State Street
2.8 of 5 1,011 reviews
www.statestreet.com Boston, MA 5000+ Employees

State Street Reviews in Boston, MA

Updated Apr 16, 2014
All Employees Current Employees Only

2.8 374 reviews

                             

46% Approve of the CEO

State Street President and CEO Joseph L Hooley

Joseph L Hooley

(127 ratings)

43% of employees recommend this company to a friend
375 Employee Reviews Back to all reviews
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Good entry level job

Senior Associate (Former Employee)
Boston, MA

I worked at State Street full-time for more than 5 years

ProsGood place to start out of college. You will gain the corporate experience and work young colleagues. There is opportunity for growth depending on your group. Good place for stable work

ConsPoor work and life balance. Salary is low unless you keep climbing the ladder. In most case, you need to go internal interview for promotion. Very busy due to high turn over rate.

No, I would not recommend this company to a friend

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Acquired from Investors Bank and lasted 7 years before lay off

Systems Consultant, Vice President (Former Employee)
Boston, MA

I worked at State Street full-time for more than 5 years

ProsStrong company. Many good people to work with. Growth potential in some business lines. A change agent personality will be a rock star here.

ConsStaff reductions a constant thing since 2008. Challenges with the transition to more outsource partners.

No, I would not recommend this company to a friend

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Big company to start your career

Fund Administrator (Current Employee)
Boston, MA

I have been working at State Street part-time for less than a year

ProsFacility/Transportation/Culture/Personal Growth

ConsSalary/Training/Poor Management/

Advice to Senior ManagementBe more organized about trainning

Yes, I would recommend this company to a friend

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Client Operations Associate

Client Operations Associate (Current Employee)
Boston, MA

I have been working at State Street full-time for more than 5 years

Proslots of online and class room training courses for career development. easy to maintain work/life balance.

Consalthough, SS offers decent benefits the associate salary range remains low in comparison to industry average.

Advice to Senior Management{disclaimer: not all groups but in my experience} Many of the managers micro manage client relationships and account responsibilities - -trust and delegate more responsibility to your teams.

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State Street Scholars Internship

State Street Internship (Current Employee)
Boston, MA

I have been working at State Street as an intern for less than a year

ProsGood opportunity to experience a large corporate work environment for students about to enter the workforce

ConsNo real structure to the internship and very little finance and accounting practice, the internship will more than likely comprise mostly of filtering through data or running macros

Yes, I would recommend this company to a friend

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Zero regard for employees or their future.

Anonymous Employee (Current Employee)
Boston, MA

I have been working at State Street full-time

ProsFinancial services experience.
The ‘big’ name of State Street – (which meant more before everything became centralized or work was being constantly outsourced).
Commute is good if you live in the city.

ConsDisturbingly low pay; know your worth before you accept a job here.
High turnover, unexpected and surprise lay-offs, not all but most managers I’ve met either don’t manage or horde knowledge. You have to dig deep, long and far to learn something new and relevant since all the work is divided into Centers of Excellence. Horrible employee rating system which is totally sewed. Overqualified people working monotonous jobs.

Advice to Senior ManagementCare about the people who work for you, fight for them, teach them, challenge them. Get to know their needs, wants, desires, career goals, how they work. START BEING A MANAGER!

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Get hired right out of college and leave as soon as you can

Anonymous Employee (Former Employee)
Boston, MA

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

ProsEasy to get hired, easy to move around, opportunities for overseas work. Good people, if you are in the right group. Education benefits used to be good. For what it's worth, the company handled the recession better than some other financial institutions.

ConsPeople don't matter to this organization, no matter how much it might pretend otherwise. Promotions usually amount to nothing but a meaningless Officer or AVP title with more work, but little pay increase. It's a revolving door of constant layoffs and overworked people fleeing the poor pay and average benefits and the young college grads filing in to replace them.

Advice to Senior ManagementI know good pay and job security isn't what the company is about, but please stop laying off workers in their 50's. It's very difficult to find employment once your resume clearly identifies you as a State Street lifer. I am nowhere near that age, but seeing my older co-workers being escorted out was heartbreaking. These people spent their careers working for you, don't treat them like cattle.

No, I would not recommend this company to a friend

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Good for short term - waste of time long-term

Portfolio Accountant/Daily Pricing/Job Rotation (Current Employee)
Boston, MA

I have been working at State Street full-time for more than 5 years

ProsLots of knowledgeable people. Good place to start out in financial services. Benefits are decent, but not great. They appear to be slightly cut each year. Good place if you need a job now, but continue looking because there's a good chance you won't advance like you want to. Pretty good work-life balance if you're with the right group.

ConsLack of advancement opportunity. Culture based on the need to be constantly working even if you have nothing to do (just look busy). More jobs been cut and sent over to Syntel offices in India. Low base salary, lack of overtime opportunities, and salary increases & bonuses cut each year. Global Services has created leadership programs to create leaders, but rarely leaders to leadership positions after.

Advice to Senior ManagementIf you want employees to be motivated they need to be incentivized. You can't keep giving someone a great performance review, but not looking for promotional opportunities for good performers. Also, you need to create more of a culture of getting your work done and less about being at your desk. A person shouldn't have to look busy if they have no work to do at the current time.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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State Street is an ok launching pad, but make sure you do not stay here for longer than 3 years

Fund Administrator - Associate II (Former Employee)
Boston, MA

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

ProsYoung company with a lot of friendly people who you can develop relationships with. Paid overtime for over a 40 hr week. Matching IRA of 5%.

ConsRedundant brainless job. Low pay and low ceiling for pay. If you stay here longer than 3 years your career could be hindered as you are not developing any real transferable skills. My co-workers who had been working here for 5+ years were depressing. They hated their jobs but still went to work every day grumpy and depressed.

Advice to Senior ManagementIf entry level employees were compensated better I think more would stay leading to less turnaround. This would improve client satisfaction due to longer lasting relationships.

No, I would not recommend this company to a friend

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so far, so good

Associate I (Current Employee)
Boston, MA

I have been working at State Street full-time for less than a year

Prosfriendly co-workers, lots of training

ConsIT and HR are a pain

– I'm optimistic about the outlook for this company

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