State Street

www.statestreet.com

State Street Reviews

Updated January 27, 2015
Updated January 27, 2015
1,433 Reviews
2.8
1,433 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
465 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

Employee Reviews

Sort: Popular Rating Date
  1.  

    review

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

    I have been working at State Street as an intern (more than a year)

    Pros

    great place to gain experience

    Cons

    to large of a company for me

    Advice to ManagementAdvice

    explaining more terminologies in depth

    Recommends
    Positive Outlook
  2. 1 person found this helpful  

    Discrimination

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

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

    Pros

    Affordable cafeteria food, if needed. Not enough smart people so you can take advantage of them if needed.

    Cons

    Parking, micromanagers, outdated technology, very clicky among lower level senior associate managers

    Advice to ManagementAdvice

    When its the holiday, make sure all employees get treated the same. Upper level management shared with lower level management a steak luncheon for holidays while others work his/her butt off. After 2 hours they all came back to thier desk happy and laughing. This was the pricing group in quincy massachusetts.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  3.  

    Hit and Miss Financial Corporation

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

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

    Pros

    -Decent working environment
    -Upward mobility potential if desired
    -Good training
    -Great benefits, including health insurance and vacation policies
    -Typically flexible working arrangements and work from home capability
    -Good on-site amenities
    -Good yearly incentive pay

    Cons

    -Lowest pay brackets among financial corporations in the area
    -Frequent outsourcing of some departments
    -Demanding client-based environment

    Advice to ManagementAdvice

    -Increase pay brackets to retain talent
    -Develop better practices/policies for evaluating potential management before hiring/promoting

    Recommends
    Neutral Outlook
  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5.  

    Dont waste your time if your looking for a real finance job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

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

    Pros

    -Small steady paycheck (friend with no college education made more money his first year working at FedEx moving boxes)
    - If group allows you can work from home 1 to 2 days a week.
    -They will pay for some of grad school however the majority of other companies do that.

    Cons

    It sums up to this. Statestreet uses very proprietary systems.

    1. -The work you do here is almost unapplicable in the rest of the finance world except for basic use of excel.
    2. -You do not need a finance,business, or even a management degree to work here, in retrospect you dont need any financial knowledge period. If you need proof there were English majors in my old group! . However it doesnt hurt to know some backgound knowledge going in.
    3. -All you need to do is learn how to run programs that do the real work/checks (explains the low salary).
    4. -The work is exactly the same every single day if your in accounting,custody, or client operations.
    5. -The HR department of my current employer told me if anyone spends more than 2-3 years there it would hinder your chances greatly from getting a middle or front office job where real money is made.
    6. High turn over rate and when I mean high dont be surprised when people start applying to other companies during working hours 6-12months into the job.
    7. People getting laid off consistantly.

    Advice to ManagementAdvice

    You have to really play the buddy buddy game to move up here. Unfortunately you see alot of unqualified people in management positions. But my advice to management is this, please care for your employees. Make their inevitably short stay there at least tollerable. Be nice, show appreciation, and actualy listen to their ideas and concerns.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6.  

    Stable Company with great flex program

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street

    Pros

    Flexible work arrangements.
    Able to learn and expand career if desire.

    Cons

    Pay is below industry. Upward movement is slow but possible if you push and seek out opportunities.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7.  

    Good place to start

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

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

    Pros

    The company has great technology and benefits. The hours were long at times but I and others were rewarded for that. It's a good place to start and gain experience. There are avenues of growth and different areas of the company to get into to. Where I worked, the environment was inclusive and they cared

    Cons

    The pay is very low. I took a lower position at a competitor and the pay increase was huge. With the great technology and automated processes, the trade off is that employees can lag behind in their overall knowledge of their roles compared to other companies.

    Recommends
    Neutral Outlook
    No opinion of CEO
  8.  

    Some good groups, some bad.

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

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

    Pros

    A good way to gain some exposure to financial services at an entry level. Large company with wide array of functions, easy to make moves between departments. Good benefits and flexible work arrangements for people who want to have more time for family/social/personal endeavors.

    Cons

    The managers and co-workers vary greatly between different groups. One group I was in had stagnant managers with dissatisfied clients, and was facing continual layoffs; another group I was in encouraged new ideas and was continually getting new business, getting promotions, and getting new hires every couple months.

    The industry is moving towards doing more with less, every group feels like it's being stretched thinner and thinner.

    Advice to ManagementAdvice

    Rotate staff more efficiently and educate them on development. Don't let good employees suffer under bad middle managers.

    Recommends
    Neutral Outlook
    Approves of CEO
  9.  

    There is very little room for growth

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

    I worked at State Street full-time

    Pros

    People - if you are lucky enough to be placed in a friendly group. Most people come in, work, and then leave with hardly a few words to each other.

    Cons

    Highly discourage recent graduates from applying to State Street unless through PDP program. Not a place where you can find many doors for growth or promotion.
    Terrible, terrible entry-level compensation.
    Senior management does not care about staff shortage until the very last moment, and even then, it takes months to hire new people. I saw many people from my group alone leave because of the work environment.

    Advice to ManagementAdvice

    Listen to your associates. Pay entry-level positions more.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  10. 1 person found this helpful  

    The worst company to work for. Understaffed, under budget, underpaid.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

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

    Pros

    Always hiring... not sure is it's a good thing.

    Cons

    No opportunity for personal growth, company doesn't sponsor professional development or growth, HUGE on bureaucracy and red tape.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    Excellent

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

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

    Pros

    Flexibility and the ability to work in an open environment.

    Cons

    Lower salary, I would Expect for the corp to compete with market salaries.

    Advice to ManagementAdvice

    More open minded and the realization that to keep good talent they need to have competitive salaries.

    Recommends
    Positive Outlook
    No opinion of CEO

Work at State Street? Share Your Experiences

State Street

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.