State Street - exciting for the first few months only | Glassdoor
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There are newer employer reviews for State Street

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"exciting for the first few months only"

StarStarStarStarStar
  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Fund Accountant, Associate I in Sydney (Australia)
Former Employee - Fund Accountant, Associate I in Sydney (Australia)
Recommends
Approves of CEO

Pros

work environment was not too competitive. employees get along with each other pretty well. the job was not too hard. quite a good start for fresh graduates. for master's students, it was way too low to start in here.

Cons

the system used is solely for state street, unlike jp morgan or anz who use the same system. knowledge gained from state street (system wise) are not transferable. promotion opportunities are limited.

Advice to Management

not too much delegation on the analysts. managers and client accountants should be aware of what is going on too. clients would not be impressed with managers or client accountants who were not competent to answer their queries.

Other Employee Reviews for State Street

  1. Helpful (6)

    "Slave Street"

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

    Pros

    Excellent exposure to portfolio / fund industries

    Cons

    Where to start? Incompetent middle management, I mean it, extremely incompetent management. Zero, absolutely zero communcation. Zero, absoluately zero effective time usage. Zero, absolutely zero feedbacks. Middle management's existence is to justify their existence. Read that again, middle management exist to justify their value. Absolutely horrific treatment to juniors and associate level employees. Middle management are brain dead over-paid zombies. Middle management love to see their worker bees work 70-80 hrs a week. They will leverage their perceived power on you if you don't do as they want. If you have an opinion, keep it to yourself if you still want to come back for another day.

    I have yet to mention pay, which is chump changes for the work that they expect out of you. With regards to hours, if you complete your task efficiently and effectively, you will be assigned more mundance work. If you dont' complete your task on time, you will be labelled, zero tolerence, no excuses allowed.

    Middle management doesn't understand the daily grind of the data system that the associates have to deal with; the only excuse they have is: "everyone does it, so should you". That's all they got for a come back? come on, be more creative.

    Smart employees would not tolerate circus like this, get out while you still have a functional brain.

    Advice to Management

    Not much, usually the smart ones would have left here in a matter of months.


  2. Helpful (3)

    "When its good, its alright, when its bad, it is hell."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Corporate Actions Processor in Edinburgh, Scotland (UK)
    Current Employee - Corporate Actions Processor in Edinburgh, Scotland (UK)
    No opinion of CEO

    Pros

    Best reason to work for State Street is the free gym membership and the canteen which serves low price meals. I guess the communication is good and they do have some good programs. The people are ok to work with however our department lost a lot of experienced employees due to other companies offering more money. State Streets answer was to do nothing and not adjust the pay structure. This has led a number of staff questioning if they will remain at State Street after the bonus is handed out. If they pay rise and bonus is poor, I can see that State Street revolving door to keep on spinning.

    Cons

    Poor pay that does not get reviewed with Market standards. Most employees paid £4-5k what they would usually get elsewhere. Poor Bonus despite our CEO telling us we are showing record profits and this is confirmed by articles in newspapers about how poor the bonus structure is. Our management structure is poor, whereby people promoted are not really known to be good managers. I would say possibly 2/3 out of 8 managers you can have are poor, lack direction and dont know what the word support means.

    Advice to Management

    My advice would be that State Street has the potential to be a great company to work for. All the elements are there however you must raise your pay and you must raise you bonus structure. Unfortunately, Barclays bank, Blackrock, CitiBank and FNZ are already stealing the most valued employees from our department. I would begin to rethink the tactics since you are wanting to look to become the best in the market. It wont happen with temps who are promoted after they have a glittering career doing all the simple tasks.

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

See Most Recent

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