State Street

  www.statestreet.com
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State Street Reviews

Updated 18 August 2014
Updated 18 August 2014
1,293 Reviews

2.7
1,293 Reviews
Rating Trends

Recommend to a friend
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
406 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

234 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  1.  

    Tremendous Changes underway. Company evolving. Can old managers lead in this new regime, time will tell. I hope so.

    • 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

    Pros

    A lot can be said about this company that is good.

    Collaboration and Values and creating the future is the order of the day... "Perhaps the decade..." In fact it is a literal minefield of change... but this could be considered a positive thing, and for those who which to success they must embrace it. it can still be a fantastic place to acquire knowledge and skills. (Still...!)

    Work-Life Balance is good and perhaps getting better for those where the opportunity fits.. (Flexible work arrangements are possible, and a level of telecommuting can be optimised for certain roles but this is somewhat rare.)

    State Street has been known for technology in the past, but lots has been going on and especially for employee, the presences of new technologies has never been more obvious. The double edge sword of newer technology here is that employee are expected or assumed to adapt to it. (Well they better.) IT support is self-service, iLearn training is self-service, even social networks are growing dubbed Collaborate aka SharePoint for work and social networking, you better get clicking. So to get the most out of your career, you "must" become savvy to these technologies.

    Cons

    Transformation is rampant, sometimes it means job changes, sometimes outsourcing, but again the attitude here is key... (Anyone who is not aware of Who Moved My Cheese, better read it...)

    There are many different departments and products so it is certainly possible to be locked in areas that are either down-siizng, offshoring, restructuring (transforming) and that can be stressful... Those that do not adapt well may feel can feel marginalised...

    Many managers do not take the time that they could to spread their knowledge.
      - Not to their own teams, and certainly not across other teams...
      - so collaboration in name sounds very cool, looking better and flashier at the top levels.
             (not so much at the middle levels. but creating the future is a work in progress.)

    IT support has been transitioning for years from a full service approach to a self-service approach..
      Those that do not adapt will suffer...

    (But for the people that adapt, IT support is fine, and expertise and documentation is out there for all)
        If IT spend is reduced by millions and millions, employees need to work smarter : Jury is out on this.

    Advice to ManagementAdvice

    Employees are not just looking for a pay check, some want good old fashioned, face-to-face inspiration. The top-down flashiness for management to share their values experiences is good in a way. Strengthening daily manager behaviour is better...

    If managers do not possess or exhibit the skills to mentor their staff, we are creating a class system rather than a community... managers in the new State Street need to be given tools to do their job better.

    Whether acquiring basic IT support, or job mentoring, or computer based and classroom based training, middle managers have not been trained or given the guidance to steer their staff better. Some will adapt because of their personal style, others will not unless they are told how.

    But most outside joiners find our support model a horrific change... probably due to managers not knowing what they should know. (a good model with good tools that is not trained well is perceived by newcomers as a bad model...)

    So either weed out managers who do not lead in the new regime, or train / prepare them appropriately to do so... the tools are definitely there but many managers do not care or know...

    Staff On-Boarding needs a major re-write... and the HR folks that institute a short welcome session is not appropriate to the task. (Day one should be about sorting out all incidentals from IT set-up to phone set-up to site tour to access to product info to culture and governance to assigning a big brother type mentor... And it should be by design.)

    There are so much on-line resources but most people cannot navigate it... so get a job aid in hand on day one... Instil values on day one, as your managers may or may not be doing that.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Good job for graduates/people without former experience

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

    Pros

    A lot of trainings available, competitive salary for graduates

    Cons

    Repetitiveness of daily work and given tasks

    Advice to ManagementAdvice

    Be more open to new solutions/ideas

    Recommends
    Neutral Outlook
    Approves of CEO
  3. 1 person found this helpful  

    Great Place to work compared to larger Investment banks

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

    Pros

    Good Culture and people. Good work life balance.

    Cons

    Based in Canary Wharf, some management stuck in its ways.

    Advice to ManagementAdvice

    ...

    Recommends
    Neutral Outlook
    Approves of CEO
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  5.  

    Varied, interesting and appreciated

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Vice President  in  Edinburgh, Scotland
    Current Employee - Vice President in Edinburgh, Scotland

    Pros

    State Street actually reward performance and don't just say they do. State Street appreciate hard work and make you feel valued. There I also a good culture and work life balance.

    Cons

    State Street is quite bureaucratic and decision making can be slow

    Recommends
    Approves of CEO
  6.  

    Good experience as an intern

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    Great internal access to learn about the company and industry
    people are easy to get along with, no jerks that i worked with
    boston great city to work in

    Cons

    work was sometimes not very challenging
    work is very cyclical, sometimes very bored
    hours are very short relative to industry, pay is not the best

  7.  

    Excellent company with above average benefits.

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

    Pros

    The company is a large global company and offers several different areas to help further your career.

    Cons

    The company has lot some of their focus on their core employees and has overemphasised senior management.

    Advice to ManagementAdvice

    Start focusing more on your employees with regards to benefits.

    Recommends
    Neutral Outlook
    No opinion of CEO
  8. 1 person found this helpful  

    Relaxed work environment

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

    Pros

    relaxed work env; people were generally nice and easy going. good location.

    Cons

    no job security after the Great Recession. work can be haphazard. Some managers are not good to work for; they heckle you.

    Recommends
    Positive Outlook
    No opinion of CEO
  9.  

    IT Dept Summer Intern

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

    Pros

    Very friendly people. Supervisor took time out of her schedule to get me up to speed and made sure I knew what I was doing.

    Cons

    Some people may find it boring. I personally always had work to keep me occupied. May not understand the a lot of terms even after the internship ends.

    Recommends
    Approves of CEO
  10.  

    Happy with my overall experience at State Street bank.

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

    Pros

    State Street believes that if you are hired for a job, you should be able to do the job. They do not micromanage.

    Cons

    If you did not work in the home city of Boston, growth potential was very limited and they tend to treat you as the ugly step-child.

    Advice to ManagementAdvice

    Treat all your employees as professionals.

    Recommends
    Positive Outlook
    No opinion of CEO
  11. 1 person found this helpful  

    Been here ten years; there's a lot of good and some...not so good.

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

    Pros

    The benefits are great! Not just dental, health, vision, etc. but a decent perks website for travel and goods discounts. Free admission to the MFA for you and a guest every time you go. You have to either kill someone or get caught selling drugs in the office to get fired (different than being laid off - see "cons".) SSB is very big on global inclusion, diversity, social issues, supporting the arts and the community.

    Cons

    So focused on the bottom line that they've forgotten about the emotional well-being of their employees above and beyond offering great benefits. They do have a great Flex work program but you're still expected to work 60+ hours a week if you're an AVP or above. Work/Life balance is one of their "core tenets" but they don't practice what they preach.

    Advice to ManagementAdvice

    Don't forget about the people working for you while you're scouring teams for processes to move to India, China, Poland, etc. "Doing more with less" isn't a bad thing but you still need to understand that people earn vacation, flex time, etc. and should be able to take it.

    Recommends
    Neutral Outlook
    No opinion of CEO

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