Bank of America

  www.bankofamerica.com
  www.bankofamerica.com
There are newer employer reviews for Bank of America

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

7151 Other Employee Reviews for Bank of America (View Most Recent)

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  1. 1 person found this helpful  

    Sinking ship

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Investment Banking Analyst in New York, NY
    Former Employee - Investment Banking Analyst in New York, NY

    I worked at Bank of America full-time (more than an year)

    Pros

    Smart people, but they've left.

    Cons

    Political and they don't pay you at the end of the year

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2.  

    Unrealistic Expectations

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - ECOE Associate
    Current Employee - ECOE Associate

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

    Pros

    The pay is decent for the area, and vacation benefits are great.

    Cons

    Expectations are completely unrealistic, and anytime someone speaks up, they are constantly worried about repurcussions. When we have an opportunity to speak to the executives in a round table, we have to have our questions preapproved by our managers. No one really knows how bad it has gotten, and how horrible employees are being treated. There have been so many seasoned employees, with a wealth of knowledge that have left because of the poor working environment. It's sad how a place that use to be employee focused, has become a place where the majority of employees are on anti-depressants or stress medicine as a direct result of the environment we are now in. Our performance is now based mostly off of a survey the customer fills out, however it does not accurately depict the associate's actual performance. Being in an escalation area where we are taking the supervisor calls, where the customer wants fee refunds and hold releases, if we tell them no, because it is the right thing, they are going to score you low on the survey. Those low scores not only effect our incentive, but our performance. It is unfair to judge this department based off the customer's perception when you are dealing with irate customers. These are not the average customer calling, these are customer's who are not happy with the front-line associate and wants to escalate their issue to the next level.

    Advice to ManagementAdvice

    I would promote coming on surprise visits, without anyone's knowledge (management or associates), so they can get a real fee of everyday life in the company. I know there's security issues, but something similar to Undercover Boss would be great. When the executives come to do site visits, they are not getting the feel of what is going on, and when the round tables are held, no one is allowed to speak freely and the executives are not aware that all of the questions we do ask, had to be approved by our management team ahead of team. Also, sitting with an associate for a day or longer, or actually taking the calls we are receiving in the call center would give them a better idea of the abuse we have to take from customers.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
There are newer employer reviews for Bank of America

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