State Street Reviews

Updated 24 October 2014
Updated 24 October 2014
1,318 Reviews
2.7
1,318 Reviews
Rating Trends

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

Review Highlights

Pros
  • Company has good benefits and is looking to improve work/life balance for employees (in 126 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 61 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 53 reviews)

More Highlights

Employee Reviews

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  1. 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
  2. 2 people found this helpful  

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

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

    I have been working at State Street

    Pros

    Best 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.

    Cons

    Poor 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 ManagementAdvice

    My 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.

    No opinion of CEO
  3. 2 people found this helpful  

    Decent Compensation, Good Benefits, Arthritic Management

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Managing Director in London, England
    Former Employee - Managing Director in London, England

    I worked at State Street

    Pros

    Good Compensation and benefits packages for all employees irrespective of rank, including health care etc.
    International mobility for those that want it

    Cons

    No 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 ManagementAdvice

    Let 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

    Doesn't Recommend
    No opinion of CEO
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  5.  

    State Street- Not the best; Not the worst

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

    I have been working at State Street

    Pros

    Competitive Pay
    Very large organisation with scope for movement across investment management services and beyond
    Friendly, relaxed environment to work in

    Cons

    As a long term contractor, there can be limited opportunities to develop skills outside of those used in day to day functions

    Advice to ManagementAdvice

    Upper management need to understand the day to day implications of their ruthless cost cutting initiatives of the past few years

    No opinion of CEO
  6.  

    Potential to be so much more

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

    I have been working at State Street

    Pros

    Recent upturn in client focus due to market downturn. Overdue but the opportunity to start focusing on quality rather than 'ticking the boxes' is positive. Watch this space.

    Cons

    Fragmented departments. Seems a bit like mission impossible at times, unless a solution path to a problem is clearly defined they all seem to disavow all knowledge or ownership.
    Over abundance of middle management & VPs -hampering effectiveness.

    Advice to ManagementAdvice

    Slow down with the outsourcing! The middle management & VPs that are executing it are flying by the seat of their pants & not planning out the details. Keep the focus on the client & what they need, not just the SS bottom line.

    Disapproves of CEO
  7.  

    State Street - lots to learn

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

    I have been working at State Street

    Pros

    There is a good mix of people, from all walks of life. From my experience I'd say that 90% of my colleagues are an absolute pleasure to workwith, they work hard and during times when the chips have been down it's been the morale of my colleague and everyone pulling together that has got everyone through it. State Street is also a good place for opening doors for peopl who have had no experience or exposure to the world of finance. To be honest the good points are easily counted on one hand - on a plus note ,they are "trying" to improve things.

    Cons

    Where do I start...number one downside is the systems!!!! You find you spend most of your day shouting, yelling screaming at your computer. For a company which prides itslef on being the biggest lender, it could do whole lot more work on system developement sand improvements. Another major downside is upward progression - there is very little, you often feel that you have to wait for someone to move up before any kind of opportunity occurs for you to progress, I know this view is shared by many on my team - and as it continues year after year, it increases resentment.

    Advice to ManagementAdvice

    If a good is done well, you should show some form of appreciation or gratitude. Sometime all it takes is a "thank you"!!!

    Doesn't Recommend
    No opinion of CEO
  8. 2 people found this helpful  

    Big enough to slowly drown in, unless you die of frustration first.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Fund Analyst - Trustees in London, England
    Former Employee - Fund Analyst - Trustees in London, England

    I worked at State Street

    Pros

    The size of the company means there are opportunities to move internally both domestically and internationally.

    Cons

    State Street is one of the worst companies I have worked for in terms of employee benefits and perks. The company is extremely aggressive with cost-cutting to the detriment of its' employees.

    Advice to ManagementAdvice

    Stop outsourcing non-core activities (facilities, IT etc) to the detriment of service quality. Be reasonable with salaries.

    Doesn't Recommend
    Approves of CEO
  9.  

    Fine place to start

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Client Operations Administrator in Kansas City, MO (US)
    Former Employee - Client Operations Administrator in Kansas City, MO (US)

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

    Pros

    Benefits package solid. Job very dependent on what unit/team you're on. If you work hard and try to learn every day, you can move up quickly and stop doing the rote processing required at the entry level.

    Cons

    Compensation not in line with similar positions at other companies. Not a very pervasive company culture.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  10.  

    Not what it used to be

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Fund Administrator - Associate II in Boston, MA (US)
    Former Employee - Fund Administrator - Associate II in Boston, MA (US)

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

    Pros

    Good place to get a foot in the door. It's hard now to learn more then one task now because of the center's of excellence. When you join a group you basically learn how to do only one thing. As a fund accountant it used to be you were in charge of accounting and custody. Now you are only in charge of accounting.

    Cons

    Outsourcing of work is the priority right now. From what I understand the whole fund administration department is being outsourced. Compliance, Client Operations, Financial reporting etc. There is no room for growth. Layoffs are happening constantly

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    Fabulous Internship

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

    I worked at State Street as an intern

    Pros

    Absolutely loved it, many opportunities for different professional events, hands-on learning

    Cons

    none! very great management, leadership and maintenance of the many interns

    Advice to ManagementAdvice

    Keep it up!

    Recommends
    Positive Outlook
    No opinion of CEO

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