State Street - Button Pressing Sweatshop | Glassdoor

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

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Helpful (2)

"Button Pressing Sweatshop"

StarStarStarStarStar
  • 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"

    StarStarStarStarStar
    • 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. Helpful (1)

    "The worst working experience of my life"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Portfolio Manager
    Current Employee - Portfolio Manager
    Doesn't Recommend
    Negative Outlook

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

    Pros

    If you are here to play politics and unskilled with regards to the financial market then you can have a career, promotion and you can expect to reach the highest level that your incompetence can achieve

    Cons

    You can hide, do nothing and bring home you cash. The company is so poorely managed that none will realize

    Advice to Management

    Management cannot be trusted. They tend to promise you the moon in a one to one conversation and also over recorded phone call but when the time comes to deliver to these promises either they find excuses or they liquidate you screaming I DID NOT DELIVER. Poor management attitute from poor mannered people that thinks more about their pocket and are careless about customer

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

See Most Recent

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