State Street Reviews | Glassdoor

State Street Reviews

Updated July 27, 2017
2,884 reviews

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

  • Long hours pressure during end of month (in 147 reviews)

More Pros and Cons

  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.


  2. "Level 1 Support Specialist"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Positive Outlook
    No opinion of CEO

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

    Pros

    Great benefits and amenities; facilities around the world

    Cons

    Functions are too compartmentalized; rigid

  3. "Client Service Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Westwood, MA
    Former Employee - Anonymous Employee in Westwood, MA
    Recommends
    Neutral Outlook
    No opinion of CEO

    Pros

    I was able to work my way up from a Fund Accountant to and Auditor and then a Manager. I was able to learn even if it was not pat of my job description.

    Cons

    The reason I was able to learn so much is we were always losing employees due to the high demands of the job.

    Advice to Management

    Reward your employees that are putting in the work. Senior Management needs to listen when employees tell you why the are leaving.

    State Street Response

    Jun 14, 2017 – State Street

    Thank you for taking the time to post your review. We know that both career advancement and learning opportunities are very important to our employees. That said, so is having the ability to make... More


  4. "Good for your resume."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Fund Accountant in Boston, MA
    Former Employee - Fund Accountant in Boston, MA
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Benefits. Good experience for your resume

    Cons

    State Street has 4 different business units. If you are in the Global services unit, this is a great place to get some experience, however, the salary is not competitive.


  5. "No vision from management"

    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
    Approves of CEO

    I have been working at State Street full-time

    Pros

    Good work/life balance, work with great people, some interesting work.

    Cons

    Poor career growth opportunities, people get away with doing nothing on the job without getting fired, management does not communicate vision.

    Advice to Management

    Make sure that group managers are communicating the vision at the company, team, and individual level. Fire people who play games on their phones all day. Hiring freezes have made it very difficult to fire people, so people take advantage of it and don't put in much effort at all.


  6. "Great Place to Start a Career"

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

    I have been working at State Street full-time (Less than a year)

    Pros

    They match up to 5 % of your 401K contributions and medical and dental benefits are good. They also offer about 3-4 weeks of vacation a year depending on how long you have been employed.

    Cons

    If you are a key employee expect to work long hours and also considering the pay is on the lower side it can be draining.

    Advice to Management

    The cost cutting and budget constraints can hurt talent retention if wage gains don't keep up with prevailing market prices.


  7. "Director"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Director in Plainsboro, NJ
    Current Employee - Director in Plainsboro, NJ
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at State Street full-time (More than 10 years)

    Pros

    Good company to work for with excellent benefits . Management is in tune with what is happening in all areas

    Cons

    Offshoring is reducing the headcount in US. Salaries are less then the competitors . Competitors have better IT solutions and more competitive fees.

  8. Helpful (11)

    "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. "Officer, Fund Administration"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Officer, Fund Administration in Boston, MA
    Former Employee - Officer, Fund Administration in Boston, MA
    Recommends
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Provide flex schedule, be able to work from home three times a week upon VP approval, able to learn a lot from cross training in different departments. Friendly managements.

    Cons

    Short of staffs all the time, turnover rate is very high, workload could be over 70 hours per week. You might need to work on weekends and very late hours to meet deadlines.

    Advice to Management

    Stop sending jobs oversea, keep and create more jobs back at our home, the America!!


  10. "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


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