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1 person found this helpful  

My work experience was completely demoralizing.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Financial Specialist  in  Richmond, VA
Former Employee - Financial Specialist in Richmond, VA

I worked at Wachovia

Pros

There are opportunities to make good money if you're at the top of your district in sales.

Cons

The managers don't care about the employees. All that matters is the bottom line.

Advice to ManagementAdvice

Don't only look to promote FLS's who are good at their current role...promote people to FSL's who are good around people, care about people, and can manage well.

Doesn't Recommend
Disapproves of CEO

Other Reviews for Wachovia

  1.  

    Not a great place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Personal Banker  in  Fairfax, VA
    Former Employee - Personal Banker in Fairfax, VA

    I worked at Wachovia

    Pros

    - Lots of locations so easy commute to work most likely
    - Solid 401 k program
    - Nice people to work with

    Cons

    As a personal banker you will be forced to make lots of outbound calls to current customers to open more checking and savings accounts. You will also be asked to make outbound calls (cold calls) to customers who do not have any Wachovia accounts at all. If your branch is not busy you will be forced to stay after hours and make extra calls. You will be given an unrealistic set of goals to reach that is a one size fits all incentive program for all personal bankers across the entire company regardless of size or traffic of branches. Only about 12 to15 percent of the people who work as Personal Bankers make commission. if you do make compensation about a quarter of that can be taken away if your stores service scores are below 80% which is on an absolute scale. To get a "good shop" you must get a 5 of 5 as overall performance when the customers who are called regarding the service are able to vote on a 1 to 5 scale (therefore many customers are pleased with service and vote 4 not knowing the consequences). Managers are just there to tell you to get more solutions, they don't do a good job of coaching and don't like to handle customer complaints. As a PB you will be forced to make sales goals and also deal with a lot of customer complaints and service issues. Yet you will be the victim of constant pressure to reach sales goals that most people do not hit. You will receive very little praise if your branch does have a good sales day. The company has extremely high turnover especially in this market. The turnover is not only high at the PB level but also at the manager and district manager positions.

    Advice to ManagementAdvice

    Treat your employees with more respect and more would stick around.

    Change the incentive plan so that it is more reasonable for more people to hit their incentive.

    Doesn't Recommend
    Disapproves of CEO
  2. 1 person found this helpful  

    You never know when you have to stay late or when you can take time off

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Personal Banker  in  Sarasota, FL
    Current Employee - Personal Banker in Sarasota, FL

    I have been working at Wachovia

    Pros

    micro managed, 3 months black out for pto, time off if approved not timely

    Cons

    no real chance of making goals or making commisions- set the bar so high- hours of calling customers by phone

    Advice to ManagementAdvice

    Its human nature to not give when you force employees to work 6 days a week floating holidays are joke

    Doesn't Recommend
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