State Street Reviews

Updated 31 October 2014
Updated 31 October 2014
1,325 Reviews
2.7
1,325 Reviews
Rating Trends

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Approve of CEO
State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
425 Ratings

Review Highlights

Pros
  • Good work life balance with potential to work from home or create a flexible schedule (in 128 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 62 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 55 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Layoffs, Layoffs, Layoffs to good people

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

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

    Pros

    Experience, work-life balance, benefits, retirement matching,

    Cons

    compensation, no loyalty to employees with many years of service, constants layoffs and corporate driven. Pay consultants not employees.

    Advice to ManagementAdvice

    training, leadership

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2.  

    Good company, but currently playing in a difficult environment

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at State Street

    Pros

    State Street is a global institution with smart professional people and can offer high-impact, challenging job opportunities in some of the most interesting areas of financial services today.

    Cons

    The current industry environment is difficult and not likely to get better for some time, with the sluggish recovery and more intense regulation. As a result, like all other major banks, State Street will continue to have to succeed by cutting costs, making job stability shaky and a high pressure workplace.

    Advice to ManagementAdvice

    Seek to show better support of employees strained by current tough environment and the pressure that comes with it.

  3.  

    So far my experience has been good, people are friendly and welcoming!

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

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

    Pros

    It is a great resume booster and the people seem to be very nice so far.

    Cons

    The pay is very low for someone living in the city or communting to it.

    Advice to ManagementAdvice

    Be more accomodating to personal finances.

    Recommends
    Positive Outlook
    Approves of CEO
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  5.  

    Great career development opportunities

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Operations Processing Analyst in Hadley, MA (US)
    Current Employee - Operations Processing Analyst in Hadley, MA (US)

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

    Pros

    Learn a lot and develop skills that will help in career development

    Cons

    Work is boring at times

    Advice to ManagementAdvice

    None

    Recommends
    Positive Outlook
    No opinion of CEO
  6. 2 people found this helpful  

    Glad to be gone

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

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

    Pros

    Good work life balance with potential to work from home or create a flexible schedule. Benefits were excellent.

    Cons

    Extremely negative environment, pressure to work overtime to get the work done with limited staff.

    Advice to ManagementAdvice

    Mean what you say when you claim you want to retain top talent. My department had a huge turnover percentage and lots of good people were leaving.

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

    Do not work here!

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at State Street

    Pros

    Good learning experience and they have good insurance benefits. Typically longer vacation periods.

    Cons

    They have little recognition for employees. The communication is horrible through the corporate ladder. I always felt like I was finding things out last minute. The compensation is definitely want of the worst in Kansas City. Expect to work over time on a regular basis. not worth the pay time or energy.

    Advice to ManagementAdvice

    Value your employees more!

  8.  

    Changing times

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

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

    Pros

    Flexible hours. Not bad for entry level or non-operational roles.

    Cons

    Constant turnover, annual layoffs, constant focus on creating task-oriented roles instead of roles to broaden skills. Offshoring of all possible jobs is a constant struggle. Building relocation occurs every 2 years, never settled.

    Advice to ManagementAdvice

    Eventually client dissatisfaction will be recognized.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  9. 2 people found this helpful  

    Huge corporation focused on profits, not people

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Operations Associate
    Current Employee - Client Operations Associate

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

    Pros

    Good exposure to fund accounting for an entry level, recent college grad. If you're put into client operations or fund accounting, you can learn a lot of skills quickly to put on your resume. (Any custody type, processing roles will be completely useless for your career however)

    Cons

    They've outsourced most of their workforce overseas at this point so good luck keeping your job. Not only does that mean layoffs for us, but also the quality of work suffers. The people in India and the Philippines they hire are completely incompetent and you will have to pick up their slack. In fact, it seems as though they foster a culture of mediocrity in general: get your work done, don't go above and beyond because we don't listen to people who think outside the box and don't recognize overachievers. All the truly talented people leave this company within a few years. VERY low pay, to the point where I can barely pay bills. Very hard to get promoted, basically no employee development in this company. If you are a serious professional trying to make a career in the financial industry, don't waste your time here, they don't reimburse employees for the CFA exam. You are not important to them: you are a cog in the wheel.

    Advice to ManagementAdvice

    Invest more in employee development to instill a sense of community among the employees. Encourage them to develop themselves professionally and reimburse them more for graduate programs, CFA, CPA, etc. And please pay people who actually perform!

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  10.  

    Financial Reporting Specialist

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

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

    Pros

    Gain a lot of experience

    Cons

    There are nothing much to talk about cons

    Advice to ManagementAdvice

    Please consider work-life balance.

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

    Eh....

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

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

    Pros

    Young company, so a lot of your coworkers are around your age. Managers/colleagues are usually the only reason to go to work. And that's only on some teams. Really only busy for 5months of the year. Lots of learning and training, definitely get to know ins and outs of tax.

    Cons

    VERY low pay. Yes OT is allowed, but compared to other companies, the salaries are extremely low. Upper management are only concerned with how low their pay is, so they only hire college grads, then get mad when the ending product is less than satisfactory. Very VERY little room to grow, career wise. Takes around 4-7 years just to be promoted to Senior.

    Advice to ManagementAdvice

    Happy staff, better ending product. Keeping your staff miserable doesn't get you a better outcome.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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