Bank of America
3.2 of 5 5,991 reviews
www.bankofamerica.com Charlotte, NC 5000+ Employees

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

Consulting Systems Eng-CA (Former Employee)
Concord, CA

ProsBenefits 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.

ConsDue 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 Senior ManagementLook 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.

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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    • Senior Management
           
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    • Approves of CEO

     

    Unorganized; entirely to HR driven; unrewarding success

    Underwriter (Former Employee)
    Addison, TX

    I worked at Bank of America full-time for more than a year


    Pros: It's nearly impossible to get fired. It doesn't matter if… Cons: Poor corporate culture; unrewarding success; management put processes into place… Advice to Senior Management: Organize. No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company… More
    • Culture & Values
           
    • Work/Life Balance
           
    • Senior Management
           
    • Comp & Benefits
           
    • Career Opportunities
           
    • Approves of CEO

     

    Changing Environment

    Project Manager (Current Employee)
    Jersey City, NJ

    I have been working at Bank of America as a contractor for more than a year


    Pros: Close to the city. Easy commute Cons: Many layoffs. Employees not too happy. Lack of faith in… Advice to Senior Management: Good people in operations positions prevent losses. Cheaper labor turns over faster… Yes, I would recommend this company to a friend More
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