Bank of America

  www.bankofamerica.com
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i learnt so many thigs here. it is very good organisaition to work.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Associate  in  Gurgaon, Haryana (India)
Current Employee - Associate in Gurgaon, Haryana (India)

Pros

in growth, in safety, in brand name.

Cons

so many thigs are there.

Advice to ManagementAdvice

it's very good organisatio,

Recommends
Approves of CEO

Other reviews for Bank of America

  1.  

    The company offers a great service but management is completely dysfunctional

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    Pros

    Great exposure to numerous Fortune 500 companies

    Cons

    Horrible management who do not care about their employees
    Absolutely no work/life balance (70 hour weeks are common)
    Pay would be average if you worked 45-50 hours a week. But when you factor in the 70 hour weeks which include weekends - pay is relatively poor.
    Extremely high turnover. In a period of 6 weeks I saw 5 people leave. Keep in mind this is in a division of only 10-12 employees.

    Advice to ManagementAdvice

    Hire competent management who actually care about their employees and want to see them succeed.

    Doesn't Recommend
  2. 3 people found this helpful  

    The PMD Program is a great job - for about 2 years

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Advisor/PMD
    Current Employee - Financial Advisor/PMD

    Pros

    Excellent training program
    Vast product platform and deep, global information resources
    You can learn a lot if you want to
    Looks good on your resume
    Great name recognition with prospects
    Good life/work balance and flexible hours

    Cons

    The PMD program is engineered for failure. If the failure rate is consistently 95%+, perhaps the problem is with the program and not the trainees. This is not an accident. The program is specifically designed to generate new accounts for senior FAs who will inherit your clients when you (inevitably) fail. This is not a design flaw, it's the point of the program. Senior management couldn't care less if you fail, because they are counting on you failing so that they can transfer your assets to the senior FAs. As a PMD, you are completely expendable - the financial services equivalent of the red shirt guys on Star Trek.

    The firm wants you to annuitize the business that you bring in but this will generate, on average, ten to fifteen basis points a month in revenue, based on total assets. Do the math and don't kid yourself.

    By month 12, you are more or less forced to begin selling variable annuities or closed-end funds (the highest commission products) in order to survive. Nothing else will generate sufficient revenue to even get close to making your hurdles.

    The PMDs all start out very optimistic and by the 9 month hurdle, start looking scared. By the 12 month hurdle, panic is beginning to set in. By the 18 month hurdle, everyone is blatantly looking for another job.

    Obviously, if you have family money or an existing book of at least 15MM, you'll probably be ok. But if you don't, look out.

    Sadly, there is absolutely no opportunity for any kind of advancement or lateral move within the organization. If you can't make your hurdles (and almost no one can), you are out.

    Finally, unless you are very lucky with your particular branch and branch manager, be prepared for working in the most unfriendly environment possible. Senior (non-PMD) FAs will barely acknowledge your existence and in many cases, will actually refuse to speak to you. Hmmm... perhaps they know something you don't know?

    Advice to ManagementAdvice

    Redesign the training program from the ground up. Hire PMDs for teams where they will have a chance to actually succeed. Recognize that the game and business model have changed and adapt accordingly.

    No opinion of CEO
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