State Street
2.8 of 5 1,017 reviews
www.statestreet.com Boston, MA 5000+ Employees

State Street Reviews

Updated Apr 20, 2014
All Employees Current Employees Only

2.8 1,017 reviews

                             

52% Approve of the CEO

State Street President and CEO Joseph L Hooley

Joseph L Hooley

(327 ratings)

41% of employees recommend this company to a friend
1,017 Employee Reviews
Relevance Date Rating
in

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

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

 

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

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

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

Was this review helpful?
Yes | No
Add Employer Response Flag Review

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

 

Associate 2

Anonymous Employee (Current Employee)

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

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

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

No, I would not recommend this company to a friend

Was this review helpful?
Yes | No
Add Employer Response Flag Review

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

 

Living in the dark ages

Vice President (Former Employee)
London, England

I worked at State Street full-time for more than 3 years

ProsThey pay you on time!

ConsBlame culture, lack of empowerment, power wrangles between Global HQ and Local management. Senior Management not willing to be challenged, hierarchical,

Advice to Senior ManagementNeed to make some fundamental changes to the culture - all resulting from the type of people who are promoted into senior positions in the company State Street - hardly inspirational, not forward thinking and incredibly parochial.

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

Was this review helpful?
Yes | No
Add Employer Response Flag Review

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

 

Excellent company if you are willing to drive your own career

Project Manager (Current Employee)
Edinburgh, Scotland

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

ProsGlobal company with excellent progression and exposure opportunities

ConsGenerally not the highest market payer

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

Was this review helpful?
Yes | No
Add Employer Response Flag Review

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

 

Good job for graduates/people without former experience

Anonymous Employee (Former Employee)

I worked at State Street full-time for more than a year

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

Was this review helpful?
Yes | No
Add Employer Response Flag Review

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

 

state street based in Boston MA

Anonymous Employee (Current Employee)

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

ProsThe company has a strong brand equity

Consyou will always have to work long hours like every other job

Advice to Senior ManagementThey should help improve the work-life balance

Yes, I would recommend this company to a friend

Was this review helpful?
Yes | No
Add Employer Response Flag Review

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

1 person found this helpful  

Great Place to work compared to larger Investment banks

Assistant Vice-President (Former Employee)
London, England

I worked at State Street full-time for less than a year

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

Was this review helpful?
Yes | No
Add Employer Response Flag Review

  • 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

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

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

Was this review helpful?
Yes | No
Add Employer Response Flag Review

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

 

Varied, interesting and appreciated

Vice President (Current Employee)
Edinburgh, Scotland

I have been working at State Street

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

Was this review helpful?
Yes | No
Add Employer Response Flag Review

  • 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

I have been working at State Street

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.

Was this review helpful?
Yes | No
Add Employer Response Flag Review
RSS Feed Embed

Worked for State Street? Contribute to the Community!

State Street – Why Work for Us?

At State Street, we know that smart, skilled, productive employees are essential to our company’s continued success. As a leading provider of financial services, with operations in 27 countries and more than… Full Overview

Provided by employer [?]

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

Glassdoor is your free inside look at State Street reviews and ratings - including employee satisfaction and approval ratings for State Street CEO Joseph L Hooley. All 1,017 reviews are posted anonymously by State Street employees.