There are newer employer reviews for State Street

Helpful (1)

Someday I will be glad that I worked here.

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

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

Doesn't Recommend
Negative Outlook
Disapproves of CEO
Doesn't Recommend
Negative Outlook
Disapproves of CEO

Pros

- Fairly easy to get in to the company (especially to Fund Accounting), and internal moves are common, though you have to be very quick and decisive to act in order to get them. Great as a first employer post-graduation as long as you don't stay too long.
- Once you get above the Associate 2 level things improve dramatically (other than no longer being paid overtime). Suggestions that would have been dismissed out of hand from an A2 are taken seriously from a Sr. Associate, micromanagement (usually) decreases significantly, and people generally stop assuming you are an idiot.

Cons

- Internal communication, both within the group and between different areas of the company, is dismal. Allegedly we are all working towards the same goals, but nobody seems to act like it.
- Kiss-up/kick-down culture permeates the company, especially Officer and above, and people act surprised that the Associate level employees keep leaving due to being berated after consistently working 70+ hours a week. This also shows up between different groups, when titles are officially the same but one group is able to claim high ground due to "the client says...".
- Micromanagement of lower-level employees is excessive. If an employee says something will be done in an hour, and you make them spend 15 minutes of that hour giving status updates on it, of course it's not going to be done. There is no magic work fairy that continues working while the employee answers your 7 phone calls, 4 emails and 3 cubicle visits.
- Work/life balance, while great in certain groups (particularly for officers and up), is virtually nonexistent in my group. Unless of course one takes work/life balance to mean spending 84 hours in the office and 84 hours outside of it per week. Perfectly balanced!

Advice to Management

Just because you pay your Associate level employees overtime does not mean that you should expect them to be able to work 80+ hours every week with no prior warning. That is lazy management.

Also, please do not bury layoff announcements in the middle of a paragraphs near the end of the fourth quarter earnings announcement. If hundreds of people are going to be losing jobs, the least you can do is be up front about it.

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  1. Helpful (1)

    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)

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    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 Management

    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

  2. Helpful (1)

    Global expertise and reach, suffering from parochialism

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

    I have been working at State Street full-time (more than 5 years)

    Negative Outlook
    No opinion of CEO
    Negative Outlook
    No opinion of CEO

    Pros

    As a bank of banks, depth and breadth of capital markets experience is unlimited. State Street's global reach and market leading support for it's clientele allows for economies of scale, rapid innovation and indepth expertise. It's products and services are market leaders and are rated at or near the top of their classes

    Cons

    State Street suffers the typical organizational ailments, organizational silos, regulatory pressure and the neverending pogroms to improve operational leverage. Restructuring, transformation and global resourcing are the current manamgement consultant recommendations du jour

    Advice to Management

    Operartional improvements can only succeed with employee engagement, spend more time building up employee morale and engagement

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