State Street Reviews

Updated 8 September 2014
Updated 8 September 2014
1,281 Reviews
2.7
1,281 Reviews
Rating Trends

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

Review Highlights

Pros
  • Company has good benefits and is looking to improve work/life balance for employees (in 120 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 55 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 36 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 47 reviews)

More Highlights

170 Employee Reviews Back to all reviews

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  1. 3 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 for 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 for more than a 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  

    Financial Reporting

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

    I worked at State Street as an intern

    Pros

    -High hourly pay
    -Pays overtime
    -Good people to work with

    Cons

    -Terrible work culture
    -Terrible management
    -Terrible work and life balance

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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  5.  

    sweat shop

    • 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

    job experience is ok
    help to develop skills
    benefits
    location
    size

    Cons

    no work life balance
    had to move up
    operations is like a sweat shop

  6.  

    Lousy Place to Work

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

    I worked at State Street full-time for more than 5 years

    Pros

    Nothing really stands out in my mind

    Cons

    Whole departments being shipped to India, incompetent managers, low salaries, high stress factor, lots of people creating unnecessary work, corporate politics, low employee morale

    Advice to ManagementAdvice

    Resign your positions immediately, especially Mike Bell (worst CFO in terms of morale I have ever heard of). Look for ways to satisfy your employees, as opposed to destroying morale via off-shoring positions to India. Don't introduce initiatives such as "The Way Ahead" and then sell it as "It's not just about cutting costs, it's about re-thinking how you do things". Everyone knows "The Way Ahead" is about cutting costs, and doing more with less.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 6 people found this helpful  

    It's not a good stepping stone to anything, and here is why....

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

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

    Pros

    A paycheck, which is directly deposited into your bank account

    Cons

    - This company is the wild west
     - Even if you do your job perfectly, no guarantee on how long you will be getting that paycheck
     - People are running everywhere, and those running are not working
     - Picture this - hundreds of VP's on the org chart (if not more), with the power to hire whomever they want, which includes friends and family that may or may not be working their entire 40 hours per week. Which means, they are paid only to micromanage, entertain and bribe you or to change things that are not broken
     - You will hear and see things you will wish you never had to see or hear
     - HR is a complete joke

    Advice to ManagementAdvice

    Why would anyone bother - they know their clock is ticking

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  8. 1 person found this helpful  

    Terrible work environment

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

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

    Pros

    The only pro is having a known company on your resume, but even that has very little weight since it mostly depends on your role

    Cons

    Terrible managers, horrible processes, no work life balance, unprofessional, underpay employees compared to peers. There is no value in their employees, because they believe in overworking you until you leave. The icing on the cake was when I experienced both racist comments and sexual harassment with no secure way of reporting it.

    Advice to ManagementAdvice

    Learn how to manage

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. 2 people found this helpful  

    Work here if you want your soul demoralized in every singleway

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

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

    Pros

    There is absolutely nothing good about this place. Maybe the free coffee/milk/soda. And dress code is lax.

    Cons

    Senior management is a pain. Company has no goal. Treat employees as minions. No career path. Avoid at all costs.

    Advice to ManagementAdvice

    Care about your employees.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 2 people found this helpful  

    Army of underpaid, under-motivated workers

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

    I have been working at State Street full-time for more than 5 years

    Pros

    Easy to move up b/c no one likes it there and/or company's pay is so poor no one smart would ever take a position here. I became head of my unit after four short years.

    Cons

    - Pay is laughable. They haven't raised entry level salary in over 10 years ($32K). Adjusted for inflation they are now paying their entry level employees $10k less than in 2004.
    - Corporate culture is a joke. My favorite is a lot of idiots use Sharepoint (or as we call it "Collaborate") to post/send items that would be ten-worlds easier sent by email. One time my manager said in an hour long meeting, "don't be afraid to use hash tags on collaborate"
    - They have reward based bonuses called "Rising Star" and "Above and Beyond". Whoever named those needs to be shot. They are also only $1k pre-tax max. Thanks State Street.
    - The lady running USIS might be good with higher ups, but is severely out of touch with business groups. She actually took time out of my day to schedule a "round-table" meeting where she said she wants us to recruit students from the B-schools: Babson, Bentley, Boston College. I am the only one I know at the bank who went to one of those schools, so I guess I am a sucker. Honestly, get a clue...
    - Back to the pay...no one is motivated so I am surrounded by complacent zombies who aren't paid enough to care what they are doing or make the bank better.

    Advice to ManagementAdvice

    At each level fire the lowest performing 25%. At each level, raise the remaining employee's salaries 25%. Provide real motivation for current employees. Offer real entry level wages.

    I am seeing my own client's relationship struggle b/c we have under-motivated, under-qualified employees. You can't make un-motivated workers start bussing around without more money. Wake up.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 3 people found this helpful  

    Worst job I have ever had!!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Fund Accountant  in  Sacramento, CA (US)
    Current Employee - Fund Accountant in Sacramento, CA (US)

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

    Pros

    The job requires no thought and it is easy to fake you way through the day.

    Cons

    There is no motivation in this job. Promotions, salaries, and bonus are based on time served and very little on actual skills. The salaries are a joke at this company and show no sign of improvement. There is daily emails and postings reminding you of whatever corporate bs management is trying to push. I can't emphasize enough how much working for this company sucks.

    Advice to ManagementAdvice

    KILL YOURSELF!!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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