State Street Reviews in London, England

Updated July 2, 2014
Updated July 2, 2014
1,307 Reviews
2.7
1,307 Reviews
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Recommend to a friend
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
416 Ratings

Review Highlights

Pros
  • Company has good benefits and is looking to improve work/life balance for employees (in 124 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 60 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 39 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 53 reviews)

More Highlights

12 Employee Reviews Back to all reviews

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  1.  

    Tremendous Changes underway. Company evolving. Can old managers lead in this new regime, time will tell. I hope so.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President in London, England (UK)
    Current Employee - Vice President in London, England (UK)

    I have been working at State Street full-time (more than 10 years)

    Pros

    A lot can be said about this company that is good.

    Collaboration and Values and creating the future is the order of the day... "Perhaps the decade..." In fact it is a literal minefield of change... but this could be considered a positive thing, and for those who which to success they must embrace it. it can still be a fantastic place to acquire knowledge and skills. (Still...!)

    Work-Life Balance is good and perhaps getting better for those where the opportunity fits.. (Flexible work arrangements are possible, and a level of telecommuting can be optimised for certain roles but this is somewhat rare.)

    State Street has been known for technology in the past, but lots has been going on and especially for employee, the presences of new technologies has never been more obvious. The double edge sword of newer technology here is that employee are expected or assumed to adapt to it. (Well they better.) IT support is self-service, iLearn training is self-service, even social networks are growing dubbed Collaborate aka SharePoint for work and social networking, you better get clicking. So to get the most out of your career, you "must" become savvy to these technologies.

    Cons

    Transformation is rampant, sometimes it means job changes, sometimes outsourcing, but again the attitude here is key... (Anyone who is not aware of Who Moved My Cheese, better read it...)

    There are many different departments and products so it is certainly possible to be locked in areas that are either down-siizng, offshoring, restructuring (transforming) and that can be stressful... Those that do not adapt well may feel can feel marginalised...

    Many managers do not take the time that they could to spread their knowledge.
      - Not to their own teams, and certainly not across other teams...
      - so collaboration in name sounds very cool, looking better and flashier at the top levels.
             (not so much at the middle levels. but creating the future is a work in progress.)

    IT support has been transitioning for years from a full service approach to a self-service approach..
      Those that do not adapt will suffer...

    (But for the people that adapt, IT support is fine, and expertise and documentation is out there for all)
        If IT spend is reduced by millions and millions, employees need to work smarter : Jury is out on this.

    Advice to ManagementAdvice

    Employees are not just looking for a pay check, some want good old fashioned, face-to-face inspiration. The top-down flashiness for management to share their values experiences is good in a way. Strengthening daily manager behaviour is better...

    If managers do not possess or exhibit the skills to mentor their staff, we are creating a class system rather than a community... managers in the new State Street need to be given tools to do their job better.

    Whether acquiring basic IT support, or job mentoring, or computer based and classroom based training, middle managers have not been trained or given the guidance to steer their staff better. Some will adapt because of their personal style, others will not unless they are told how.

    But most outside joiners find our support model a horrific change... probably due to managers not knowing what they should know. (a good model with good tools that is not trained well is perceived by newcomers as a bad model...)

    So either weed out managers who do not lead in the new regime, or train / prepare them appropriately to do so... the tools are definitely there but many managers do not care or know...

    Staff On-Boarding needs a major re-write... and the HR folks that institute a short welcome session is not appropriate to the task. (Day one should be about sorting out all incidentals from IT set-up to phone set-up to site tour to access to product info to culture and governance to assigning a big brother type mentor... And it should be by design.)

    There are so much on-line resources but most people cannot navigate it... so get a job aid in hand on day one... Instil values on day one, as your managers may or may not be doing that.

    Recommends
    Positive Outlook
    Approves of CEO
  2. 4 people found this helpful  

    Do not take a job with them

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Analyst in London, England (UK)
    Current Employee - Financial Analyst in London, England (UK)

    I have been working at State Street full-time (more than 3 years)

    Pros

    Good work life balance.
    Good training.

    Cons

    The salary is crap and when you get promoted you are told that we cannot give you anymore as we just don't have the money but please take on the extra responsibility and extra hours for nothing because you should just love to work for us !!
    There isn't much in terms of progression.

    Advice to ManagementAdvice

    Bring the salary to market level. The reason why everyone is leaving. Then you just end up paying for recruitment costs and having to pay the new person the market rate and then have the learning curve which you could've avoided if you just paid the current employee the right wages.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  3. 1 person found this helpful  

    Not yet in the 20th century ( never mind 21st!)

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President in London, England (UK)
    Current Employee - Vice President in London, England (UK)

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

    Pros

    There are some genuinely good people in State Street if you look hard enough to find them.

    Paid time off to participate in community/charity activities

    Cons

    Remuneration is lower than the market so the good people don't stay long
    Hierarchical and status driven
    Culture of fear
    It is career limiting if you challenge senior management
    Lots of egos that you need to pander to
    Middle aged white grey male dominated organisation
    Relationships with senior management count for more than ability or results delivery
    Lack of investment in systems and automation - inconsistent processes, policies and authority level

    Advice to ManagementAdvice

    Hire some fresh external top talent across the whole leadership levels of the organisation then retire and let them get on with it.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
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  5. 1 person found this helpful  

    Great Place to work compared to larger Investment banks

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Assistant Vice-President in London, England (UK)
    Former Employee - Assistant Vice-President in London, England (UK)

    I worked at State Street full-time (less than an year)

    Pros

    Good Culture and people. Good work life balance.

    Cons

    Based in Canary Wharf, some management stuck in its ways.

    Advice to ManagementAdvice

    ...

    Recommends
    Neutral Outlook
    Approves of CEO
  6.  

    no real accounting, just data input

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Associate in London, England (UK)
    Former Employee - Senior Associate in London, England (UK)

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

    Pros

    great learning curve, easy to move teams

    Cons

    hard work doesn't really get appreciated

    Doesn't Recommend
    Positive Outlook
  7.  

    Alright

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Senior Associate in London, England (UK)
    Current Employee - Senior Associate in London, England (UK)

    I have been working at State Street

    Pros

    Friendly staff and opportunities to move within the firm.

    Cons

    Lack of quality training and a genuine interest in development, unmotivating surroundings, slow moving decisions making and corporate governance issues, too much office politics and way too Boston-centric in outlook, culture, etc.

    Advice to ManagementAdvice

    Remove redundant layers of management, be brave in positioning the firm for the future instead of taking baby steps forward

    Approves of CEO
  8. 1 person found this helpful  

    Good place to get experience but not a place to stay long term.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Operations Analyst in London, England (UK)
    Current Employee - Operations Analyst in London, England (UK)

    I have been working at State Street

    Pros

    Company has grown consistently - even through the bad times.
    Job security

    Cons

    Compensation packages are poor and do not really improve in line with responsibility of promotion.

    No opinion of CEO
  9.  

    Mixed!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Project Manager in London, England (UK)
    Current Employee - Project Manager in London, England (UK)

    I have been working at State Street

    Pros

    - Work life balance.
    - Strong cost leadership.
    - Acquisitive organisation - opportunities often exist to support integration of target organisations.
    - Opportunities for international travel and relocation exist

    Cons

    - Cost leadership at the expense of effective client support.
    - Aggressive outsourcing of operational functions was completed too quickly, without effective knowledge transfer to JV.
    - Limited specialist knowledge remains within local office.

    Advice to ManagementAdvice

    Cost leadership is all well and good, but don't let cost leadership determine the level of service which you are providing to clients.

    Doesn't Recommend
    No opinion of CEO
  10.  

    Everyone out for themselves for the most part

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Sales & Marketing in London, England (UK)
    Current Employee - Sales & Marketing in London, England (UK)

    I have been working at State Street

    Pros

    Good name in the marketplace
    Generally good products
    Strong emphasis on client satisfaction
    Long term senior managers know product well
    Very revenue focused, will get things done to get prospects onboard

    Cons

    Pay is below market
    Senior managers paid very well, but can be distant and frequently disinterested in careers of employees, but this varies greatly
    Very little guidance at all levels
    Incentive pay is poor
    Does not invest enough in technology
    Does not invest before the market, is not sufficiently flexible responding to marketplace
    Turnover does not bother management
    Most managers are not good at encouragement

    Advice to ManagementAdvice

    Introduce 360 reviews
    Make targets attainable
    Become more flexible in thinking ahead to meet market requirements
    Become less risk adverse as an institution

    No opinion of CEO
  11. 2 people found this helpful  

    Decent Compensation, Good Benefits, Arthritic Management

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Managing Director in London, England (UK)
    Former Employee - Managing Director in London, England (UK)

    I worked at State Street

    Pros

    Good Compensation and benefits packages for all employees irrespective of rank, including health care etc.
    International mobility for those that want it

    Cons

    No chance for advancement, senior jobs are kept for the buddies and god help you if you want to break into it.
    Bad communication culture

    Advice to ManagementAdvice

    Let up and coming talent come through and mentor them, not putting them down
    Improve communication and let people know what decisions are being made and why

    Doesn't Recommend
    No opinion of CEO

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