State Street
2.8 of 5 1,014 reviews
www.statestreet.com Boston, MA 5000+ Employees

State Street Reviews

Updated Apr 16, 2014
All Employees Current Employees Only

2.8 1,014 reviews

                             

52% Approve of the CEO

State Street President and CEO Joseph L Hooley

Joseph L Hooley

(325 ratings)

41% of employees recommend this company to a friend
1,014 Employee Reviews
Relevance Date Rating
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Review Highlights

Pros:
  • "Company has good benefits and is looking to improve work/life balance for employees"
    in 96 reviews
  • "The only one I can think of is the ability to work from home"
    in 46 reviews
Cons:
  • "Find the wrong group and you can kiss work/life balance out the window"
    in 30 reviews
  • "so many entry level workers it seems very hard to be recognized and no chance of promotion or raise until 1"
    in 38 reviews
  • Show more review highlights

Reviews

  • Culture & Values
         
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  • Senior Management
         
  • Comp & Benefits
         
  • Career Opportunities
         
  • Disapproves of CEO

2 people found this helpful  

Waste of time

Investment Accountant (Current Employee)
Toronto, ON

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

ProsGreat people and culture, flexible hours, good entry level job, benefits are pretty good and will pay for your education

ConsLow pay, no opportunities for growth, very political - if you stay long enough, you'll get a promotion. if you see no opportunities for growth after 1-2 years, leave!

Advice to Senior Managementn/a

No, I would not recommend this company to a friend

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ok ok sfssdfsadok stastfsdfsdfasdfsdsdfst

Fund Accountant (Former Employee)

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

Prosmeet people, good entry level position

Conslong hours, repetitive work, lower pay

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Trade Processor

Trade Processor (Current Employee)
Toronto, ON

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

ProsFull benefits & great classes for self-improvement

ConsLow salary, very low raises, and little opportunity for advancing within the company.

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

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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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Adequate Learning experience for beginners

Anonymous Employee (Former Employee)

I worked at State Street full-time

ProsComfortable and relaxed environment for beginners to develope themselves.

ConsLack proper vertical Communications sometimes

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great place to start working

Accountant (Current Employee)

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

Prosit was a good place to start and good learning experience

Conslots of restructuring in the accounting department

Yes, I would recommend this company to a friend

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1 person found this helpful  

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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1 person found this helpful  

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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Great company to learn about the industry if you are a recent grad

Derivatives Administrator (Former Employee)
Toronto, ON

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

Pros1. The wealth of knowledge is there, ask the right questions. Ask at all.
2. Young staff to build good network for the future
3. The brand and experience has led to good jobs outside of State Street

Cons1. Long hours - you'll become more resilient to long hours and high stress.
2. Low Work Life Balance - your value of time will increase and you'll find ways to waste less of it

Advice to Senior ManagementNurture your employees. You already know this.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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