State Street - State Street was a good growth experience with reasonable working hours | Glassdoor
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There are newer employer reviews for State Street

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Helpful (2)

"State Street was a good growth experience with reasonable working hours"

StarStarStarStarStar
  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Risk Analyst in Boston, MA
Former Employee - Risk Analyst in Boston, MA
Recommends
No opinion of CEO

Pros

1) High executive visibility within Enterprise Risk Management
2) Ability to understand company structure and business model
3) Friendly, competent people

Cons

1) State Street's bread and butter (investment servicing) is not very glamorous or exciting
2) Compensation is not very strong (e.g. I started my career there and had to leave the bank to get paid commensurate with my skills & experience)

Advice to Management

1) Need to promote/pay top performers otherwise they will leave for greener pastures even if they like their work/colleagues
2) More focus on training/career path rather than putting all the onus on employees

Other Employee Reviews for State Street

  1. "It's okay, entry level is boring for someone with a B.A. in Finance & Accounting. Just have to "go through the motions""

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Fund Accountant, Associate I in Kansas City, MO
    Current Employee - Fund Accountant, Associate I in Kansas City, MO
    No opinion of CEO

    Pros

    Young atmosphere/culture
    great benefits
    business casual dress code
    friday is jeans day

    Cons

    boring work at a-1 level. dont have to use your brain for the most part
    low pay


  2. Helpful (3)

    "Awful company to work for."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Assistant Vice President in Boston, MA
    Current Employee - Assistant Vice President in Boston, MA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    As many other people have noted below;
    Good Benefits (although they are trying to do away with those too)
    Good Work life Balance

    Cons

    They pay well below market rate and even have multiple groups on very different pay scales. The people on the higher pay scales flaunt that they are making more. This happens mostly because they grow through purchases as opposed to new business wins or service enhancement.

    The review system is so convoluted and confusing. It is completely framed around how you as an employee helped the company. With no thought or desire to what goals you as an employee have for yourself.

    It is the definition of promotion through attrition. There is no reward for trying or working harder, just longevity.

    The senior managers all 'grew up' at State Street so they have no idea what other companies are like, they make decisions based on their frame of reference which was developed by only working at this company.

    Because of the issues above, they are never able to bring in outside talent for senior positions, nor does it seem that they ever even try to.

    Recently they pointed to a stat that their voluntary turnover had decreased by 1% but was still 2.5% above industry average. They took this to mean that they were doing a better job of retaining employees when the fact is that the economy is awful and people just can't find anything else.

    If you want a promotion be on the sales teams, because they are the only ones who get bumped regularly because management feels like it is good to have people facing the client with at least a VP title.

    You will actually find out about openings in the company that you are qualified for from external recruiters because the HR team is one of the worst I have ever encountered.

    Advice to Management

    Actually start listening to your employees, help them move and grow within your company. And by employees I do not mean the people who have been there for 25 years and intend to die there because you have taken care of them well enough. The people who are new VP's or AVP's who still care and can be there and make it better.

There are newer employer reviews for State Street
There are newer employer reviews for State Street

See Most Recent

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