State Street - Button Pressing Sweatshop | Glassdoor
There are newer employer reviews for State Street
There are newer employer reviews for State Street

See Most Recent

Helpful (2)

"Button Pressing Sweatshop"

Star Star Star Star Star
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Fund Accountant in Sacramento, CA
Former Employee - Fund Accountant in Sacramento, CA
Doesn't Recommend
Negative Outlook
No opinion of CEO

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

Pros

401k is great, 100% match, fully vested after a year
Majority of co-workers are fresh out of college, so you will have a group of people to commiserate with

Cons

So many, starting with the biggest:
PAY- is excessively low, even with the current turnover rate (as high as 40% in some groups), State Street continually drops their non-negotiable, take it or leave it, subsistence level entry level salaries. They often claim they are right with the industry average in terms of pay, but I have never seen an article claiming the new industry average for finance & accounting is in the low to mid 30's. Work environment is generally miserable, aside from the happy hours you will be attending every other friday to celebrate the persons last day who you never really got to know in the first place because they weren't there for very long. Most people stay here for a year, starve, become great at excel, and leave for a job anywhere else that pays 10-20k more. With the economy picking back up, offers are getting rejected and current SSB employees are dropping like flies.

Leave SS as your last option, and even at that point, look again, because you will get an interview, and an offer in short time after you apply.

Advice to Management

increase pay, responsibility...thereby reducing turnover.

Other Employee Reviews for State Street

  1. "Good Starting Place"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Associate II in Boston, MA
    Current Employee - Associate II in Boston, MA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    It is a big corporation, looks good on your resume.

    Cons

    Pay is lower than at any other bank/financial corporation. Bonus is a joke. High turnover, smart people leave fast.
    Worked in many different groups, most of the time promotions are earned by getting an offer from a different place, or being buddy-buddy with management.

    Advice to Management

    Find a way to create revenue, you cannot reduce expenses infinitely.


  2. "Fund Accountant II"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Funds Accountant II in Boston, MA
    Current Employee - Funds Accountant II in Boston, MA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at State Street full-time (More than 10 years)

    Pros

    Work/Life balance is good. I work from home so that is great especially with a young family. Downfall I am losing all my communication skills. Work with some good people at my level.

    Cons

    Just a job and pays the bills. Common theme among coworkers. Yearly layoffs which means additional work loads.

    Advice to Management

    Lacks communication. I didn't get a merit raise. End of year communication stated how well we have been doing. So much for that.

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

See Most Recent

Work at State Street? Share Your Experiences

State Street
  • Star
  • Star
  • Star
  • Star
  • Star
 
Click to Rate
or