Wachovia Reviews in Philadelphia, PA Area

Pros

Great place to work and great fun. Great people to work with. Good brand name in banking and fantastic technology resources.

Cons

Some of the managers don't listen. They do not pay attention to their advices. They are challenges but I think some of the challenges are self-inflicted ones.

Advice to Senior Management

Listen to your junior colleagues and also use their suggestion in management. It will help a lot

Pros

Money and benefits were not too bad.

Cons

The back stabbers and gossipers are favored.

Advice to Senior Management

Small chances...almost none...

Pros

decent starting salary & benefits ... ok position for somebody looking to get into banking industry

Cons

micro management like i've never seen ... i came from investments & lworked for the bank in order to be promoted into a financial advisor position ... after a year, which only lasted that long bc i didn't want anything less than a year on my resume, i left the company on my own terms. i was micro managed from the start, & no matter how far you exceed sales expectations, you're still micro managed, usually to the tune of being asked where you are, & where you're going to be 3-5 times per day ... i came from a position where i had weekly call reports & monthly forecasts, with quartlery, sometimes monthly reviews, so this was a big adjustment. they are no longer interested in hiring educated people that can bring something to the table. instead they're looking for recent college grads (though not mandatory) that don't mind being underpayed & overworked. i'm sure management knows what they're doing, but if you're looking for a sales position, i'd look elsewhere ... if you're looking to get into banking, go to an investment firm that will help you obtain your series 7 (wells fargo will not do this, & if they tell you they do, good luck getting any support). I can go on & on, but i'll just say that this bank is a disaster with unrealistic sales expectations that continually change & are certainly not in the best interest of the customer. I've had several sales jobs, & i've always felt good about the company i worked for, wachovia is the exception.

Advice to Senior Management

hire good people & let them do there jobs ... you'll never retain good employees, bc good employees won't stick around too long when they're micromanaged by people without little or no education

Pros

If you need a job starting out at an ok salary then this is a good job to apply to. There are numerous ways to be promoted from within if you are good at what you do.

Cons

There are a certain number of sales credits you have to get each month and if you don't get them then you are counseled. Under performance could get you fired. They want tellers to refer products when necessary to customers.

Advice to Senior Management

When I worked there, there was a lot of pressure to work on your selling ability. The financial specialists were always trying to get a leg up on each other to get there sales credit quota for the day. The manager's in charge of the FS's don't even work in the branches so they have no clue what goes on.

Pros

Benefits are relatively good, including educational opportunities. There is a pension plan and a 401K. One is encouraged to get banking certification.

Cons

Always focused on the short term. Changes were constant and never thought through well. So much internal competition, back-biting, back stabbing, made it very unpleasant.

Advice to Senior Management

The departments should learn to work together, not try to make the other one look bad so you can look good.

Pros

Long term professional growth, national organization, good training, respected company

Cons

Administrative micromanagement hinders the performance of the workforce.

Advice to Senior Management

Less administrative oversight. The burden of meeting that oversight lessens the effectiveness of the workforce

Pros

Wachovia is very big on work life balance. Management does a good job of communicating to its employees (to some extent they communicate too much when not much has occurred). That being said it is better to have the same message reinforced than for mgmt to be silent when change is going on.

Cons

Once you are within Wachovia, the areas for growth are very limited. There is not a formal development process, and pay for those who advance is not very strong. While Waochvia's mgmt is open to promoting from within they do not do a very good job of fostering this type of environment. Training is mostly self driven.

Advice to Senior Management

It makes more sense to grow from within than to pay an arm and a leg to attract outside talent.

Pros

I work with a great group of people. The compensation and benefits seem in line for the position. There are resources available if you know where to look for them.

Cons

Senior Management is out of touch with the front line. I could start with uncertainty in the banking industry but anyone in the industry knows what it going on. Being a large regional bank there are opportunities but most are centered in Charlotte NC so if you don't want to relocate there opportunities can be somewhat limited.

Advice to Senior Management

Ask for feedback from your employees. Frequently, new policies or procedures come down the pipe and they are developed and created by people that have never done the actual job. When they don't work or are inefficient it doesn't matter because they are written in stone. Charlotte and Philadelphia are worlds apart. In my particular role, the business model is completely flawed. I am completely removed from the Investment Policy Statement construction but I have to abide by the IPS when signed even if it clearly is flawed.

Pros

If you dont mind being micro-managed and refused any holidays off because there is someone else in the office who has been there 1 week longer. Then this is the company for you! Coworkers are great but the management are not. they would rather do whats wrong for the customer... The training at Wachovia is great. So use tis as a stepping stone to some where much better...

Cons

Pay, time off, and a punitive management style.

Advice to Senior Management

take notice of all of the turnover... this happens for a reason.

Pros

Above average salaries compared to the rest of the banking industry. Very good benefits as well.

Cons

Merit pay increases are small (2% average) and opportunities to advance can be limited depending on position and location.

Advice to Senior Management

Fire many of them, as they helped cause the current state Wachovia is in. Senior/Executive Management has so tighten the screws and clamped down on expenses to the rank and file workers that it has become nearly impossible to generate new business. Also, the current problems with the bank have caused panic among some customers that are worried about the safety and soundness of the bank's solvency. Management is not as supportive or communicative in this area. Thus employee morale has taken a big hit.