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Company started out well but went downhill over the years

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

I worked at State Street full-time for more than 8 years

Pros

Coworkers were friendly, some managers helpful

Cons

Major overtime required, departments are way understaffed, lack of positive morale, outsourcing to Mumbai/Pune India and Hangzhou China. Lack of training.

Advice to ManagementAdvice

Need to provide resources to get job done

Doesn't Recommend
Neutral Outlook
No opinion of CEO

Other Reviews for State Street

  1.  

    State Street

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street

    Pros

    Flex Program, offers employees the option to work from home

    Cons

    Pay is relatively lower than what competitors offer

  2. 7 people found this helpful  

    Pathetic company, so glad I got out in time

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

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

    Pros

    Was able to work from home occasionally but SS only did that to set up expense savings in the future, not to reward employees

    Cons

    Entry level pay hasn't increased in about 8 years.
    Promotions ground to a halt years ago.
    Tanking economy was a godsend for them since most people chose not to leave on their own.
    Morale is the worst, nobody is happy working there, MANY people wished they would get laid off so they company would keep paying them while they searched for jobs.
    Teams have a few key employees who get beat on 24/7 while the rest skate by creating poor dynamics and burn out.
    VP and above management is a complete joke. Nobody thinks for themselves, they just follow the playbook and wear teflon clothes. Most of their time is spent spinning away problems to clients after countless hours are wasted finding out what happened in a group far far away (India). None of them work well with each other since they are all hoping to save a seat next time the layoff song plays. Senior management is actually happy with this "step on others to save your own job" attitude. They all forget where they came from and can't be bothered to talk to anyone except their direct reports. Some promise inclusive group meetings then you never see them again except when there is an error.
    I personally witnessed a senior manager direct a junior employee to make accounting entries that would purposely end up making another senior manager look bad.
    Employees lie on the "completely anonymous" surveys out of fear.
    Centers of excellence just rearranged the deck chairs. ERRORS occur by the minute and the people/teams responsible just say "why didn't someone else catch it" then the finger pointing begins.
    Oversight Duplication all over the place yet still the losses pile up.
    Any system that gets rolled out is riddled with bugs making risky workarounds constant.
    You could be the best worker in the group and get a 1,000 pre tax annual bonus meanwhile the guy next to you does nothing and gets $500. Both are expected to pretend they are lucky to have a job.
    Reviews are on a bell curve and low level managers give crappy EE's a 3 (of 5) so they don't have to lose people and re-train newbies.
    Next time I need to hire a service company for my funds it will not be State Street.

    Advice to ManagementAdvice

    Senior - is there anything more cowardly than laying off hard working employees to control expenses while accepting an enormous annual bonus yourself?
    Middle to lower - when you get axed, file or unemployment as soon as possible.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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