State Street

  www.statestreet.com
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Understaffed - long hours for many perm. employees

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

Pros

Profitable, growing company. One of the biggest in its field, global presence.

Cons

Past several years have continued to see job cuts and outsourcing. They will do whatever they can to save money. Hiring seems to be comprised of contractors

Advice to ManagementAdvice

People, departments, and divisions spread too thin may hurt company in long run. Of course current management won't care as long as they keep getting shares and increasing their value by eliminating jobs.

Doesn't Recommend
Positive Outlook
No opinion of CEO

Other reviews for State Street

  1. 1 person found this helpful  

    OK right out of college, but do not stay!

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

    Pros

    Able to be hired out of college, OK work environment, lots of different groups for lateral movements (but hardly any upward movements)

    Cons

    No upward mobility, management does not care about your career, too busy getting by day-to-day that career planning goes out the window

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  2. 7 people found this helpful  

    Every day's better than the next....

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

    Pros

    Somewhat of a country club atmosphere (whether I, as a manager of managers, like it or not).....most everyone is able to come and go as they please. They take care of getting my monthly transit pass for me. That's about it.

    Cons

    Where to begin....culture is terrible. Everyone I know hates their job. There is no incentive to work hard and provide good client service because raise percentages for most employees have not kept up with inflation over the past 2-3 years. For a certain level and above (and we're not talking about senior management, folks) pay has been frozen for the past three years, while profits have increased steadily. Advancement past the 5-6 year tenure mark is nonexistent, currently.

    All proprietary systems are junk. The core accounting system is over 20 years old and so antiquated it makes me cringe. The client interface is universally hated by every client I've spoken to. Tech support is non-existent; all the talented tech folks who weren't laid off have left for greener pastures.

    Senior management is absolutely, postively clueless. The hiring standards are through the floor. HR flat out refuses to revisit salary structures even though it's a fact that starting salaries at STT are 10-15% lower than local competitors. Even at middle-management levels, salaries are lagging. I was assured by the SVP of my team that I am well compensated compared to my peers....great, but I'm making 25K less than my counterpart at a comparable firm across town. If getting out of the industry altogether wasn't my ultimate goal I would've jumped ship 2 years ago.

    Let us not forget about the Channel Center. Everyone in the Back Bay or in Lafayette is moving there the second we are able so that STT can cancel their leases and save some more $$$.....with just one hitch. At last count there are approximately 6K people for approximately 4K seats in the new building. So either they had better get the architect back on the phone quick and draw up another few floors, or there's gonna be a whole 'nother round of layoffs in the next 6-8 months.

    There are three main sets of stakeholders any business must satsify in order to be successful: customers, shareholders, and employees. By keeping salary levels as low as possible, STT has proven that they care only for the shareholders; they are driving talented people away and killing those who stay with an awful culture. This, in turn translates to poor client service and disgruntled clients.

    Advice to ManagementAdvice

    Instead of begging the state for tax breaks on building new offices that your employees can't even get to conveniently, invest in the employees and systems infrastructure. Ultimately, you pay for what you get, and if you keep skimping on the things that really matter to a service business (intellectual capital and tech support), you will fail. Things are going to get much, much worse at this company before they get better.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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