Bank of America

  www.bankofamerica.com
  www.bankofamerica.com

Bank of America Reviews in New York, NY

Updated November 6, 2014
Updated November 6, 2014
7,159 Reviews
3.3
7,159 Reviews
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Bank of America President & CEO Brian T. Moynihan
Brian T. Moynihan
3,058 Ratings

Review Highlights

Pros
  • Excellent work life balance including remote work from home for certain positions (in 417 reviews)

  • They have a program called MyWork which allows you to work from home or from any location (in 223 reviews)


Cons
  • Work/life balance was a little tough but you are going to get that anywhere to be honest (in 180 reviews)

  • upper management failed to listen to the lower ranks often missing oppertuinitys (in 184 reviews)

More Highlights

67 Employee Reviews Back to all reviews

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  1.  

    High turnover, questionable leadership, and paltry drive for promotions.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Credit Analyst in New York, NY
    Former Employee - Credit Analyst in New York, NY

    I worked at Bank of America full-time (more than 3 years)

    Pros

    Bank of America reputation on your resume

    Cons

    High turn over for analysts. During the several years I have been employed there, in my department I had a total of four managers cycle through in that specific position. In early 2014 there was also was a large exodus of SVP's to better paying and managed competitor firms. Though in 2014 the company did fair well and revenue was high, through the actions of the CEO Brian T. Moynihan, they decided to bolster their balance sheets by having several waves of layoffs. In summary, I had felt they DID NOT VALUE THEIR EMPLOYEES. In addition, the management in the division I worked in was cheap about raises and promotions. There were people who worked diligently to surpass goals and metrics that were not awarded promotions. An example would be a brilliant colleague of mine that was long overdue for a promotion that never received it. This analyst was a hard worker AND was accepted into the HARVARD SCHOOL OF BUSINESS MBA program (to attest to her caliber both intellectually and drive) but was denied a promotion. Suffice to say after several requests, my colleague got fed up and left the establishment. Note that I do not know how other divisions operate in Bank of America but the above review reflects my experiences within my division for commercial credit.

    Advice to ManagementAdvice

    Value your hard working employees. Perhaps it was because my department was managed (or mismanaged) by legacy people from FLEET when it was acquired by Bank of America, but when an individual receives a MEETS and EXCEEDS on their annual performance reviews consistently AND gets into Harvard Business School and CAN'T GET A PROMOTION shows a lot about the company and the culture. I am glad I do not work for this institution anymore and would NOT ever want to work here again. Management is below par and displays a high level of favoritism within the groups.

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
  2.  

    Soul crushing

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President in New York, NY
    Current Employee - Vice President in New York, NY

    I have been working at Bank of America full-time (more than 5 years)

    Pros

    You don't want to be homeless

    Cons

    You'll really miss being homeless

    Advice to ManagementAdvice

    Keep your resume up to date, they get fired on a regular basis.

    Disapproves of CEO
  3.  

    Wheels are coming off

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Director in New York, NY
    Former Employee - Director in New York, NY

    I worked at Bank of America full-time (more than 5 years)

    Pros

    It's a great office environment with wonderful, hard-working colleagues. Some perks available like discounted car loans/mortgages

    Cons

    You must manage up, or you will go nowhere. Face-time is critical; make sure you are in your seat by 7:30am when the head guy walks in (and I hear its gotten even worse since I left) Anything above the VP level is completely political, not a meritocracy at all. Large rounds of lay-offs come too frequently, and the decisions on who stays are clearly politically motivated. I saw them sack people who had been with the firm for 20+ years

    Advice to ManagementAdvice

    Pay more attention to the people working in the trenches

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5.  

    Rates Sales

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY

    I worked at Bank of America full-time (more than 3 years)

    Pros

    Large bank, lots of opportunity if you can navigate the politics and bureaucracy

    Cons

    Top heavy issues, everyone in it for themselves, lack of mentors, work juniors like dogs while seniors on desk are off "entertaining" clients, your holiday schedule is policed with no flexibility

    Advice to ManagementAdvice

    Provide better chanels of mentoring

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  6.  

    Technology on the investment side

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Software Engineer in New York, NY
    Former Employee - Software Engineer in New York, NY

    I worked at Bank of America full-time (more than 3 years)

    Pros

    There are lots of educational resources and opportunities. The compensation is decent. You can take advantage of some of their banking benefits.

    Cons

    Absolutely no work-life balance, everything is by the book, incredibly slow practices and lots of legacy systems. The technology culture is poor; as a woman developer, their women-in-technology program needs a lot of improvement. The mentorship program is weak. It takes ages to get promoted. Upper management expects you to live, breathe and sleep your work with barely any regard to your personal issues. The insurance benefits are a joke. No cohesion to a lot of their policies. If you work on the investment side, all your own investments are tracked by the bank and have to be approved by your direct manager.

    Advice to ManagementAdvice

    Make your employees happy, particularly the technologists. Apply some of the principles and policies Merrill Lynch had in place before it was acquired by BAC.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7.  

    Fulfilling but challenging

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Account Manager in New York, NY
    Former Employee - Account Manager in New York, NY

    I worked at Bank of America full-time (more than 10 years)

    Pros

    Well balanced schedule and a solid retirement plan(401K).

    Cons

    Very long hours, and not easy on getting promoted.

    Advice to ManagementAdvice

    Reward the workers that are extremely dedicated to the firm.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  8. 2 people found this helpful  

    Most Incompetent management I've seen in decades long Wall Street Career

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Vice President in New York, NY
    Former Employee - Vice President in New York, NY

    I worked at Bank of America full-time (more than 3 years)

    Pros

    Somewhat flexible in allowing remote work arrangements
    There are definitely some very smart, talented and capable people--including some leaders/managers--unfortunately the issues outlined in my "cons" makes it tough for such people to shine.

    Cons

    Absurd number of management levels; incredibly useless and clueless middle management;
    Most middle management I experienced did not understand the work being managed; this resulted in fixating on simplistic metrics that such management could understand--thus being oblivious to the big picture, the mediocrity of the results being produced, or meaningful leadership.
    Management roles are given out in lieu of other meaningful reward; the result is tons of management that has neither the aptitude or skill necessary to lead--and the bank does not provide meaningful leadership training.
    Extremely rigid and hierarchical management structure---that overtly asserts that a "higher" management title translates to a "superior" individual in terms of worth, brains, and competency--despite copious evidence this assertion is false.
    The company is fixated on managing risk--but the most laughable aspects of this is 1) the willful blindness to the risk posed by incompetent management; 2) the culture is not supportive of questioning "superiors"

    Advice to ManagementAdvice

    Slash the absurd number of management levels; require all managers--especially "senior" ones like MDs and Directors to get out of the office, and regularly and proactively go out and meet/greet the worker bees, and develop some sense of what is happening in the organization.
    Institute 360 reviews so managers get feedback from those they manage.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  9.  

    average company, average salary, decent work hours, layoffs everywhere

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President - Project Manager in New York, NY
    Current Employee - Vice President - Project Manager in New York, NY

    I have been working at Bank of America full-time (more than 5 years)

    Pros

    good work life balance, decent benefits

    Cons

    Job security, exciting opportunities, pay

    Advice to ManagementAdvice

    Consider discussing problems, improve on 1-1 conversations, recognize talent

    Doesn't Recommend
    Neutral Outlook
  10.  

    Bank of America brought out my prior employer....it went down hill and then they shut us down

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Entry Level in New York, NY
    Former Employee - Entry Level in New York, NY

    I worked at Bank of America full-time (more than 3 years)

    Pros

    not many. They are will to pay overtime

    Cons

    Treat people like cattle.Everyone is just a number

    Advice to ManagementAdvice

    Leave while they can........you are disposable as well

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  11.  

    Worked in the technology division. Good people, horrible management

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY

    I worked at Bank of America full-time (more than 3 years)

    Pros

    Good hours 9-5, descent technology infrastructure.

    Cons

    Poor management. Some of the most dysfunctional managers I’ve ever encountered.

    Advice to ManagementAdvice

    Implement a 360 review system where everyone in the team can review other people they work for or with; including other managers.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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