State Street
2.8 of 5 1,014 reviews
www.statestreet.com Boston, MA 5000+ Employees

State Street Reviews

Updated Apr 16, 2014
All Employees Current Employees Only

2.8 1,014 reviews

                             

52% Approve of the CEO

State Street President and CEO Joseph L Hooley

Joseph L Hooley

(325 ratings)

41% of employees recommend this company to a friend
1,014 Employee Reviews
Relevance Date Rating
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Review Highlights

Pros:
  • "Company has good benefits and is looking to improve work/life balance for employees"
    in 96 reviews
  • "The only one I can think of is the ability to work from home"
    in 46 reviews
Cons:
  • "Find the wrong group and you can kiss work/life balance out the window"
    in 30 reviews
  • "so many entry level workers it seems very hard to be recognized and no chance of promotion or raise until 1"
    in 38 reviews
  • Show more review highlights

Reviews

  • Culture & Values
         
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  • Senior Management
         
  • Comp & Benefits
         
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  • Approves of CEO

 

State Street

Anonymous Employee (Current Employee)

I have been working at State Street full-time

ProsThe people and employee benefits are the best reason to work for SS. The work is challenging and although routine, very different day to day in terms of the things that come up.

ConsPolitics is an issue and thus is the case for most companies. Getting ahead quickly is about who you know.

Advice to Senior ManagementReward the people doing the job. Say Thank you and acknowledge contributions.

Yes, I would recommend this company to a friend

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Acquired from Investors Bank and lasted 7 years before lay off

Systems Consultant, Vice President (Former Employee)
Boston, MA (US)

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

ProsStrong company. Many good people to work with. Growth potential in some business lines. A change agent personality will be a rock star here.

ConsStaff reductions a constant thing since 2008. Challenges with the transition to more outsource partners.

No, I would not recommend this company to a friend

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Big company

Anonymous Employee (Current Employee)

I have been working at State Street

ProsGood job to get into financial industry

ConsSuch a big company, they don't consider what is best for employess

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Big company to start your career

Fund Administrator (Current Employee)
Boston, MA (US)

I have been working at State Street part-time for less than a year

ProsFacility/Transportation/Culture/Personal Growth

ConsSalary/Training/Poor Management/

Advice to Senior ManagementBe more organized about trainning

Yes, I would recommend this company to a friend

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good, but theres better

Anonymous Employee (Current Employee)

I have been working at State Street full-time

Prosvery friendly staff depending on your team. excellent benefits, dental, pension, flex hours and work from home, pays for your courses, CFA included. sports reimbursement too.

Conslow starting salary but made up for with the 1.5xOT hrs for anything over 40 a week, and 2xOT for anything over 50 assuming you dont mind doing the ot, but heck, if you get the work from home to do the OT, why not.

Advice to Senior Managementall depends on your manager. for the 2 years I worked there I have only met good managers that are really supportive with your career growth that gave good advices. Although there is high turnover, there are times when they were encouraged by the managers to apply for better roles.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Client Operations Associate

Client Operations Associate (Current Employee)
Boston, MA (US)

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

Proslots of online and class room training courses for career development. easy to maintain work/life balance.

Consalthough, SS offers decent benefits the associate salary range remains low in comparison to industry average.

Advice to Senior Management{disclaimer: not all groups but in my experience} Many of the managers micro manage client relationships and account responsibilities - -trust and delegate more responsibility to your teams.

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Zero regard for employees or their future.

Anonymous Employee (Current Employee)
Boston, MA (US)

I have been working at State Street full-time

ProsFinancial services experience.
The ‘big’ name of State Street – (which meant more before everything became centralized or work was being constantly outsourced).
Commute is good if you live in the city.

ConsDisturbingly low pay; know your worth before you accept a job here.
High turnover, unexpected and surprise lay-offs, not all but most managers I’ve met either don’t manage or horde knowledge. You have to dig deep, long and far to learn something new and relevant since all the work is divided into Centers of Excellence. Horrible employee rating system which is totally sewed. Overqualified people working monotonous jobs.

Advice to Senior ManagementCare about the people who work for you, fight for them, teach them, challenge them. Get to know their needs, wants, desires, career goals, how they work. START BEING A MANAGER!

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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good entry to industry

Anonymous Employee (Current Employee)

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

Proscan work from home occasionally, good work/life balance

Consyou cant live anywhere near their location because of industry low pay, results in long days traveling to and from work. so many entry level workers it seems very hard to be recognized and no chance of promotion or raise until 1+ year at minimum.

Advice to Senior ManagementIncentivize workers and pay a more reasonable starting salary.

Yes, I would recommend this company to a friend

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1 person found this helpful  

Fantastic development, less than steller rewards

Senior Associate (Current Employee)
Dublin, Dublin (Ireland)

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

ProsFantastic training and development - I walked in the door straight out of college with very little to no experience of the funds industry. This only applies to full time staff however. Contract works and interns, please see Cons below.

Not applicable to every office, but the people in my immediate team were very nice and friendly. Would count some of them as friends. However, once i became privvy to management meetings, I noticed what is said on the floor and what is said in meetings is very different.

Flexible - I was allowed flexible working hours and the option to work from home when required.

Knowledge - some of the more senior people in the team are industry leaders and a great source of knowledge (but see cons for more info)

Opportunities - pros and cons - very easy to progress through the first few levels (A1, A2, Senior Associate) but see Cons for progressing further than that.

ConsKnowledge - while I stated above that the VPs and above are very knowledgable, they are not very approachable and you'll be lucky to get any response on a query to them.

Salary - not good. Lower end of the market. When negotiating for a payrise, I was told "this is the best we can do, you're lucky to get this as we don't usually go this high". I interviewed elsewhere, got an offer, and then all of a sudden they were able to match the offer from elsewhere. Go figure.

Bonuses - 5% of salary unless you're senior management. Compared to 10-20% elsewhere.

Culture changing - With workloads increasing, the focus has been on getting interns in to keep up with backlogs. I have been invovled in meetings where, upon discussing incoming interns, it was said "we'll just stick them in a corner doing X while they're here - no point training them up on everything if they're going to leave." Horrible attitude.

Opportunities - while progressing through junior levels is very quick (if you're up to the job), progressing beyond that is a no-no unless you're prepared to play office politics. Doesn't apply to me as I've not been here long enough, but I've seen colleagues who have been here for years who are competent, approachable and great leaders be overlooked for those who are pals with senior management, or those who just happen to shout louder.

The disconnect between teams leaders and senior management is enormous. Senior Management have no idea what's going on on the floor. Ridiculous workloads, staff shortage, people at breaking point.... and their solution is "power through".

Morale - the cons have gotten to morale and the atmosphere has now plummetted. I shudder to think what's around the corner.

Advice to Senior ManagementReward your employees properly. Praise and thanks is all well and good, but it doesn't pay bills and wears very thin after a while. The "Well done, but do more" attitude you have adopted is wearing thin.

Also, Jay Hooley's emails about how much money the company is making and how his buddies are all getting executive promotions? Get rid of it. It's a slap in the face to those on the floor who are underpaid.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Good work-life balance but no upward mobility

Processing Analyst (Current Employee)
Hadley, MA (US)

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

ProsGreat place to start
Laid back & casual environment
Work-life balance

ConsBelow industry average pay
Management is a mess
Low upward mobility

Advice to Senior ManagementManagement needs to keep a better track of its employees as many of them are dissatisfied with the low pay and most importantly the chance for new opportunities

Yes, I would recommend this company to a friend

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