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

1011 Employee Reviews (View Most Recent)

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Huge varience of workforce accross all floors

Senior Associate (Current Employee)
Edinburgh, Scotland (UK)

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

ProsThere is a lot of change/movement going on in the firm from outsourcing work to 'Centres of Excellence' which in the short term may provide oppertunities to travel.

There are a lot of smart intelligent people to learn from.

ConsRoles are being 'dumbed' down due to outsourcing of work to COE's.
There is an unfair work distribution within teams at various levels across the floor - those who can or show initiative DO most of the work, those who cant get sidelined and forgotten about. At the end the difference in rewards between the two are almost indistinguishable at present.

People are promoted internally to fill positions, rather than showing merit.

Regardless of your work, expect to get an average rating on your yearly performance review. Dont bother to ask what you could have done to have got the next level, as it would only result in friction between yourself and your manager.

Employees are generally not rewarded for their work - for example bonuses are not increased for helping meet company targets, such as reducing the number of breaches, which helps reduce compensation payments, and increase company profit - should all of this go just to the shareholders?

Advice to Senior ManagementAnnual Performance Reviews -Scrap the 1-5 performance rating system. If you want such a system, then expand and make this 1-10. Encourage workers to help the business by setting clear performance goals,with each grading marker defined in a transparent fashion.

Bonuses - To get around the whole 'poor bonus' issue, would it be better to offer employees a discount share purchase scheme, or a bonus in form of shares? That way all employees are directly offered a fair return/reward for their hard work.

Promotions - Do not fill roles internally out of need, but merit. If internal candidates are not yet up to par, then look externally.

Work Equality - Monitor working hours(building sign in/out times of staff), and see the differences of employees at each level. Use this to look at re-allocating resource.

Yes, I would recommend this company to a friend

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  • Culture & Values
         
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boring job with low pay; no career future

Associate (Current Employee)
Sydney (Australia)

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


Pros: easy job, no stress and good company location Cons: culture is slow and lack of innovation No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company… More

  • Culture & Values
         
  • Work/Life Balance
         
  • Senior Management
         
  • Comp & Benefits
         
  • Career Opportunities
         
  • Disapproves of CEO

 

Stay away, if at all possible

Senior Fund Accountant (Current Employee)
Kansas City, MO (US)

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


Pros: - Laid back atmosphere - Good mix of employees - Good work/life… Cons: - They provide absolutely 0 incentive for talented individuals to stay on-board - Work is about as mundane as it can possibly get - Slowly devaluing… Advice to Senior Management: Turnover rate is extremely high for a reason, the company as a whole simply doesn't care about keeping talented individuals within the company. On the… No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company… More

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