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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 for 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

1281 Other Employee Reviews for State Street (View Most Recent)

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  1.  

    Student Intern

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at State Street as an intern for less than a year

    Pros

    Excellent company. Good pay and friendly, involved management.
    The interview process was set up through my university. I had one on-campus interview and then I was called in to meet the managers. Overall, good company.

    Cons

    None, really. This position was a great way to launch a career in finance.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    State Street Intern Program

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at State Street

    Pros

    -Treated very well
    -Great learning environment
    -Despite M-F 9-5 Schedule, given time off when needed
    -Flexible work, team atmosphere was very enjoyable

    Cons

    -Repetitive work
    -Systems were difficult to understand at first

    Advice to ManagementAdvice

    -Promote young employees earlier in career to avoid losing them to outside companies
    -Become more active in outside social atmosphere (ex: Company events)

    Recommends
    Positive Outlook
    Approves of CEO
There are newer employer reviews for State Street

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