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30+ days ago

Private Client Associate Program (Campus Recruiting)

AllianceBernstein San Francisco, CA

We are looking for Private Client Associates to work in client facing roles with a team of Financial Advisors for Bernstein Global Wealth Management… Glassdoor

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AllianceBernstein Reviews

208 Reviews
208 Reviews
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AllianceBernstein Chairman and CEO Peter S. Kraus
Peter S. Kraus
113 Ratings

    It used to be a great firm but went downhill after the market crashed.

    • 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 AllianceBernstein full-time for more than 5 years


    AllianceBernstein was a top tier asset manager with rapidly growing assets under management. The culture was insular and a little smug, but there were many opportunities for growth.
    Some of their capabilities, especially in research and analytics, were superior to their competitors.
    Both business and IT had talented individuals who moved on to successful careers elsewhere.


    The environment in the last few years has been one of relentless cost cutting. Many of their best people have moved on. Surviving employees have no sense of direction and purpose, and feel they are treated as appliances.

    Bonuses have been slashed severely and show no sign of improvement even after the recovery.

    Management has changed direction repeatedly with no accountability for failure. For example -
    1. There was an expensive project to outsource most of Operations. This was abandoned after several years and many employees had to switch jobs from AB to the outsourcing vendor and back again.
    2. Similarly, IT employees were relocated to White Plains which was an impossible commute for residents of NJ. The rationale was that the NY office space would be sub-leased to generate rental income,. After a couple of years, this project was also abandoned and the employees were moved back to NY.
    3. IT management decided to start a captive offshore arm called AB Solution Center. The rationale here was that by eliminating the consulting middleman, they would be able to hire much higher quality resources who could replace onshore staff. This project also failed - AB did not have the scale to start their own operation, so they reached an understanding with AXA India. Instead of paying more, AXA started subcontracting to the same consulting firms who had been eliminated, but paying even lower rates to preserve their own margin. IT teams spent many months trying to get it to work, but gave up one by one. Of course, this did not save any of the staff who had been marked for elimination.

    Advice to ManagementAdvice

    1. Stop taking your staff for granted. It is not a viable strategy to coddle the CEO and his inner circle at the expense of everyone else.
    2. You will not be able to survive just by cutting costs. Your competitors also went through hard times but are making significant investments to strengthen their position in the market. What have you done except outsourcing, off shoring and terminations?
    3. Your technology platforms are seriously stale. You will simply not be able to compete without significant investment.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO