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  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Anonymous Employee  in  Norfolk, VA
Current Employee - Anonymous Employee in Norfolk, VA

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

Pros

Assitance with day care, overall benefits are good.

Cons

This company is unethical in its promotional practices, uses deceit and favortism to promote their friends. Experience counts for nothing. Very difficult to work in environment that is extreamly stressful due to poor leadership skills. No committment to employees to treat them fairly. Even with good benefits the stress and mismanagement will make your job unbearable. Company culture has gone down the drain since 2009. 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 ManagementAdvice

stop favortism and hire people who can manage and treat people fairly. 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

Doesn't Recommend
Negative Outlook
Disapproves of CEO

Other Reviews for Bank of America

  1.  

    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 for 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
  2.  

    good benefits but low pay and poor hours

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Teller  in  Framingham, MA
    Current Employee - Teller in Framingham, MA

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

    Pros

    benefits are available to part time

    Cons

    night and weekend hours are mandatory

    Advice to ManagementAdvice

    staff levels should be higher

    Recommends
    Positive Outlook
    Approves of CEO
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