Pros
You will learn a lot by working here. The initial training is not the best, but once you get on the floor you will learn a ton from doing the work or from colleagues, if you are fortunate to have good colleagues. Benefits are decent.
Cons
Pay is awful. Depending on where you are, promotions could be hard to come by, but that is more because State Street is always looking to cut costs by moving to cheaper and cheaper labor. If you see similar departments as yours being outsourced, find a new job. 401k match here is 5% once fully vested, but I do not think many people actually work at State Street long enough to be fully vested. Compared to other companies, the 401k match does not do much considering you will be taking a 10-20% pay cut to work here.