State Street Reviews

Updated April 24, 2015
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3.1
636 Reviews
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
221 Ratings

636 Employee Reviews

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  1. Great Expperince

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - State Street Software Developer in Boston, MA
    Former Intern - State Street Software Developer in Boston, MA

    I worked at State Street as an intern

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Great Opportunity to learn from this huge infrastructure.

    Cons

    Wear formals everyday. But I kinda liked it.

    Advice to Management

    Have atleast one jeans day every week.

  2. Very supportive environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Desktop Support Engineer in Quincy, MA
    Former Employee - Desktop Support Engineer in Quincy, MA

    I worked at State Street

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Very cooperative team. Well maintained environment!

    Cons

    Need more project work so that contractors can acquire more information.

    Advice to Management

    Need to get more IT project works!

  3. State Street Global Services Custodian

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

    I worked at State Street full-time (More than a year)

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Alternative Investment Solutions is a young division at State Street Global Services. Mutual funds USIS is repetitive button pushing work, at least AIS division is different day to day tasks. Custody is always hiring so apply, turn over is so high they need associates. You get paid over time at least.

    Cons

    Turn over is so high the remaining associates are burdened with all the work without any care from upper management. The pay for entry level associates is extremely low but don't worry you will work so many hours than you expect.

    Advice to Management

    Management is poor.

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  5. Reporting and Compliance Fund Administrator

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

    I worked at State Street (More than 3 years)

    Pros

    Growth Opportunity; Great Benefit with great medical insurance and vacation days

    Cons

    prepare for overtimes, low compensation,

  6. AVP

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

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

    Recommends
    Neutral Outlook
    Recommends
    Neutral Outlook

    Pros

    Good salary structure. Ideal to enter as a beginner as there is a lot to learn

    Cons

    Difficult to move up the chain or switch between groups. Project management is very bureaucratic in nature,

    Advice to Management

    Need to have better work-life balance

  7. Custody Specialist

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

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

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    good experiences, relaxing environment, daily tasks need to be finished before deadline, nice coworkers, good for internal transfers

    Cons

    Doesnt provide the right training, working hours is not that great, the salary was really low, doing the same tasks every day

    Advice to Management

    Provide better training, show employees that the company really value them, have more weekly meetings between managers and employees

  8. A great financial services company to work for, especially if you want to go into mutual fund accounting.

    • Work/Life Balance
    Former Employee - Senior Accounting Specialist/Associate II in Boston, MA
    Former Employee - Senior Accounting Specialist/Associate II in Boston, MA

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

    Recommends
    No opinion of CEO
    Recommends
    No opinion of CEO

    Pros

    As an organization that has an inclusive corporate culture and strongly emphasizes performance excellence, State Street goes out of its way to make sure its employees feel valued and appreciated. It also offers employees many opportunities for professional growth and development as well. As someone who worked on several types of mutual funds, I enjoyed my job because it allowed me to utilize my numerical ability and enabled me to gain an immense appreciation for the mutual fund accounting environment. I developed my passion for fund accounting over the course of my employment and wish that I were still a employee of this wonderful and terrific organization. I still remain extremely passionate about fund accounting and continue to think very highly of State Street.

    Cons

    In this hectic, deadline-driven environment, the volume of work that one experiences can often be overwhelming. So if you are a fund accountant, you must frequently prioritize and multitask throughout the day to ensure the timely completion of key tasks associated with your assigned group of funds. This workplace setting can certainly be very stressful, particularly if you have too many funds to handle and find yourself needing to ask others for help. In some cases, staying late and putting in long hours may be necessary to get other work done.

  9. Professional!

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

    I have been working at State Street

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Lots of opportunity to move up and advance. Great pace to start a career.

    Cons

    You can become stagnant career wise.

    Advice to Management

    There is a role hierarchy that makes it hard to collaborate with team members.

  10. Helpful (1)

    I actually woke up everyday and didn't mind going to work; really liked my position, teammates, and loved my managers.

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

    I worked at State Street

    Recommends
    Neutral Outlook
    Recommends
    Neutral Outlook

    Pros

    State Street gives that chance to people without a ton of experience or just out of school without any experience. They are a huge financial staple in the industry, and have such a great reputation. They give people opportunities that many other companies don't. So many young adults are able to start a career at a well known company (having numerous locations- commutable) and receiving excellent benefits. You are able to advance and grow to move up. But, if you decided to not stay, it's a very useful for a resume.

    Cons

    The only thing is it's a huge company, and it's almost as if you were just a number. Your team itself is can be very pleasant. But there can be a down-side too, being placed in a group that's disengaging. Moving around a bit, being in different groups, each group varied on how things were done. In my first group I had amazing managers. The 2 had both been there for many years and taught me so much. I have them to thank for everything I learned there. But on the con-side, as much as I enjoyed the other groups and teammates (who all worked very hard), I felt I was never taught anything. I hoped to build my knowledge, but didn't have anyone guiding me to learn new processes. It all depends on which group you're placed in. And some groups have absolutely no room to advance. So you may be forced to find a new position (in a different group) if you want to progress and advance up the latter. That can be said for any company or job though. It's up to you on what you make of it, where ever you might be placed.
    One other con (that I would hear many people complain about) is basically people felt they weren't compansated for how hard they worked. Some people worked extremely hard and weren't getting paid enough for the amount of work they were doing and time put in. And then there were others that didn't do much, sitting next to you with the same job title probably not even knowing how to do their job correctly, with the same salary as you. That would be frustrating.

    Advice to Management

    I do not think implementing the new structure of the specialized groups was a very good idea. Working on a fund from start to finish works better in my opinion. First of all, as for the client's sake, if there's an issue they'd want to speak with the PA/FA. You've processed everything on that fund and know exactly what's going on. With the specialized groups there's too many people touching one fund. Not to mention people are working on too many funds. Now people have a lot more funds they're posting to and responsible for. Only working on what their specialized in posting the same thing all day to numerous funds. Always trying to call attention tothe understanding the big picture, promoting "the big picture." This completely takes away the idea of the "BIG PICTURE." Completely.
    For example, Client Ops doesn't really work on the funds or process anything. But that's who the client has to contact. The client is talking to someone that doesn't know anything about whatever the issue is. It now needs to be researched by Client Ops. Then they contact the income department to have something reversed. First that team needs to research it and understand what the issue is. Maybe another department needs to be notified also (income needs to inquire with another team for some reason)? And maybe it had to do with a corp action? An email will be sent out to Corp Actions. The accounting team needs knowledge of what's going on also, when doing their trial balances. But a reversal makes a problem for custody's short term investment also. If it's a fund that's swept (state street's short term money market investments) the deadline has most likely passed and the fund will now be overdrawn. All this communication takes lots of time to be emailing and waiting on responses involving several parties back and forth to figure out an issue. Client Ops now needs to be made aware of all these different interactions and transactions made or reversed. Possibly, an inquiry would then need to be made about the issue and non-payment. Also, (not very likely) worst case scenario ..how big of a transaction was reversed? And how big is the fund? Will this reversal move the fund at all? Will pricing be effected? (This would be basically impossible happening in this situation; it would've had to have been a monumental mistake to not account for by the latest extension. I just was being extremely dramatic). The client needs a returned call to have the situation explained. Obviously using all worst case scenarios- The client would not be very happy.
    BUT if that was my fund, I could've talked to the client (who I'd have a pleasant relationship with because we speak frequently and I help solve issues quickly). I would've looked into the issue myself right away, and then after I thoroughly researched I would've done the reversal myself. And if a corporate action was involved, they would've needed to be reached out to (if there wasn't an email already sent out from them). But since I looked into it myself and right away, and didn't need to wait all day for email responses from several involved people, not much harm was done. And hopefully there'd be time before the deadline for the new corrected amount for the short term investment. I would create the non payment inquiry and send to the appropriate department. Also, email the accounting team to inform them for their trial balancing. I can then call the client back and let them know simply that I put out an inquiry for that payment.
    It's much simpler working on a fund start to finish. Actually Account Controllers would've been a good idea to lean more towards. Knowing exactly what's going on with your fund and having basically no one else touching it works better, in my opinion. I believe the clients were not happy with the transition. During the transitioning, new employees were being hired as Client Ops. New employees! That doesn't make sense. They not even familiar using MCH, systems, apps, programs, etc. There's so much to take in and understand when first employed. WHY would they ever hire new employees for Clients Ops. It should absolutely be an internal move. It all comes down to the client, right? Isn't that what's most important? So why stick someone right out of college that spends 2 weeks with each group: cash, trades, recon, accounting, etc. And then they're answering a calls to clients.
    No one likes change. And everyone adjusts eventually. But during the transition, it seemed like a very bad idea. I wish it was explain better. Not why moving towards the specialized groups will all be better and work out better in the end, But why PAs and FAs were such a bad idea? Or Fund Controller?
    But again, people adapt. And I believe hearing the new transformation is supposed to be more efficient. And I'm sure save money. And India will be a huge help also. I do hope the transformation worked out well, went as planned and that the concept turned out how it was expected it too.

  11. Great place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Contractor - Senior Software Developer in Boston, MA
    Current Contractor - Senior Software Developer in Boston, MA

    I have been working at State Street as a contractor (More than a year)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Good environment and flexible to work.

    Cons

    Very slow process to get things at place.

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