State Street

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State Street Reviews

Updated Jul 28, 2014
All Employees Current Employees Only

2.7 1,221 reviews

51% Approve of the CEO

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

Joseph (Jay) L. Hooley

(383 ratings)

39% of employees recommend this company to a friend

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
161 Employee Reviews Back to all reviews
Relevance Date Rating
in
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    2 people found this helpful  

    Do not take a job with them

    Financial Analyst (Current Employee) London, England

    ProsGood work life balance.
    Good training.

    ConsThe 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 Senior ManagementBring 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.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

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

    Vice President (Current Employee) London, England

    ProsThere 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

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

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    Performance analyst

    Performance Analyst (Current Employee) Boston, MA (US)

    ProsWork from home flexibility, vacation policy

    ConsLow pay, long hours, no room for growth and advancement. Job is ok if you like to do the same thing over and over day to day. Low bonuses with barely any raises.

    No, I would not recommend this company to a friend

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    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

    1 person found this helpful  

    This has to be the company that Hollywood Corporate horror movies are based upon

    Officer (Former Employee) Boston, MA (US)

    ProsA paycheck, a desk, heat and if you're lucky air conditioning in the warmer climates
    ...
    ...
    ...

    ConsEverything
    Your commute in, the work, the people, heck probably the food too. It's all a big bag of...

    And, I am not disgruntled - honestly. I believe it's the nature of the business - to get all juiced up and head into the office...what? office? yes, juiced up for entrance into the office.

    Advice to Senior ManagementFire yourselves, seek counseling and pull back on the drugs

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    Sad and Disappointing

    Fund Administrator - Associate II (Former Employee) Kansas City, MO (US)

    ProsNice people in HR and Training groups and co-workers were very nice. Company sponsored activities were fun and made the day to day work life enjoyable.

    ConsMost of my group quit just before I started and it didn't take long to figure out why. The departments are so segmented that it is difficult as a new employee to learn your job. I tried for almost a year and it was getting harder and harder to figure things out. I had so many managers that it was often confusing and they didn't seem to know their job either. State Street offered lots of training classes that would seem very useful while in the classroom, but then I would get back to my department only to be told "we don't do it that way" but then no instruction on how to "do it". There were endless checklists that we were required to sign off, most of which made sense only to the person who created them, and again no way to translate into non corporate lingo. I know I possessed the required intelligence to do my job as after all this is financial reporting and not rocket science but they were just unwilling to provide the tools.

    Advice to Senior ManagementBe nice. Provide better training and encourage your employees rather than threaten them. We are all supposed to be on the same team.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    2 people found this helpful  

    One of the worst companies out there...

    Fund Accountant, Financial Reporting (Former Employee) Boston, MA (US)

    ProsGood place to learn as an entry level associate if you want to... and its also a business casual culture.

    Consno work/life balance, bad bonuses, terrible salary, long hours at work, factory type of work, bad management and the list goes on

    Advice to Senior Managementpay well, maintain a good work/life balance for your employees, too much work!!! and omg the bonuses been paid to your staffs that does the REAL work is horrendous (shame on you guys)

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    Worst Company I have ever worked for disgusting culture.

    Officer (Former Employee) Dublin, Dublin (Ireland)

    ProsGood restaurant and employees (below management level) generally sound. Another pro is can get promoted if the type of idiot who enjoys working all night. Although treated like slaves don't beat employees although they might like to - to work you harder.

    ConsLong hours - on my team average 60+ with a lot of all nighters - break Working Time Act all the time. Also break Health and Safety on pregnant workers. Constant monitoring by managers, work the living hell out of you, no training, crap coffee, money poor (avoid funds if starting out). Ignore company literature - no respect for employees, all goals about money and only care about money and send regular emails saying cannot do anything that costs the company money.

    Advice to Senior ManagementI expect someday your company will get the reputation it deserves for abusing employees and will be investigated by the media for breaking the Working Time Act. Stop breaking employee laws and learn to respect people

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    11 people found this helpful  

    Work for State Street if you have no ambition

    Business Analyst (Current Employee) Boston, MA (US)

    ProsThe only good thing about State Street is the benefits package. There are a lot of solid options.

    ConsThink of every bad stereotype of working for a corporation, and you've got State Street. The company doesn't care about its employees (though they pretend to, of course). It's next to impossible to actually develop a career - the best you can do is make endless lateral moves. Promotions are decided by senior managers who are too far above the candidates to even know who they're promoting. I once witnessed a c-suite executive state in a town hall meeting, "If you haven't gotten a promotion, you just haven't worked hard enough," which is completely inappropriate, offensive, and totally out of touch with how things actually work in his company. Pay is far below industry standard, to the point that a recruiter once burst out laughing when I told him what my bonus was. They will make any possible excuse to minimize or completely eliminate your annual 2% raise and tiny bonus. I have listened to Jay Hooley talk about great annual results, announce a 25% dividend increase and a $600 million share buyback, and then, in the same breath, tell his employees that no one will get a raise this year because there isn't enough money for it. Also, due to this same "lack of money," critical and unfinished projects around the company will be underfunded or have their budgets completely eliminated. But at least the shareholders got theirs.

    There is no internal culture; people are miserable and either resigned to a lifetime at State Street or looking to leave. There is an annual quota of layoffs. Every single year the board decides how many people they're going to fire, and the layoffs get distributed across the company, with every group required to fire their share. Of course, annually this is described as an unfortunate measure the company didn't want to take, but it's very much a part of yearly planning. Work-life balance is highly dependent on where you work and to whom you report. Infrastructure is a joke, with employees forced to work on computers 10+ years old and no way to replace them. The management committee endlessly talks about things like innovation, corporate culture and the new "The Way Ahead" campaign, while everyone down in the trenches know none of it has any meaning and will lead to absolutely nothing.

    Do not work for this company.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    1 person found this helpful  

    Worst company to grow within, less paid ever

    Anonymous Employee (Former Employee)

    ProsGood benefits and thats about it

    ConsTo many things to mention that are categorized as cons. Salary is so low, intern start at 15$ which is very good but once you are full time you start with the same amount which is disappointing. T move up is very hard. There is not rules that will make you move up. Its to much politics a lot of politics, horrible environment. There are ppl who have been for 2 year and become manager and there are ppl who have been for 5 years and they still associate level, the reason is the politics. There is nor rules or tests to be given in order to promote the most qualified ones, its so disappointing,

    Advice to Senior ManagementStart paying more and stop running the company with interns, you think by hiring interns is cost effective cuz u saving on benefits but it will hurt the regular employee and they will move out so try to care more for your own emplyees.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    1 person found this helpful  

    Bank Loans A1

    Bank Loan Specialist (Former Employee) Kansas City, MO (US)

    ProsThere are no pros for working here!

    ConsAge of A2 and managers are really young. Bury associate 1's under a mountain of work while everyone else instant messages and watches. No help what so ever. Kansas City bank loans branch is a complete joke.

    Advice to Senior ManagementNothing, it would take years of change to try to fix the mess that are the working conditions. The people from Boston are unbearable to deal with.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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