State Street

www.statestreet.com

State Street Reviews

Updated 21 January 2015
Updated 21 January 2015
1,444 Reviews
2.8
1,444 Reviews
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
468 Ratings

Review Highlights

Pros
  • Good work life balance with potential to work from home or create a flexible schedule (in 132 reviews)

  • The flex work schedule, most people have an option to work from home twice a week (in 65 reviews)


Cons
  • Work/Life balance is one of their "core tenets" but they don't practice what they preach (in 42 reviews)

  • long hours, too much operational work, not so many bright people that can inspire you (in 57 reviews)

More Highlights

194 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 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 (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 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. 1 person found this helpful  

    Discrimination

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

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

    Pros

    Affordable cafeteria food, if needed. Not enough smart people so you can take advantage of them if needed.

    Cons

    Parking, micromanagers, outdated technology, very clicky among lower level senior associate managers

    Advice to ManagementAdvice

    When its the holiday, make sure all employees get treated the same. Upper level management shared with lower level management a steak luncheon for holidays while others work his/her butt off. After 2 hours they all came back to thier desk happy and laughing. This was the pricing group in quincy massachusetts.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  7.  

    Dont waste your time if your looking for a real finance job

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

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

    Pros

    -Small steady paycheck (friend with no college education made more money his first year working at FedEx moving boxes)
    - If group allows you can work from home 1 to 2 days a week.
    -They will pay for some of grad school however the majority of other companies do that.

    Cons

    It sums up to this. Statestreet uses very proprietary systems.

    1. -The work you do here is almost unapplicable in the rest of the finance world except for basic use of excel.
    2. -You do not need a finance,business, or even a management degree to work here, in retrospect you dont need any financial knowledge period. If you need proof there were English majors in my old group! . However it doesnt hurt to know some backgound knowledge going in.
    3. -All you need to do is learn how to run programs that do the real work/checks (explains the low salary).
    4. -The work is exactly the same every single day if your in accounting,custody, or client operations.
    5. -The HR department of my current employer told me if anyone spends more than 2-3 years there it would hinder your chances greatly from getting a middle or front office job where real money is made.
    6. High turn over rate and when I mean high dont be surprised when people start applying to other companies during working hours 6-12months into the job.
    7. People getting laid off consistantly.

    Advice to ManagementAdvice

    You have to really play the buddy buddy game to move up here. Unfortunately you see alot of unqualified people in management positions. But my advice to management is this, please care for your employees. Make their inevitably short stay there at least tollerable. Be nice, show appreciation, and actualy listen to their ideas and concerns.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    There is very little room for growth

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

    I worked at State Street full-time

    Pros

    People - if you are lucky enough to be placed in a friendly group. Most people come in, work, and then leave with hardly a few words to each other.

    Cons

    Highly discourage recent graduates from applying to State Street unless through PDP program. Not a place where you can find many doors for growth or promotion.
    Terrible, terrible entry-level compensation.
    Senior management does not care about staff shortage until the very last moment, and even then, it takes months to hire new people. I saw many people from my group alone leave because of the work environment.

    Advice to ManagementAdvice

    Listen to your associates. Pay entry-level positions more.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  9. 1 person found this helpful  

    The worst company to work for. Understaffed, under budget, underpaid.

    • 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 (less than a year)

    Pros

    Always hiring... not sure is it's a good thing.

    Cons

    No opportunity for personal growth, company doesn't sponsor professional development or growth, HUGE on bureaucracy and red tape.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10.  

    unethical

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

    I worked at State Street

    Pros

    gaining experience for your resume

    Cons

    no work-life balance, unethical treatment from management

    Advice to ManagementAdvice

    management should be considered to adhere to lean policy

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  11. 1 person found this helpful  

    Unorganized and incompetently managed.

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

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

    Pros

    They had a cool kickball tournament.

    Cons

    In the Kansas City mutual fund group, not only will you be kept from progressing, but you will take the blame for management's errors if you aren't high up on their ladder or a 'favorite.' The headquarters in Boston are completely clueless as to how things are run in the KC location and if they saw how backwards and incredibly ignorant their management staff was, they'd be wise to shut down the entire operation. Employee turnover was weekly...which is pathetic.

    Advice to ManagementAdvice

    Admit your mistakes, take responsibility for your actions, LISTEN to your employees, and treat people better. It's not like you're paying them an even decent salary, so at the very least let them feel valued.

    Doesn't Recommend
    Negative Outlook

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