486 Employee Reviews (View Most Recent)

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1 person found this helpful  

Satisfactory but no support from senior management

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Senior Audit Manager  in  Toronto, ON (Canada)
Current Employee - Senior Audit Manager in Toronto, ON (Canada)

I have been working at CIBC

Pros

Flexible hours afforded to me in case of emergency

Cons

No support from superior on career advancement

Advice to ManagementAdvice

More emphasis needs to be placed on people management skills and leadership qualities in particular in the making of tough decisions

Disapproves of CEO

Other Reviews for CIBC

  1. 2 people found this helpful  

    Treated like a widget and not a human being

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Residential Mortgage Underwriter  in  Toronto, ON (Canada)
    Current Employee - Residential Mortgage Underwriter in Toronto, ON (Canada)

    I have been working at CIBC

    Pros

    Established company, decent benefits, decent pension plan, great senior management.

    Cons

    The problems begin at the Executive level. They've established unrealistic targets with absolutely useless technology. The workload is unbearable and most of the underwriters are on burn out. Morale amongst employees is at the absolute lowest I've ever seen it. The Mortgage underwriter position is one of the worst jobs at CIBC. Underwriters were laid off in Calgary yet the sales force has increased and they constantly complain about service levels being to slow to remain competitive. Basically underwriters have a bigger pool of deals to underwrite but less employees to do so. New technology was introduced with little or no benefit, saturday shifts were introduced with no real increase in revenue, only to copy TD bank. The bank is totally reactive and doesn't know how to retain talent. Recently many employees have left for greener pastures. The pay is poor in comparison to the job demands and most underwriters work an excessive amount of hours in order to meet their unmanageable daily targets. The sales force has absolutely no training program to train new sales staff and most of the underwriters have to essentially train new sales staff on top of all their other job demands. The technology the underwriters are given is slow and inefficient yet the tasks they are required to do only increase each year. A work life balance is totally frowned upon. It would be nice to have the option to work from home every once and awhile but due to the poor technology that is impossible. Underwriters are totally kept in the dark and are only made aware of significant changes at the last possible second. Management isn't helpful because they also seemed overworked and constantly stressed. Feedback is non existent, unless a mistake is made at which point coaching is offered.

    Advice to ManagementAdvice

    The company needs to invest in technology that will make CIBC competitive. The workload needs to be re-examined so that underwriters are able to make better lending decisions and not so overwhelmed that they make poor credit decisions. More staff needs to be hired to allow the volume of work to become manageable. CIBC needs to invest in their employees to retain high performers and review compensation to remain competitive with other institutions. I know they say that they perform market research that verifies they are competitive but they do not promote a work life balance and their technology in order to perform the same tasks is a lot slower and inefficient. Finally, CIBC needs to stop pinching pennies and give something back to their employees. At one time, they used to buy lunches for us underwriters when volumes were high, they used to buy cakes for employees celebrating special occasions, they used to have after hour activities as a way to have employees bond, but those things seem to have come to a halt. All this, yet Gerry McCaughey walked away with $10 million in salary just so CIBC could come in 4th place in mortgages?! Ridiculous.

    Doesn't Recommend
    Disapproves of CEO
  2.  

    all around poor employer

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

    I have been working at CIBC

    Pros

    location - down town Toronto
    free banking
    employee share purchase plan
    free stationary
    i'm presuming that the benefits plan is comparable to most other fi's?

    Cons

    -lack of vision from sr management - as in nothing
    -as opposed to taking small constructive steps in improving processes, technology etc, this bank attempts to change everything at once - with always less than half a concerted effort and always unsuccessfully
    -communication from upper management is negligible to non-existent
    -compensation relative to competition is extremely poor
    -hiring practices are atrocious - not sure how certain individuals are promoted - i'm fairly certain that experience is not taken into account
    - i cannot name one manager above me that is competent, approachable or even has a real grasp of what is going on on a daily basis
    - cibc does not encourage growth from within and will quite often stymie competent and productive employees from growing
    - no investment in training is provided to the staff
    - archaic technology
    - at the beginning of 2012 - they literally stated that the bank wishes to be #4 in mortgages. i cannot for the life of me begin to comprehend why any institution in any industry would not strive be the best
    - as much as the bottom line matters in all industries, this bank ONLY looks at the bottom and has no focus on employee morale, employee growth and development or the fostering of an entrepreneurial environment where individuals are encouraged to provide productive and constructive ideas to better the work environment

    Advice to ManagementAdvice

    without a happy, productive, intelligent workforce this bank will continue to falter and remain at the bottom of the heap. follow the likes of TD and RBC and invest in your employees, in technology and rid yourself of the current crop of management that exists throughout this bank.

    i would never in my life advise anyone to come and work for this employer. it is a circus that is run by short sighted, greedy and often unqualified individuals.

    Doesn't Recommend
    Disapproves of CEO
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