Wachovia

www.wachovia.com

Wachovia Reviews

Updated August 26, 2014
Updated August 26, 2014
669 Reviews
3.5
669 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Wachovia Chairman and CEO John G. Stumpf
John G. Stumpf
169 Ratings

Review Highlights

Pros
  • Wachovia was very committed to work-life balance (in 42 reviews)

  • Work/life balance, good benefits (in 53 reviews)


Cons
  • Limited cross group interaction at levels below senior management (in 31 reviews)

  • Since the merger with Wells Fargo healthcare insurance is not the best (in 11 reviews)

More Highlights

132 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  1.  

    Account, lending and investment sales

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Financial Specialist in The Villages, FL
    Former Employee - Financial Specialist in The Villages, FL

    I worked at Wachovia

    Pros

    good commisson income for working hard. Bankers hours are great! Good teamwork generally within your location. When you make commission others can benefit from the sales.

    Cons

    Not enough gender diversity. Odd this is not seen. Mostly women which isnt so bad unless your the only 1 of 2 men working in the entire area of 50 people.

    Advice to ManagementAdvice

    Do not allow management to manage the same area for too long. To much special outside relationship effects everyone.... and not in a good way. Hire some men!! Ratio of women to men are 25 to 1

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

    The merger between Wachovia and Wells Fargo equals a Sales-Crazy environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Teller in Charlotte, NC
    Current Employee - Teller in Charlotte, NC

    I have been working at Wachovia

    Pros

    -Good Pay
    -A Decent amount of PTO
    -Great Employee Benefits
    -Great third party benefits
    -40 hour work schedule
    -Stable work environment

    Cons

    -More sales driven now than when I started
    -Excessive Micro Managing
    -Every year there's another paid holiday taken away
    -Benefits carrier seems to change frequently
    -Pay raises are close to non-existant

    Advice to ManagementAdvice

    My advice would be to hire store managers that create better work environments and ones that don't try to micro manage everything. I understand that sales are a part of the job, but to have someone constantly complain and nitpick about your performance daily creates a demeaning workplace.

    No opinion of CEO
  3.  

    I left Wachovia in 2004, I was very unimpressed with the local management and the way the branches were managed.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Financial Specialist in Fort Lauderdale, FL
    Former Employee - Financial Specialist in Fort Lauderdale, FL

    I worked at Wachovia

    Pros

    The pay check never bounced.

    Cons

    Required overtime, however due to laws, they do not pay for the overtime hours.

    Advice to ManagementAdvice

    need better leadership in Broward cty.

    Doesn't Recommend
    No opinion of CEO
  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5.  

    Not the best place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Loan Counselor in San Antonio, TX
    Current Employee - Loan Counselor in San Antonio, TX

    I have been working at Wachovia

    Pros

    1. Decent pay for the job
    2. Some coworkers are great to be around

    Cons

    1. benefits are expensive
    2. Too much like High School at times - if people have been in a department for a while they start to develope clicks....just like in high school
    3. They dont foster good performance, depending on the group your in and if that click likes you, your performence is irrelevent.
    4. Too many immature kids with low performace being allowed to keep their jobs.
    5. They dont really reward when you do have a great performance.

    Advice to ManagementAdvice

    Change up the personal in the department that way people do not become too comfortable and good performance is awarded and promoted.

    Doesn't Recommend
  6.  

    Wachovia was a great place to work if you landed in the right job, or if you were lazy.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - VP, Senior Project Manager in Charlotte, NC
    Former Employee - VP, Senior Project Manager in Charlotte, NC

    I worked at Wachovia

    Pros

    Great customer service culture, and a true committment to diversity and the community. Some very sharp and thoughtful people. Very collaborative and team oriented. I very much appreciated the flexibility in terms of my work schedule. I often worked from home, or took long weekends; as long as deadlines were met and deliverables were above or beyond expectations, management was satisfied.

    Cons

    Wachovia's focus on team building and consensus made it very difficult for the organization to reach and stick to decisions. It also allowed individuals who chose to do so to 'coast', contributing little, on the assumption that someone else would pick up the slack. The organization invested heavily in coslty multiyear consulting services contracts, instead of developing their own internal resources, which was clearly discouraging for the morale of those in the trenches. I started out in IT, and was disappointed with the calibre and vision of the bank's IT services; very slow, top heavy in management, and not progressive or visionary. There seemed to be little correlation between actual performance and compensation. I received very high performance reviews over a four year period, yet my salary lagged below the 25th percentile benchmark. It was only when I informed my manager that I was leaving that I received a raised. I also found it very difficult to move laterally within the organization, unless you had a personal connection within that group. Previous job experience and education was more important than past job success and potential.

    Advice to ManagementAdvice

    Empower employees to make decisions, then hold them accountable for execution. Reward them when they deliver. Give employees more opportunity to influence compensation of their peers (try giving them an allowance that they can distribute as they see fit).

    Approves of CEO
  7.  

    Six months in and I hate it.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Teller
    Current Employee - Teller

    I have been working at Wachovia

    Pros

    Great benefits, flexible hours, knowledgeable coworkers.

    Cons

    No opportunities for progression, not even for employees that have been there for over ten years.
    Management runs around like chickens with their heads cut off when regional managers are present.
    Regional managers do not even allow one covered cup of water at teller stations.
    Goals are totally unrealistic and not one person in the branch ever reaches their monthly goal (Tellers as well as platform).

    Advice to ManagementAdvice

    Keep tellers enthusiastic about the changes Wells Fargo will bring.
    Make platform employees follow up with referrals sent to them by the teller line.
    Platform employees should offer feedback, such as "This referral was great because _____" or "This referral didn't work out because _____"
    Recognize good achievements, even when the branch does not reach their goal - Instead of going on and on about failures.

    Disapproves of CEO
  8. 1 person found this helpful  

    Wachovia ins and outs

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Licensed Financial Specialist
    Current Employee - Licensed Financial Specialist

    I have been working at Wachovia

    Pros

    The hours are good up till now. They will be adding Saturday hours until 2pm and eventually until 4pm. Easy work.

    Cons

    commissions are low, they promise very god opportunity to make over 100k at all hiring sessions. out of approximately 25 on my cluster there are none a 100k and most are at about 50k. top performing at approximately 70k.

    Advice to ManagementAdvice

    Don't babysit. Offer clear goals; whoever dont meet their numbers put on corrective action. The babysiiting and all the conference calls (1 hr per day) are useless. The relationship building technique is outdated and it doesn't work. Everybody is just blowing smoke. It's almost 100% walk in activities. Very little actually prospecting.

    Doesn't Recommend
    No opinion of CEO
  9.  

    sales job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Specialist in Paramus, NJ
    Current Employee - Financial Specialist in Paramus, NJ

    I have been working at Wachovia

    Pros

    higher base salary than most other banks. top commission tier with no cap. Prior to economy meltdown, bankers in bergen county were easily making over $30k in commission per year with some make as much as $200k. work hours are usually 9-3!!

    Cons

    micromanagement on all management levels. Change of focus product almost every month. Account opening performance based on quantity not quality

    Advice to ManagementAdvice

    treat employees better and not as workhorses that need to be yelled at and threatened

    Doesn't Recommend
    Disapproves of CEO
  10.  

    widget sales disguised as financial consulting

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Licensed Financial Specialist
    Current Employee - Licensed Financial Specialist

    I have been working at Wachovia

    Pros

    great benefits, nice 401k match, competitive salary, people inside the branches are nice to deal with. good ability to make incentives

    Cons

    hyper micro management, no upward mobility, unethical behavior not addressed, mangement has a win at all costs attitude, upper management clueless, terrible communication about changes

    Advice to ManagementAdvice

    address the ethical issues, many of which are reported to an ethics hotline which is worthless, also communicate to your employees if you would like them to be a little happier. less pressure, we are people too.

    Doesn't Recommend
    No opinion of CEO
  11.  

    Dissatisfied

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

    I have been working at Wachovia

    Pros

    compensation is decent as well as the benefits package. thats about it

    Cons

    not much room for advancement considering there are only a few 4 spots in any given branch. teller, teller manager, financial specialist, and branch manager. your time would be better spent landing a different job unless you want to sit around for a few years only to realize you can only move up a couple spots.

    Advice to ManagementAdvice

    add more positions. and change the one year promotion rule

    Doesn't Recommend
    No opinion of CEO

Wachovia Photos

One Wachovia Tower, headquarter officer of Wachovia in Charlotte North Carolina. (Photo attributed to Kozo - licensed under the CCL Attribution-ShareAlike 3.0 & GFDL, version 1.2)
Sign - Very Nice Clean Branch
the view outside

+ Add Photo

Work at Wachovia? Share Your Experiences

Wachovia

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.