State Street
2.8 of 5 1,014 reviews
www.statestreet.com Boston, MA 5000+ Employees

State Street Reviews

Updated Apr 16, 2014
All Employees Current Employees Only

2.8 1,014 reviews

                             

52% Approve of the CEO

State Street President and CEO Joseph L Hooley

Joseph L Hooley

(325 ratings)

41% of employees recommend this company to a friend
1,014 Employee Reviews
Relevance Date Rating
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Review Highlights

Pros:
  • "Company has good benefits and is looking to improve work/life balance for employees"
    in 96 reviews
  • "The only one I can think of is the ability to work from home"
    in 46 reviews
Cons:
  • "Find the wrong group and you can kiss work/life balance out the window"
    in 30 reviews
  • "so many entry level workers it seems very hard to be recognized and no chance of promotion or raise until 1"
    in 38 reviews
  • Show more review highlights

Reviews

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Mixed!

Project Manager (Current Employee)
London, England

I have been working at State Street

Pros- Work life balance.
- Strong cost leadership.
- Acquisitive organisation - opportunities often exist to support integration of target organisations.
- Opportunities for international travel and relocation exist

Cons- Cost leadership at the expense of effective client support.
- Aggressive outsourcing of operational functions was completed too quickly, without effective knowledge transfer to JV.
- Limited specialist knowledge remains within local office.

Advice to Senior ManagementCost leadership is all well and good, but don't let cost leadership determine the level of service which you are providing to clients.

No, I would not recommend this company to a friend

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Everyone out for themselves for the most part

Sales & Marketing (Current Employee)
London, England

I have been working at State Street

ProsGood name in the marketplace
Generally good products
Strong emphasis on client satisfaction
Long term senior managers know product well
Very revenue focused, will get things done to get prospects onboard

ConsPay is below market
Senior managers paid very well, but can be distant and frequently disinterested in careers of employees, but this varies greatly
Very little guidance at all levels
Incentive pay is poor
Does not invest enough in technology
Does not invest before the market, is not sufficiently flexible responding to marketplace
Turnover does not bother management
Most managers are not good at encouragement

Advice to Senior ManagementIntroduce 360 reviews
Make targets attainable
Become more flexible in thinking ahead to meet market requirements
Become less risk adverse as an institution

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Disappointed at the general lack of recognition

Mug (Current Employee)
Edinburgh, Scotland

I have been working at State Street

ProsNice people to work with and the canteen is very good.

The benefits package is quite good.

Good facilities for cyclists, runners etc.

You can learn a lot to begin with depending on the department you're in.

ConsThere can be excessive unpaid overtime - not suitable for anyone in a relationship and/or with children.

Showing ability or talent can be to your detriment as a lot more responsiblity and expectations are put on you without being promoted to that level or getting any remuneration or recognition for it. Their pay structure is very poor. Salaries are very low and there's little opportunity for promotion.

We've had zero pay rise for the last two years. Not even a pay rise to match inflation, nothing, a big fat 0. This was despite doing good work and working unpaid overtime that cut losses and expanded our capacity to take on more business. Furthermore bonuses are extremely low. I got a "Above and Beyond Award" and a "Street's Ahead Award", which was nice. A pat on the back is always appreciated but never seems to be converted to any form

Their elaborate appraisal system is fundamentally flawed. It penalises those who excel and encourages below average efforts. At the annual appraisal, an employee is given a score from 1 - 5 depending on their performance, however a manager is not allowed to give any score other than a 3 (average). There are a very limited number of 2s and 4s to give out across the board, thereby the distribution of scores fits a tight distribution curve. This means that those who perform well above their remit exceeding all their performance goals are give a rating of average rather than good or excellent, while those who are below par are also given a rating of average. The result is that those who put in the effort are disheartened and demoralised, and employees generally start to disengage from the whole process. Performance review time in State Street is not a happy time.

Not a career but a job. Career progression is woefully lacking.

A colleague said to me, "State Street is a place where careers come to die". Unfortunately there's a large element of truth to what he/she said.

Advice to Senior ManagementReward your employees who work hard and show loyalty to StateStreet, or they will simply leave and not come back. You'll earn a bad reputation and soon you'll not be able to attract anyone of any merit to come and work for you. Also the talent

Furthermore stop telling us a load of bs the whole time. You might find that honesty would be appreciated. You'll achieve nothing by insulting our intelligence.

No, I would not recommend this company to a friend

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When its good, its alright, when its bad, it is hell.

Corporate Actions Processor (Current Employee)
Edinburgh, Scotland

I have been working at State Street

ProsBest reason to work for State Street is the free gym membership and the canteen which serves low price meals. I guess the communication is good and they do have some good programs. The people are ok to work with however our department lost a lot of experienced employees due to other companies offering more money. State Streets answer was to do nothing and not adjust the pay structure. This has led a number of staff questioning if they will remain at State Street after the bonus is handed out. If they pay rise and bonus is poor, I can see that State Street revolving door to keep on spinning.

ConsPoor pay that does not get reviewed with Market standards. Most employees paid £4-5k what they would usually get elsewhere. Poor Bonus despite our CEO telling us we are showing record profits and this is confirmed by articles in newspapers about how poor the bonus structure is. Our management structure is poor, whereby people promoted are not really known to be good managers. I would say possibly 2/3 out of 8 managers you can have are poor, lack direction and dont know what the word support means.

Advice to Senior ManagementMy advice would be that State Street has the potential to be a great company to work for. All the elements are there however you must raise your pay and you must raise you bonus structure. Unfortunately, Barclays bank, Blackrock, CitiBank and FNZ are already stealing the most valued employees from our department. I would begin to rethink the tactics since you are wanting to look to become the best in the market. It wont happen with temps who are promoted after they have a glittering career doing all the simple tasks.

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Decent Compensation, Good Benefits, Arthritic Management

Managing Director (Former Employee)
London, England

I worked at State Street

ProsGood Compensation and benefits packages for all employees irrespective of rank, including health care etc.
International mobility for those that want it

ConsNo chance for advancement, senior jobs are kept for the buddies and god help you if you want to break into it.
Bad communication culture

Advice to Senior ManagementLet up and coming talent come through and mentor them, not putting them down
Improve communication and let people know what decisions are being made and why

No, I would not recommend this company to a friend

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State Street- Not the best; Not the worst

Business Analyst (Current Employee)
London, England

I have been working at State Street

ProsCompetitive Pay
Very large organisation with scope for movement across investment management services and beyond
Friendly, relaxed environment to work in

ConsAs a long term contractor, there can be limited opportunities to develop skills outside of those used in day to day functions

Advice to Senior ManagementUpper management need to understand the day to day implications of their ruthless cost cutting initiatives of the past few years

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Potential to be so much more

Anonymous Employee (Current Employee)

I have been working at State Street

ProsRecent upturn in client focus due to market downturn. Overdue but the opportunity to start focusing on quality rather than 'ticking the boxes' is positive. Watch this space.

ConsFragmented departments. Seems a bit like mission impossible at times, unless a solution path to a problem is clearly defined they all seem to disavow all knowledge or ownership.
Over abundance of middle management & VPs -hampering effectiveness.

Advice to Senior ManagementSlow down with the outsourcing! The middle management & VPs that are executing it are flying by the seat of their pants & not planning out the details. Keep the focus on the client & what they need, not just the SS bottom line.

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State Street - lots to learn

Operations Associate (Current Employee)
City of London, England

I have been working at State Street

ProsThere is a good mix of people, from all walks of life. From my experience I'd say that 90% of my colleagues are an absolute pleasure to workwith, they work hard and during times when the chips have been down it's been the morale of my colleague and everyone pulling together that has got everyone through it. State Street is also a good place for opening doors for peopl who have had no experience or exposure to the world of finance. To be honest the good points are easily counted on one hand - on a plus note ,they are "trying" to improve things.

ConsWhere do I start...number one downside is the systems!!!! You find you spend most of your day shouting, yelling screaming at your computer. For a company which prides itslef on being the biggest lender, it could do whole lot more work on system developement sand improvements. Another major downside is upward progression - there is very little, you often feel that you have to wait for someone to move up before any kind of opportunity occurs for you to progress, I know this view is shared by many on my team - and as it continues year after year, it increases resentment.

Advice to Senior ManagementIf a good is done well, you should show some form of appreciation or gratitude. Sometime all it takes is a "thank you"!!!

No, I would not recommend this company to a friend

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Big enough to slowly drown in, unless you die of frustration first.

Fund Analyst - Trustees (Former Employee)
London, England

I worked at State Street

ProsThe size of the company means there are opportunities to move internally both domestically and internationally.

ConsState Street is one of the worst companies I have worked for in terms of employee benefits and perks. The company is extremely aggressive with cost-cutting to the detriment of its' employees.

Advice to Senior ManagementStop outsourcing non-core activities (facilities, IT etc) to the detriment of service quality. Be reasonable with salaries.

No, I would not recommend this company to a friend

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Overall, my experience at State Street is a pleasant one mainly because of the people that I work with

Fund Administrator, Associate I (Current Employee)
Toronto, ON (Canada)

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

ProsEducation assistance reimbursement, laid back managers, a decent place to jump start your career as a fresh graduate.

ConsShould hire managers that knows how to motivate employees and are competent with their jobs, menial jobs are common within the company, especially those repetitive operational jobs. Compensation should be competitive to help retain talent.

Advice to Senior ManagementEliminate tasks that are redundant through creative alternatives on getting the job done. Invest on your employees through competitive compensation. Invest on IT and improvement on day-to-day operations.

Yes, I would recommend this company to a friend

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