Banc of America Securities Reviews
Pros – *Salary and benefit package was generous,better than most other local employers.
*Plenty of growth opportunity should be available in this large company, though relocation would be required.
*Convenient location, easy access to major highways.
Cons – *Secretive, closed-door management style, apparently from the top down
*Management team was aloof, usually behind closed doors and rarely acknowledged your presence when they walked through the office.
Advice to Senior Management – Share more with your employees
No, I would not recommend this company to a friend
Pros – The team leaders were strong and supportive. And the comradeship between the analysts and associates was incredible. Also, I think we had one of the best Quantitative Support teams in the business.
Cons – Beyond the individual team leadership, there was practically none. No clear direction for the company or the business units. Senior executives were absent. The company handled the merger with Merrill Lynch incredibly poorly. I still understand there is animosity between the two loyalties.
Advice to Senior Management – Try to develop more of a horizontal structure. It's important for the young people (and old people) to see they have support from management and understand the goals of the company.
Pros – BofA had an excellent investment banking analyst training course. The learning curve of an investment banking analyst cannot be beat, although this is true of almost any investment bank. Benefits and bonus seemed fair, given I was toward the top. Although deal flow was slow, the deals I did work on were also extremely educational.
Cons – Hours, hours, hours wasted on pitches that were never technically scheduled! Also many hours spent in the office simply because that was what was expected, but did not seem necessary.
Advice to Senior Management – I do not mind working hard, but I like to see some results from the effort. I also felt there were definitely times when managers required the analyst to be at the office simply for the sake of being in the office.
Pros – - comparable to other financial institutions in analyst pay and benefits
Cons – - hired way too many analysts than were jobs available
- did not communicate warnings, or information about analyst career oppportunities and where the company was headed (and did not quell negative rumors either)
- managers were confused and could not lead teams effectively under duress from above issue
Advice to Senior Management – - communicate better with MDs
Pros – Some great and talented people work here
Salary is good
Cons – Offices other than the BOAT [Bank of America Tower] are pretty mediocre
Everything depends on your immediate and one level up manager, if they aren't appreciate of their workers, don't expect any recognition.....at all
Advice to Senior Management – Stop bringing in outsiders to run the company, grow talent from within, seriously, you have some really gifted people in mediocre mid management roles, seek them out!
Pros – The Leveraged Finance group provided me with a rigorous and challenging experience. I learned a lot, and made some very good friends (at the analyst and at the associate level). Coming out of the analyst program, I had a solid fundamental understanding of finance and the debt side of the capital markets.
Cons – Compared to friends at Morgan Stanley, Wachovia, etc., I had to be VERY secretive when I was exploring new jobs in private equity. My friends at the aforementioned firms did not - in fact, their firms offered WORKSHOPS for PE interviews (including question answering, model workshops, case study workshops, etc.). We had no such thing, and on top of that I felt like I had to be ridiculous shady about interviewing for fear of getting fired (we were mid layoffs). In the end, I however, I could confide in colleagues with whom I was close and it all worked out, but it was pretty disconcerting to have to be so secretive.
Advice to Senior Management – Be clearer with employees about plans for the future and changes happening to the group. Also, the review process was flawed - my comments wouldn't necessarily match my "score," and it was absurd when my friends and I would compare our reviews; it was like they literally just changed the name on the review.
Pros – - relatively stable investment bank with true universal bank platform
- no "cut throat" competition among bankers
- great place to learn and get exposure
- some senior bankers are great to work for and very supportive and it is easy to identify them
Cons – - poor management and lack of information sharing
- limited deal flow, difficult for large clients to look past the traditional commercial banking platform...although the ML acquisition may change that perspective
- disproportionate time spent on elephant hunting (marketing/pitching to big clients for big deals)
Advice to Senior Management – - share information, involve bankers with decision making
- leverage junior and mid level bankers to do more than create pitch books
- pay at least street comp
Yes, I would recommend this company to a friend
Pros – Smaller operation within a huge corporation. BofA gave the Global Corporate & Investment Bank shelter.
Cons – The bureaucracy of a huge corporation when it came to benefits, etc.
Advice to Senior Management – Stop being so enamored with growth. You overdid on the Countrywide and especially the Merrill Lynch acquisitions.