Bank of America
3.2 of 5 5,992 reviews
www.bankofamerica.com Charlotte, NC 5000+ Employees

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3 people found this helpful  

VP - Project Manager

Project Manager (Current Employee)
Charlotte, NC

ProsBecause the company is so big, there are many opportunities to network and move internally in the company. The company is always going through change therefore both formal and informal opportunities are always available to develop change & project management skills. There are many great leaders in the company and excellent networking opportunities. We also have great benefits including work from home flexibility and generous vacation time (vaction is separate from sick/personal time allotment).

Cons- Company culture has gone down the drain since 2007. After acquiring very Merrill & Countrywide, the friendly "let's help each other learn and grow to reach higher standards together" bank culture has been replaced with a "throw people under the bus" and "get ahead by any means, including making snap business decisions without considering consequences" culture. The company doesn't care as much for it's associates as they used to. The atmosphere is highly political, much more so than it was in the past.
- The company is VERY disorganized and lacks in an integrated communication strategy even within individual business units. The right hand never knows what the left hand is doing, even within peer teams. We spend a lot of time fixing problems that we create internally (many due to poor decisions, or lack of communication).
- Company is too big, too complex, and extremely hard to navigate. There are many convoluted processes in place (like internal recruiting, compensation, & promotions) that the average associate does not understand. Like wise, the company is so big that it's very hard to know what's what organizationally & who's who, even within the smaller business units.
- Company does not require formal training for managers. Likewise, most associates are only required to take annual compliance training, but no formal on the job training. This often leads to entire teams not knowing/understanding and underperforming in their function within the process. A lot of associates and managers are set up for failure if they are not savvy enough to just "figure it out".
- Compensation/Promotions: The "lucky" associates that have the opportunity to work for great leaders may be fortunate enough to be paid in the appropriate range and recieve promotions based on capabilities and value add/leadership potential to the company. THIS VERY RARELY HAPPENS. More often then not, associates do not get timely promotions or raises. The associates who "play the game", but may do less or lower quality work will be be paid more than the guy who's really performing. Furthermore, all performance evaluations & rate increases, etc. are subjective based on the immediate manager. There is no consistency in how associates are rated, which leaves a lot of room for favoritism.
- The company overall has certain values and advocates specific things like (inclusive meritocrazy, and flexible work schedules) but all that depends on the immediate manager. If an associates immediate manager does not advocate the companies values, than the associate is out of luck. Likewise, there is no associate support to protect from bad/poor management. If an associate is dealing with an unfair manager, he/she has no true recourse of action (other than to call the internal HR Advice & Counsel hotline, which means nothing because all they will do is document for a case against the associate if the problem continues to compound).

Advice to Senior Management- Care more about associates in terms of providing training and growth opportunities; also put controls in place so that management cannot abuse their roles and that associates can "sound the alarm" as needed for poor leadership without fear of reprecussion
- More transparency and communication within the company
- Offer more formal training at ALL levels of the company especially for those in management and leading teams; have formal onboarding plans for ALL roles
- More consistency in terms of promotions and performance evaluations; more transparency for the internal recruiting process
- Develop channels to formally develop pipeline leadership within the company
- Get back to planning and developing process (in the legacy Bank of America - "Higher Standards" manor); empower leaders to make wise, well-thoughtout business decisions.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    • Culture & Values
           
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    The company comes first!

    Vice President, Client Relationship Manager (Current Employee)
    Phoenix, AZ

    I have been working at Bank of America full-time for more than 10 years


    Pros: Large somewhat stable company with good benefits. Clients know the name Bank of… Cons: Business decisions are made with no thought to effect on associates or clients. This is not a… Advice to Senior Management: Spend more time fixing processes at Bank of America. Very… No, I would not recommend this company to a friend More
    • Culture & Values
           
    • Work/Life Balance
           
    • Senior Management
           
    • Comp & Benefits
           
    • Career Opportunities
           
    • Disapproves of CEO

    1 person found this helpful  

    Worthwhile

    Modification Underwriter (Current Employee)
    Fort Worth, TX

    I have been working at Bank of America full-time for more than 3 years


    Pros: Low level managers are good to work with and encourage having fun while at work. Overall the environment and my experience has been good… Cons: In the most recent few years, income has gone down significantly. Career path is controlled by the company. Management can squelch any attempt… Advice to Senior Management: Reward those who've dedicated more time to the company. Work on the band levels and make them fair. Provide a clear path for… No, I would not recommend this company to a friend More
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