U.S. Trust Reviews

Pros

Strong team environment for all employees

Cons

Bank in news negatively has impacted new business

Pros

The salary was high
Everyone seemed helpful when issues arose
Allowed interns to speak to many different leaders within each department
Great insight view to how a merger works/ large company works

Cons

Not enough work for an intern
recent merge has people on edge
Most work is administrative

Advice to Senior Management

Find more opportunities for interns to learn
Increase an "open door" policy

Pros

Exposure to a variety of wealth management solutions.
Pay for school and continuing Ed.
Great for resume.
Networking opportunities.

Cons

No value for support staff.
Lack of career pathing for support.
No internal promotions.
Management 101 for dummies.

Advice to Senior Management

Consider the talent you have on staff and realize potential for growth. Become more involved in your market and recognize when 'seasoned veterans' are no longer effective and upgrade.

Pros

Great thought leadership and investment platform. Terrific learning environment if you are young and building your skill set. There are a lot of senior portfolio managers you can learn from.

Cons

Constant turnover and compliance driven environment. Management manages by spreadsheet lacking true managerial skills. Incentive compensation for investment professionals seriously downgraded once BofA involved. Barraged by constant BofA bad press. Support units lack a sense of urgency and client focus.

Advice to Senior Management

Spend more time with your people and less on conference calls and meetings, maybe you will learn something.

Pros

Good clients, many resources, excellent investment data available.

Cons

Too much management, too big to get out of our own way, and way too much process and busy work in the form of ad hoc projects thought up by compliance people. Doesn't allow people to perform their real function.

Pros

Stable company, location, OK benefits

Cons

Office politics, (HUGE and OBVIOUS) Favoritism, zero support on career growth, lack of recognition or appreciation, Management won't listen so never expect your voice be heard (no matter how hard you try), expect you to work thru lunch but will give you attitude to pay you the OT, lack of respect to employees (especially if you are not PCA, PCM, PM, TO).. these are the reasons I left this place, it will kill you slowly. Example of bad management - my manager never responded to my resignation personally. Just a cold and generic email to the floor that I resigned. Never asked about why I am leaving or what can they do to make it a better place for those who stay. Very unprofessional. I am from the San Francisco Office.

Advice to Senior Management

Nothing. They won't listen.

Pros

Was a respected trust company before Bank of America bought it
Nice offices in downtown LA
Base compensation good, bonus OK

Cons

Management in constant turmoil due to conflicts between legacy BAC, UST and Merrill Lynch managers
Management in LA market particularly poor and results in high turnover
Management is from retail banking and doesn't understand HNW market -- pretty much a junior-high atmosphere
Unprofessional environment where clients take a back seat to revenue numbers

Advice to Senior Management

Good luck with the outflows -- in a down market, you can't keep clients if employee turnover is high. But BAC has bigger troubles, and high turnover is part of the BAC culture. The only way they know how to make money is to cut costs.

Pros

High pay for doing nothing.

Cons

Promotion of employees based on relationships only instead of skill set, result is poor work environment. Also makes it harder to improve anything because leadership lacks skill set to do their job. Need to bring in new senior staff from other departments companies instead of having staff in the same departments for over 10 years. Makes a very repressive work environment. I understand the need to have people in the department with knowledge but things do change in the span of ten years - especially in banking.

Advice to Senior Management

Mandatory training for anyone in a management position by an outside company. Having training done by an inside senior person who feels they are the expert on everything will not bring in any fresh ideas.

Pros

smart employees, resources, ability to transfer within company

Cons

salary and bureacracy within company

Advice to Senior Management

none

Pros

Outstanding thought leadership; great platform of solutions; can do it all for clients.

Cons

Merging with Merrill Lynch isn't ideal.