State Street Employee Reviews

Found 773 reviews matching the search
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Productive, Great opportunities
Operations Specialist (Current Employee) –  Quincy, MASeptember 27, 2016
Typical day at work:
. Work is divided among co workers on the team
. Work individually throughout the day, however resolve problems with team as necessary
. Make sure daily tasks are completed by days end

What you learned:
.Learn new operations daily on how to resolve any issues clients have raised concern about pertaining to tax

Management:
. Very respectable
. Easy going
. Work well with the co workers

Hardest part of the job:
. Running into a new discrepancy for the first time, usually regarding a clients account, which is than resolved with opinions of team members

Most enjoyable part of the day:
. Being able to work in a joyful environment, while accomplishing daily tasks
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company is outsourcing to India, no worklife balance, terrible environment.
Manager (Former Employee) –  Boston, MAAugust 22, 2016
After working for this company in Fund Administration and Financial reporting, I have seen a deterioration of culture, benefits, job security and a treatment of employees. You are expected to pick up more work than is possible to complete in an 10 hour day, you are also expected to learn things on your own because no one has time to show you anything. Most of the good and experienced managers have been let go, leaving behind mostly bad managers who demean and threaten to fire people if they do not complete the work with little or no overtime. Work is constantly being off shored to India and you are also expected to provide training and clean up work done by the of shore team. Ultimately most of the work will be done in India so there will be no opportunity for advancement.
Pros
its a job
Cons
Poor work life balance (sweatshop), terrible culture jobs are being outsourced to India.
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Great entry level job with low pay and good benefits.
Operations Specialist II (Fund Accountant II) (Former Employee) –  Sacramento, CAJanuary 16, 2017
Job is busy, management is hands off. Hard to have work life balance as every day is a different time frame of when you are getting off work ranging from 5 PM to 8 PM. Benefits/retirement are good, however, you have to work holidays because you are following international markets.
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SSGA, bank owned asset manager
Portfolio Manager (Former Employee) –  Boston, MASeptember 30, 2016
Pros
- Nice people for the most part,
- Good benefits
- Provides geographic mobility opportunities and responsibilities early on.

Cons, linked to the bank (State Street) :
- Too many layers of management without accountability and governance structure has issues
- Risk and compliance departments are bigger than investment
- Incentive Compensation : up to 90% (!) of bonus is deferred over many years, a deterrent for a good hire
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Okay to Start .. that's about it
Vice President of Business Development (Former Employee) –  Boston, MANovember 15, 2016
Good place to start your career, but if you stay too long, you will see that the salary raises are minimal, bonuses are not great and promotions take a long time. Bottom line, expect to work very long hours for low pay and the compensation isn't great.
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Industry Leader
Assistant Vice President, Training (Former Employee) –  Boston, MANovember 17, 2016
I have worked for State Street on and off for years. I loved being a part of their corporate and community culture - there is no typical day, inasmuch as the company is huge and each division has their thing.
Pros
great benefits and opportunities for professional growth
Cons
frequent layoffs, sometimes below market compensation
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good company
Cash, Custody & Trades Associate (Former Employee) –  Quincy, MANovember 11, 2016
I learned the accounting skills for 18 years at State Street Bank. Many classes are on line that need to be updated every year to take and tasks are cross training. However jobs are sent to oversea for downsizing now and next 4 years so they need to fire to meet their budgets!!
Pros
free party once in Christmas and free ice cream once in Summer
Cons
benefits cut, more tasks more responsibilities to cover short hand
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Good place to start, bad place to continue
Associate 1, Cash Processing Accountant (Former Employee) –  Boston, MAJuly 29, 2016
Good place to start if you're getting into finance/accounting, but promotion and wage increase does not really happen. The work load is torturous and not worth the little pay you receive. Only the older folk are willing to stay there longer as they are settled in, all the younger people are clawing to get out of there. Hours can get ridiculous with very little chance of recognition.
Pros
Fun co-workers
Cons
No wage increase after years, poor compensation, low salary, tedious work
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Great place to work
Security Valuation (Former Employee) –  Boston, MAJanuary 10, 2017
I was an intern at State Street. I had a great experience there. People were very friendly and helpful. When I needed help, my mentor was always there to help me. As a security valuation intern, I worked 20 hours a week. I updated securities and analyzed price changes by using Bloomberg, IDC, Pricing Direct, Reuters, and Macros.
Pros
People are very friendly
Cons
Interns do not have any benefits
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State Street
Vice President HR (Former Employee) –  Boston, MASeptember 14, 2016
Good company with a lot of structure. Due to series of layoffs there are far fewer employees to do same amount of work. However, company has a strong culture on flexible work and encourages it where feasible. Benefits are very competitive. Great group of employees.
Pros
Comprehensive benefits, flexible work arrangements
Cons
Company has financial struggles and results in limited investment in talent
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Company with great potential if they can give employees a reason to say.
Pricing Analyst II (Current Employee) –  Quincy, MASeptember 26, 2016
If State Street could start paying people more competitively and give them legitimate opportunities for advancement (as opposed to a minuscule raise to do the same work after a year) it would be a much, much better company to work for.
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Good benefits.
Bank Loan Servicing Specialist (Current Employee) –  Kansas City, MOOctober 15, 2016
Great work-life balance as well as benefits for employees. Competitive pay out of college. Work environment is clean and co workers are always friendly. Passionate about giving back to the community
Cons
Pay for parking
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I would not recommend State Street.
Fund Administrator II (Former Employee) –  Kansas City, MOOctober 14, 2016
Management is very poor and they only care about the bottom line. The environment is not good and the benefits are not the great. They expect to work long hours with no or little pay.
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horrible sweatshop
Senior Fund Accountant (Former Employee) –  Princeton, NJApril 16, 2016
At least in fund accounting, they squeeze you until you're doing absolute most work possible, working constant overtime. Turnover is high, so only people scared of the labor market or complete vegetables stay. They get promoted and eventually become managers, etc. etc. You have nothing but young guys looking to get out and old bitter losers around you.

At one point we had a systems conversion and the regional director came to us to tell us everyone's jobs are safe. One year later he was apologizing in a townhall meeting because everyone was getting laid off. Haha, that was pretty funny. Best part about working for SSB was getting laid off from there.
Pros
2 days a year paid time to volunteer (if approved)
Cons
compensation, work/life balance, environment, management
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First Job Experience
Client Service, Associate (Current Employee) –  Quincy, MAJuly 18, 2016
Since this is my first job out of school, I wanted to work in a welcoming environment. I liked State Street because of it's global presence and potential to move internally. While the job was a bit of a bait-and-switch in terms of what my daily responsibilities would be, the people I work with are very helpful and experienced.
Pros
Work from home, Paid Vacation Time
Cons
Salary, Commute
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Developed Career Well
Assistant Vice President (Current Employee) –  Boston, MAApril 13, 2016
State Street was great for my work experience and growth. I did well and progressed nicely through the ranks and learned an incredible amount about fund accounting, custody work, client facing operations and management. While I learned a great deal and owe my career knowledge to the company, I didn't love the work life balance and recognition State Street gives (or lack thereof) to its employees. I work very long hours and work incredibly hard for little recognition and compensation. Employees feel like a very small piece of the overall picture.

I enjoyed the people I worked with over my career and worked for different groups, but it always seemed like the same thing. Hard diligent work and little satisfaction from completing it.

The hardest part of the job was the expectation to do so much with little resources. Teams were continually slimmed down in headcount, while tasks and expectations only increased.

The most enjoyable part of the job was the connections and networks made. I enjoyed the work I did for State Street, and loved being in a client facing role in operations.
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Culture has gone downhill under Hooley
Finance Director - Global Markets (Former Employee) –  Boston, MAJanuary 13, 2017
Used to be a great place to work. Now employees are constantly monitored and can be fired for the slightest offense (as State Street defines an offense). Always looking of your shoulder waiting for the ax to fall. Have gotten rid of so many people with knowledge that there are not many people left that can answer a question. People ignore questions via email and/or phone as they have had to absorb so many other responsibilities. Company very reactive to quarterly earnings and make short-term decisions to meet numbers that make no strategic sense. Management only cares about stock price and what will go into their pockets.
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Good place to start your career but that's it
Derivatives Operations Specialist (Former Employee) –  Irvine, CAApril 2, 2016
State Street is a good company to start your career at but it's a struggle to get promoted. Benefits were good but they have been cutting more and more. Compensation increase is little to none every year. Bonuses is well below industry standard at average of 1%. Most VPs only want to delegate and do not know the day to day process at all. Management doesn't want employees to work overtime, but give them more than they can handle in 8 hours. Work life balance is not good for many employees, mainly the ones who know more than others. These people end up doing too much work, even their manager's work and cannot even take a break to eat lunch while their managers eat on time every day. Coworkers are a hit and miss but that's at any company. This is a good place to start, but even after 10 years, you will never make 6 figures being here. Job security is always a concern as State Street has had 3 major layoffs and now going through the beacon program.
Pros
Flex work schedule, good entry level job
Cons
Lots of restructuring, no work life balance, micro managers, no set hours for shifts, low salary, low bonuses
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Fine Place to Start Career
Fund Administrator (Former Employee) –  Kansas City, MOJune 10, 2016
State Street does a great job of training, with a dedicated staff and lots of tools available to make you successful. It has a professional environment and interesting work. The starting salary is far below industry standards. Advancement can be very quick or take years depending on your team.
Pros
Professional Environment
Cons
Low pay relative to industry
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Very corporate structure
Application Developer (Former Employee) –  Boston, MAJuly 22, 2016
It was a good starting experience but the corporate environment was a bit stifling. It had the feeling of a data entry factory. Every raise bonus and promotion has to fit in the corporate best practices structure.
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Overall rating

3.5
Based on 903 reviews
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Ratings by category

Work/Life Balance
3.5
Compensation/Benefits
3.2
Job Security/Advancement
3.1
Management
3.2
Culture
3.3