Countrywide Financial Reviews

Pros

Pay was formerly the best reason, but current environment has led to compensation reductions for most employees. Changes are constant, which can be positive, if embraced. Surrounded by talented people.

Cons

Work-life balance is extremely poor; constant concern over "right-sizing"--euphemism for layoffs; training is virtually non-existent.

Advice to Senior Management

The expectation of employees continues to be "more, more, more, faster, faster, faster". Working people this way is like asking them to run on a treadmill that keeps getting faster. They eventually wear out & productivity suffers. Work/life balance should be embraced & promoted. Sadly, it is workaholism that is rewarded, and thereby the expectation.

Pros

It is in Southern California. I work of the Irvine office. If you really want to live in Orange County, then this company could be ideal for you. It is a laid back work environment.

Cons

Terrible communication. Lack of objective performance standards. Incompetent senior management. To get ahead at Countrywide you need to gain the favor of someone at level above you. People are promoted based on favortism and not necessarily performance.

Advice to Senior Management

Care about your employees.

Pros

Excellent pay if you don't mind selling your soul to the devil! Working at Countrywide is an excellent opportunity to make a difference. For being such a large company, they have very little infrastructure. Their success is strickly due to the super surge in the real estate market, operations and policies are executed poorly.

Cons

Senior management surround themselves with "Yes Men", and they really don't have a clue of what is really going on. Management is only concerned with empire-building. Inter-department communication does not exist! Do not dare to question authority, even in the healthiest sense, management will view that as a personal attack and will react with extreme prejudice!

Advice to Senior Management

Stop looking for people to kiss up to you and value healthy dialouge with your employees. Nepotism has to stop!

Pros

The best reason to work for Countrywide is the possibility of working in a newly created position at Bank of America. There are department transfer opportunities that I have taken advantage of to build more skills and knowledge.

Cons

Countrywide has been known as a sweat shop by employees and headhunters. Each year employees contribute more from their paychecks for decreasing benefits.

Advice to Senior Management

Senior management should show more appreciation and give raises that at least match the rate of inflation to their employees.

Pros

People. Most of the people you work with are the best. They are always willing to step up and pitch in to help; most of the time without being asked. They really highlight the people during the rewards ceremonies.
Location. Countrywide has many locations so you have the ability to chose what works best for you.
Flexiblity. Many of the groups are extremely flexible with the working hours as long as the work gets completed.

Cons

Inequity. Most groups within Countrywide, it is who you know to get promoted. Many of the people receive their promotions like "merit" raises. Unfortunately, there are a few managers that try to promote their staff truly based on ability. If you happen to be associated with the "good" boss, your career can suffer as you get left behind.
Enforcement. Process improvement is a great idea and from these ideas direction is given to individuals and groups on how to use the new technique. The downside is that no one enforces the transition to the new method. This often results in fragmented processes and one more system or application where 50% are using the old and the other move on to the new.

Advice to Senior Management

Communicate. Take time out of that busy schedule to truly talk with your staff. People just like to know "why" and feel included. If your staff believes you care about them, they will do anything for you.
Trust. Blind faith in your managers usually is not the best for the company or your staff. Some people even though they have tenure are not cut out to manage people.
Vision. Get past "the way we have always done it" and embrace the best way to do it.

Pros

The workers are great and the pay is good. There are a lot of opportunities -- especially with the Bank of America takeover. But you need a strong sense of self to be successful here. Hopefully, Bank of American will bring more opportunities and more mature management. If you are in sales this is not the best time to be a Countrywide employee. The benefits aren't great, but they aren't terrible either. I think the benefits are very close to other companies I have worked for. They are nuts about being at your desk at 8:15 and working overtime (for free) everyday.

Cons

Aside from ruining the nation's economy? The Executive management is draconian and employees are treated with basic brutality most of the time. There are a lot of rumors and negative comments as well -- due to the impending Bank of America purchase. One of the major down sides of Countrywide is they cap the amount you can contribute to your 401K if you make over $100K per year. This is a really bad thing if you want to catch up on your 401K contributions. Also, work life balance is a non-idea at Countrywide. They won't approve working at home or any sort of telecomuting. It will b awful with gas prices rising.

Advice to Senior Management

Most of the Senior Management will be replaced by Bank of America staff so this feedback is probably not going to be too helpful to folks. Senior management tends to be brutal and draconian and treats the staff with contempt.

Pros

The recruitment team at the bank is by far the best I've ever worked for. The leadership was awesome to work for.

Cons

The B of A acquisition and the uncertainty of the bank's future.

Advice to Senior Management

Keep up the great work!

Pros

relaxed environment, nice people, multi-ethnic & culture

Cons

mainly because their business is going down

Advice to Senior Management

better communication is needed in IT groups

Pros

Work environment and people around you are kind and courteous. They also have various software and hardware environment, hence considered as one of the companies that uses cutting edge technologies. If you know how to swim through corporate bureaucracy you will find yourself in a good position to excel in career. Balancing your work and life is easy when you work for Countrywide, because managers understand how to treat employees and will not pressurize you when they know that the work is being done on time and deliverables are met without any slack. They have a very good process to get employees feedback.

Cons

You will never know what is in store for you until last minute. This is because even at higher management level, they have not been kept updated about latest happening in the company. Hence you will end up finding it very late and there is no time to react to situation that you have been faced with.

Advice to Senior Management

Be more involved and close to employees and reward them accordingly.

Pros

It used to be growth opportunities but those are obviously gone with the acquisition by BofA. Compensation is a bit stronger than competitors but you will lose in benefits - typically only two weeks vacation. If you are FVP or above you can negotiate for a third week and more than likely get it. There are really great people at CFC.

Cons

In-experienced managers in a lot of departments. To be an AVP or VP isn't quite what it is at other financial institutions. Terrible benefits. They don't value training or development of employees. They do not have a work-life program or viable diversity programs. No community programs outside of California.

Advice to Senior Management

Open the lines of communication. Provide more education and growth opportunities. Give back to the communities where you are doing business.