State Street

  www.statestreet.com
  www.statestreet.com

State Street Reviews

Updated 17 December 2014
Updated 17 December 2014
1,386 Reviews
2.8
1,386 Reviews
Rating Trends

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

Review Highlights

Pros
  • Good work life balance with potential to work from home or create a flexible schedule (in 132 reviews)

  • The flex work schedule, most people have an option to work from home twice a week (in 65 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 42 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 57 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Internship at State Street

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Global Markets Intern in London, England
    Former Employee - Global Markets Intern in London, England

    I worked at State Street as an intern (less than an year)

    Pros

    Very friendly environment to work in

    Cons

    Things can be a little slow to move during interview process

    Recommends
    Positive Outlook
  2. 2 people found this helpful  

    If you have worked anywhere else this will be worse

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

    I worked at State Street full-time (more than an year)

    Pros

    They pay you each month (nowhere near the market rate but they do pay you!)
    "Welcome to State Street" seems a nice thing to say but it is the phrase they use to new hires when the new hire questions the ludicrous ways that State Street does things! Translates to "I know its absolutely ridiculous but don't even bother thinking you're going to change anything."

    Cons

    No strategy.
    Unbelievably status oriented. Don't bother having any ideas about how you could improve things- it's only your boss who can have ideas. And don't try arranging a meeting with someone of a higher "bank grade" or sending them an email. They won't respond.
    Dictatorial
    Culture of presenteeism. You need to be seen to be in the office and for extended hours. It's not about what you deliver.

    Advice to ManagementAdvice

    Give it all up and sell the business to someone who knows how to run a business.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3.  

    Entry level position

    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street

    Pros

    You can almost find every kind of position you want to start a career in finance, through the three main divisions of the company.

    Cons

    Low salary compared to other corporations in the industry. Also not very sure about how easy it is to progress within a certain business unit in the company.

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  5.  

    You won't be pushed

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

    I have been working at State Street

    Pros

    Very chilled company comparative to other financial institutions

    Cons

    Too chilled for those that like a fast paced environment and want to learn.

    Doesn't Recommend
    Neutral Outlook
  6.  

    Work here if you don't want to do work!

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

    I worked at State Street full-time

    Pros

    The work is easy, not much though process and pressure. If you've been in IB environment then you'll find State Street a walk in the park. Everyone is super relaxed

    Cons

    Not a plethora of smart people. Very average intelligence wise. You won't be pushed and many a time the work isn't intellectually stimulating. Salary is fairly crap comparable to market rate

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7. 6 people found this helpful  

    Do not take a job with them

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Analyst in London, England
    Current Employee - Financial Analyst in London, England

    I have been working at State Street full-time (more than 3 years)

    Pros

    Good work life balance.
    Good training.

    Cons

    The 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 ManagementAdvice

    Bring 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.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  8.  

    State Street is a Giant Corporation

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

    I worked at State Street full-time (less than an year)

    Pros

    Entry level exposure to specific industry area

    Cons

    Work environment requires you to watch your back more than get work done properly.

    Advice to ManagementAdvice

    Management sets the "tone at the top", which is apathy and stagnation.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  9.  

    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

    I have been working at State Street full-time (more than 10 years)

    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
  10.  

    Associate 2

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

    I have been working at State Street full-time (more than 8 years)

    Pros

    Good place to get experience & gain knowledge before moving onto some where else. Good cafeteria!

    Cons

    OK pay, very poor bonuses compared to industry average, lack of opportunity for promotion.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  11.  

    Excellent company if you are willing to drive your own career

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Project Manager in Edinburgh, Scotland
    Current Employee - Project Manager in Edinburgh, Scotland

    I have been working at State Street full-time (more than 5 years)

    Pros

    Global company with excellent progression and exposure opportunities

    Cons

    Generally not the highest market payer

    Recommends
    Positive Outlook
    Approves of CEO

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