State Street Reviews | Glassdoor

State Street Reviews

Updated August 18, 2017
382 reviews

Filter

Filter


1.0
StarStarStarStarStar
Rating TrendsRating Trends
Recommend to a friend
Approve of CEO
State Street President and CEO Joseph L. Hooley
Joseph L. Hooley
166 Ratings

382 Employee Reviews

Sort: PopularRatingDate

Pros
Cons
  • lot of politics no work life balance (in 97 reviews)

  • Long hours pressure during end of month (in 148 reviews)

More Pros and Cons

  1. "Work life balance only good thing"

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

    I worked at State Street full-time (More than 8 years)

    Pros

    Only pro was work life balance and work from home flexibility

    Cons

    Salaries are terrible and no transparency. People go years without increases and bonus only sometimes makes up for it. Monthly layoffs

    Advice to Management

    Stop RIFing people


  2. "Must learn how to communicate"

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

    I have been working at State Street as an intern (More than a year)

    Pros

    Ability to work from home

    Cons

    While I will grant that this may be more my manager's fault in the IT sector of the company, there have been communication issues since day 1. It seems that unless you are in Boston with the rest of the team, no one knows how to handle you and would prefer to ignore your existence. I received little to no training, with the expectancy that other teams take time out of their projects to train me instead of the people that I would ostensibly be working with on a daily basis. I had to learn from my contracting manager when my end date would be, not my hiring manager, and then when my contract was extended, it seems that that information was never passed along to my contracting manager. I had to learn this information during a wholly unrelated meeting.

    I have heard cases from other employees about managers not knowing that our batch of interns were contract to hire, some people never being put on the email list that they needed to be on to do their job because "they didn't want to overwhelm you" and some managers not even knowing about the extended furlough program. No one, it seems, has any idea how to communicate nor any interest in taking criticism when someone brings up the fact that communication is poor.

    Advice to Management

    Communicate clearly, communicate directly, and be open when people say they have a hard time following. Requests for someone to act as note taker during a meeting in order to put out a summary after a meeting is over to ensure that everyone is on the same page shouldn't be put down because "we don't have the time for that." If there is no time for the basics of communication, then you don't have time to work on any projects at all.

  3. Helpful (1)

    "Eh"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at State Street full-time

    Pros

    Nice office, good people, good resume builder

    Cons

    Underpay employees, very boring work


  4. "asst manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    the insurance package is ok

    Cons

    upper management does not care


  5. Helpful (1)

    "Worse place to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at State Street full-time

    Pros

    Benefits are good, but that is it.

    Cons

    Terrible pay, outsourcing, no training, terrible leadership.


  6. "Ok"

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

    I worked at State Street full-time

    Pros

    Get a good name on your resume.
    Work with some of the largest companies in the world.

    Cons

    The pay is horrible, even working overtime still gives you a small paycheck. Depending on your group you will have to work overtime and on US holidays. A lot of internal teams are not the best and slow down the completion of tasks. In addition, systems were slow and each group is riddled with operating inefficiencies. Finally the work is dull, mundane and becomes old very fast.

    Advice to Management

    Pay competitive wages and offer better employee perks. Focus on career development and learning, it does not feel like employees were encouraged enough to try something new. Seemed the company would prefer you stay in your current role forever.


  7. Helpful (1)

    "Corporate Audit - A Mindblowing Experience"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Audit Manager in Boston, MA
    Former Employee - Audit Manager in Boston, MA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    What a mind blowing experience. Thank you for letting me see how bad this place can be and allow me to appreciate more about my next job. I cannot agree more on those 1 and 2 star reviews here about this company.

    This place is so layback. You need to be a good actor/actress and know how to kiss up and kick down. For 8 hours a day, 5 days a week, you need to look 'busy' and 'occupied'. Other than that, I don't think anyone would ever care about what you did, do, and will do.

    You can leave a 4pm everyday. Again, no one cares.

    Cons

    They always keep hiring. Why? Because the turnover is extremely high. When the summer is around the corner, you will see more "staff news" emails sending around and announcing that people are leaving SS.

    The culture of Corporate Audit is terrible. Managers and coworkers cannot be trusted. They smile in your face and stab you in the back. Golden rule is to keep your head down, collect paychecks, get the experience, sharpen your resume and leave. Trust me, do not stay for more than 2 years.

    Technology here is pretty much a practical joke. All credit goes to the 'Discovery' system, sharepoint sites and whatever crap they put into production but have to fix them constantly.

    Advice to Management

    Good job for maintaining this place worst than a high school classroom
    Good job for maintaining the culture so toxic
    And thank you for the experience. Goodbye.

  8. Helpful (12)

    "The Unsinkable State Street Titanic"

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

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

    Pros

    On the surface, SS sounds like an amazing, even important place to work. 'I work at one of the largest and oldest investment firms in the nation. We handle more money than the national deficit every day. If we failed, nations would go under.'

    Everyone has a great title. I can't count how many vice presidents and presidents there are. Stick around a few years and you can be a VP too.

    It's easy to fool your friends into thinking you make a lot of money, since you work with a place that handles a lot of money.

    Cons

    Where does anyone start?

    I've read all the bad reviews here and seen every one of those situations first hand and then some. Some bother me more than others and should bother anyone associated with this company.

    First, there is a disconnect between the company vision and reality. The vision is (currently) 'Beacon'- cutting costs through effective technology. The reality is this place is too cheap and too ignorant (sorry) to make it happen.

    They offshore so much of their tech labor, turn over labor at a pace I've never seen anywhere else, work with the most Frankenstein patchwork of old technology which faced the brink of catastrophic failure daily, have barely any clue how this mess works together, continue to add pie in the sky projects (to look good to shareholders, I'm guessing) but can't spring for the greatest, much less the latest anything. I can't see them NOT having a serious catastrophic data crash within the next five years.

    Let's not forget the tech side doesn't communicate well with the business side so neither are happy with one another.

    Security, while necessary, makes many tasks almost impossible. For example, if you step in today, it'll likely take you at least two weeks before you can use a computer, even if they know you're coming on board several months in advance.

    Training is non-existent and one of the lowest priorities of any department, mainly because the departments are mostly understaffed and trying to both keep things running AND put out fires constantly.

    When I think about the company, I envision a group of people in a fast moving car falling apart on the highway, and rather than stop to fix the mess, they'd rather get people out on the hood with a toolbox and pray things just keep running without anyone noticing.

    Did I mention they haven't had a good product since SPDR's? They are cheap to a fault yet they think things like putting a statue of a girl in front of the Wall Street bull is the best move for business.

    And the internal communications... the company prides itself on it's pride. It's always doing the right thing; communications say so. Never mind the low pay. Never mind being thrown into projects no normal human being could ever hope to solve. Never mind the feeling that there are two state streets: Boston and everyone else- just go along with the pitch. Things are great. Good times on the Titanic for everyone!

    I dread coming to work every day and am sharpening my resume to get out before JP Morgan buys up the company and fires everyone.

    Advice to Management

    You can't have it all. You have to focus on doing one thing well at a time. Oh, and you have to pay people well if you want a talented company. You can't hack off people whenever you get nervous about the financial horizon (and laying off people at Christmas/New Year's is a seriously weak, morale destroying, dbag move).

    You would do well to plan for the downsizing. Anyone with a brain knows you intend to hack off gobs of employees: fair enough. But what's the plan? Think you can keep your operations going with less than the skeleton staff you're already running on? Think you can work on lofty projects like Cloud and AI while your main systems are old Unix mainframes? Think you can fool new businesses into thinking you're tech savy when all of your tech is now handled in India (hello IBM India Private Limited, hello Syntel, hello Indian call centers...) by people who can barely communicate with the continually reduced US citizen staff? Think a girl in front of a bull counts as a new product that keeps customers and attracts new business?

    Make a plan that will work with a reduced staff or wait to be absorbed. You're big, but not too big to fail.


  9. "Toxic culture, strong compensation. All in all, just okay."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President
    Current Employee - Vice President
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

    I have been working at State Street full-time

    Pros

    Remuneration is fantastic and I work with many of the brightest people I've met. Benefits are industry standard, no better and no worse than anyplace else.

    Cons

    I work in a department where bad behavior is tolerated. The culture is fractious, few people get along, and nearly everybody has their knives out for everybody else. Without a concept of "team" or "we" it's a difficult place to face every day.

    Advice to Management

    A little civility goes a long way; if any of us were independently wealthy we might work, but it certainly wouldn't be here. Since we have to be here, why not encourage behaviors that would make it a bit more enjoyable?

    State Street Response

    Jul 13, 2017 – State Street

    Thank you for sharing this with us. We encourage you to escalate your concerns right away. Go to the Corporate Compliance community on the intranet and search for the “Speaking Up Resources” document... More


  10. Helpful (1)

    "Custody Specialist"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street full-time

    Pros

    Good amount of vacation time

    Cons

    Low wage. They force you to work over time which I found out after I started. Hours are basically from 8:30am - 6pm, sometimes 7pm. Training and management is terribl, I sat and pretty much did nothing for the first month without much training. Turnover rate is big, always people coming in and out so all the work always gets dumped on people.


Showing 382 of 3,201 reviews
Reset Filters