State Street

www.statestreet.com
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State Street Reviews in Boston, MA

Updated February 25, 2015
Updated February 25, 2015
614 Reviews
3.0
614 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
614 Ratings

Review Highlights

Pros
  • Good work life balance with potential to work from home or create a flexible schedule (in 132 reviews)

  • The flex work schedule, most people have an option to work from home twice a week (in 65 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 42 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 57 reviews)

More Highlights

614 Employee Reviews Back to all Reviews

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  1.  

    Good for entry level / no experience. Willing to train new hires. Poor upward mobility and pay raises.

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

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

    Pros

    Willing to train new hires with no experience. Willing to hire people with no experience into entry level positions. Decent benefits (full 6% match for 401k).

    Cons

    Low paying in comparison to competitors in industry. Poor upward mobility. Seniority seems to be more heavily favored than talent when making promotion decisions. Supervisors discouraged from providing references for future employment.

    Advice to ManagementAdvice

    Cultivate and reward young knowledgeable talent. Realize that your salaries are not in line with the industry, so you will lose you're most talented employees. Cut dead weight.

    Recommends
    Neutral Outlook
    No opinion of CEO
  2.  

    Good company

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

    I have been working at State Street full-time (more than 8 years)

    Pros

    Great flex benefits and corporate culture

    Cons

    wage growth is slow and not nearly competitive in the market

    Advice to ManagementAdvice

    Market competitive pay

    Recommends
    Positive Outlook
  3.  

    A title helps significantly

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

    I have been working at State Street full-time (more than a year)

    Pros

    successful operation, specialized and skilled in the trust arena, old-fashioned full benefit packages.

    Cons

    You are NO ONE without a title here.

    Recommends
    Neutral Outlook
    No opinion of CEO
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  5. 2 people found this helpful  

    Poor appreciation of talent.

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

    I have been working at State Street full-time (more than a year)

    Pros

    Good culture. Few work more than 50 hours per week.

    Cons

    Too many VPs & poor raises and bonuses. State Street doesn't reward ambition, performance, or talent unless you resign.

    Advice to ManagementAdvice

    Learn to compensate - beyond the EVPs.

    Recommends
    Negative Outlook
  6.  

    Not bad, but it is getting more difficult

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

    I have been working at State Street full-time (more than 8 years)

    Pros

    Generally supportive and collaborative environment, remote working options, decent benefits, lots of options to volunteer in the community

    Cons

    excessive and seemingly unrealistic cost savings targets, some bureaucracy (not that surprising given the size), factory-like approach to providing services yields few innovations in many operational areas, strong financial performance isn't reflected in employee compensation

    Recommends
    Positive Outlook
  7. 1 person found this helpful  

    Currently on a path of change.

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

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

    Pros

    In the beginning of a major change in both senior and lower level management change the company is working to find the right balance for outsourcing many accounting functions to India. This has been difficult for many but new management will eventually turn thing around.

    Cons

    Losing a number of dedicated employees to transformation has been very difficult to both employees who have left as well as for those who have stayed.

    Doesn't Recommend
    Neutral Outlook
  8.  

    Good company

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

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

    Pros

    With hard work I was given ample opportunity to advance my career. They offered a good work from home policy.

    Cons

    The firm suffers from the usual big financial company problems; a lot of office politics and very male dominated. The communication between groups is limited making work difficult.

    Recommends
    Positive Outlook
    No opinion of CEO
  9. 1 person found this helpful  

    Get a year under your belt.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Custody Specialist, Associate I in Quincy, MA
    Current Employee - Custody Specialist, Associate I in Quincy, MA

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

    Pros

    Gaining great experience regarding financial services and custody banking at a recognizable company. Great first job out of college.

    Cons

    Long commute, salary is very low with no chance for negotiation. Stiff work environment.

    Recommends
    Neutral Outlook
  10.  

    Good place to start

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

    I have been working at State Street

    Pros

    Flexibility, Team environment, ability to learn, company support, opportunity - there are many training initiatives and that is very encouraging in how the company urges continuous improvement.

    Cons

    I can not really think of any actual cons to working here. there is a nice balance to everything although sometimes the urge to step away and have more free time during the day.

    Recommends
    Positive Outlook
    Approves of CEO
  11. 1 person found this helpful  

    Not the Worst, but Not the Best

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

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

    Pros

    Nice people, decent benefits, flexible work options (ex work from home)

    Cons

    Low pay, almost impossible to advance without moving to a different position, constant turnover and shuffling of employees and management (I have had more than 10 managers in 6 years), almost no employee recognition, stealthy layoffs that seem to happen very frequently, very poor communication from senior management to lower level employees

    Advice to ManagementAdvice

    Please consider being more open and communicative with employees; implement more employee recognition events- when I started there were things like holiday parties, ice cream socials, and free coffee, but none of those happen anymore; pay people better and maybe there will be less turnover.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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