State Street

  www.statestreet.com
Work in HR? Unlock Free Profile

State Street Reviews

Updated Jul 26, 2014
All Employees Current Employees Only

2.7 1,218 reviews

51% Approve of the CEO

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

Joseph (Jay) L. Hooley

(381 ratings)

40% 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)

1,218 Employee Reviews
Relevance Date Rating
in
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

     

    no real accounting, just data input

    Senior Associate (Former Employee) London, England

    Prosgreat learning curve, easy to move teams

    Conshard work doesn't really get appreciated

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

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

     

    Huge varience of workforce accross all floors

    Senior Associate (Current Employee) Edinburgh, Scotland

    ProsThere is a lot of change/movement going on in the firm from outsourcing work to 'Centres of Excellence' which in the short term may provide oppertunities to travel.

    There are a lot of smart intelligent people to learn from.

    ConsRoles are being 'dumbed' down due to outsourcing of work to COE's.
    There is an unfair work distribution within teams at various levels across the floor - those who can or show initiative DO most of the work, those who cant get sidelined and forgotten about. At the end the difference in rewards between the two are almost indistinguishable at present.

    People are promoted internally to fill positions, rather than showing merit.

    Regardless of your work, expect to get an average rating on your yearly performance review. Dont bother to ask what you could have done to have got the next level, as it would only result in friction between yourself and your manager.

    Employees are generally not rewarded for their work - for example bonuses are not increased for helping meet company targets, such as reducing the number of breaches, which helps reduce compensation payments, and increase company profit - should all of this go just to the shareholders?

    Advice to Senior ManagementAnnual Performance Reviews -Scrap the 1-5 performance rating system. If you want such a system, then expand and make this 1-10. Encourage workers to help the business by setting clear performance goals,with each grading marker defined in a transparent fashion.

    Bonuses - To get around the whole 'poor bonus' issue, would it be better to offer employees a discount share purchase scheme, or a bonus in form of shares? That way all employees are directly offered a fair return/reward for their hard work.

    Promotions - Do not fill roles internally out of need, but merit. If internal candidates are not yet up to par, then look externally.

    Work Equality - Monitor working hours(building sign in/out times of staff), and see the differences of employees at each level. Use this to look at re-allocating resource.

    Yes, I would recommend this company to a friend

    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Alright

    Senior Associate (Current Employee) London, England

    ProsFriendly staff and opportunities to move within the firm.

    ConsLack of quality training and a genuine interest in development, unmotivating surroundings, slow moving decisions making and corporate governance issues, too much office politics and way too Boston-centric in outlook, culture, etc.

    Advice to Senior ManagementRemove redundant layers of management, be brave in positioning the firm for the future instead of taking baby steps forward

  1. We want your feedback – Are these company reviews helpful to you?  Yes | No
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    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

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

    1 person found this helpful  

    Good place to get experience but not a place to stay long term.

    Operations Analyst (Current Employee) London, England

    ProsCompany has grown consistently - even through the bad times.
    Job security

    ConsCompensation packages are poor and do not really improve in line with responsibility of promotion.

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

     

    Mixed!

    Project Manager (Current Employee) London, England

    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

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

     

    Everyone out for themselves for the most part

    Sales & Marketing (Current Employee) London, England

    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

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

    2 people found this helpful  

    Disappointed at the general lack of recognition

    Mug (Current Employee) Edinburgh, Scotland

    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

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

    2 people found this helpful  

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

    Corporate Actions Processor (Current Employee) Edinburgh, Scotland

    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.

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

    2 people found this helpful  

    Decent Compensation, Good Benefits, Arthritic Management

    Managing Director (Former Employee) London, England

    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

Worked for State Street? Contribute to the Community!

Your response will be removed from the review – this cannot be undone.