Bank of America

  www.bankofamerica.com
  www.bankofamerica.com

Bank of America Reviews

Updated December 21, 2014
Updated December 21, 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

588 Employee Reviews Back to all reviews

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  1.  

    Will have a poor working experience.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Banking Center Associate in Arlington, VA
    Former Employee - Banking Center Associate in Arlington, VA

    I worked at Bank of America full-time (less than an year)

    Pros

    Well known brandname. Keeps a strict 40 hour working week (to avoid overtime pay...)

    Cons

    Poor pay. Heavy workload. High pressure. i.e. overworked, underpaid. Poor life balance. Political. Poor leadership.

    Advice to ManagementAdvice

    Improve worker morale & performance with programs that care about your employees. Invest in work-life balance. Its not just about how big your bank account is - but it's also about how big a persons heart is and the content of their character.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  2.  

    Unrealistic and demanding sales goals.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Personal Banker in Philadelphia, PA
    Former Employee - Personal Banker in Philadelphia, PA

    I worked at Bank of America full-time (more than an year)

    Pros

    Hours or a retail bank are excellent for a work life balance. The benefits are great, especially maternity leave.

    Cons

    As a branch level salesperson, the goals were completely unrealistic. They demand high sales in low traffic branches with little to no marketing support. The consumer market managers and higher level management are completely detached. They advertise and implement ways to bank from home, but expect the branches to magically bring people through the door.

    Advice to ManagementAdvice

    Get consistent with what you want. Do you want people to bank in person, or at home? Provide tangible support to your branch staff. They are the front line. You need them.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 1 person found this helpful  

    BOA-GCB: Business Banking SSA

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

    I worked at Bank of America full-time (more than an year)

    Pros

    Nice office. Some good people. Advancement opportunities. Good job if your moving up the ranks from retail banking.

    Cons

    HIGHLY bureaucratic. Company is (any one who works there will tell you this) a process driven organization. Not Results driven. The work is very redundant, due to the many systems that are employed that are not integrated. Lots of busy work. Seems like middle mgmt often takes on assignments to make themselves look like a high performer in the eyes of their superior. Ends up just keeping the SSA's extremely busy and unable to devote there time to improving the actually business (helping the portfolio managers).

    Advice to ManagementAdvice

    Culture needs to be totally revamped. SSA role is far to admin oriented. Enough busy work already!

    Doesn't Recommend
    No opinion of CEO
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  5.  

    Loan Officer

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Mortgage Loan Officer in Washington, DC
    Current Employee - Mortgage Loan Officer in Washington, DC

    I have been working at Bank of America full-time (more than an year)

    Pros

    None.. this bank has bad reputation for a reason

    Cons

    Worst bank to do home loans.. processing is really bad, management have no clue about originating loans thus they cannot help.. Underwriters are also average

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  6. 2 people found this helpful  

    Only work there if you have no other options

    • 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 3 years)

    Pros

    You don't have to work terribly hard--you just have to appear that you are working hard
    Flexible schedules.

    Cons

    Incompetent management
    Lots and Lots of management--instead of giving financial reward, they give manager and team lead titles, so you get lots of middle management layers that have zero competency in managing or leading.
    Management that does not understand what they are managing
    Way too many people whose sole purpose is to attend meetings, never achieving anything concrete, and always saying they "have no time"
    Very little training
    Hemorrhaging money is what this place does best --10s of Billions over the last several years--that essentially says it all about what is wrong with the place

    Advice to ManagementAdvice

    Slash the useless layers of management, and identify those that actually get work done, despite all the interference from incompetent "leaders"; keep the "doers"

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 1 person found this helpful  

    Deserving of its reputation

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Operations Manager in Rolling Meadows, IL
    Former Employee - Operations Manager in Rolling Meadows, IL

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

    Pros

    The company offers great benefits to it's lower level of associates, however as your compensation grows, the health insurance benefits deminish significantly. One is almost better off seeking coverage in the market place. The company promotes it's values incessentantly almost to the point of propaga. However their commitment to customer service is the least I've seen in my 25 years of experience in customer service.

    Cons

    Considerable lack of depth in managerial roles. Leadership is spoken of but in practice there is little knowledge of. Personal growth is almost impossible, this was the only company in which I served 5 years with out a promotion and I worked for much more presdigious, demanding and reputable firms. They restrict a lot. Demand participation in outside events and will even negate your review if you do not play in their reindeer games.

    Advice to ManagementAdvice

    Don't surrond yourself with yes men. Consider real leadership development programs instead of silo mentality. Beware of managers who view their associates as subordinates. The attendance policy is outdated and punative. The Brand deserves exactly what it got except possibly worse. If people only were aware. Seriously the largest contributor to Rick Perry's PAC. That's the guy that wants to shut down agencies whom doesn't know what they do. It speaks volumes.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    Bank of America discriminate among temporary contractors and employees that are minorities.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Post Closer in Simi Valley, CA
    Former Employee - Post Closer in Simi Valley, CA

    I worked at Bank of America full-time (more than an year)

    Pros

    The opportunity to work overtime was very beneficial when there was a large pallet of housing notes that are in foreclosure, along with other important documents. Also worked during the week with the opportunity to work on the weekends.

    Cons

    Sitting in one spot for more than two hours of processing documents and recording it on the AS 400 network. Satisfying the Senior Management when the assigned work is complete. Also, there was no opportunity for personal growth with the company unless the Senior Manager has a good and comfortable relationship with the contractor or employee.

    Advice to ManagementAdvice

    Learn how to treat all of your contractors and employees with respect and dignity. Also discrimination is a violation of federal law based on the Civil Rights Act of 1964.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. 2 people found this helpful  

    The worst place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Bank of America full-time (more than 8 years)

    Pros

    Health Benefits are somewhat okay

    Cons

    It's just business because they simply dont care about a resource, human or otherwise

    Advice to ManagementAdvice

    Always consider the whole story and not just appearances. Appearances can be very deceptive and misleading. Watch out for micro-managers that cannot take time for their family even if they have a baby returning to work 5 days later. Do not fire your Leaders for such petty micro-managers because they can tickle your ears with false flattery. Someone made a huge mistake in laying off a leader and keeping the micro-manager who stated "I hate that team!!"

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 1 person found this helpful  

    Aweful

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Bank of America

    Pros

    Good pay
    Team mates are good people.

    Cons

    Managers only care about their own success
    Extremely hard to earn insentive, sales goals are too far fetched

    Advice to ManagementAdvice

    Treat your employees like humans not numbers.

  11. 1 person found this helpful  

    Use only as a stepping stone! Your will NOT build a career HERE!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Collector II and Home Servicing Specialist II in Hunt Valley, MD
    Former Employee - Senior Collector II and Home Servicing Specialist II in Hunt Valley, MD

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

    Pros

    Nothinng about this bank was good except the fact you can say " I work at Bank of America" since they are one of the largest banks in the world.

    Cons

    Almost everything about the bank is a con. I started out as a Collector 1 and I spent 5yrs in my previous life as a wireless service sales rep and manager. I had little to no training at all. They never provided any type of training. I went from a Collector 1 to Collector 2 in 6months and Sr. Collector at 14months.mthen bc they bought countrywide in 2009 and we mitigated so much loss we turn into the mortgage process division. How do you start off as a collector and spend most of your banking career in collections and then all the sudden get thrown into mortgages. Let me tell ya, the training for that was awful and he qouta was 25loans clear to close by 25th of the month. Bc we were doing Refi's the " right of revision " was 3 days and if someone decides not to go through with it you got written up.

    To me, BOA was too big of a bank to biuld a career most of the veterans and old dogs there that spent 25+ yrs were fired without pension, severance and Webern I resigned I was told I was "not suited for this kind of job" by the president that was recently demoted bc he knew nothing of the mortgage industry. However, I am still processing mortgages and I love what I do now. They called us Processors at BOA but we knew very little about the whole industry.

    A couple of month ago, I found out they closed their "mortgage departement" and went back to "customer service reps" and they started to outsource most of their open spaces with people in the 3rd world countires. What does that tell you about the structure and the senior leaderhip.

    If you happen to get a job here do not stay bc they will throw you away when they think they are finished with you and they will not help you develope your skills sets. they will eventually find a way to get rid of you after you have been there 3+ years. use them only as a stepping stone as they will use you.

    Advice to ManagementAdvice

    Do not fire the old dogs that made your company and is the only reason you have a job.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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