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1 person found this helpful  

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 for more than 3 years

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 ManagementAdvice

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.

Doesn't Recommend
Negative Outlook
Disapproves of CEO

Other Reviews for State Street

  1. 1 person found this helpful  

    The name is OK for entry level resumes, but definitely not worth it

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Mill Turning Mule  in  Kansas City, MO
    Former Employee - Mill Turning Mule in Kansas City, MO

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

    Pros

    - They'll take fresh college grads even in this economy
    - Pays the bills (assuming you live the life of a hermit) and has decent benefits
    - Gives you a reason to get up in the morning

    Cons

    - Meritocricy means nothing, seniority takes precedence over competence, initiative, and preformance in considerations for bonuses and promotions
    - You WILL be managed by people who are clearly incompetent/stupid/insecure, and have been there for ages since they literally have no where else to go, and they know that
    - Easy to be stuck in the back office trap, especially when most people around you have no ambition to do anything else and actually think they are "playing the corporate game"
    - The work is basically glorified data entry, and future employers know that

    Advice to ManagementAdvice

    Seriously, outsource as much as you can to India/China, you get 5 people for the cost of 1 state school grad here, and each of of the 5 is twice as competent/productive as that idiot who surfs the internet 75% of the time anyways

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2.  

    Abandon All Hope, Ye Who Enter Here

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

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

    Pros

    They pay you. Not a living wage, but they pay you. And because they pay you so little, they pay you every week, which is good, because you need to be paid every week to do things like survive.

    Cons

    The entry level job pays $30,000, non negotiable. You are stuck at that rate for at least 1 year, without being able to change departments or receive promotion. Many of the benefits don't kick in until after a year, and if you last that long, you're probably stuck there.

    Advice to ManagementAdvice

    Recognize that employees are individuals and should be compensated according to their strengths. Also, don't just tell us to work and be happy for it. Occasional perks are useful (and making us pay for Casual Friday doesn't qualify)

    Doesn't Recommend
    Negative Outlook
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