State Street Sucks Customer Reviews and Feedback
State Street Corporation is an American financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 15th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$2.511 trillion under management and US$31.62 trillion under custody and administration. It is the second largest custodian bank in the world.
An anonymous former State Street employee relates his experiences working for the company on the "Indeed" website on August 25, 2020:
"Multiple year employee that has had good and bad experiences at the organization. The company may decide to dissolve your role and this is a common human resource practice. I have had my job dissolved three times at the organization and I truly feel like a piece of human capital. You may not feel like you have gainful employment and you may also feel like your concerns are never addressed."
Current Employee - Horizontal Boring Machine Operator says"The entire company and staff is a con con con"
Former Employee - Team Lead says"Having left State Street in February just before COVID-19 I could see the turn the company had taken and was fortunate to get out before shutdowns kicked in. State Street is completely committed to eliminating manual labor in the states and paying a fraction of a salary here to employees in India. You are worthless in the company's eyes if you're below a VP. Raises and promotions were non-existent my last three years there. Work continues to pile up on people left behind while simultaneously not giving anything back to the employees for doing so. Officers and AVPs overseeing teams act as talking pieces for upper management and aren't going to go to bat for you. Layoffs have been rampant and the company deliberately shapes the work environment to encourage resignations so they can avoid paying severance packages. Absolutely not a place you want to be starting at new right now. Would avoid at all costs."
Former Employee - Senior Associate says"Heavy workload, they are continously laying off from god knows when. Every year they remove a lot of people and outsource jobs. Depressing company to work at."
Current Employee - Anonymous Employee says"I was told bonuses averaged 20% when I agreed to come on-board. I got less than 1/4th of that this year with no prior warning that they would be this bad. And no raise this year either which wasn't advertised. What's the opposite of transparency?"
Current Employee - Anonymous Employee says"The pay is below market. The workload could repaper a small Eastern European township. Management is loose with the facts. The constant internal re-organization has resulted in my team having exactly 0-3 managers at any given time/crisis. Rolling firings and general misery. Low pay and high stress."
Former Employee - AIS Middle Office Operations says"Main goal is to cut cost by sending jobs to other countries"
Former Employee - Vice President says"Most demotivating environment No Job security. People fear lay off every day Poor leadership. Senior leadership keeps changing strategies creating un stability in the workforce Highly political environment and the only qualification to raise in the cadre is to be highly political. As a result most senior leaders are the least empathetic and opportunistic. Career growth is zero Technology is outdated. . Zero career opportunities"
Former Employee - Officer says"how can they have 3k layoffs and then another 800 and yet post jobs online. lack of being aware in itself. chaos most time with everyone pointing at each other. CYA."
Former Employee - Vice President says"All jobs are being sent overseas to low cost locations"
Former Employee - Consultant/Associate says"Compensation, no raises, no promotional opportunities"
Operations Analyst (Former Employee) says"multiple year employee that has had good and bad experiences at the organization. The company may decide to dissolve your role and this is a common human resource practice. I have had my job dissolved three times at the organization and I truly feel like a piece of human capital. You may not feel like you have gainful employment and you may also feel like your concerns are never addressed."
Vice President (Former Employee) says"Nice place, nice people, vanilla bank, Boston Head quartered, mix of Buy side and Sell side offering, high turnover of staff in some areas, budget constraints"
Account Representative (Former Employee) says"IT SUCKED, they don't appreciate you. They lie on you in you don't kiss their butts. They only promote their friends no matter if you're the most suited candidate."
Associate (Former Employee) says"It was a good company and provided tons of training material but in the practice employees use very little of this training. Company is spending more money in new IT products and sending all the business to offshore. Here managers mostly micro-manage and employees are not happy. There is no motivation for employees to cope up with the new realities of the globalizations. Pay scale for the non IT employees is significantly lower than the market value. Business units do not appreciate hard working employees. Upper management is just obsessed with sending jobs overseas, without proper guidelines on the continuity of the work locally. Most of my team members including myself left in frustration. There is no work life balance."
IT Specialist (Current Employee) says"Middle and low level management are mostly private networked friends like they may go to the same temples, come from the same city or nearby villages.... Many of them have no management skills. The technical and business skills are even worse. Many projects are created simply to create jobs for those consulting companies associate with the management. Most of those projects are ended useless and even creating more mass to the existing system. New employee are most from none US citizens related to the management. But layoffs are most go to those US citizens. With the company working to only have 15% of the employee in US, there is really no future to work in this company."
Investment Management Operations Analyst (Former Employee) says"awful company. i would go back to washing dishes before ever considering employment at SSB ever again. They kept sending most of the jobs from my department overseas but not the work. resulted in mountains of work that no one could ever handle and you had pressure from everywhere to complete the tasks. it was basically urinating on a forest fire. most of my colleagues from my department hit their breaking point and quit, which added work to everyone else since no replacement could be hired. and the few that were replaced, were replaced by temps that no one had the time to train. I was hired as a temp to perm and was told i would be brought on fulltime within a few months. after working there a month i learned that they never had any intention of bringing on a fulltime employee and just "needed bodies"."
Reconciliation Specialist (Former Employee) says"Do not work for SS in Boston.! This is a horrible place. These are the deplorables. They are the most ignorant, racist, homophobic, and xenophobic people. They lied about what the job was and where I would be working. All they know about was the Red Sox. Run from them. Go to New York City if you want to work in finance in a respectful and diverse workplace.Thank you for your review on State Street. We take feedback like this seriously, so the concerns you have raised will be investigated internally. We appreciate you bringing this to our attention."
Investment Accountant, Cayman Island & Alternative Offshore Investments (Former Employee) says"A wonderful opportunity as a "foot in the door" in the financial industry, however an absolute horrible place to work. Workload is overwhelming, training is minimal, expectations are high with absolutely no support or communication. I was not paid for any extra time I put in to get the job done and my direct supervisor was downright abusive.Thank you for your review on State Street. We take feedback like this seriously, so the concerns you have raised will be investigated internally. We appreciate you bringing this to our attention."
Client Service Operations Specialist (Former Employee) says"Fairly okay. Fairly okay, not a great place and inclusive place to be. Coworkers were not helpful. Management are biased. Team work was not promoted well."
Performance Analyst (Former Employee) says"I was harassed almost every day, when I complain to the HR, they me they protect the managers not me. Ending meeting about other meetings. The managers doesn’t have a f...king what they were doing but they still get protected because they were friends to the big boss because they talk about sports all the timeThank you for your review on State Street. We take feedback like this seriously, so the concerns you have raised will be investigated internally. We appreciate you bringing this to our attention."
Alternative Investments, Associate 2 (Former Employee) says"bad culture toxic environment bad work life balance not a lot of promotions no where to grow layoffs lots of firing micro managment no vacation no benefits"
FA Manager (Former Employee) says"Had my 1st child after about 2 years there. Ni flexibility. Did not request time off, so all I was alotted was 2 days until I could put in a formal request. Also blocked from advancing from management even though I had been in the role for the requisite amount of time to make a move.Thank you for your review on State Street. We take feedback like this seriously, so the concerns you have raised will be investigated internally. We appreciate you bringing this to our attention."
AML Administrator (Former Employee) says"Stressful and too much turnover of staff on teams No real guidance or training provided Overtime always expected Feeling staff are temporary there Bad location Poor oversight management of team"
Company Secretarial Administrator (Real Estate Dept) says"No HR to go to and the job was very stressful. nothing else to say really as there was nobody to go to for expressing my difficulties. I found the job really stressful as there was insufficient training to enable me to perform the duties they were asking. These were not mentioned in my job description."
Fund Accountant (Former Employee) says"Overall bad company. Don't waste your time. Management was verbally abusive, high turnover, I was lied to about the type of work I would be doing. Old software.Thank you for your review on State Street. We take feedback like this seriously, so the concerns you have raised will be investigated internally. We appreciate you bringing this to our attention."
AVP, Operations Manager (Former Employee) says"Management and HR are very unprofessional and put people in positions that they know are not a threat to their position. Alot of internal drama. Silent expectation to work way more then paid. Management blames everyone for the bad experiences clients face with offshore processing centers. Work from home is really your on call 24 hours. Low starting salary at 28,500 to 32,000, with so many false promises."
Senior Project Manager (Current Employee) says"There is no such thing as a work life balance here. You work with people who only sleep 4 hours a night and the rest of the time they are working. This is the norm and if you do not follow this you will not meet expectations. I had to work every weekend of the summer (no overtime as we are salary) and only got a meets on my review and a small bonus. Every month they discuss layoffs even though we are struggling to keep up with the work. They could triple the staff and we would still be under staffed. The morale is so low that most people are seeking medical help for their mental status. They do not believe in promoting internally. They will not even offer senior level positions to the internal team. However, they are constantly hiring externally for senior positions. In the last 11 years I only know of 5 promotion in the entire division, but I seen hundreds of layoffs. There are things that executives force you to do that seems immoral to the customer. The company it used to be is no longer here.It has been around for over 200 yearsThey treat their staff like slaves.Thank you for your review on State Street. We take feedback like this seriously and will investigate your concern. We would encourage you to contact your local Employee Relations consultant to raise this feedback if you have not already done so, alternatively you can raise anonymously through the Speak Up line."
Senior Associate (Former Employee) says"If you want to work many hours and not get paid for it this is the place for you. They don’t reward your hard work and after many years of working for them they will let you go without a second thought. Don’t waste your life, time or energy and go somewhere else that will recognize and reward you for your expertise."
Vice President and Legal Counsel (Former Employee) says"State street has a terrible culture and does not pay well. I did not like working there. Rounds of lay offs are always on the horizon and they have difficulty keeping employees."
Associate (Former Employee) says"Terrible company to work for, everything they promised as benefits were not true, would not let you work from home, staff did not know what they were doing, manager was unprofessional, rude, and not helpful. Onboarding process was awful and unorganized. Pay was pretty bad. For new college graduates avoid this type of job cause you will learn nothing. Most people leave in a year or two for a better job.NonePay, manager, co-workers"
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In The News
WISC-TV3 reports"Man arrested for allegedly threatening man on State Street with gun - Channel3000.com"
WREX-TV reports"UPDATE: Woman killed in downtown Rockford crash"
WMTV – NBC15 reports"6 arrests in downtown Madison protests; windows shattered, numerous fires started"
UW Badger Herald reports"Protesters march down State Street to protest police brutality, white supremacy at UW"