State Street

  www.statestreet.com
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State Street Reviews

Updated Jul 18, 2014
All Employees Current Employees Only

2.7 1,214 reviews

51% Approve of the CEO

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

Joseph (Jay) L. Hooley

(379 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 118 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)

222 Employee Reviews Back to all reviews
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    • Culture & Values
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    Tremendous Changes underway. Company evolving. Can old managers lead in this new regime, time will tell. I hope so.

    Vice President (Current Employee) London, England

    ProsA 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.

    ConsTransformation 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 Senior ManagementEmployees 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.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    Good job for graduates/people without former experience

    Anonymous Employee (Former Employee)

    ProsA lot of trainings available, competitive salary for graduates

    ConsRepetitiveness of daily work and given tasks

    Advice to Senior ManagementBe more open to new solutions/ideas

    Yes, I would recommend this company to a friend

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    1 person found this helpful  

    Great Place to work compared to larger Investment banks

    Assistant Vice-President (Former Employee) London, England

    ProsGood Culture and people. Good work life balance.

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

    Advice to Senior Management...

    Yes, I would recommend this company to a friend

  1. We want your feedback – Are these company reviews helpful to you?  Yes | No
    • Work/Life Balance
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    Varied, interesting and appreciated

    Vice President (Current Employee) Edinburgh, Scotland

    ProsState 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.

    ConsState Street is quite bureaucratic and decision making can be slow

    Yes, I would recommend this company to a friend

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    IT Dept Summer Intern

    Intern (Former Employee) Boston, MA (US)

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

    ConsSome 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.

    Yes, I would recommend this company to a friend

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    • No Opinion of CEO

     

    Happy with my overall experience at State Street bank.

    Anonymous Employee (Former Employee)

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

    ConsIf 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 Senior ManagementTreat all your employees as professionals.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    • Approves of CEO

    2 people found this helpful  

    My experience at state street has been rewarding.

    Senior Associate - Client Operations (Current Employee) Boston, MA (US)

    ProsBenefits are the most attractive aspect of working at State Street. If your interest in returning to school the tuition reimbursement is high at up to 10,000.00 per year. Up to 80% of medical is covered depending on the plan. I've spent my whole career in mutual fund operations but there are mobility opportunities as it is such a large company. There is a big emphasis on training and a lot of resources for professional and technical development if you are motivated to learn.

    ConsSalary is on the low end compared to competitors.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    State Street was a great place to launch my career

    Anonymous Employee (Former Employee) Quincy, MA (US)

    ProsI feel I benefited from the company's commitment to allowing employees the flexibility to work from anywhere (role permitting) and its commitment to mentorship. They also provided great training for new employees and ongoing training for existing employees.

    ConsThe company could be too bureaucratic at times

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

    Project Manager (Current Employee) Boston, MA (US)

    ProsThe 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.

    ConsSo 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 Senior ManagementDon'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.

    Yes, I would recommend this company to a friend

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    I loved every minute working at State Street.

    Operations Officer (Current Employee) Boston, MA (US)

    ProsThere are lots of opportunities for lateral as well as promotional advancement. The office environment is clean and they have opened brand new offices in Boston in recent years.

    ConsAt times it felt like a boys club, but feel that it has gotten better. Depending on the individual, at time the atmosphere was very collegiate, and did not always feel professional.

    Yes, I would recommend this company to a friend

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