State Street Reviews

Updated 28 October 2014
Updated 28 October 2014
1,324 Reviews
2.7
1,324 Reviews
Rating Trends

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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
424 Ratings

Review Highlights

Pros
  • Good work life balance with potential to work from home or create a flexible schedule (in 128 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 62 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 39 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 55 reviews)

More Highlights

182 Employee Reviews Back to all reviews

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  1. 4 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
  2. 1 person found this helpful  

    Not yet in the 20th century ( never mind 21st!)

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

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

    Pros

    There are some genuinely good people in State Street if you look hard enough to find them.

    Paid time off to participate in community/charity activities

    Cons

    Remuneration is lower than the market so the good people don't stay long
    Hierarchical and status driven
    Culture of fear
    It is career limiting if you challenge senior management
    Lots of egos that you need to pander to
    Middle aged white grey male dominated organisation
    Relationships with senior management count for more than ability or results delivery
    Lack of investment in systems and automation - inconsistent processes, policies and authority level

    Advice to ManagementAdvice

    Hire some fresh external top talent across the whole leadership levels of the organisation then retire and let them get on with it.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  3. 1 person found this helpful  

    Good ops, bad company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Associate in Toronto, ON (Canada)
    Former Employee - Senior Associate in Toronto, ON (Canada)

    I worked at State Street full-time (more than 3 years)

    Pros

    Given the turnover, lots of opps to move up in a short time.

    Cons

    Lots of turnover, constantly understaffed, underpaid, and over worked.
    Incompetant senior management, who cant lead/properly communicate with employees
    underpaid by 20-50% for same positions elsewhere

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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  5. 1 person found this helpful  

    Glowing example of exactly where you do not want to be

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

    I worked at State Street full-time

    Pros

    Not a single one
    Not a single one
    Not a single one

    Cons

    It's like Disney World, but dirtier
    People smiling like raging psychopaths
    Very "alternative" environment
    Ridiculous hours
    I wouldn't say bad and unethical people, but rather people who expect too much.

    Recommends
    Neutral Outlook
    No opinion of CEO
  6.  

    Behind the times business that doesn't provide much employee development

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Portfolio Accountant in Westwood, MA (US)
    Former Employee - Portfolio Accountant in Westwood, MA (US)

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

    Pros

    If you require some resume building to say that you've worked in the financial services industry. Not an ideal workplace environment for growth opportunities. Truly lives up to the corporate bureaucracy stigma.

    Cons

    A blatant lack of disregard towards employee training and development. Most of these jobs can be automated, however since they have such a high-turnover and from a liability standpoint it is cheaper to blame misconduct or errors on employees rather than face legal action for a technological mishap.

    Advice to ManagementAdvice

    Consider better standard operating procedures for training employees.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7.  

    don't even think about it

    • 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

    Lots of work, don't want you to stay for OT

    Cons

    Too much unnecessarily courses to take

  8. 1 person found this helpful  

    very dissatisfied

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President in Fair Lawn, NJ (US)
    Current Employee - Vice President in Fair Lawn, NJ (US)

    I have been working at State Street full-time (more than 8 years)

    Pros

    Four weeks vacation. Mostly, not all, good people here. Good entry into the Private Equity world for college graduates.

    Cons

    Promotion and salary freezes common, additional work assigned without additional resources. Expectations to work 80 hours a week. No training, left to figure things out on your own.
    Long hours, minimal pay, possible to have someone reporting to you with a higher salary. Management does not listen or care.

    Advice to ManagementAdvice

    There is a very low morale within the office. Teams are understaffed and underpaid.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9.  

    Disappointing Experience

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Operations Manager in Kansas City, MO (US)
    Current Employee - Operations Manager in Kansas City, MO (US)

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

    Pros

    Many good people and interesting work. The company is fortunate to have a wide-moat because if the barriers to entry weren't so great this company would be out of business by now due to poor leadership.

    Cons

    limited advancement opportunities once you move past the first few layers of the organization resulting in high turnover. Many of the best leaders I have worked with in the organization have been passed over for advancement because they don't have the "right" connections. Employees are consistently instructed to manage their own careers, but then told where and what they will be doing as the organization continues to fumble through change after change. Very Boston centric. Head count to work load, opportunities for advancement and pay differences are skeewed in favor of our Boston counterparts.

    Advice to ManagementAdvice

    Management is not interested in advice and operates in a bubble.

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

    Better than no job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Trade Support in Berwyn, PA (US)
    Former Employee - Trade Support in Berwyn, PA (US)

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

    Pros

    A job is better than no job.

    Cons

    State Street does not treat their contractors well. They are trying to have less full time employees and more contractors. There is barely any training, since they only expect you to be there for a finite period of time. Its hard to see how treating employees this poorly can pay off long term.

    Doesn't Recommend
  11. 2 people found this helpful  

    Vice President

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Vice President in Boston, MA (US)
    Former Employee - Vice President in Boston, MA (US)

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

    Pros

    Nothing to talk about. It is a hell

    Cons

    Most horrible place I have worked

    Advice to ManagementAdvice

    Hire good managers. Not dumbos

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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