State Street Reviews

Updated 28 August 2014
Updated 28 August 2014
1,306 Reviews

2.7
1,306 Reviews
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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

189 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 for more than a 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 for 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 for more than a 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. 6 people found this helpful  

    It's not a good stepping stone to anything, and here is why....

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

    I have been working at State Street full-time for more than 3 years

    Pros

    A paycheck, which is directly deposited into your bank account

    Cons

    - This company is the wild west
     - Even if you do your job perfectly, no guarantee on how long you will be getting that paycheck
     - People are running everywhere, and those running are not working
     - Picture this - hundreds of VP's on the org chart (if not more), with the power to hire whomever they want, which includes friends and family that may or may not be working their entire 40 hours per week. Which means, they are paid only to micromanage, entertain and bribe you or to change things that are not broken
     - You will hear and see things you will wish you never had to see or hear
     - HR is a complete joke

    Advice to ManagementAdvice

    Why would anyone bother - they know their clock is ticking

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7. 2 people found this helpful  

    Work here if you want your soul demoralized in every singleway

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Collateral Analyst  in  New York, NY (US)
    Current Employee - Collateral Analyst in New York, NY (US)

    I have been working at State Street full-time for more than 3 years

    Pros

    There is absolutely nothing good about this place. Maybe the free coffee/milk/soda. And dress code is lax.

    Cons

    Senior management is a pain. Company has no goal. Treat employees as minions. No career path. Avoid at all costs.

    Advice to ManagementAdvice

    Care about your employees.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. 2 people found this helpful  

    Army of underpaid, under-motivated workers

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

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

    Pros

    Easy to move up b/c no one likes it there and/or company's pay is so poor no one smart would ever take a position here. I became head of my unit after four short years.

    Cons

    - Pay is laughable. They haven't raised entry level salary in over 10 years ($32K). Adjusted for inflation they are now paying their entry level employees $10k less than in 2004.
    - Corporate culture is a joke. My favorite is a lot of idiots use Sharepoint (or as we call it "Collaborate") to post/send items that would be ten-worlds easier sent by email. One time my manager said in an hour long meeting, "don't be afraid to use hash tags on collaborate"
    - They have reward based bonuses called "Rising Star" and "Above and Beyond". Whoever named those needs to be shot. They are also only $1k pre-tax max. Thanks State Street.
    - The lady running USIS might be good with higher ups, but is severely out of touch with business groups. She actually took time out of my day to schedule a "round-table" meeting where she said she wants us to recruit students from the B-schools: Babson, Bentley, Boston College. I am the only one I know at the bank who went to one of those schools, so I guess I am a sucker. Honestly, get a clue...
    - Back to the pay...no one is motivated so I am surrounded by complacent zombies who aren't paid enough to care what they are doing or make the bank better.

    Advice to ManagementAdvice

    At each level fire the lowest performing 25%. At each level, raise the remaining employee's salaries 25%. Provide real motivation for current employees. Offer real entry level wages.

    I am seeing my own client's relationship struggle b/c we have under-motivated, under-qualified employees. You can't make un-motivated workers start bussing around without more money. Wake up.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. 3 people found this helpful  

    Worst job I have ever had!!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Fund Accountant  in  Sacramento, CA (US)
    Current Employee - Fund Accountant in Sacramento, CA (US)

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

    Pros

    The job requires no thought and it is easy to fake you way through the day.

    Cons

    There is no motivation in this job. Promotions, salaries, and bonus are based on time served and very little on actual skills. The salaries are a joke at this company and show no sign of improvement. There is daily emails and postings reminding you of whatever corporate bs management is trying to push. I can't emphasize enough how much working for this company sucks.

    Advice to ManagementAdvice

    KILL YOURSELF!!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 3 people found this helpful  

    Prior Associate 2 - Do not work here - Save Yourself

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

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

    Pros

    N/A
    -As my first job, it can only be up from here.

    Cons

    Working at this company was one of the worst experiences of my life.
    -The management has no idea how to manage.
    -I was painfully underpaid.
    -During my 2 weeks notice, I was treated disrespectfully, lied to, and the group did everything to make my life miserable.
    -Do not trust anything that this company has to say; it's all fake.
    -Degrees should not be required for the positions based on the pay and efforts.
    -Please do not make the same mistake that I did, as taking this job, while desperately seeking employment outside of college.
    -Managers did not know how to do my job as an Associate 2.
    -I was banned from taking PTO due to having no back-up.
    -I was limited on my time away from my desk, with 5 minute breaks max - as I couldn't possibly miss 1 call from a client.

    Advice to ManagementAdvice

    Gain integrity. Tell the truth about your current and past employees. Take responsibility when you've made mistakes; don't pin the blame always on others. Ultimately, it can't always be everyone else's fault.

    -Learn how to communicate, manage effectively so that you do not micromanage or discourage employees.

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

    Agile? State Street? – Run! Don’t Walk

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

    I worked at State Street as a contractor for less than a year

    Pros

    I was paid. Office was clean. Nice view out the window. Starbucks nearby. Close to the Subway, parking, and the mall. Also it was a very quiet place to do work in the morning - no one around.

    Cons

    Worst Client in 15 years.

    I have helped many clients improve IT development. I put them in three categories:

    1) The best are both aware of, and share, their past challenges. Being aware of their challenges motivates the client’s interest in learning and trying new practices. And a willingness to share opens honest collaboration to gain from a greater set of experiences and ideas.

    2) Apprehensive clients often will not openly admit past challenges. But nonetheless being mindful, these clients understand the need to adopt new practices, albeit with some debate as goals are not shared.

    3) For the most frustrating clients, it is anathema to admit or even discuss past challenges. Individual managers define and proclaim their own unquestionable success. Suggesting or discussing improvements questions this authority.

    Among all the clients I have had, only two extreme examples fall into this last category – the most recent being State Street.

    Despite the advertised position of Scrum Master and a desire "to do Agile", there was no interest to either understand nor enact Agile's values. Tools were not available. There was sniping complaints from other managers about stand-ups and our "disrupting" use of white boards. Immediate management could not relate to teams empowered to lead their own meetings without a "Boss" - to them it seemed chaotic. Work was replete with an adherence to long-held forms, reports, reviews, and internal-governance – All without review of their necessity, utility, or opportunities to improve.

    Upper management was aloof, judgmental, and detached. In addition, there is a perverse pride in the high turn-over of help – to the point where the names of previous “disappointing individuals” were posted on the manager’s office wall.

    I love a challenge and had hoped to help State Street. But, at least, I did in fact learn an important lesson - including that I should have listened to a friend when he said; “Agile? State Street? – Run! Don’t Walk.”

    Advice to ManagementAdvice

    My hopes for you were publicly stated in your company's mission statement:

    "We'll take the time to understand your organization and your needs. As your strategic partner, we will work to develop the best solutions for you - so you can perform better."

    How well can you help your clients "perform better" by understanding their "needs" if you are unwilling to do that for yourself?

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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