State Street
2.7 of 5 1,199 reviews
www.statestreet.com Boston, MA 5000+ Employees

State Street Reviews

Updated Jul 8, 2014
All Employees Current Employees Only

2.7 1,199 reviews

                             

51% Approve of the CEO

State Street President and CEO Joseph (Jay) L. Hooley

Joseph (Jay) L. Hooley

(372 ratings)

40% of employees recommend this company to a friend
1,199 Employee Reviews
in

Review Highlights

Pros:
  • "Company has good benefits and is looking to improve work/life balance for employees"
    in 110 reviews
  • "Many employees can work from home a few days a week if their responsibilities allow them to"
    in 53 reviews
Cons:
  • "long hours, low pay, only get promoted if you threaten to leave the job, no work/life balance"
    in 33 reviews
  • "long hours, too much operational work, not so many bright people that can inspire you"
    in 44 reviews
  • Show more review highlights

Reviews

    • Culture & Values
           
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    • No Opinion of CEO

    1 person found this helpful  

    True Story: You will start dying on day one and it will progressively worsen

    Personal (Former Employee)
    Boston, MA

    ProsA paycheck.
    You learn what everyone has already learned, and then you do it each and every day.
    Coworkers are typically good people (if you need that).

    ConsYour entire day is nothing shy of a con.
    Way too many smiles, you half expect to see a battle between Julie Andrews (sound of Music) and Agatha Hannigan (annie), or a full out Ultimate Fighting showdown in the meetings they have.
    Good luck talking to HR.
    This is the company that all horror corporate movies are based upon. It has to be.
    You will have to re-learn just about everything you once knew when you leave. Once highlighted moments of your past will be a distant memory. Relationships will crumble.
    Oh, and don't forget, those NAV's better be updated in the morning paper, or else...

    Advice to Senior ManagementTo the board of directors: Honestly, it's time to shake the uppermost deck of the ship. Everyone has their parachute, give 'em a push and have a training session on how to pull the cord.

    No, I would not recommend this company to a friend

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    One of the worst companies out there...

    Fund Accountant, Financial Reporting (Former Employee)
    Boston, MA

    ProsGood place to learn as an entry level associate if you want to... and its also a business casual culture.

    Consno work/life balance, bad bonuses, terrible salary, long hours at work, factory type of work, bad management and the list goes on

    Advice to Senior Managementpay well, maintain a good work/life balance for your employees, too much work!!! and omg the bonuses been paid to your staffs that does the REAL work is horrendous (shame on you guys)

    No, I would not recommend this company to a friend

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    Worst Company I have ever worked for disgusting culture.

    Officer (Former Employee)
    Dublin, Dublin (Ireland)

    ProsGood restaurant and employees (below management level) generally sound. Another pro is can get promoted if the type of idiot who enjoys working all night. Although treated like slaves don't beat employees although they might like to - to work you harder.

    ConsLong hours - on my team average 60+ with a lot of all nighters - break Working Time Act all the time. Also break Health and Safety on pregnant workers. Constant monitoring by managers, work the living hell out of you, no training, crap coffee, money poor (avoid funds if starting out). Ignore company literature - no respect for employees, all goals about money and only care about money and send regular emails saying cannot do anything that costs the company money.

    Advice to Senior ManagementI expect someday your company will get the reputation it deserves for abusing employees and will be investigated by the media for breaking the Working Time Act. Stop breaking employee laws and learn to respect people

    No, I would not recommend this company to a friend

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    • Culture & Values
           
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    1 person found this helpful  

    Do not take a job with them

    Financial Analyst (Current Employee)
    London, England (UK)

    ProsGood work life balance.
    Good training.

    ConsThe 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 Senior ManagementBring 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.

    No, I would not recommend this company to a friend

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    Worst company to grow within, less paid ever

    Anonymous Employee (Former Employee)

    ProsGood benefits and thats about it

    ConsTo many things to mention that are categorized as cons. Salary is so low, intern start at 15$ which is very good but once you are full time you start with the same amount which is disappointing. T move up is very hard. There is not rules that will make you move up. Its to much politics a lot of politics, horrible environment. There are ppl who have been for 2 year and become manager and there are ppl who have been for 5 years and they still associate level, the reason is the politics. There is nor rules or tests to be given in order to promote the most qualified ones, its so disappointing,

    Advice to Senior ManagementStart paying more and stop running the company with interns, you think by hiring interns is cost effective cuz u saving on benefits but it will hurt the regular employee and they will move out so try to care more for your own emplyees.

    No, I would not recommend this company to a friend

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    Low Pay, High Hours, Low Communication, High Burnout Rate

    Anonymous Employee (Current Employee)

    ProsThey pay OT (which you will have PLENTY of).

    ConsHours, pay, management, burnout (list continues).

    Advice to Senior ManagementListen to staff when trying to communicate - don't just "delegate"

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

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    Bank Loans A1

    Bank Loan Specialist (Former Employee)
    Kansas City, MO

    ProsThere are no pros for working here!

    ConsAge of A2 and managers are really young. Bury associate 1's under a mountain of work while everyone else instant messages and watches. No help what so ever. Kansas City bank loans branch is a complete joke.

    Advice to Senior ManagementNothing, it would take years of change to try to fix the mess that are the working conditions. The people from Boston are unbearable to deal with.

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

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    6 people found this helpful  

    Work for State Street if you have no ambition

    Business Analyst (Current Employee)
    Boston, MA

    ProsThe only good thing about State Street is the benefits package. There are a lot of solid options.

    ConsThink of every bad stereotype of working for a corporation, and you've got State Street. The company doesn't care about its employees (though they pretend to, of course). It's next to impossible to actually develop a career - the best you can do is make endless lateral moves. Promotions are decided by senior managers who are too far above the candidates to even know who they're promoting. I once witnessed a c-suite executive state in a town hall meeting, "If you haven't gotten a promotion, you just haven't worked hard enough," which is completely inappropriate, offensive, and totally out of touch with how things actually work in his company. Pay is far below industry standard, to the point that a recruiter once burst out laughing when I told him what my bonus was. They will make any possible excuse to minimize or completely eliminate your annual 2% raise and tiny bonus. I have listened to Jay Hooley talk about great annual results, announce a 25% dividend increase and a $600 million share buyback, and then, in the same breath, tell his employees that no one will get a raise this year because there isn't enough money for it. Also, due to this same "lack of money," critical and unfinished projects around the company will be underfunded or have their budgets completely eliminated. But at least the shareholders got theirs.

    There is no internal culture; people are miserable and either resigned to a lifetime at State Street or looking to leave. There is an annual quota of layoffs. Every single year the board decides how many people they're going to fire, and the layoffs get distributed across the company, with every group required to fire their share. Of course, annually this is described as an unfortunate measure the company didn't want to take, but it's very much a part of yearly planning. Work-life balance is highly dependent on where you work and to whom you report. Infrastructure is a joke, with employees forced to work on computers 10+ years old and no way to replace them. The management committee endlessly talks about things like innovation, corporate culture and the new "The Way Ahead" campaign, while everyone down in the trenches know none of it has any meaning and will lead to absolutely nothing.

    Do not work for this company.

    No, I would not recommend this company to a friend

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    Fund Accountant

    Anonymous Employee (Current Employee)

    ProsExposure to mutual fund industry

    Consmenial work. under appreciated.

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    • Culture & Values
           
    • Work/Life Balance
           
    • Senior Management
           
    • Comp & Benefits
           
    • Career Opportunities
           
    • No Opinion of CEO

    4 people found this helpful  

    Awful Corporate Culture

    Anonymous Employee (Former Employee)
    Boston, MA

    ProsThe benefits are fine, although the 401K matching dropped to 5% from 6% when I started. There are some great people working at State Street that just seem resigned to their jobs.

    ConsThe motto of management is "Do More With Less," but that doesn't mean that they are interested in efficiency. Every year there were layoffs and the amount of work remained the same. Instead of streamlining processes and creating efficiencies, the processors were just given more work and told to get it done. Management was not interested in ideas for improvement.

    The only idea management had for remaining competitive was to outsource the work to India, which was next to useless given the amount of turnover over there. As soon as a process was moved to Syntel, the worker you trained would leave and you would need to start over. The same mistakes would be made so often that you could predict future problems and adjust your schedule in advance. Again, no changes were made to address chronic problems or problem employees.

    Any above-average employees quickly found other jobs and left. No effort was made to retain talent or promote the better workers to management. It was almost impossible to move to SSGA or even other roles within State Street, any application to a new position may as well have been sent straight to the trash.

    On top of everything else the pay was not competitive and the yearly raises were more often under inflation.

    Advice to Senior ManagementSolicit ideas for improvement from employees, listen to what problems the processors are having and work to improve your day-to-day operations. Invest more in talent and your infrastructure.

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

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