State Street reviews

I have Been with this company since 2012 . During does years ... state street always doing new changes " for the better." My teams where located in downtown boston,then we move to a new building Channel Center and NOW moving again to the one in quincy. Now, during all of that! State street ALWAYS laid off LOTS of people. Even people 25+years of working with the company... but yet they all always hiring new people. So. For those who are thinking in having a future in this company... state street is a CHEAP company . Salaries,benefits Bonuses. I do NOT recommend state street for for long term there will always be lay off no matter how good you do.

Focus by management is solely on cutting costs. Offshore work to India is the main focus nowadays. New technologies/platforms are available and used, but not being used anywhere near where the potential could be. Little promotion opportunity exists in many departments unless you are friends with a VP or higher. When someone leaves a department, that position is almost always automatically offshored. The remaining people are then left with the work, as it takes a long time (if at all) for the position in India to be filled and the person to come up to speed. Because of this, many remaining people are actively seeking employment elsewhere. There is a lot of unhappiness due to high hours worked, even in the face of the executives saying otherwise. There is so much focus on other things than streamlining processes and making things more efficient. The mantra of "this is the way it's always been done" is still VERY strong at State Street. Many people are scared of the 'tap' on the shoulder saying that it's time for your layoff papers. The HR hiring department locally was outsourced to India recently and people again laid off. This is a constant fear of all workers locally. Turnover in some areas is at a record high, balanced by morale which is at a record low.