State Street

  www.statestreet.com
  www.statestreet.com

State Street Reviews

Updated 19 November 2014
Updated 19 November 2014
1,352 Reviews
2.7
1,352 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
437 Ratings

Review Highlights

Pros
  • Good work life balance with potential to work from home or create a flexible schedule (in 128 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 62 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 39 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 55 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    good company, nice atmospheric

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at State Street

    Pros

    learn a lot from very experienced staff

    Cons

    salary is low, don't support professional qualifications

    Advice to ManagementAdvice

    appreciate people with good academic background and good degree more!

  2.  

    state street based in Boston MA

    • 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 an year)

    Pros

    The company has a strong brand equity

    Cons

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

    Advice to ManagementAdvice

    They should help improve the work-life balance

    Recommends
    Neutral Outlook
    No opinion of CEO
  3. 1 person found this helpful  

    Great Place to work compared to larger Investment banks

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

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

    Pros

    Good Culture and people. Good work life balance.

    Cons

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

    Advice to ManagementAdvice

    ...

    Recommends
    Neutral Outlook
    Approves of CEO
  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5.  

    no real accounting, just data input

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

    I worked at State Street full-time (more than 5 years)

    Pros

    great learning curve, easy to move teams

    Cons

    hard work doesn't really get appreciated

    Doesn't Recommend
    Positive Outlook
  6.  

    Huge varience of workforce accross all floors

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

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

    Pros

    There 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.

    Cons

    Roles 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 ManagementAdvice

    Annual 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.

    Recommends
    Neutral Outlook
    Approves of CEO
  7.  

    Alright

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Senior Associate in London, England
    Current Employee - Senior Associate in London, England

    I have been working at State Street

    Pros

    Friendly staff and opportunities to move within the firm.

    Cons

    Lack 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 ManagementAdvice

    Remove redundant layers of management, be brave in positioning the firm for the future instead of taking baby steps forward

    Approves of CEO
  8.  

    Varied, interesting and appreciated

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Vice President in Edinburgh, Scotland
    Current Employee - Vice President in Edinburgh, Scotland

    I have been working at State Street

    Pros

    State 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.

    Cons

    State Street is quite bureaucratic and decision making can be slow

    Recommends
    Approves of CEO
  9. 1 person found this helpful  

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

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

    I have been working at State Street

    Pros

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

    Cons

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

    No opinion of CEO
  10.  

    Mixed!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Project Manager in London, England
    Current Employee - Project Manager in 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 ManagementAdvice

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

    Doesn't Recommend
    No opinion of CEO
  11.  

    Everyone out for themselves for the most part

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Sales & Marketing in London, England
    Current Employee - Sales & Marketing in London, England

    I have been working at State Street

    Pros

    Good 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

    Cons

    Pay 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 ManagementAdvice

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

    No opinion of CEO

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