Sovereign Bancorp

  www.sovereignbank.com
  www.sovereignbank.com

Sovereign Bancorp Reviews

Updated November 13, 2014
Updated November 13, 2014
168 Reviews
2.0
168 Reviews
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Sovereign Bancorp President & CEO Jorge Moran
Jorge Moran
38 Ratings

Review Highlights

Pros
  • good benefits but you need them from all the stress meds you will be taking (in 12 reviews)

  • Good work/life balance with significant paid time off and the option to buy-back additional days (in 11 reviews)


Cons
  • They preach the importance of work life balance, but it's all talk (in 11 reviews)

  • too many conference calls, takes away from actual sales activity (in 16 reviews)

More Highlights

Employee Reviews

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  1. 3 people found this helpful  

    Insane micromanagement. Widget driven bank

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

    I worked at Sovereign Bancorp full-time (more than 3 years)

    Pros

    Salary, salary, salary, salary...I just needed at least 5 words for PROs box. It's not even that great. It's just much better than what I was getting at Wells.

    Cons

    3-4 Conference calls a day if you are a Branch Manager
    3 Trackers to submit
    Managers have individual production goals
    HORRIBLE SYSTEM
    HORRIBLE BACKOFFICE SUPPORT
    Call Nights
    Supplemental Call Nights
    Useless "De-brief Calls"

    Advice to ManagementAdvice

    You want to be a great bank and compete with big boys like Chase, BofA, Wells and Citi? Why don't you invest a couple of bucks into TECHNOLOGY? How do you except to sell a credit card or a mortgage if your customer service reps chew on potato chips when you call and have no clue what to do because of lack of training provided? Stop hiring just anyone and START worrying about your top talent. SUPPORT those that make you shine, do not punish them.

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

    There is no Sovereign Bank. It was bought by Santander and recently renamed Santander

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Sovereign Bancorp

    Pros

    Santander is one of the world's largest and most successful banks. They are turning The U.S. Operation from a sleepy regional bank into a powerhouse laying the foundation no doubt for an aggressive national operation.

    Cons

    Change provides opportunity but can be hard for the old timers.

    Advice to ManagementAdvice

    You're doing great!

  3. 1 person found this helpful  

    great for financial advisors

    Former Employee - Financial Advisor in Dorchester, MA
    Former Employee - Financial Advisor in Dorchester, MA

    I worked at Sovereign Bancorp full-time (more than 8 years)

    Pros

    good referral program for financial advisors

    Cons

    bank employees are micro managed

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  5. 3 people found this helpful  

    Getting out was the best decision I have ever made.

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

    I worked at Sovereign Bancorp full-time (more than an year)

    Pros

    1. Great co-workers.
    2. Good vision insurance.

    Cons

    1. Micromanagement of all branch employees.
    2. Horrible bank software
    3. Horrible management
    4. HR is non-existent.
    5. Your daily schedule is given to you a week in advance, should you not follow said schedule you will be reprimanded by management. Example, if you are expected to "Lobby Lead" (AKA Greeter/"Find a customer to sell something to"), and instead you go assist a teller with a complex situation you will be reprimanded by management.
    6. Management is never around, and when they are, they do absolutely nothing.
    7. Call nights,
    8. Supplemental call nights
    9. Cold Calling galore!
    10. 0 room for growth.
    11. Understaffed branches.
    12. No priority on hiring.
    13. Extremely high turn-over rate.
    14. Horrible back office support.
    15. Low pay.
    16. Low commission payouts.
    17. Horrible Work/Life balance.
    18. Horrible dental/medical insurance plans.
    19. Unrealistic goals.
    20. Daily huddles/ Coaching sessions.
    21. STARR
    22. Raises never ever happen.
    23. Management is deaf.
    24. Management, for the most part, has a horrible attitude toward their employees.
    25. No customer service.
    26. No Employee support.

    Among other cons.

    Advice to ManagementAdvice

    Promote talent, stop promoting your friends.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6. 1 person found this helpful  

    Pretty good place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Relationship Manager in Edison, NJ
    Former Employee - Relationship Manager in Edison, NJ

    I worked at Sovereign Bancorp full-time (more than 3 years)

    Pros

    Flexible job despite sales goals, decent environment, room to grow, opportunity to move to other departments

    Cons

    Frustrating systems conversions and policies. Branch locations. Credit approval process. Salaries lag somewhat behind other bank competitors.

    Advice to ManagementAdvice

    Listen to employee feedback, need better IT systems.

    Recommends
    Positive Outlook
    Disapproves of CEO
  7.  

    Fairly decent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Specialist in Lexington, MA
    Former Employee - Financial Specialist in Lexington, MA

    I worked at Sovereign Bancorp full-time (more than an year)

    Pros

    Pay is extremely competitive as well as bonus structure. Benefits are also very good.

    Cons

    Mandatory sales call nights, as well as aggressive sales goals for a bank that is already well established in the area. Too many phone calls about sales performance every week multiple times a week.

    Advice to ManagementAdvice

    Understand that as a bank there is only so much that can be done to gain new clients and when products aren't competitive there's even less.

    Recommends
    Neutral Outlook
    No opinion of CEO
  8. 1 person found this helpful  

    Brutal treatment of team members, no caring for people

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Sovereign Bancorp

    Pros

    Excellent benefits, very easy to get in

    Cons

    Micromanaging
    New CEO is a dictator

    Advice to ManagementAdvice

    Treat your team members well

  9.  

    Monotonous, mundane and mind-numbing

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - ACH Lead Specialist in Reading, PA
    Former Employee - ACH Lead Specialist in Reading, PA

    I worked at Sovereign Bancorp full-time

    Pros

    The benefits are decent and you start with 15 days PTO right off the bat.

    Cons

    Little to no avenues for growth. No clear career path. Saying the work was monotonous doesn't begin to describe it.

    Advice to ManagementAdvice

    When posting jobs internally, take those candidates seriously. Don't do it just so you can advertise to outsiders looking for a job that you recruit heavily from within.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  10. 1 person found this helpful  

    THE WORST PLACE I HAVE EVER WORKED AND I'M INCLUDING MENIAL JOBS IN HIGH SCHOOL!!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee in Boston, MA
    Former Employee - Anonymous Employee in Boston, MA

    I worked at Sovereign Bancorp full-time (more than an year)

    Pros

    It is easy to get a job here.

    Cons

    -poor management
    -micro managers
    -everyone and i mean EVERYONE around you hates their job
    -only the robotic people succeed
    -managers take credit for your work
    -you are treated as though you are disposable
    -you are actually disposable and the turnover is horrendous

    Advice to ManagementAdvice

    take a good long look in the mirror and change everything from the top down.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 2 people found this helpful  

    If you were to look up Sovereign/Santander in the dictionary, you'd see "revolving door" as the definition

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Sovereign Bancorp full-time (more than an year)

    Pros

    The people you work with on a daily basis are very kind, and make the experience tolerable. The benefits are decent, and are better than where you would find elsewhere.

    Cons

    The bank is truly a revolving door. The attrition rate is very high, and it's no wonder given the way employees are treated. The bank's policies are very "old school." They have not adapted to the changing times - there are very few perks to being an employee. Don't even think about asking for flexibility in your schedule, or to work from home. Employees are motivated by a bonus, and that is it. The work environment leaves everything to be desired - quiet, cold, and non-collaborative.

    Don't hold your breath for development opportunities. They do not exist. And as far as the chance to grow with the company, well you just won't see it.

    The bank itself is run on politics and bureaucracy. Nepotism also runs rampant and unchecked. It appeared that you wouldn't get anywhere unless you're related to or a close friend of upper level management. Upper level management itself is a giant boy's club, where a machismo attitude can be detected from a mile away. I was told it's a cultural thing, but that's completely unacceptable. I felt my gender hindered my success, and felt I was not taken seriously or respected by male colleagues.

    Finally, there is a lack of understanding of the US market. You'd think a billion dollar company could seamlessly meld into a new market, but that's not the case here. The phrase, "Well in other countries we did this..." is thrown around in nearly every conversation.

    Advice to ManagementAdvice

    Don't hire employees that you don't trust the opinions of. Don't hire employees who are clearly over-qualified for the role. And finally, appreciate your team - you may be driving the car, but you need wheels to support it.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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