There are newer employer reviews for State Street

4 people found this helpful  

Unrewarding, both professionallly and in terms of compensation

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

I worked at State Street full-time (more than 10 years)

Pros

1.) If you work in the right area you may be eligible for a Flexible Work Arrangement (Note: Those privileges are can removed from an entire department, without notice, as a form of communal punishment for operational losses within a separate area of the department)

2.) If you become CEO you will be the 3rd highest paid in the entire industry.

Cons

Talent Loss/Brain Drain is remarkably high at State Street. With little to no merit increases for employees over the past 7 years, attrition rates for talented employees are extremely high. The remaining lesser-skilled employees have been forced to work longer and harder to implement unrealistic cost savings plans (i.e. outsource their own jobs). As a result, moral among employees is terrifyingly low (crying at the desk, storming out of the building are not rare events) and operational losses seem to be occurring at unprecedented rates.

Advice to ManagementAdvice

If you care about your employees, your employees will care about you and your clients. In Jay's short time as CEO he has obliterated the loyalty of what was once the most loyal employee base in the industry.

Doesn't Recommend
Negative Outlook
Disapproves of CEO

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

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  1. 1 person found this helpful  

    A great place to waste your life away.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Derivative Pricing Specialist in Sacramento, CA
    Former Employee - Derivative Pricing Specialist in Sacramento, CA

    I worked at State Street full-time (less than an year)

    Pros

    - Easy schedule (Mon-Fri 8:00 -4:30)
    - 3 weeks of vacation the first year
    - Company matches 100% of 401K, up to 5% of salary, after the first year.
    - Some friendly coworker if you're in the right team.
    - If you like to blindly push buttons all day this is perfect for you.

    Cons

    - Expect to work holidays.
    - People at the top lack communication skills and common sense.
    - High turnover.
    - Bad reputation.
    - Underpaid.
    - Learn skills irrelevant to job title.

    Advice to ManagementAdvice

    Fire yourself.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  2.  

    good stepping stone but that's about it

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

    I worked at State Street full-time (more than 3 years)

    Pros

    It's a good place to get your foot in the door and build your resume.

    Cons

    Very high turnover. Long hours and unhealthy work-life balance. Every employee is disposable and can easily be replaced. Promotions are not based on hard work but who you are friends with. Sorry, but I'm not willing to kiss up to upper management to get a raise/promotion - my hard work and skills should be the determinant.

    Advice to ManagementAdvice

    Pay more attention to your employees and make sure they feel appreciated and are happy. Do some team building exercises.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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