Highlights

170 Employee Reviews Back to all reviews

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  1.  

    Opportunity for advancement is more dependent on your relationships with your supervisor than the quality of work you do

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Fund Accountant, Associate I  in  Kansas City, MO
    Current Employee - Fund Accountant, Associate I in Kansas City, MO

    I have been working at State Street full-time for more than a year

    Pros

    You can gain valuable knowledge of mutual fund accounting.

    Cons

    You most likely will not receive much job satisfaction.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2. 7 people found this helpful  

    Pathetic company, so glad I got out in time

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

    I worked at State Street full-time for more than 10 years

    Pros

    Was able to work from home occasionally but SS only did that to set up expense savings in the future, not to reward employees

    Cons

    Entry level pay hasn't increased in about 8 years.
    Promotions ground to a halt years ago.
    Tanking economy was a godsend for them since most people chose not to leave on their own.
    Morale is the worst, nobody is happy working there, MANY people wished they would get laid off so they company would keep paying them while they searched for jobs.
    Teams have a few key employees who get beat on 24/7 while the rest skate by creating poor dynamics and burn out.
    VP and above management is a complete joke. Nobody thinks for themselves, they just follow the playbook and wear teflon clothes. Most of their time is spent spinning away problems to clients after countless hours are wasted finding out what happened in a group far far away (India). None of them work well with each other since they are all hoping to save a seat next time the layoff song plays. Senior management is actually happy with this "step on others to save your own job" attitude. They all forget where they came from and can't be bothered to talk to anyone except their direct reports. Some promise inclusive group meetings then you never see them again except when there is an error.
    I personally witnessed a senior manager direct a junior employee to make accounting entries that would purposely end up making another senior manager look bad.
    Employees lie on the "completely anonymous" surveys out of fear.
    Centers of excellence just rearranged the deck chairs. ERRORS occur by the minute and the people/teams responsible just say "why didn't someone else catch it" then the finger pointing begins.
    Oversight Duplication all over the place yet still the losses pile up.
    Any system that gets rolled out is riddled with bugs making risky workarounds constant.
    You could be the best worker in the group and get a 1,000 pre tax annual bonus meanwhile the guy next to you does nothing and gets $500. Both are expected to pretend they are lucky to have a job.
    Reviews are on a bell curve and low level managers give crappy EE's a 3 (of 5) so they don't have to lose people and re-train newbies.
    Next time I need to hire a service company for my funds it will not be State Street.

    Advice to ManagementAdvice

    Senior - is there anything more cowardly than laying off hard working employees to control expenses while accepting an enormous annual bonus yourself?
    Middle to lower - when you get axed, file or unemployment as soon as possible.

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

    Churn and Burn

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

    I worked at State Street full-time

    Pros

    Good transferable skills if you focus on developing yourself
    Quick promotions if you apply yourself

    Cons

    Where to start:
    Terrible work/life balance. A lot of days are extremely long.
    "Churn and burn" high turnover/low pay philosophy. The focus is on hiring for cheap and working the employees into the ground until they leave and repeat the cycle. This also weeds out the competition so management is not as talented as it should be.

    Advice to ManagementAdvice

    Not a place I would want to stay for my entire career. Focus on treating employees better.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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  5. 2 people found this helpful  

    Custody Specialist

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

    I worked at State Street full-time for more than a year

    Pros

    Experience first hand how cutting corners and saving pennies can create a horrible working environment.

    Cons

    No matter how hard you worked (and succeeded) - it was unsatisfactory for management. Direct quote from management: "watch what you print, because it comes out of our bonus."

    Doesn't Recommend
    No opinion of CEO
  6. 1 person found this helpful  

    Stay away

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at State Street

    Pros

    not many pros to give

    Cons

    Everything here is bad..do not work here

  7.  

    Entry level experience with no job security or upward mobility

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

    I worked at State Street full-time for more than 3 years

    Pros

    This is a good place to get a foot in the door in the financial industry.

    Cons

    There is almost no job security. They are constantly moving jobs overseas or out of state. There is very little upward mobility. You have to fight tooth and nail for a promotion. This place is very poorly managed at a high level. I worked in one group that was extremely understaffed and another that was so overstaffed I only did an hour of work a day. The VPs spend their time worrying about staggering lunches and making sure you're not 2 minutes late for work rather than making sure their appropriately staffed or getting enough new business to allow people to keep their jobs. I worked in multiple groups at this company and was miserable in every single one of them. If had to summarize the impression I got from upper management it would be 'just be glad you even have a job.'

    Advice to ManagementAdvice

    At some point the revolving door of entry level staff is going to backfire and you'll start losing clients. Start trying to retain quality employees who will make processes more efficient.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  8.  

    cube monkey

    • 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

    Pros

    pretty good job security. hard to get fired in low level positions

    Cons

    treated poorly, culture is not very conducive to happy work environment

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

    Overworked, underpaid, & no advancement if your not the favorite

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

    I have been working at State Street full-time for more than 3 years

    Pros

    A lot of locations. Nothing else

    Cons

    Pay bad
    Management bad
    Advancement non existent

    Advice to ManagementAdvice

    PPRs should be done for managers by their employees

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  10. 4 people found this helpful  

    Unrewarding, both professionallly and in terms of compensation

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

    I worked at State Street full-time for more than 10 years

    Pros

    1.) If you work in the right area you may be eligible for a Flexible Work Arrangement (Note: Those privileges are can removed from an entire department, without notice, as a form of communal punishment for operational losses within a separate area of the department)

    2.) If you become CEO you will be the 3rd highest paid in the entire industry.

    Cons

    Talent Loss/Brain Drain is remarkably high at State Street. With little to no merit increases for employees over the past 7 years, attrition rates for talented employees are extremely high. The remaining lesser-skilled employees have been forced to work longer and harder to implement unrealistic cost savings plans (i.e. outsource their own jobs). As a result, moral among employees is terrifyingly low (crying at the desk, storming out of the building are not rare events) and operational losses seem to be occurring at unprecedented rates.

    Advice to ManagementAdvice

    If you care about your employees, your employees will care about you and your clients. In Jay's short time as CEO he has obliterated the loyalty of what was once the most loyal employee base in the industry.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 2 people found this helpful  

    Avoid here

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

    I worked at State Street full-time for more than a year

    Pros

    After working there for over a year and a half I really cannot think of any pros to write down about the company

    Cons

    Pay, Work environment, way too many temporary employees who they refuse to hire, moving everything to india, poor management, bad benefits

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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