State Street reviews

So many. Pay is terrible, their idea of career growth is to stay in the same department for 10+ years and never earn more than 50k. They'll lay you off if you work too much OT or earn too much. Everyone there is very unmotivated and almost everyone is actively looking for new jobs. They lay people off every year usually right before Christmas but keep saying they are a "net hire" company. The hiring is only done in Indian call centers. The new building they are moving everyone too has desks set up like a sweatshop, you have about 2 feet of space to yourself and only EVPs get offices. It also only has 80% capacity so that means 1) a huge layoff (in addition to the yearly ones they have) is going to happen and 2) you'll be forced to work from home more. That's generally good but they won't pay for the electricity / heat / AC bills you'll rack up while working at home. It's just another expense the company pushes on to employees. Promotions are a joke - they cap raises at 15% so when you start as a new hire at 40k, you have to get promoted about 6 times to earn an industry competitive wage. Also, internal promotions systems are very backward. HR has incentives to hire outside (higher placement fees) and your rating is completely subject to your manager. If your manager doesn't want you to leave, they can give you a bad review and essentially block you from ever moving (which happens A LOT). The company earns a lot of money from doing backoffice work that no one else wants to do. The problem is they are constantly laying off and cutting pay so their margins can be higher. I've never seen a company with such bad employee morale. It's a great place to work if you are on the executive committee: they pay themselves around 14 Million a year and if things look bad, they layoff a few hundred and then say they "led the company through a tough time."

Warning to all new hires or prospective employees: The company has recently made significant changes regarding remote work policies. Contrary to what was established just 8 months ago, they are now requiring employees to spend more time in the office than they did before the pandemic. Specifically, they have implemented a new mandate of 4 days of mandatory in-office work. This move feels like a significant step backward, as even prior to the pandemic, working in the office for 4 days a week was not the standard. Many employees enjoyed a more flexible arrangement of 2-3 days in the office and 2-3 days at home. It's frustrating to be in the office, especially when much of the work involves sitting on Zoom calls with contractors in India. It's worth noting that this decision may be related to the company's recent investment in a new building in Boston, which some view as an expensive mistake. It seems like they are attempting to address their budget and staffing issues by imposing this change on all employees, potentially as a way to reduce staff through attrition due to their inability to afford severance packages. Overall, these recent changes in company policy have left many employees feeling dissatisfied and concerned about the future direction of the company.