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Definitely a great experience for an internship as long as you push to do more than assigned

Former Employee - Financial Specialist in Sacramento, CA
Former Employee - Financial Specialist in Sacramento, CA

I worked at State Street as an intern (less than an year)

Pros

Friendly management, great opportunities to pursue other directions within company.

Cons

Day to day job can get a bit repetitive and not exciting. The pay is below average.

Advice to ManagementAdvice

Give better project opportunities.

1318 Other Employee Reviews for State Street (View Most Recent)

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  1.  

    Lip-service to innovation, but comes up short

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Fund Accountant, Associate I in Sacramento, CA
    Current Employee - Fund Accountant, Associate I in Sacramento, CA

    I have been working at State Street full-time (more than an year)

    Pros

    - Lack of a face-time culture: You get your work done, then you're free to leave.
    - Low expectations: Expect to be treated like a genius if you can use a pivot table
    - Amicable people and young, hip staff
    - Lots of opportunities for training and development
    - Nice facilities
    - Lots of social clubs and opportunities to network

    Cons

    - Level of technological savvy is alarmingly low for a company so dependent on systems; especially among AVP+ level staff, but really true across-the-board
    - Production is king: Think of this as being an assembly line or a glorified sweat-shop; Any and all time spent on process improvements is simply not rewarded
    - There is no real push, at any level, for us to work better, faster and more efficiently unless something totally blows up and costs the bank money. Proactive, long-term thinking is notably absent.
    - Local management-level communication of strategic direction is poor; expect to be treated like a mushroom
    - "Churn and burn" culture; one HR manager told me that ~30% of new hires are expected to leave or be fired
    - "Meat-head" culture; conversations are ~90% about sports; aspiration toward higher education is treated with suspicion
    - Work is rather tedious, but at the same time medium-high stress

    Advice to ManagementAdvice

    - Provide innovation incentives
    - You over-use Excel; train and encourage your staff to use other tools to tackle problems

    Recommends
    Negative Outlook
    Approves of CEO
  2. 2 people found this helpful  

    Great experience but current direction is troubling

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

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

    Pros

    I've been there average amount of years and experience has been mostly positive. Bonus is good, benefits are about average for a financial company but above average overall. There is a good amount of mentoring and other programs available to employees. Flex work schedule is a great benefit as well.

    Cons

    As IT employee, current direction to outsource almost all IT functions to IBM India is questionable. There is probably a good strategic reason for it at executive management level but I just don't see company saving any money over it, and IBM India resources are not on par with average former State Street internal IT resources. If it takes 4 times a long for outsourced resource to do same job as US/UK local resource for 1/2 the cost - price to performance benefits are not being realized.

    Transition to IBM has created a condition where people with most experience and knowledge of the environment left or are leaving and IBM does not offer sufficient resources at the right level to pick up the workload.

    I cannot speak for other business areas, but for IT professionals my advise is to stay away from State Street at this time.

    Advice to ManagementAdvice

    Try talking to IT people actually involved in transition to get a real sense of what's going on, instead of being satisfied with 1,000 ft ivory tower view.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
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