State Street
2.8 of 5 1,011 reviews
www.statestreet.com Boston, MA 5000+ Employees

State Street Reviews

Updated Apr 10, 2014
All Employees Current Employees Only

2.8 1,011 reviews

                             

52% Approve of the CEO

State Street President and CEO Joseph L Hooley

Joseph L Hooley

(324 ratings)

40% of employees recommend this company to a friend
125 Employee Reviews Back to all reviews
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2 people found this helpful  

Work here if you want to lose faith in yourself

Anonymous Employee (Current Employee)

I have been working at State Street full-time

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

ConsWhere 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 Senior ManagementStop 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.

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

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not that great

Anonymous Employee (Current Employee)

I have been working at State Street full-time

Prospeople are great and fun to be around

Conswork is not challenging and hours are terrible

No, I would not recommend this company to a friend

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

Derivatives Specialist (Current Employee)
Toronto, ON

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

Proseasy to find another job within the same industry

Conslong hr and low pay

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

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3 people found this helpful  

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

Pricing (Former Employee)
Toronto, ON

I worked at State Street full-time for more than a year

ProsRelaxed 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).

ConsNo 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 Senior ManagementBeing 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.

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

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Overworked, underpaid, incompetence rewarded if manager's favorite

Associate (Former Employee)
Toronto, ON

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

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

Consfew 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 Senior Managementget 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

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

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no career path

Derivative Administrator (Former Employee)
Toronto, ON

I worked at State Street as a contractor for less than a year

Prosvery friendly coworkers that are willing to help and cooperative

Conshorrible training program, learning opportunities and no incentives

Advice to Senior Managementshow 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.

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

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Don't waste your time working here

Anonymous Employee (Current Employee)
Toronto, ON

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

ProsThe educational support CMA/CA/CFA
Benefits 100% covered

ConsWorst place to work - would rate 0 stars if I could.
Some management unbelievably incompetent - ie. doesn't know how to use Excel?!!!
If you're lucky, you'll work with a good manager.
Very low pay.
 Work you like a dog.

Advice to Senior ManagementEliminate the incompetent employees. Give a fair chance to those with potential

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

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fund accountant

Fund Accountant, Associate I (Current Employee)
Montreal, QC

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

ProsFull benefits
Good experience in fund accounting

ConsToo much overtime
Low salary in the industry for Montreal

No, I would not recommend this company to a friend

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Don't Bother

Senior Fund Accountant (Former Employee)
Toronto, ON

I worked at State Street

ProsDecent experience if your a recent graduate
The LRIF matching was a great benefit

ConsManagement! Management! Management!

State Street has to have the worst managers in the business. Every one of the managers I worked under was either rude, moody or incompetent. And in one case it was all 3 at once! To make matters worse the Senior Managers never show their faces to you and don't seem to mind that the company has such a large turnover rate.

Couple the problems with the managers with absolutely horrible pay rates and you get one awful place to work.

The opportunities for advancement are also severely limited. Getting up to the level of Senior Fund Accountant is easy (if your manager likes you) but from there it is very difficult. Most of the managers are "lifers" who won't leave as they know they could not make it elsewhere.

Advice to Senior Management2 things. Raise the salaries to market levels already to retain top talent. It is very demoralizing to hear daily about who resigned and who got promoted to cover the position. Second thing is give the managers serious training in people skills. It is very unprofessional to see the managers yell at their staff in front of others for errors that are not even their fault!

No, I would not recommend this company to a friend

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Noone is indispensable

Anonymous Employee (Current Employee)

I have been working at State Street

ProsThe only one I can think of is the ability to work from home

ConsOnly care about stockholders. Do not care about making employees feel valuable. Upper Management is never in the know. Senior Management only care about themselves. The people that do the most work are treated the worst (low men on the totem pole). Layoffs frequently, never sure if you will be next.

Advice to Senior ManagementInstead of taking everthing away from employees, how about giving them something other than the feeling of being afraid of losing their job.

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

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