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

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Teller  in  New York, NY
Former Employee - Teller in New York, NY

I worked at Sovereign Bancorp

Pros

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

Cons

Ugh...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 ManagementAdvice

Stop 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.

Doesn't Recommend
Disapproves of CEO

165 Other Employee Reviews for Sovereign Bancorp (View Most Recent)

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  1.  

    Its good pay

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Customer Service Representative I  in  Reading, PA
    Former Employee - Customer Service Representative I in Reading, PA

    I worked at Sovereign Bancorp

    Pros

    Sometimes boring but good pay and good company overall. Not always the best mid-level managers though.

    Cons

    Not a lot of internal promotion opportunity.

    Advice to ManagementAdvice

    Its OK

    Recommends
    No opinion of CEO
  2.  

    Sovereign Bank

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Senior Customer Service Representative  in  Hamilton, NJ
    Former Employee - Senior Customer Service Representative in 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 take off, too. Friendly atmosphere. Promotions come easy if you put in the work and have a good attitude.

    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 butt (my managers knew it, I even got a promotion), and when I left I was only making 40 cents more than when I had started. Customers are allowed to walk all over you a lot of the time.

    Advice to ManagementAdvice

    Recognize your employees who work hard better. Too many tellers and teller managers are working extremely hard and getting no thanks.

    Doesn't Recommend
    No opinion of CEO
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