State Street

www.statestreet.com
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State Street Reviews

Updated 20 February 2015
Updated 20 February 2015
200 Reviews
1.0
200 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
200 Ratings

Review Highlights

Pros
  • Good work life balance with potential to work from home or create a flexible schedule (in 132 reviews)

  • The flex work schedule, most people have an option to work from home twice a week (in 65 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 42 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 57 reviews)

More Highlights

200 Employee Reviews Back to all Reviews

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  1. 4 people found this helpful  

    If you have worked anywhere else this will be worse

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee in London, England
    Former Employee - Anonymous Employee in London, England

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

    Pros

    They pay you each month (nowhere near the market rate but they do pay you!)
    "Welcome to State Street" seems a nice thing to say but it is the phrase they use to new hires when the new hire questions the ludicrous ways that State Street does things! Translates to "I know its absolutely ridiculous but don't even bother thinking you're going to change anything."

    Cons

    No strategy.
    Unbelievably status oriented. Don't bother having any ideas about how you could improve things- it's only your boss who can have ideas. And don't try arranging a meeting with someone of a higher "bank grade" or sending them an email. They won't respond.
    Dictatorial
    Culture of presenteeism. You need to be seen to be in the office and for extended hours. It's not about what you deliver.

    Advice to ManagementAdvice

    Give it all up and sell the business to someone who knows how to run a business.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 8 people found this helpful  

    Do not take a job with them

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Analyst in London, England
    Current Employee - Financial Analyst in London, England

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

    Pros

    Good work life balance.
    Good training.

    Cons

    The salary is crap and when you get promoted you are told that we cannot give you anymore as we just don't have the money but please take on the extra responsibility and extra hours for nothing because you should just love to work for us !!
    There isn't much in terms of progression.

    Advice to ManagementAdvice

    Bring the salary to market level. The reason why everyone is leaving. Then you just end up paying for recruitment costs and having to pay the new person the market rate and then have the learning curve which you could've avoided if you just paid the current employee the right wages.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  3.  

    Low morale

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

    I have been working at State Street

    Pros

    Nice people
    work life balance OK

    Cons

    Horrible morale
    Horrible pay
    Horrible hierarchy
    No communication within immediate groups or between groups
    Lack of career path
    Lack of growth

    Advice to ManagementAdvice

    Focus more on your people.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
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  5. 1 person found this helpful  

    House of Cards

    Current Employee - Associate II in Kansas City, MO (US)
    Current Employee - Associate II in Kansas City, MO (US)

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

    Pros

    4 weeks vacation after two years

    Cons

    There is zero work-life balance

    Advice to ManagementAdvice

    The business transformation was a mistake. You are now teaching people to push buttons, while not explaining why they are pushing them. More mistakes will keep happening when no one knows how to prevent them. Management is uniformed and uninspiring. This company is a house of cards

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  6. 1 person found this helpful  

    Terrible Place to Work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Associate in New York, NY (US)
    Current Employee - Senior Associate in New York, NY (US)

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

    Pros

    They employ a lot of Temps and HB1 Workers.

    Cons

    Terrible environment for an entrepreneurial spirit.

    Advice to ManagementAdvice

    Get a clue!

    Doesn't Recommend
    Neutral Outlook
  7.  

    Intern - Fund Service

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - Fund Service in Hong Kong (Hong Kong)
    Former Intern - Fund Service in Hong Kong (Hong Kong)

    I worked at State Street as an intern (less than a year)

    Pros

    Managers don't care anything at all

    Cons

    I was told I would have chances to learn a lot through 6 months intern. However, I quited within one week. teammates here with long term working experience speak very bad English. I am wondering how they were hired in the first place. All things here were following the procedures. 

    Advice to ManagementAdvice

    no advice

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    Run Away

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

    I have been working at State Street

    Pros

    There are really no pros to working at State Street. It is an okay entry level job, but prepare to get out as soon as you can.

    Cons

    Work you like a slave and working for 32000 is a slap in the face professionally. Nobody is happy here and everyone tries to get out.

    Advice to ManagementAdvice

    Pay more and then everyone might not leave.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9.  

    Corp Audit

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

    I worked at State Street

    Pros

    Travel, Work Life, Balance, Health Insurance, Movement

    Cons

    Comp, Benefits, Culture, Management, People

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 1 person found this helpful  

    Discrimination

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Associate II in Milton, MA (US)
    Current Employee - Associate II in Milton, MA (US)

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

    Pros

    Affordable cafeteria food, if needed. Not enough smart people so you can take advantage of them if needed.

    Cons

    Parking, micromanagers, outdated technology, very clicky among lower level senior associate managers

    Advice to ManagementAdvice

    When its the holiday, make sure all employees get treated the same. Upper level management shared with lower level management a steak luncheon for holidays while others work his/her butt off. After 2 hours they all came back to thier desk happy and laughing. This was the pricing group in quincy massachusetts.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  11.  

    Dont waste your time if your looking for a real finance job

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

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

    Pros

    -Small steady paycheck (friend with no college education made more money his first year working at FedEx moving boxes)
    - If group allows you can work from home 1 to 2 days a week.
    -They will pay for some of grad school however the majority of other companies do that.

    Cons

    It sums up to this. Statestreet uses very proprietary systems.

    1. -The work you do here is almost unapplicable in the rest of the finance world except for basic use of excel.
    2. -You do not need a finance,business, or even a management degree to work here, in retrospect you dont need any financial knowledge period. If you need proof there were English majors in my old group! . However it doesnt hurt to know some backgound knowledge going in.
    3. -All you need to do is learn how to run programs that do the real work/checks (explains the low salary).
    4. -The work is exactly the same every single day if your in accounting,custody, or client operations.
    5. -The HR department of my current employer told me if anyone spends more than 2-3 years there it would hinder your chances greatly from getting a middle or front office job where real money is made.
    6. High turn over rate and when I mean high dont be surprised when people start applying to other companies during working hours 6-12months into the job.
    7. People getting laid off consistantly.

    Advice to ManagementAdvice

    You have to really play the buddy buddy game to move up here. Unfortunately you see alot of unqualified people in management positions. But my advice to management is this, please care for your employees. Make their inevitably short stay there at least tollerable. Be nice, show appreciation, and actualy listen to their ideas and concerns.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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