State Street - Unrewarding, both professionallly and in terms of compensation | Glassdoor
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Helpful (4)

"Unrewarding, both professionallly and in terms of compensation"

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

I worked at State Street full-time (More than 10 years)

Pros

1.) If you work in the right area you may be eligible for a Flexible Work Arrangement (Note: Those privileges are can removed from an entire department, without notice, as a form of communal punishment for operational losses within a separate area of the department)

2.) If you become CEO you will be the 3rd highest paid in the entire industry.

Cons

Talent Loss/Brain Drain is remarkably high at State Street. With little to no merit increases for employees over the past 7 years, attrition rates for talented employees are extremely high. The remaining lesser-skilled employees have been forced to work longer and harder to implement unrealistic cost savings plans (i.e. outsource their own jobs). As a result, moral among employees is terrifyingly low (crying at the desk, storming out of the building are not rare events) and operational losses seem to be occurring at unprecedented rates.

Advice to Management

If you care about your employees, your employees will care about you and your clients. In Jay's short time as CEO he has obliterated the loyalty of what was once the most loyal employee base in the industry.

Other Employee Reviews for State Street

  1. "Job environment"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Software QA Engineer in Redwood City, CA
    Current Employee - Software QA Engineer in Redwood City, CA
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Excellent team, competitive work, good salaries and benefits, nice location

    Cons

    The system is a bit complex as it involves the FX trading. It takes a little while to understand the system.


  2. Helpful (2)

    "A great place to waste your life away."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Derivative Pricing Specialist in Sacramento, CA
    Former Employee - Derivative Pricing Specialist in Sacramento, CA
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    - Easy schedule (Mon-Fri 8:00 -4:30)
    - 3 weeks of vacation the first year
    - Company matches 100% of 401K, up to 5% of salary, after the first year.
    - Some friendly coworker if you're in the right team.
    - If you like to blindly push buttons all day this is perfect for you.

    Cons

    - Expect to work holidays.
    - People at the top lack communication skills and common sense.
    - High turnover.
    - Bad reputation.
    - Underpaid.
    - Learn skills irrelevant to job title.

    Advice to Management

    Fire yourself.

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

See Most Recent

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