State Street

www.statestreet.com
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1 person found this helpful  

Just a job

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

I have been working at State Street full-time (more than 8 years)

Pros

Offices close to public transportation..Not too many pros here..Basically that's it folks

Cons

Annual reviews are sort of a joke..Employees need to justify why they are deserving of the miniscule raise the company is thinking of handing out..VP's take credit for the departments' success even though most of the time they aren't involved in making the department successful..They get upwards of a 20% raise while the ones doing the actual work have to scrounge to get a measly 3%
Cash incentives have been talked about for years and haven't evolved..Now there is no reward system in place..Employees don't get recognized for their hard work
Jobs are being dumbed down because of business transformation/restructuring/COE's..If you decide to leave the company and go to a competitor, you won't be as much value as before since you've been pigeonholed into a silo role at State Street..State Street is gradually laying off employees who know their jobs and do it well to hire outsiders who don't know anything so they will work for cheap money..Outsourcing to India/outsiders has become the company's culture in an attempt to increase the bottom line..Company has become a big assembly line process..Hello! You aren't building a car guys! You're handling money/investments for businesses!
It's not what you know at the company..It's more of who you know..They would rather hire someone dirt cheap with no qualifications than hire someone from within who knows the job
There's not alot of internal promotions with the COE model since you'd move to a group where you would start at the bottom until you learn that job function..After a year, you may have a chance to advance but it probably won't happen..To advance and get the job position you want, you would need to have a recommendation from someone with authority..The COE model hinders knowing the whole mutual fund process

Advice to ManagementAdvice

Management's major mistake was hiring efficiency experts (consultants) to determine the future of State Street's operations..hence the COE/business transformation was initiated..Once you hand decision making to someone else, you've lost control of your company..It's too late to turn things around now..The company's future has now been predetermined

Doesn't Recommend
Neutral Outlook
Disapproves of CEO

1441 Other Employee Reviews for State Street (View Most Recent)

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  1.  

    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
  2.  

    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
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