State Street

  www.statestreet.com
  www.statestreet.com
There are newer employer reviews for State Street

 

good

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

I have been working at State Street

Pros

benefits are a plus , and pay is fair

Cons

downsizing is troublesome considering the talent they are losing

Advice to ManagementAdvice

need to improve employee loyalty

No opinion of CEO

1383 Other Employee Reviews for State Street (View Most Recent)

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  1. 1 person found this helpful  

    Difficult to understand the importance of what you are accomplishing.

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

    I worked at State Street

    Pros

    Great place to start out of college. I would suggest working in such a place for a year and getting what you can out of it and then moving on.

    Cons

    The software was way behind the times. While I was there the Sacramento office converted over to newer* software. You were able to process funds quicker but it was still like using MS Dos. Each screen had a several commands corresponding to a number. You just memorized the numbers and punched at the key board all day.

    Advice to ManagementAdvice

    Train new employees thoroughly. Give meaning to the number punching. The videos are not that great of a tool for trying to continue to grow ones knowledge of the vast financial world.

    Doesn't Recommend
    No opinion of CEO
  2. 4 people found this helpful  

    Miserable

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Professional Button Pusher, Excel Monkey and Cubicle Dweller in Boston, MA (US)
    Former Employee - Professional Button Pusher, Excel Monkey and Cubicle Dweller in Boston, MA (US)

    I worked at State Street

    Pros

    They will hire you when nobody else will. If you can breathe and have a pulse, they will get you right in here at a starting salary of 32k (which has been the same for the past 7 years and probably longer)

    Cons

    The salary, the salary, the salary... Oh, did I mention the salary I can't even fathom how such a large company that makes such huge profits can be so cheap. They will promise you the world when you are hired and won't deliver. You will be desperate for a job out of college so you will accept the offer of 32k in hopes that future increases and promotions will put you in a better place. You will soon find out that 5% promotions and 2% merit increases (if any are given at all) will make it nearly impossible to achieve a decent salary to survive in the Boston area, or anywhere for that matter. Speaking of promotions, lately they have been few and far between and you have to be a major suckup to even be considered for one... Considered is probably all you will be anyways because they won't give out any money. Each year there are layoffs, cuts to the bonus pool, cuts to merit increases, $0 401k profit share contribution AND to top it off, the 401k match has been cut from 6% to 5%. Once you work here, it is difficult to get out. Chances are, depending on business unit, you will not learn any transferrable skills that can be used elsewhere. You will be a State Streeter for life (or until they feel like you are now making too much and lay you off). I spoke my peace.

    Advice to ManagementAdvice

    Pay the employees for the hard work that they do. You say that you want to lower the turnover rate and reward/retain top talent, yet a 5-10% promotion on top of an already extremely low salary will not retain anyone but the dead wood. PAY US!!!!!!! $$$$$$$$$$$$$$$$$$$$$$$

    Doesn't Recommend
    Disapproves of CEO
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