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Bank of America Photos
- Work/Life Balance
- Culture & Values
- Career Opportunities
- Comp & Benefits
- Senior Management
I have been working at Bank of AmericaRecommendsPositive OutlookApproves of CEORecommendsPositive OutlookApproves of CEO
Benefits are competitive. Pay can be competitive. Many other compensation perks such as tuition reimbursement, life resources, corporate access to continued learning resources such as Lynda.com, TED talks, and Harvard Business review. 5% 401k match that is fully vested with no waiting period or length of employment conditions. Very progressive on diversity and equality (notice I also list this as a con ;). Lots of change and movement, opportunities to try new roles and departments. Vacation and sick time are generous.
Since I've been working, there has been a constant of semi regular layoffs and down sizing ("right sizing"), although the bank makes a fair effort to help displaced employees, the severance is pretty fair, and they will also first try to find a different role opportunity for you before laying off (known internally as a redeploy). The internal operations can be frustratingly bureaucratic and nothing happens quickly. HR is basically a bunch of knuckle heads and/or straight malicious. There can be huge pay discrepancies (I'm talking 30k plus), for many people doing the EXACT same role. They are slow to promote but fast to ask you to increase your responsibilities. I have had to be in an "acting" role for months at a time before ever officially being promoted. That means being severely under compensated for the level of work performed, but in my case it eventually has worked out each time. For a lot of people it doesnt. Huge commitment to diversity which is mostly good, but sometimes is overboard or also causes a kind of reverse discrimination/favoritism. I've witnessed a fair amount of nepotism but it's generally more localized rather than inherent to the institution.
Advice to Management
Pay should be more consistent across roles. People who need to terminated should be let go sooner rather than later, and folks who have demonstrated their work and commitment should in turn be rewarded sooner as well.