Pros
The benefits are fine, although the 401K matching dropped to 5% from 6% when I started. There are some great people working at State Street that just seem resigned to their jobs.
Cons
The motto of management is "Do More With Less," but that doesn't mean that they are interested in efficiency. Every year there were layoffs and the amount of work remained the same. Instead of streamlining processes and creating efficiencies, the processors were just given more work and told to get it done. Management was not interested in ideas for improvement. The only idea management had for remaining competitive was to outsource the work to India, which was next to useless given the amount of turnover over there. As soon as a process was moved to Syntel, the worker you trained would leave and you would need to start over. The same mistakes would be made so often that you could predict future problems and adjust your schedule in advance. Again, no changes were made to address chronic problems or problem employees. Any above-average employees quickly found other jobs and left. No effort was made to retain talent or promote the better workers to management. It was almost impossible to move to SSGA or even other roles within State Street, any application to a new position may as well have been sent straight to the trash. On top of everything else the pay was not competitive and the yearly raises were more often under inflation.
