169 Employee Reviews (View Most Recent)

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An good entry-level position for a recent grad in finance background with minimal upward mobility

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Bank Teller  in  Harrisburg, PA
Current Employee - Bank Teller in Harrisburg, PA

I have been working at Sovereign Bancorp

Pros

-Good Experience
-Cross training and Initial Training

Cons

-Lack of employees
-Sales performance in a down market

Advice to ManagementAdvice

-Rewards for performance need to be better
-Hire more staff

Recommends
No opinion of CEO

Other Reviews for Sovereign Bancorp

  1.  

    Good Place to Work

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

    I have been working at Sovereign Bancorp

    Pros

    Career Advancement for those willing to accept additional responsibilities, Tuition Reimbursement, Computer Purchasing Plans, Etc

    Cons

    Layoffs can come at any time. Makes you wonder if the can be around the corner at any given moment.

    No opinion of CEO
  2. 5 people found this helpful  

    The name hasn't changed, but this is not Sovereign Bank....this is now Santander, and it's a train wreck!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Human Resources  in  Philadelphia, PA
    Former Employee - Human Resources in Philadelphia, PA

    I worked at Sovereign Bancorp

    Pros

    Fair compensation based on industry standards
    Good benefit package
    Great time off and holiday pay
    Depending on where you work, you do have the ability to stay under the radar
    Anyone who really wants to get into banking should apply here. They hire anyone because of the tremendous turnover. It can be an opportunity to break into banking and then move to another bank.

    Cons

    The Spainards have taken a cookie cutter approach to doing business in the US. They really have no concern to listen to anyone who knows US banking. They feel that if it works in Europe or Latin America, it will work in the US
    Retail banking employees are encouraged to get the sale at any cost. They lie to customers about the products they put them in so they can count a widget for the day. They close out an account to re-open a duplicate account to get credit for the open. Put customers into high value HELC at a higher rate that should be going to the mortgage department, but don't so they get credit for the sale. Zero consideration for what is ethical or good for the customer.
    Forget getting an internal promotion. The company would rather hire someone off the street for $10-$15,000 more than promote internal employees who have proven their worth. Internal employees get locked into a 3% salary increase or put at the minimum of the new salary grade due to "policy".
    Back stabbing and stepping on people to get ahead is part of Standard Operating Procedure for Santander. It's encouraged and rewarded.
    Communication is done on a need to know basis, and as employees you generally don't need to know. Customers get flyers in the mail that the branches have no idea have gone out and about the promotion.
    It is an embarassment to say to work there. You get bombarded by all your friends, family members, and neighbors who want to tell you how bad the bank is and all their horror stories.
    Sovereign Bank was a great regional bank. The name is the same, but nothing else is. Santander is a total train wreck!

    Advice to ManagementAdvice

    No advise, as they are not intersted. They cleared out all Americans from Senior Management.

    Doesn't Recommend
    Disapproves of CEO
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