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1 person found this helpful  

Bank of America - Voice of a Top Performing Manager

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Banking Center Manager  in  Washington, DC
Former Employee - Banking Center Manager in Washington, DC

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

Pros

Good Salary and Good Benefits (though the company match has gone down as it relates to healthcare coverage for the year 2013).

Cons

1. Upper management is out of touch with Associates in "front line" roles (specifically, the banking center channel). Due to falling revenue the Bank has had to layoff what they consider non-essential roles, while they seem to be smothering branch leaders and their staff, as well as market leaders ("market" aka district). The company is very routine/process focused, which is not a bad thing, however, it is oftentimes impossible to complete all of the tasks required and get the type of results that keep your job 'secure'. Lastly, and perhaps MOST importantly, I would like to point out: there is a Distinct disconnect and Lack of Opportunity for those who are Top performers in the Consumer and Small Business banking segment of this company. Those thatwork in Charlotte --the headquarters for BOA-- and who are not in the banking center channel, seem to have Many more opportunities than those that get literally "stuck" in theconsumer banking world. You would think that the company would not only take the step of identifying top talent, but after doing so, would take necessary steps to leverage these talented individuals. The Consumer banking channel represents 70% + of the company's profits, yet there doesnt seem to be enough leveraging of individuals from this part of the business when it is time to employ process improvements/update/change/review tools and routines. There are several Departments (and Project teams) that focus on this leg of the business, though these departments Rarely include employees who have come up through the ranks of the consumer 'world' (even though many of them have received advanced degrees and are performing at the highest levels). I say all this to say that you must be careful what part of this Bank you get hired into, because you could be there (not learning or developing) for a very longtime regardless of well you do; it's almost like they want to selfishly keep you held hostage 'because' of how good you are (can't afford to lose you). Recently, there have been Many employees leaving BOA because of some of the above (not scientific, but I know several of them (and they, as was I, were Top Performers).
2. Training and Scheduling: the on the job training is not working. Associates are never fully prepared because there is little to No real quality time for training, especially since operations and the face to face time with customers is necessary to grow the business. You cannot get a gallon of juice from a piece of dried up fruit. Those who are not actively working in branches continue to ask for more: more processes to be completed, more operations to be done, more training, and of course more sales (understood because this is a for-profit corporation). Quite frankly, I and my team were doing well, but I found working for this company to be simply too much of a strain on my personal life and overall health and well-being.
3. Recognition varies depending on the Leadership team. Salary was Great but Money just simply was not enough to make me stay. I got the same pay, with Better training, more support, and a better quality of life at another Financial Institution.
4. Branch Managers: you Own it All so be ready for the task at hand; if you are not truly a General Manager, it will be difficult for you to succeed at BOA.

Advice to ManagementAdvice

1. Don't take top performers for granted. Lastly, take time to recognize your best performers.Take the time to grow their talents, by letting them move into areas of the business where they could be extremely useful; instead of making them feel like they should be grateful just to have a job. These individuals are sought after by other companies.
2. Training: you say it is important, but the actions speak louder than words (you must provide adequate training and training time)
3. You are putting way too much on Branch associates. Those that can do the job will tire out and move on to other companies--they will not want to do this job. Then, at some point the comapny will be left left with more middle-of-the-road and non-performers.

Doesn't Recommend
Neutral Outlook
No opinion of CEO

6510 Other Employee Reviews for Bank of America (View Most Recent)

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  1.  

    Good place to work, politics are messier than anywhere else I've been

    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President  in  Chicago, IL
    Current Employee - Vice President in Chicago, IL

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

    Pros

    Internal mobility opportunities are available.

    Cons

    Salaries are somewhat low at BofA.

    Advice to ManagementAdvice

    No advice at this time.

    Recommends
    Neutral Outlook
    No opinion of CEO
  2. 1 person found this helpful  

    BoA/Merrill Lynch PMDP program

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor - PMD  in  Charleston, SC
    Former Employee - Financial Advisor - PMD in Charleston, SC

    I worked at Bank of America full-time for more than 3 years

    Pros

    They pay you a salary that reduces as time goes by in the program.

    Cons

    Absolutely no mentoring program or support from branch. This particular branch it almost seemed that they wanted you to fail so whatever accounts you brought in would be divided up amongst the senior advisers. Last 10 months had new complex director/manager who never had
    a one on one meeting with me. No accountability or motivation to help. Had previous successful Wall St. career and was amazed at the lack of support and help given to the new PMDr's.
    This position all depends upon branch management and how committed they are to the PMDP program.

    Advice to ManagementAdvice

    Figure out how to support and help new advisers. Some support, any would help.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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