There are newer employer reviews for State Street

 

Good company, supportive work environment,

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Systems Analyst in Quincy, MA
Former Employee - Systems Analyst in Quincy, MA

I worked at State Street

Pros

Friendly, supportive, team environment. People are willing to do what it takes to get the job done. Managers were supportive of a healthy work/life balance. Overall, great experience.

Cons

Large but stable company- you need to look for opportunities if you are on a fast track to move up.

Advice to ManagementAdvice

Offer opportunties for lower/mid level employees to contribute to improvement of processes and efficiency to help the bottom line.

Recommends
Approves of CEO

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

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  1.  

    Not a place that pays enough to live in this state.

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

    I have been working at State Street

    Pros

    Decent benefits package.
    100% 401k matching up to 6% of salary (option of regular 401k, Roth 401k, or some combination of both).
    Can be fun place to work (thanks to co-workers).

    Cons

    Salaries very low and stagnant for the past 2+ years.
    Constant layoffs.
    The 2 cons listed above lead to very low morale lately.
    Hours increased to 40 hours per week but they still pay at the same rate as 36.25 hours.
    Management doesn't practice what they preach.
    Poor communication from management.
    Not much opportunity for advancement.

    Advice to ManagementAdvice

    If you want employees to work 40 hours per week, you should pay them for 40 hours, not the old 36.25 hour rate. Salaries were already low before this.

    Doesn't Recommend
    Disapproves of CEO
  2. 2 people found this helpful  

    A JOB NOT A CAREER..THERE ARE GREENER PASTURES ELSEWHERE..RUN! DON'T WALK AWAY

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - State Street Zombie in Boston, MA
    Current Employee - State Street Zombie in Boston, MA

    I have been working at State Street

    Pros

    Alot more cons than pros. One of the few good points--Offices especially in Boston are close to public transportation
    Might be good for someone coming out of high school just for some sort of finacial experience to put on a resume but other than that, not really a good career move for anyone else

    Cons

    Lack of advancement...It's more of who you know rather than what you know..need to pucker up and kiss ass to advance in the company
    It always comes across like employees aren't doing their jobs up to par even if that's not the case..You're expected to do more with no additional incentive/compensation
    The people doing the most work make the least in compensation
    The higher you go in the State Street chain of command (bureaucracy), the less those people actually know about what's going on beneath them
    State Street will hire anyone even with no prior experience in Accounting/Finance..Don't need any type of degree to work there..If you have a degree, it doesn't really matter, you'll still get the same pay as someone without
    If State Street thinks you are making too much $$, they will lay you off and hire someone off the street/from another dept. for a fraction of your salary (which was peanuts to begin with)
    There is a mundane macro for pretty much everything..Any brain dead employee can run them
    Routine tasks/structured day with low pay
    Raises come once a year, if at all..With the recent announcement of layoffs, employees are considered lucky to have a job and shouldn't expect to get any raise/promotion
    CEO is way overpaid and doesn't feel guilty about it--If you asked him, he'd probably say he deserves every penny
    Management is not the greatest---lack of quality leadership
    Employee ideas are ignored and put on the back burner..The status quo is more acceptable ("This is the way we've always done it so that's the way we'll continue to do it")
    Manual processes are used in some cases when State Street employees have the automation but don't know how to utilize it
    Employee review process is a joke....Employees are required to do a self review to try and justify why they deserve the piddly raise that the company will give out..Management will throw in a comment on the review which comes across as sounding negative just as an excuse why you didn't recieve a decent raise..9/11 was the excuse for about 4 years when the raises were subpar
    Employees pay $2 a week for casual Fridays so they can dress like slobs once a week
    Company Christmas party is free for employees, usually held at a bar, and if employees bring a guest, it's $5..The company should pick up the cost for both the employee and guest
    No cash incentives/Christmas bonuses for a job well done..Ineffective reward point system in place
    Upper management thinks employee salaries' are fair and don't need to be reevaluated while it's known to everyone that State Street pays 20% less than other companies in the industry
    Lack of classroom training which existed in the past ,,mostly online now
    Most of the classes that they had weren't even job related/relavent to employees' current jobs
    Too many hands/different departments working on the same funds,,As as result, more chance for errors to be made--lack of communication between departments
    India involved in processing of transactions offshore/much employee turnover there/They were trained from the ground up by workers in the US and the only consistency is the repetitive errors they make..Shh! Don't tell the clients that State Street deals with India..It's considered to be a well guarded secret

    Advice to ManagementAdvice

    Jay Hooley took the reins in March of this year to become the new CEO and at that point knew the status of State Street's financial situation (millions in current and pending lawsuits against them and also Lehman's bankruptcy which left State Street holding the bag for billions in uncollectible payments)..When asked at a town hall meeting earlier this year if there were any layoffs planned, he had the audacity to say that there were none planned..Jay, I hope you sleep well at night rolling around in your millions and lying to the sharehoders and the employees
    Ron Logue got a $6 million dollar bonus for leaving the company and serving on its Board of Directors for the rest of this year..Not sure how he justified his $27 million + a year to the rest of the Board of Directors/shareholders,,In my opinion, Ron Logue was the better CEO but he has made some misjudgments/errors during his tenure...Since Jay Hooley has been in charge, the company has gone even more downhill with more layoffs/restructuring of departments/office closings/pay cuts in the works

    My advice to management..sit down and listen to your employees instead of ignoring their feedback..Give praise when it's due..Management is out of touch with their employees and managers are ready to jump down people's throats when they discover an error has been made..Get more involved with the work that's actually going on before any error can be made, rather than just sitting back and being passive in your cubicles...It's easy to jump in after the fact and try and place blame on the employee especially when you don't know the issues of what happened

    No opinion of CEO
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