Sovereign Bancorp Reviews

Updated March 20, 2015
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  1. Political. No clue of us banking. Hence Sovereign name change

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Sovereign Bancorp

    Pros

    Look forward to paycheck. Not much else. Good benefits. Large bank like all big banks have to know the right people.

    Cons

    Promise world - tell you whatever you want to hear. Highly political. Culture not conducive to us. Will through you under bus to save there job. No communication terrible training. Management all non US. Do not respect employees. Who you know.

    Advice to ManagementAdvice

    Get out of us. Respect employees. Listen or at least ask if issue comes up. Had terrible experience was scapegoat for worthless manager.

  2. Beneficial for future

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

    I worked at Sovereign Bancorp full-time (more than 5 years)

    Pros

    employees location work benefits pto

    Cons

    management spirit training education employees

    Advice to ManagementAdvice

    N/A

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  3. 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
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  5. 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!

  6. 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

  7. 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 a 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
  8. 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
  9. 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 a 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
  10. 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

  11. 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

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