State Street Reviews

Updated 29 August 2014
Updated 29 August 2014
1,305 Reviews

2.7
1,305 Reviews
Rating Trends

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

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)

More Highlights

Employee Reviews

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  1.  

    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 for more than a 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
  2. 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 for less than a 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
  3.  

    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 for 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
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  5.  

    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 for 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
  6.  

    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
  7.  

    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
  8. 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
  9.  

    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
  10.  

    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
  11. 2 people found this helpful  

    Disappointed at the general lack of recognition

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

    I have been working at State Street

    Pros

    Nice 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.

    Cons

    There 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 ManagementAdvice

    Reward 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.

    Doesn't Recommend
    No opinion of CEO

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