There are newer employer reviews for State Street

Stay away, if at all possible

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

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

Pros

- Laid back atmosphere
- Good mix of employees
- Good work/life balance, flexible scheduling
- Facilities are great

Cons

- They provide absolutely 0 incentive for talented individuals to stay on-board
- Work is about as mundane as it can possibly get
- Slowly devaluing their employees (lowering hiring requirements, decreasing salaries, making tasks as repetitive as possible)
- 90% of management is clueless, and the other 10% are powerless

Advice to ManagementAdvice

Turnover rate is extremely high for a reason, the company as a whole simply doesn't care about keeping talented individuals within the company. On the rare occasion management is able to spot talent, they are usually powerless to do anything about it. The work is extremely mundane and repetitive, so you have to be constantly moving between groups in order to not get burnt out quickly.

In the 3 years I've worked here, State Street has lowered hiring requirements from a bachelors to associates degree, lowered starting salaries by 10%, and revamped their business structure to be less client-facing and make things more of an assembly line function. Obviously this is their attempt at squeezing profits, but there has been a significant loss of talent recently because of it. Not to mention the pay to begin with isn't competitive at all.

Doesn't Recommend
Negative Outlook
Disapproves of CEO
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  1. Large financial firm with lots of opportunity for growth within-- provided you know the right people

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

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

    Pros

    Friendly co-workers, EXCELLENT mentoring program (provided you get a mentor that cares), good benefits, plenty of opportunity to move within the company-- provided you know the right people.

    Cons

    VERY low starting pay; nearly impossible to live off as a new college grad. Hard to get interviews in other departments unless you know the right people (I.E. have recommendations from an SVP, etc.). If I did not have good references, it would have been nearly impossible for me to get interviews in the corporate finance group coming from the operations group.

    Advice to ManagementAdvice

    Pay people more for entry level positions! It may be a good idea to cut a few jobs, give people more work and pay these people more (since most people in operations positions don't have anything to do most of the day anyways!). It is VERY difficult to move within coming from ops unless you know people. Management should seriously consider internal applicants at all times, but they do not. Also, if you are offered a promotion, even in another department, you will be capped at 10% (even if the salary range for external candidates is MUCH higher)!!! coming off a salary in the 30k range, a $3,000 raise is NOTHING. For a company that claims to pride itself on employee development and pride, they don't give entry level people much of an option other than to leave, get a decent salary and come back in the future for a higher salary.

    Recommends
    Neutral Outlook
    Approves of CEO
  2. Vice President in Mutual Fund Operations

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

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

    Pros

    Employees are energetic and respectful. Always willing to assist others and are managing thru the changing business requirements in a professional manner

    Cons

    Needs to be a higher focus on normalizing work hours to all employees to have a better Work Life Balance. Compensation and benefits continue to be reduced year over year.

    Advice to ManagementAdvice

    Improve Corporate Culture and work atmosphere

    Recommends
    Neutral Outlook
    Approves of CEO
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