State Street

  www.statestreet.com
  www.statestreet.com
There are newer employer reviews for State Street

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 (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

1352 Other Employee Reviews for State Street (View Most Recent)

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  1. 1 person found this helpful  

    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)

    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 ManagementAdvice

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

    Negative Outlook
    No opinion of CEO
  2.  

    Great work - life balance; beware of politics

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

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

    Pros

    Work - life balance, benefits are good.

    Cons

    Internal promotions add 10% to your base at the most.

    Recommends
    Neutral Outlook
    No opinion of CEO
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