State Street Reviews

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

179 Employee Reviews Back to all reviews

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  1. 2 people found this helpful  

    Worst company in financial services

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

    I have been working at State Street full-time (more than an year)

    Pros

    CBD location
    Not too bad company for someone who can't find job somewhere else

    Cons

    Very low pay
    Lack of support from management
    High bureaucracy.
    High office politics and the worst office culture I have ever seen
    Most people are settled and have no ambition
    Young ambitious talents are all looking for another job because they are not appreciated.
    Factory like working environment
    Stressful but very boring jobs
    Allowance is a joke
    Exploit interns with no intention to keep them.

    Advice to ManagementAdvice

    please show appreciation for analysts who actually work hard to run the company.
    Review the salary at least to match the competitors' average to keep your talents

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  2.  

    Financial Reporting

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Specialist in Sydney
    Former Employee - Financial Specialist in Sydney

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

    Pros

    The initial learning was intense and interesting.
    Had a great team at that time who worked well and supported each other.

    Cons

    Long hours
    Low base pay
    Reward programs was a joke
    Lack of appreciation shown by management.

    Advice to ManagementAdvice

    Treat your staff better and show more appreciation, especially when they go above and beyond their job description.
    Provide more transparency in regards to the rewards program and provide feedback on how and why that particular grading was given and this relates to the rewards.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  3.  

    The worst company to work for

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

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

    Pros

    training is good
    city location
    good start stepping stone

    Cons

    they treat you like a number
    very bad culture
    pay is very low

    Advice to ManagementAdvice

    treat your employees well

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5. 1 person found this helpful  

    Poor compensation, hierarchical, low morale, high turnover of staff

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

    I worked at State Street

    Pros

    Not a bad stepping stone into the world of finance if you have no prior experience. Globally recognised employer / organisation. Possibility of getting broad exposure.

    Cons

    Some depts can work long hours with low pay. Low morale among staff and hence a high turnover. Disgruntled staff feel under appreciated. Beurocratic environment. Unwillingness among departments to take on responsibility and work together can be frustrating. Apathetic middle management.

    Advice to ManagementAdvice

    Improve pay. Encourage communication among departments. Incentivise and motivate staff. Realise that people are key to an organisation. Cross train.

    Doesn't Recommend
    Disapproves of CEO
  6. 1 person found this helpful  

    very dissatisfied

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President in Fair Lawn, NJ (US)
    Current Employee - Vice President in Fair Lawn, NJ (US)

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

    Pros

    Four weeks vacation. Mostly, not all, good people here. Good entry into the Private Equity world for college graduates.

    Cons

    Promotion and salary freezes common, additional work assigned without additional resources. Expectations to work 80 hours a week. No training, left to figure things out on your own.
    Long hours, minimal pay, possible to have someone reporting to you with a higher salary. Management does not listen or care.

    Advice to ManagementAdvice

    There is a very low morale within the office. Teams are understaffed and underpaid.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7.  

    Disappointing Experience

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

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

    Pros

    Many good people and interesting work. The company is fortunate to have a wide-moat because if the barriers to entry weren't so great this company would be out of business by now due to poor leadership.

    Cons

    limited advancement opportunities once you move past the first few layers of the organization resulting in high turnover. Many of the best leaders I have worked with in the organization have been passed over for advancement because they don't have the "right" connections. Employees are consistently instructed to manage their own careers, but then told where and what they will be doing as the organization continues to fumble through change after change. Very Boston centric. Head count to work load, opportunities for advancement and pay differences are skeewed in favor of our Boston counterparts.

    Advice to ManagementAdvice

    Management is not interested in advice and operates in a bubble.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  8. 1 person found this helpful  

    Better than no job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Trade Support in Berwyn, PA (US)
    Former Employee - Trade Support in Berwyn, PA (US)

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

    Pros

    A job is better than no job.

    Cons

    State Street does not treat their contractors well. They are trying to have less full time employees and more contractors. There is barely any training, since they only expect you to be there for a finite period of time. Its hard to see how treating employees this poorly can pay off long term.

    Doesn't Recommend
  9. 3 people found this helpful  

    Slave Street

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Service Representative in Quincy, MA (US)
    Current Employee - Client Service Representative in Quincy, MA (US)

    I have been working at State Street full-time (more than an year)

    Pros

    Good resume booster. A lot of positions give you a good opportunity to learn a lot. These are the only two things. You'll see some people mention the work/life balance... it doesn't matter. You don't stay late, you don't get half your work done. You take a vacation, everything is in shambles when you get back. This is because of terrible organization and incompetent and selfish management.

    Cons

    low pay, toxic culture, get out as fast as you possibly can before this place sucks the life out of you. This isn't me having an abnormal terrible experience. This is the experience of most people working at State Street. My review just sounds terrible because I'm not trying to look on the bright side. This is what it is.

    Advice to ManagementAdvice

    Take business 101

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  10. 2 people found this helpful  

    Vice President

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

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

    Pros

    Nothing to talk about. It is a hell

    Cons

    Most horrible place I have worked

    Advice to ManagementAdvice

    Hire good managers. Not dumbos

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 1 person found this helpful  

    Mundane, thoughtless and repetitive work with no opportunity to differentiate yourself from the herd.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Fund Accountant, Associate I in Kraków (Poland)
    Former Employee - Fund Accountant, Associate I in Kraków (Poland)

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

    Pros

    - Unlimited filtered water and ice. New building adjacent to a shopping mall. Employees who perform their work quickly can go to the mall and spend the majority of their time surfing the web using free wifi in the mall.

    Cons

    - Trained over the telephone by someone who had been working in the company for a couple of years but didn't know how to use keyboard shortcuts in excel or windows
    - Fragmented company vision. (certain supervisors choose to disregard the company outlook)
    - First town hall for IFS (hedge fund services) only came about after 4 years in Poland. The average employee has no idea what the company does other than some cheesy buzzwords. e.g. The Way Ahead
    - Conflicting messages: some supervisors say you are open to execute your tasks in any way you see fit, others have a more fascist and childish approach to their management with an inability to control their impulses, discuss things like rational adults or recognize others' real talent
    - Citrix: A virtual windows client used company-wide that ensures "security", while at the same time makes transferring 15kb (that is KILOBYTE, not MEGABYTE) files a process that takes nearly a minute
    - Upon asking the supervisor for their rationale regarding the improvement of the system, the response was: it makes your work more interesting
    - General system issues nearly on a daily basis.
    - Legacy software with a complete lack of effectiveness or design
    - Business continuity planning is preached routinely, but the company has never even bothered to do a stress test of its backup servers, which when the main servers crash (bi-monthly), slows the already crawl-like speed of the system to 0.
    - Generally, a toxic environment but great for those who seek a simple job with no eye on real career development
    - Company policy dictates that the amount of time worked directly relates to job promotions, leaving those with superior skills to rot while going through the motions of the mundane daily tasks
    - The company celebrated their 2000th Polish employee by giving out cheap bisphenol-A plastic water bottle which leaked when turned upside down or sideways

    If it ain't broke, don't fix it...even if it it broke, don't fix it.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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