There are newer employer reviews for State Street

8 people found this helpful  

Only choose this place if you have NO other option.

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

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

Pros

It's a place to gain entry to the finance industry. Very easy to get hired since there is basically no screening. (A lot of people don't even have college degrees.)
Also, if you have no motivation or ambition and are ok with earning a very low salary for your "career" until you get laid off and then re-hired at an even lower salary then this is the place for you.

Cons

So many. Pay is terrible, their idea of career growth is to stay in the same department for 10+ years and never earn more than 50k. They'll lay you off if you work too much OT or earn too much. Everyone there is very unmotivated and almost everyone is actively looking for new jobs.
They lay people off every year usually right before Christmas but keep saying they are a "net hire" company. The hiring is only done in Indian call centers.
The new building they are moving everyone too has desks set up like a sweatshop, you have about 2 feet of space to yourself and only EVPs get offices. It also only has 80% capacity so that means 1) a huge layoff (in addition to the yearly ones they have) is going to happen and 2) you'll be forced to work from home more. That's generally good but they won't pay for the electricity / heat / AC bills you'll rack up while working at home. It's just another expense the company pushes on to employees.
Promotions are a joke - they cap raises at 15% so when you start as a new hire at 40k, you have to get promoted about 6 times to earn an industry competitive wage. Also, internal promotions systems are very backward. HR has incentives to hire outside (higher placement fees) and your rating is completely subject to your manager. If your manager doesn't want you to leave, they can give you a bad review and essentially block you from ever moving (which happens A LOT).
The company earns a lot of money from doing backoffice work that no one else wants to do. The problem is they are constantly laying off and cutting pay so their margins can be higher. I've never seen a company with such bad employee morale.
It's a great place to work if you are on the executive committee: they pay themselves around 14 Million a year and if things look bad, they layoff a few hundred and then say they "led the company through a tough time."

Advice to ManagementAdvice

1) Stop lying to employees. Saying that the company is doing so well while you go through your 7th layoff in 5 years is just laughable. That's why the company has such a terrible reputation.
2) Get rid of 90% of your HR department. They provide nothing to the company and are a drain on company resources. There's no reason to have such a large department when they do nothing except cause more problems for anyone who tries to move up.
3) Stop keeping bonuses for yourselves. That's the reason why turnover is so high - no one likes earning no money.

Doesn't Recommend
Neutral Outlook
Disapproves of CEO

1313 Other Employee Reviews for State Street (View Most Recent)

Sort: Rating Date
  1.  

    GS Manager

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

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

    Pros

    Little room for growth, poor communication, knowledge is not shared when new staff enter a team, hard to convince your peers to do additional work

    Cons

    Great starting job, good benefits

    Advice to ManagementAdvice

    Be aware of surroundings and pull your weight

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  2. 4 people found this helpful  

    NOT a place to build a rewarding and lucrative career.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Associate II
    Current Employee - Associate II

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

    Pros

    They'll hire just about anyone and the work is very easy. Good place to earn a little money while you hunt for more legit jobs.

    Cons

    Pay: Consistently pays the lowest in the industry. Bonuses are a joke in good times (aka 2007). With a good rating, nice VPs, and a fully funded bonus pool you can expect about $1,300 pretax. Last year the good groups got $700 pretax. Raises are about 2% annually... yeah. You read that right, 2% of your measly 40k salary.

    Job growth: They have a terrible promotional system. Rarely is hard work recognized. Many higher ups have no idea what goes on at the actual work level and do their best to ignore work distribution.

    Benefits: They used to be good but the company is constantly cutting them to save money. Now they are just like any other company.

    Culture: The company actively endorses a very sad culture. They spend enormous resources saying that they care about your career and that they're always "attracting and retaining" the best talent but that's hardly ever the case. The company has a reputation of hiring everyone who just couldn't get a job anywhere else. They want you to be that worker who has no ambition and will work in the same job for 10+ years until they eventually lay you off and re-hire you at a fraction of your last pay. It's depressing how many people are ok with that.

    Advice to ManagementAdvice

    Start over. Rethink the whole strategy. Get some fresh thinking in there. The company is so badly entrenched with laughable HR policies that it has become a zombie bank. Most employees are unmotivated and perfectly content to just sit there on 40k a year and do the same thing over and over and over until they get laid off. The company has a reputation of hiring the lower tier candidates and paying below market average. All of the higher ups in ssga have either come from outside or left, worked somewhere else, then come back. Internal promotion to a good ssga position is actively blocked by HR. Do you really think that's a good way to attract and retain talent?

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
There are newer employer reviews for State Street

Work at State Street? Share Your Experiences

State Street

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.