State Street Reviews

I worked at State Street as an intern for less than a year

Pros – Excellent company. Good pay and friendly, involved management.
The interview process was set up through my university. I had one on-campus interview and then I was called in to meet the managers. Overall, good company.

Cons – None, really. This position was a great way to launch a career in finance.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

I worked at State Street

Pros – -Treated very well
-Great learning environment
-Despite M-F 9-5 Schedule, given time off when needed
-Flexible work, team atmosphere was very enjoyable

Cons – -Repetitive work
-Systems were difficult to understand at first

Advice to Senior Management – -Promote young employees earlier in career to avoid losing them to outside companies
-Become more active in outside social atmosphere (ex: Company events)

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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

Pros – They'll hire just about anyone and the work is very easy. Good place to earn a little money while you hunt for more legit jobs.

Cons – Pay: Consistently pays the lowest in the industry. Bonuses are a joke in good times (aka 2007). With a good rating, nice VPs, and a fully funded bonus pool you can expect about $1,300 pretax. Last year the good groups got $700 pretax. Raises are about 2% annually... yeah. You read that right, 2% of your measly 40k salary.

Job growth: They have a terrible promotional system. Rarely is hard work recognized. Many higher ups have no idea what goes on at the actual work level and do their best to ignore work distribution.

Benefits: They used to be good but the company is constantly cutting them to save money. Now they are just like any other company.

Culture: The company actively endorses a very sad culture. They spend enormous resources saying that they care about your career and that they're always "attracting and retaining" the best talent but that's hardly ever the case. The company has a reputation of hiring everyone who just couldn't get a job anywhere else. They want you to be that worker who has no ambition and will work in the same job for 10+ years until they eventually lay you off and re-hire you at a fraction of your last pay. It's depressing how many people are ok with that.

Advice to Senior Management – Start over. Rethink the whole strategy. Get some fresh thinking in there. The company is so badly entrenched with laughable HR policies that it has become a zombie bank. Most employees are unmotivated and perfectly content to just sit there on 40k a year and do the same thing over and over and over until they get laid off. The company has a reputation of hiring the lower tier candidates and paying below market average. All of the higher ups in ssga have either come from outside or left, worked somewhere else, then come back. Internal promotion to a good ssga position is actively blocked by HR. Do you really think that's a good way to attract and retain talent?

No, I would not recommend this company to a friend

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

Pros – -Work is not strenuous
-Great work/life balance with work from home
-Benefits are above average
-Working with the right group can make the job fun
-If you put in the work, you will get recognized

Cons – -Pay is ridiculously low, with essentially no raises this year.
-Repetitive button pushing in order to process tasks for accounting. You won't know if it's Monday or Thursday.

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

I have been working at State Street full-time for more than 7 years

Pros – Locations close to public transportation
Work from home access but needs to be approved in advance

Cons – Culture has become outsource, outsource, outsource
Lack of proper training programs..mostly online training that's not really job related
Work is being outsourced to departments that make errors and don't take responsibility
Lack of career roadmap..To advance, it's based on being buddy-buddy with management and talking about sports rather than being based on an individual's credentials
Low salary compared to competitors
Annual reviews/raises aren't based on employee performance but a mathematical formula based on employee's annual earnings..If your salary is too low based on the company's mathematical equation, most likely you wil receive little or no raise
Raises for 2012 nonexistent except for upper management..Bonuses not as much as the past
Reward system was discontinued with nothing to replace it
Employee feedback isn't taken seriously

Advice to Senior Management – Don't blame managers for the company not handing out raises...Hard work goes unnoticed..If employees were appreciated more and paid fairly compared to other companies, maybe there wouldn't be so much employee turnover.Listen to the employees that are keeping the company afloat rather than force change and ideas upon them that are unproven and untested

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

I worked at State Street full-time for more than a year

Pros – Good introduction to the investment industry if you can not get right into trading or research

Cons – Stay to long and you get labeled a back office employee for life. Have to push yourself to make the next move if you don't see yourself in back office for the rest of your life.

Yes, I would recommend this company to a friend

I have been working at State Street full-time for more than 7 years

Pros – Its a Job, provides experience

Cons – Long hours, crap pay, horrible compensation

Advice to Senior Management – spread the wealth and give employees more incentive to work hard

No, I would not recommend this company to a friend

I have been working at State Street full-time for more than 7 years

Pros – Most Weekends off and a constant paycheck. If you like OT come to State Street.

Cons – Off Shoring of work, very little bonus or pay raises for Administrators. All promises of career growth without target delivery dates. If you want a pay raise, you better just accept it will be in the form of OT. Parking and and benefits whatsoever are at a high cost in comparison to salary. I worked at State Street for over 5 years and not a single promotion. I feel as if i wasted 5 years of my life.

Advice to Senior Management – Practice what you preach. When an employee looks for career advancement, management should provide some real guidance.

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

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

Pros – - very involved in the community
- opportunities are endless if you're willing to word hard and not be afraid to seek them out
- global corporation provides a global network

Cons – - economy has limited pay increases over the past few years

Advice to Senior Management – With less people doing the same/more work, doing away with pay increases is not sending the right message to staff (especially when we see senior executives making millions in salaries and bonuses). It is sending the wrong message.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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

Pros – Generous benefits and vacation day allocations. Often flexible scheduling is available.

Cons – Low paying overall. Not a lot of incentives to advance within the company. Poor communication with employees from management. Consistent focus on cost reduction, including sending jobs overseas whenever possible.

Advice to Senior Management – Share more of the long-term vision for the company with employees. Work more at making employees feel valued, and well equipped for their jobs.

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