State Street - Work for State Street if you have no ambition | Glassdoor
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There are newer employer reviews for State Street

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Helpful (17)

"Work for State Street if you have no ambition"

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Business Analyst in Boston, MA
Current Employee - Business Analyst 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

The only good thing about State Street is the benefits package. There are a lot of solid options.

Cons

Think of every bad stereotype of working for a corporation, and you've got State Street. The company doesn't care about its employees (though they pretend to, of course). It's next to impossible to actually develop a career - the best you can do is make endless lateral moves. Promotions are decided by senior managers who are too far above the candidates to even know who they're promoting. I once witnessed a c-suite executive state in a town hall meeting, "If you haven't gotten a promotion, you just haven't worked hard enough," which is completely inappropriate, offensive, and totally out of touch with how things actually work in his company. Pay is far below industry standard, to the point that a recruiter once burst out laughing when I told him what my bonus was. They will make any possible excuse to minimize or completely eliminate your annual 2% raise and tiny bonus. I have listened to Jay Hooley talk about great annual results, announce a 25% dividend increase and a $600 million share buyback, and then, in the same breath, tell his employees that no one will get a raise this year because there isn't enough money for it. Also, due to this same "lack of money," critical and unfinished projects around the company will be underfunded or have their budgets completely eliminated. But at least the shareholders got theirs.

There is no internal culture; people are miserable and either resigned to a lifetime at State Street or looking to leave. There is an annual quota of layoffs. Every single year the board decides how many people they're going to fire, and the layoffs get distributed across the company, with every group required to fire their share. Of course, annually this is described as an unfortunate measure the company didn't want to take, but it's very much a part of yearly planning. Work-life balance is highly dependent on where you work and to whom you report. Infrastructure is a joke, with employees forced to work on computers 10+ years old and no way to replace them. The management committee endlessly talks about things like innovation, corporate culture and the new "The Way Ahead" campaign, while everyone down in the trenches know none of it has any meaning and will lead to absolutely nothing.

Do not work for this company.

Other Employee Reviews for State Street

  1. Helpful (2)

    "Low Pay, High Hours, Low Communication, High Burnout Rate"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    They pay OT (which you will have PLENTY of).

    Cons

    Hours, pay, management, burnout (list continues).

    Advice to Management

    Listen to staff when trying to communicate - don't just "delegate"


  2. Helpful (4)

    "This place is a joke."

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

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

    Pros

    Good benefits - vacation time, cheap healthcare premiums.

    Cons

    Incompetent co-workers, no accountability, you are an employee number, they don't care about the people who do the work but just about the work being done. The pay is a joke, you could start out making more at McDonald's. College education is not necessary, I've done more complicated work from things I've bought at IKEA.

    Advice to Management

    Advice is a waste of time. You make your money and you sail off into the sunset. Just ask yourself if you really add value to people's lives or just your own.

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

See Most Recent

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