State Street Reviews

Updated 24 October, 2014
Updated 24 October, 2014
1,318 Reviews
2.7
1,318 Reviews
Rating Trends

Recommend to a friend
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State Street President and CEO Joseph (Jay) L. Hooley
Joseph (Jay) L. Hooley
422 Ratings

Review Highlights

Pros
  • Company has good benefits and is looking to improve work/life balance for employees (in 126 reviews)

  • Many employees can work from home a few days a week if their responsibilities allow them to (in 61 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 53 reviews)

More Highlights

179 Employee Reviews Back to all reviews

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  1.  

    Worse company to work for

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Reporting Administrator in Toronto, ON
    Current Employee - Financial Reporting Administrator in Toronto, ON

    I have been working at State Street as an intern (less than an year)

    Pros

    Some people were great to work with. Good location. Gain some knowledge.

    Cons

    No training. Upper management expects you to know everything even though they don't make the effort of training you. High turnover rate because of low pay and poor upper management who abuses their power. Long hours because upper management spends their day doing nothing other than complain about other employees. There are no career advancement since no one moves up so everyone ends up leaving.

    Advice to ManagementAdvice

    Just stay away from here. Regretted my decision for taking this job. Just waiting for my contract to end so I can get out of here.

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

    Financial Reporting

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

    I worked at State Street as an intern

    Pros

    -High hourly pay
    -Pays overtime
    -Good people to work with

    Cons

    -Terrible work culture
    -Terrible management
    -Terrible work and life balance

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  3. 4 people found this helpful  

    Work here if you want to lose faith in yourself

    • 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

    Pros

    The only good thing about this company, is the benefits. Other than that, nothing.

    Cons

    Where to begin. IFS is worse than high school, if one manager doesn't like you, no manager in the company will - they will make sure of it. They delve into every part of your personal life and spread rumours just like teenage girls. They do not promote, when they do, it's nepotistic and favouritism that moves people up. They employ the most low-class and incompetent people to be managers. I can hardly understand my manager, and they've been in the country for decades! There is no transparency, you can be told you're doing well and then out of nowhere get a bad review. No matter how hard you work, it will go unnoticed, no matter how well you work, it will never be good enough. If you do go that extra mile, management doesn't want to know or hear about it. Come work here if you like to be micro-managed, reminded of your tasks on a constant basis, and be humiliated.

    Advice to ManagementAdvice

    Stop micro-managing...if you don't trust the people working for you, fire them. Grow a spine and come to your own conclusions about employees; stop allowing the spineless and mentally deranged managers tell you what to think of your employees.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5.  

    not that great

    • 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

    Pros

    people are great and fun to be around

    Cons

    work is not challenging and hours are terrible

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  6.  

    Legal Intern

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Legal Intern in Toronto, ON
    Current Employee - Legal Intern in Toronto, ON

    I have been working at State Street as an intern (less than an year)

    Pros

    the job allowed for alot of autonomy but very little direction and even less training, very little down time, unrealistic goals

    Cons

    very repetitive work, never had proper training, very poorly managed, authoritative management style, and overall one of my worst working experiences

    Advice to ManagementAdvice

    have more fulfilling jobs, better training, improve culture

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 1 person found this helpful  

    the company sucks but it's great place to start with

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Derivatives Specialist in Toronto, ON
    Current Employee - Derivatives Specialist in Toronto, ON

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

    Pros

    easy to find another job within the same industry

    Cons

    long hr and low pay

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. 4 people found this helpful  

    Worst place to work but great place to claim you work in finance

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Pricing in Toronto, ON
    Former Employee - Pricing in Toronto, ON

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

    Pros

    Relaxed work environment, max 50 hours a week, hour lunches, benefits im told are good. Great place for people to claim they work in finance (it is not, it is mindless button pressing / mouse clicking in the back office with no need for intelligence and no client interaction - and the street knows this).

    I will however say State Street is a global bank and their front office departments (Global Advisors, Global Markets) are highly regarded in the industry and provide great learning opportunities (and substantially higher pay).

    Cons

    No career advancement opportunities - advice to prospective employees is to not take the job to begin with. Advice to current employees is to get out as soon as you can. The longer you stay at back office, the longer you will stay in back office despite false optimism instilled by management that State Street will provide you with long term career development opportunities - moving within back office isn't career development.

    Extremely low pay. Almost laughable given people 15-20 years older would make the same $ amount salary in their first jobs out of school - do the math - 3% inflation every year for 15 years...assuming a 40K base for those guys you'd need to be making 62K to "break-even"...not happening at State Street.

    Advice to ManagementAdvice

    Being a VP or Senior VP in the back office does not add up to anything in high finance. Quit the power tripping - don't be bitter towards ambitious employees trying to move on to bigger and better things - create an environment that supports learning and encourage internships / rotations with front office departments to the extent possible.

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

    Overworked, underpaid, incompetence rewarded if manager's favorite

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Associate in Toronto, ON
    Former Employee - Associate in Toronto, ON

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

    Pros

    learning opportunity, if you apply yourself you can move laterally or upwards, decent benefits, pension, vacation,

    Cons

    few people are professional, majority need to go to business school and learn how to conduct themselves in an office, very political climate, consistent and persistent layoffs every 2 years, hire and fire or layoffs, working to know that any day you could be next, constant lean and restructuring going on, management can't make up its mind if they are expanding or reducing staff, pathetic

    Advice to ManagementAdvice

    get some serious professional education in how to conduct business, this practice of hiring and laying off people like we were paper supply is disgusting.. it happened in 2003 and it continuously happens and no pay increase, longer hours, no bonuses, but the executive get their fat checks

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 1 person found this helpful  

    no career path

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Derivative Administrator in Toronto, ON
    Former Employee - Derivative Administrator in Toronto, ON

    I worked at State Street as a contractor (less than an year)

    Pros

    very friendly coworkers that are willing to help and cooperative

    Cons

    horrible training program, learning opportunities and no incentives

    Advice to ManagementAdvice

    show more sympathy to employees when they make mistakes.
    don't point fingers and blame people for things they have no control over.
    support employee's life long goals and not just prioritize the department or company's short-term financial goals because high turnover ultimately screws up the company's operations and increases costs.

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
  11.  

    Fund Accounant

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Hedge Fund Accountant in Toronto, ON
    Former Employee - Hedge Fund Accountant in Toronto, ON

    I worked at State Street as a contractor (less than an year)

    Pros

    - pay is decent as an entry level position (about 20$/hour and 30$/hour for ot)

    Cons

    - terrible integration as a new employee (being thrown into the water left to sink or swim)
    - no guidance from others and have to figure out everything on your own.
    - training is very general and not helpful at all
    - are expected to understand everything and your responsibilities even after a couple days
    - given funds, clients and deadlines and expected to perform even without proper training
    - worked 12 hour days every day of the week as a new hire because i had to figure everything out on my own (very stressful) expect 55-60 hour weeks for the first couple months.
    - terrible experience starting there, would not recommend it to anyone... there are much better opportunities elsewhere!
    - saw 3 people on my team quit within 3 weeks of being employed.

    Advice to ManagementAdvice

    - do not overlook training to new employees (currently wasting everyones time by not providing proper training)
    - needs to be more personalized to help the employee integrate into the company
    - saw 3 people on my team quit within 3 weeks of being employed

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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