State Street Reviews

Updated April 24, 2015
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Employee Reviews

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  1. It seems like a good company that shows concern for its employees

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

    I have been working at State Street part-time (Less than a year)

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

    Pros

    Its good for your resume if you get an internship but its not the typeof company to stay too long at

    Cons

    They use old financial software and thats not really user friendly. Days spent at the office are long and boring

    Advice to Management

    Management is concerned with doing there own thing not much interaction

  2. Helpful (2)

    Ever heard of the Peter Principle?

    • 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 (More than 10 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Benefits package is competitive. Depending on who you work for, flexible work arrangements are encouraged. On-site CFA class is good if you want to get a better job and can get it reimbursed.

    Cons

    Getting back to the Peter Principle, this place embodies it. The higher you go, the more incompetent the people are. And there is no way to climb the ladder based on merit alone....you have to kiss you-know-what in order to get noticed. Extremely hierarchical structure....most SVPs won't take meetings even with VPs that don't report directly to them. Senior management, which has recently been overhauled with former consultants, is cutting costs to the bone, which translates to awful tech support and rolling layoffs. It's pretty fun coming in the last Wednesday of every month not knowing if you're going to be in the unemployment line or back at your desk the next morning . The push is still to offshore a lot of work, while it has been proven through experience that the offshore partner cannot handle anything other than simple tasks. Regarding salary...it is not good. The company pays approximately 3% more in starting salary than it did in the year 2000, and management's excuse is that "we're in line with our competition". Two problems....A) that's a bold faced lie and B) even if it wasn't, management obviously isn't paying attention to a little issue we have in this country called wealth inequality (which actually makes sense, thinking back to my previous comment about incompetence levels rising the higher up the org chart you go). Then we're told that the SVP level and above have their pay frozen so that the "little people" can still get a 2.5% merit increase....guess what, nobody feels bad for a class of people who average over 200K in salary and God knows how much more in bonus/shares. Other reviewers have mentioned the SSB brand name as being a pro...I couldn't disagree more. Rumors have been around for years of other financial firms in the city throwing away SSB resumes before even reading them. Once you're here for more than a couple years, buckle up, you're likely here until your number gets called. Don't bother with advanced degrees or designations; senior management couldn't care less.

    Advice to Management

    Aside from the removal of the CEO and a complete overhaul of the corporate culture (meaning wiping the senior management slate clean and starting over from scratch), I don't see how this company can be changed for the better. I had high hopes when the current head of US operations what promoted recently; sadly it has been more of the same and in some ways worse than before. I spend most of my spare time desperately trying to get out before they invite me to leave; it's incredibly hard to do without just getting dumb lucky. My odds are likely better playing the lottery.

  3. Good company

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

    I have been working at State Street full-time (More than 8 years)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Great flex benefits and corporate culture

    Cons

    wage growth is slow and not nearly competitive in the market

    Advice to Management

    Market competitive pay

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  5. Good for entry level / no experience. Willing to train new hires. Poor upward mobility and pay raises.

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

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

    Recommends
    Neutral Outlook
    No opinion of CEO
    Recommends
    Neutral Outlook
    No opinion of CEO

    Pros

    Willing to train new hires with no experience. Willing to hire people with no experience into entry level positions. Decent benefits (full 6% match for 401k).

    Cons

    Low paying in comparison to competitors in industry. Poor upward mobility. Seniority seems to be more heavily favored than talent when making promotion decisions. Supervisors discouraged from providing references for future employment.

    Advice to Management

    Cultivate and reward young knowledgeable talent. Realize that your salaries are not in line with the industry, so you will lose you're most talented employees. Cut dead weight.

  6. Difficult Experience

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Assistant Vice President in Sacramento, CA
    Current Employee - Assistant Vice President in Sacramento, CA

    I have been working at State Street

    Doesn't Recommend
    Neutral Outlook
    Doesn't Recommend
    Neutral Outlook

    Pros

    Some flexible work arrangements

    Cons

    Everyone is so busy trying to do more work, request for help to learn how to do a tasks are typically just completed thus missing out on a knowledge share/transference opportunity and empowering the employee asking the question. There doesn't seem to be very much pwrs
    personal accountability in individuals.

    Advice to Management

    Acknowledge people are different and may get to the end result via a different path than the one the manager may take.

  7. It is what you make of it

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street

    Pros

    If you want to work hard and be flexible, you can move up

    Cons

    large corp, sometimes you can feel like a number and not a name

    Advice to Management

    eat lunch in the café every now and then...

  8. A smart people factory.

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

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

    Recommends
    Neutral Outlook
    Approves of CEO
    Recommends
    Neutral Outlook
    Approves of CEO

    Pros

    Amazing people get recruited in
    Great brand, relatively conservative investment bank
    Great job stability

    Cons

    Many departments are ridiculously bureaucratic and "corporate" by any company's standards. If you're looking for a super fun environment, this isn't going to be it.
    Innovative ideas are not really supported by the middle managers, so you have to fight really hard to get something going or else do what most people do and just emotionally withdraw and clock-in clock-out. This is why most people leave after 2-3 years.

    Advice to Management

    Encourage middle management to embrace internal innovation instead of just paying it lip service.

  9. FinanCe intern

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

    I worked at State Street part-time (Less than a year)

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

    Pros

    Worked here for an internship and felt like there was not too much pressure. Friendly people and good hours

    Cons

    Boring and mundane ,they are still using funds software from the 90s and it's just not the type of place you want to stay for long

  10. Helpful (3)

    Poor appreciation of talent.

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

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

    Recommends
    Negative Outlook
    Recommends
    Negative Outlook

    Pros

    Good culture. Few work more than 50 hours per week.

    Cons

    Too many VPs & poor raises and bonuses. State Street doesn't reward ambition, performance, or talent unless you resign.

    Advice to Management

    Learn to compensate - beyond the EVPs.

  11. Fund Accountant

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

    I have been working at State Street

    Pros

    Open environment. Access to management. Interesting work.

    Cons

    Heavy reliance on macros and low reliance an employee knowledge. Pay

    Advice to Management

    Provide more training.

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