State Street - Just a job | Glassdoor
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There are newer employer reviews for State Street

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Helpful (1)

"Just a job"

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Worker Bee in Boston, MA
Current Employee - Worker Bee in Boston, MA
Doesn't Recommend
Neutral Outlook
Disapproves of CEO

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

Pros

Offices close to public transportation..Not too many pros here..Basically that's it folks

Cons

Annual reviews are sort of a joke..Employees need to justify why they are deserving of the miniscule raise the company is thinking of handing out..VP's take credit for the departments' success even though most of the time they aren't involved in making the department successful..They get upwards of a 20% raise while the ones doing the actual work have to scrounge to get a measly 3%
Cash incentives have been talked about for years and haven't evolved..Now there is no reward system in place..Employees don't get recognized for their hard work
Jobs are being dumbed down because of business transformation/restructuring/COE's..If you decide to leave the company and go to a competitor, you won't be as much value as before since you've been pigeonholed into a silo role at State Street..State Street is gradually laying off employees who know their jobs and do it well to hire outsiders who don't know anything so they will work for cheap money..Outsourcing to India/outsiders has become the company's culture in an attempt to increase the bottom line..Company has become a big assembly line process..Hello! You aren't building a car guys! You're handling money/investments for businesses!
It's not what you know at the company..It's more of who you know..They would rather hire someone dirt cheap with no qualifications than hire someone from within who knows the job
There's not alot of internal promotions with the COE model since you'd move to a group where you would start at the bottom until you learn that job function..After a year, you may have a chance to advance but it probably won't happen..To advance and get the job position you want, you would need to have a recommendation from someone with authority..The COE model hinders knowing the whole mutual fund process

Advice to Management

Management's major mistake was hiring efficiency experts (consultants) to determine the future of State Street's operations..hence the COE/business transformation was initiated..Once you hand decision making to someone else, you've lost control of your company..It's too late to turn things around now..The company's future has now been predetermined

Other Employee Reviews for State Street

  1. Helpful (1)

    "Global expertise and reach, suffering from parochialism"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President in Boston, MA
    Current Employee - Vice President in Boston, MA
    Negative Outlook
    No opinion of CEO

    I have been working at State Street full-time (More than 5 years)

    Pros

    As a bank of banks, depth and breadth of capital markets experience is unlimited. State Street's global reach and market leading support for it's clientele allows for economies of scale, rapid innovation and indepth expertise. It's products and services are market leaders and are rated at or near the top of their classes

    Cons

    State Street suffers the typical organizational ailments, organizational silos, regulatory pressure and the neverending pogroms to improve operational leverage. Restructuring, transformation and global resourcing are the current manamgement consultant recommendations du jour

    Advice to Management

    Operartional improvements can only succeed with employee engagement, spend more time building up employee morale and engagement


  2. Helpful (1)

    "The name is OK for entry level resumes, but definitely not worth it"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mill Turning Mule in Kansas City, MO
    Former Employee - Mill Turning Mule in Kansas City, MO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    - They'll take fresh college grads even in this economy
    - Pays the bills (assuming you live the life of a hermit) and has decent benefits
    - Gives you a reason to get up in the morning

    Cons

    - Meritocricy means nothing, seniority takes precedence over competence, initiative, and preformance in considerations for bonuses and promotions
    - You WILL be managed by people who are clearly incompetent/stupid/insecure, and have been there for ages since they literally have no where else to go, and they know that
    - Easy to be stuck in the back office trap, especially when most people around you have no ambition to do anything else and actually think they are "playing the corporate game"
    - The work is basically glorified data entry, and future employers know that

    Advice to Management

    Seriously, outsource as much as you can to India/China, you get 5 people for the cost of 1 state school grad here, and each of of the 5 is twice as competent/productive as that idiot who surfs the internet 75% of the time anyways

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

See Most Recent

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