Bank of America
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“Do the right thing but do more with less...and less. At least on the mortgage side in fulfillment. ”
- Comp & Benefits
- Work/Life Balance
- Senior Management
- Culture & Values
- Career Opportunities
I have been working at Bank of America full-time (more than 8 years)Pros
Company values volunteering and believes in meritocracy. Benefits (health, dental, 401K) used to be better but are decent but I assume all big companies are cutting in this area. I had the ability to make a difference with my reporting group and to be on some challenging projects.Cons
Initially when I joined, it was Countrywide and then later merged with Bank of America. Prior to the merger the environment was very liquid, changes could be made quickly for dissemination of reporting. Solid management.for the most part excluding a few bad apples. Meritocracy at its finest, you were rewarded for your hard work and achievements. After the merger, lots of growing pains but that is expected. However post merger, departments became more silo-ed, communication issues arose and company processes became very bureaucratic and slow. Lots of management changes occurring multiple times a year. Not to mention the now expected layoffs occurring every November, right before the holidays (It is almost becoming a tradition at BAC).
I had the same manger for my first 7 years. He was smart, saw the changes and decide to transfer to another group so he could retire on his own terms and not due to layoffs. After that, I had a different manager each year for my last 2 years. This change of management lead to micro-managing and leaders that do not fully understand the history of departments/reports/people that make it happen. This led to the halting of support for areas outside of fulfillment such as sales and compliance.
When new management takes over, they like to replace others with their own people.Advice to ManagementAdvice
Too many SVP's without direct reports. When you layoff, you should start at the top and not have to layoff middle management to get an SVP some direct reports.
Many times management is afraid to fire an associate based on color for fear of lawsuit. All this does is reiterate the lack of backbone by management.RecommendsNeutral OutlookApproves of CEO