There are newer employer reviews for Bank of America
There are newer employer reviews for Bank of America

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Compensation and Work review

  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Team Manager in Chicago, IL
Current Employee - Team Manager in Chicago, IL
Approves of CEO

Pros

Benefits and flexibility at work.

Cons

Promotions and compensation is very arbitrary and not truly based on qualifications.

Advice to Management

When selecting candidates for promotion or for compensation management needs to make better judgements. Sometimes promotions are made based on pressure to the management rather than the qualifications.

Other Employee Reviews for Bank of America

  1. I feel more secure than most in my position

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Officer
    Current Employee - Officer
    Approves of CEO

    Pros

    They have a great benefits package: 5% match in your 401k, pension program, time off benefits are good (I get 4 weeks a year after only working there a couple of years, plus you get 10 banking holidays and 2 weeks of sick time). You can even buy an extra week off if you want to. Obviously with how massive the company is, it provides a lot of opportunity to advance if you are willing to move (especially to Charlotte). In '09 they are starting some new benefits, such as childcare assistance (I think they give you around $250/month per child) and a $600 health savings account that's fully funded by the bank. I also feel much more secure working at Bank of America than I would if I worked for Wachovia, for example.

    Cons

    Every merger brings a bunch of layoffs. They laid off part of my team and then hired more people than we lost only 8 months later. Senior management also likes to change things up a lot, which is annoying because nobody can remember what their actual job title is, or the newest procedures they are supposed to follow. This isn't helped by the fact that their idea of communicating these things is to send out a blast email about it, or have a quick training about it where the trainer basically knows as much as you do.

    Advice to Management

    See above! Better communication of changes, make a plan and stick to it as far as employee layoffs/hiring.


  2. If you are in banking, this has to be one of the best places to be.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Software Architect in Newark, NJ
    Current Employee - Software Architect in Newark, NJ
    Recommends
    Approves of CEO

    Pros

    Huge company (c. 300,000 people). Very stable. Top of the U.S. banking pyramid, having made many of the right decisions even given in the economic downturn we are in. Strong work from home program; if you are not customer-facing, many of us can work from home full time which also means you can pick (at your own expense) any part of the country to work from. When we get to the other side of this recession, the questionable decisions around some of the recent acquistions SHOULD look like having been great buying opportunities.

    Cons

    Can have many of the impersonal side effects of a huge company in Corporate America. The work from home program can feel very isolating. The career opportunities and face-to-face interactions are more numerous in Charlotte. Customer service leaves something to be desired because although service can be OK while as customer is a well-oiled cog in their machine, you are a spanner-in-the-works if the customer steps outside the routine.

    Advice to Management

    Hang in there!


There are newer employer reviews for Bank of America
There are newer employer reviews for Bank of America

See Most Recent

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