There are newer employer reviews for Bank of America

1 person found this helpful  

Bank of America - The Land of Opportunity?

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Vice President in Stamford, CT
Current Employee - Vice President in Stamford, CT

I have been working at Bank of America full-time (more than 8 years)

Pros

Upper level leadership cares and are connected more so than other large banks...

Cons

You are told what to say, how to say it and when to say it.... The processes in place limit your potential for bonuses. Advancement is stagnant and constant restructuring ensures you are never on truly sound ground - You may be an all star one day and an outsider the next.

Advice to ManagementAdvice

Everyone sells differently... Establish guidelines and goals and hold the employees responsible if goals are not met.... but to have a uniform script leaves the customers feeling like a number and part of a process.

Recommends
Negative Outlook
Approves of CEO

6779 Other Employee Reviews for Bank of America (View Most Recent)

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  1. 1 person found this helpful  

    Perceptions from a Long Term (26 years+) IT Employee Laid Off

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Consulting Systems Eng-CA in Concord, CA
    Former Employee - Consulting Systems Eng-CA in Concord, CA

    I worked at Bank of America full-time (more than 10 years)

    Pros

    Benefits and pay were very good (health, retirement), although they having been heading downhill for the last couple years (pension contribution recently cut in half, health care cost keeps rising). Most IT employees can work from anywhere. Technology is fairly current and a lot of money is spent to provide the premier online and branch banking systems in the world. A lot of good technicians still there.

    Cons

    Due to recent market conditions, especially around issues related to purchases of Countrywide and Merrill Lynch, there is a massive belt tightening and downsizing currently underway. IT associates live in constant fear of being laid off, and many are being forced to work long hours to make up for depleted teams. Many roles (including most programmers) have been outsourced (tens of thousands of contractors and employees in India and other countries). Project manager roles are generally contracted out for the length of the projects (meaning often, PMs need to learn the Bank's processes and have limited knowledge of Bank environments).

    Advice to ManagementAdvice

    Look back at how the Bank (especially the original Bank of America) used to function around training, maintaining, empowering, and advancement. It used to true when upper management said that the Bank's most important asset was its people, and processes were in place to support that (by the way, is there still an annual employee opinion survey, with the required management followups to it?). It may be a hit on the bottom line (although you should still be able to show a profit), but investing in your people would make a big difference in your future.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2.  

    Changing Environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Project Manager in Jersey City, NJ
    Current Employee - Project Manager in Jersey City, NJ

    I have been working at Bank of America as a contractor (more than an year)

    Pros

    Close to the city. Easy commute

    Cons

    Many layoffs. Employees not too happy. Lack of faith in management.

    Advice to ManagementAdvice

    Good people in operations positions prevent losses. Cheaper labor turns over faster and knowledge is lost which can result in losses down the road.

    Recommends
    Neutral Outlook
    Approves of CEO
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