There are newer employer reviews for Bank of America

1 person found this helpful

No promotions for EVERYBODY

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

I have been working at Bank of America part-time

Pros

Material to train and educate yourself on financials is available, but only while at the bank. 5% 401(k) or ROTH match is great.

Cons

There are no bonuses for Tellers. We are the ones who get more than 50% of the sale done (talking and convincing the client to sit with a Specialist or Personal banker to open a new account, credit card, mortgage, refinance, etc...) yet as a teller you get $0, and the Specialist or Personal Banker get around $20 per new sale, on top of their salary.

So you work hard to get the promotion and become a Sales and Service Specialist or PB. You hit your goals and are in good standing, ask for a promotion at your branch or at many of the other branches in the city and there's an excuse...yet, they promote someone else that didn't beat your numbers, so what's going on? oh, the other person has the "all american look"
So pretty racial.

Approves of CEO
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  1. High pressure sales environment. Revolving door with employee retention. Weak at best.

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

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

    Pros

    Decent Salary, better than average employee hours, easier to be promoted than most. Disinterested middle management with no voice.

    Cons

    The Weak training, impersonal training, to company systems, difficult sales processes, mandatory sales interactions. Weak bonuses/rewards and compensation program.

    Advice to ManagementAdvice

    Less laborious conference calls, go out and meet the people you work with. Build a culture of empowered, engaged employees to be the face of the bank, represent the bank, not the diaspora of fearful dis-enfranchised sales personnel.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2. 1 person found this helpful

    Do more with less and get it done faster than usually possible

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

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

    Pros

    The benefits are very good (although the healthcare requires more out of pocket), there are many extra benefits for employees like lower rate loans, free checking, etc.
    The company is very large so you have a wide variety of places to work
    Pay is average

    Cons

    Executive management has no idea what it is like in the front lines where the work is actually being done
    For salaried workers in IT, you are expected to work 50+ hours per week
    The company lays off people every year in IT, so layoffs loom every fall, if it takes 20 people to handle the work load and your team gets cut back to 12, the remaining employees are expected to suck it up and cover all the work AND deliver according to outrageous timelines that are barely possible in the best of times.
    At one time IT pushed telecommuting, now the company is phasing this out even though there is no real estate space to house the people coming back in.
    They have an unfair yearly evaluation system where managers can only have 10% of the people in the top tier, 80% in the middle and 10% must be in the bottom tier (even though, due to layoffs, the "dead wood" is long gone and often nobody is truly in the bottom tier)

    Advice to ManagementAdvice

    If you want speed to market then staff adequately, get top notch tools, refine processes.
    Eliminate the current evaluation process for a better one.
    The executive management needs to become very familiar with the frustrations, processes and challenges where the day to day work gets done.
    Keep the telecommuting program where it makes sense.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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