Sovereign Bancorp

  www.sovereignbank.com
Work in HR? Unlock Free Profile

164 Employee Reviews (View Most Recent)

Sort all reviews by: Date Rating
in
  • Work/Life Balance
  • Senior Management
  • Comp & Benefits
  • Career Opportunities
  • Disapproves of CEO

3 people found this helpful  

Do yourself a favor...Apply to a different bank!

Teller (Former Employee) New York, NY

ProsExcellent intranet...everything you need as far as HR stuff and policies & procedures is right at your fingertips. No uniforms are required.

ConsUgh...where to begin? Sovereign was once a nice place to work..decent pay, pleasant working environment, a nice benefits package with perks like domestic partner insurance and $250 reimbursement on a new computer purchase. Then came the merger and everything changed. First, the 401K match was stopped. Then the health insurance was changed and we had a choice of a PPO for double the price we paid before, or a health savings account with a huge deductible. Then, to add further insult, senior management pulled most of the tellers and put them in a float pool, leaving only one teller and the teller manager behind the teller line. When one employee works a Saturday, they have a day off during the week, leaving one solitary teller to work by themselves all day. This teller not only has to wait on customers, but also do the ATMs and the vault. On regular days, the teller manager is only supposed to be on his/her box for 50% of the time, so basically the teller who is not the teller manager is doing the work of 3 tellers for the same pay as before the merger. Because of a hiring/raise freeze, no one gets a raise and very few get a promotion. On the rare occasion that a new teller is hired, they are part time and get paid more then the existing tellers, even if they have no banking experience. The floaters are lorded over by one branch manager who has no compassion for school schedules or day care pick up times. Tellers who before the float pool program had a set schedule and scheduled their school/family demands around that schedule, are now being forced to choose between school and their jobs.

Another thing bad about Sovereign is that it has went from a customer service oriented bank to a product pushing bank. Our sales goals were so high, which would be fine if there was a lot of foot traffic thru the branches. Most tellers begged family members and friends to open unwanted accounts just to meet their sales goals. The compensation for referrals used to be good: $10 for an opened checking account or business account and $5 for a savings account. Every quarter, Santander would find a new way to constrict our bonus earnings. Toward the end of my tenure, the customer had to deposit a certain amount and use their account so many times within two weeks for us to get our bonus. So where one you would get $200-$300 extra a quarter, now you were lucky if you got $40.

One other complaint: The technology is VERY outdated.

Advice to Senior ManagementStop taking away everything from your employees..You get what you pay for. When I left Sovereign, I only knew 2 people who were optimistic and strived to do the best for your company. Everyone else-from PBRs to tellers to managers just didnt give a crap anymore and it showed. Happy employees=happy customers and you cant have happy employees when you work them like dogs for no reward.

No, I would not recommend this company to a friend

    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    Its good pay

    Customer Service Representative I (Former Employee) Reading, PA

    I worked at Sovereign Bancorp


    Pros: Sometimes boring but good pay and good company overall. Not… Cons: Not a lot of internal promotion opportunity. Advice to Senior Management: Its OK Yes, I would recommend this company to a friend More
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    Sovereign Bank

    Senior Customer Service Representative (Former Employee) Hamilton, NJ

    I worked at Sovereign Bancorp


    Pros: As a full-time teller, you get tons of time off. Management is generally pretty good about letting you… Cons: Upper management is very pushy on their sales, which is to be expected. Raises are crap. I worked there for over two years, busted my… Advice to Senior Management: Recognize your employees who work hard better. Too many tellers and… No, I would not recommend this company to a friend More
There are newer reviews on Sovereign Bancorp.

Worked for Sovereign Bancorp? Contribute to the Community!

Your response will be removed from the review – this cannot be undone.