Wachovia Reviews

Updated August 20, 2015
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3.9
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Wachovia Chairman and CEO John G. Stumpf
John G. Stumpf
176 Ratings

Pros
  • Wachovia was very committed to work-life balance (in 42 reviews)

  • Work/life balance, good benefits (in 53 reviews)

Cons
  • Upper management is blind sometimes (in 17 reviews)

  • micro management like i've never seen (in 16 reviews)

More Pros and Cons

686 Employee Reviews

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  1. Helpful (2)

    Far from the best

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Center Manager in Anaheim, CA
    Current Employee - Financial Center Manager in Anaheim, CA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Great employees in the immediate work group.

    Cons

    Compensation, time-off policy, bad publicity.

    Advice to Management

    Review compensation package, honest discussion about the company's financial future.


  2. Helpful (1)

    Liberalism drives Wachovia into the toilet.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Business Analyst in Charlotte, NC
    Current Employee - Business Analyst in Charlotte, NC
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Use it merely as an interim - until you get a better job. Not much good to say here... Most people within - hate Wachovia... miss First Union.

    Cons

    It is now run by a bunch of liberals.

    Advice to Management

    You wait and see what this liberal approach to a capitilistic business brings about.... Failure and the collapse of our organization. Stock has dropped from 47 to 17 in last 9 months.


  3. Helpful (1)

    Wachovia has many problems that need to be addressed!

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Licensed Financial Specialist in Washington, DC
    Current Employee - Licensed Financial Specialist in Washington, DC
    Doesn't Recommend

    Pros

    Great training program for Licensed Financial Specialists (LFS). ALl NASD/FINRA securities licenses were paid for by the company upfront. Training of a LFS is rumored to cost the company between 40-60K. Commission compensation used to be very strong with Wachovia before 2006.

    Cons

    Since 2006, it has been very hard to make decent commission. This is not only due to the economy, but is also caused by the company squeezing the comp structure of its employees. The LFS position is very high pressure. That would be completely fine if LFS's were making 80K+ like they were in the past. Also, management style is terrible. There is more micro-managing at this level then is necessary. LFS's are given about 15 PTO days a year, but management does not want you to use them. Also, with the current state of the company, they are coming up with strict policies that are completely unacceptable. Finally, turnover is very, very high. It is due to people not being satisfied with the company, firings due to unethical behavior, and people jumping ship to move from a base salary of 45K/year to 75K/year at PNC and other banks.

    Advice to Management

    "Go back to the basics". Don't just concentrate so much on customer satisfaction but start concentrating on employee satisfaction. In the end of the day, if employees are not satisfied, clients will not have a good experience.


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  5. Helpful (1)

    Don't even think about it

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Teller in Virginia Beach, VA
    Former Employee - Teller in Virginia Beach, VA
    Doesn't Recommend

    Pros

    Benefits...but they cost a lot

    Cons

    Management does not listen to what lower employees have to say, they think they are allowed to do whatever they want, yet you have to do exactly as they say. There is no fairness and only those that kiss behind will be promoted. Two people could do the same thing wrong, but if I'm not the favorite I get written up while the other is ignored. There is no flex in time off. Its not what you need its what they need and sometimes you have to go to the doctor or you have to go to this funeral. There is no work life balance its all about them.

    Advice to Management

    Step up your game and watch what your lower management is doing. You think they are doing their job and their not.


  6. Wachovia? You mean Walk-all-ova-ya?

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Teller Manager in Fairfax, VA
    Former Employee - Teller Manager in Fairfax, VA
    Doesn't Recommend

    Pros

    Aside from getting a paycheck to pay the bills I really can not think of any.

    Cons

    From the date that I recieved my offer to come work for Wachovia, I was given mis information about everything. The day I recieved my offer, I was given incorrect information about how many vacation days/ paid time off I would be given. The training was horrible, and anytime a training class was scheduled for me to attend, it would be cancelled for one reason or anthoner. If I did not have prior experience I would have been completely lost. The people I worked with were at best neutral and at worst incompetent. Any time I tried to take a vacation day/PTO, it was always declined. Anytime my area needed someone to fill in for a vacationing co-worker, we were never given any help, but we were always expected to go out of our way to help others, even if it meant short-staffing ourselves. Human Resources is a joke as well. After I put my two weeks notice in, I called HR to find out how much PTO was still allotted to me, as well as when My last paycheck would be. I was told I had 35 hours of unused PTO, as well as two more full paychecks as Wachovia runs two weeks behind on their pay cycles. Right after the first paycheck, they debited me 1/4 of that and said that it was because I was overpaid because i didnt work the last full pay cycle, and that I would not be given the last pay as it was paying for the last of my health benefits. I was also told at this point that I only had 21.25 vacation hours to be paid. This is the worst company I have ever worked for.

    Advice to Management

    Train your employees in every corner of the company. Dont stick them in a room somewhere in front of a computer screen and call that training. You cant expect them to be competent in their jobs that way. It would solve many problems if people actually knew what they were talking about and why.


  7. Why in the world would you bother

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in New York, NY
    Former Employee - Financial Advisor in New York, NY
    Doesn't Recommend

    Pros

    None...going down the tubes....management plays the company "yes" man. I have absolutely nothing positive to say about them.

    Cons

    Dishonest management, low salaries, bad work environment. Co-workers seem to just float there from year to year and not put any effort into exceeding any goals.

    Advice to Management

    Try to lay off the closed end funds and auction rate securities next time


  8. Merger disaster

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Team Lead in Saint Louis, MO
    Current Employee - Team Lead in Saint Louis, MO
    Doesn't Recommend

    Pros

    Good pay. Close to home. Good people to work with. A lot of knowledge at the associate level.

    Cons

    A G Edwards bought out May 07 by Wachovia Securities. Merger has been a disaster at best. Management is being changed weekly. No manager seems to know what to do or how to organize. No communication from management to the associate level. Mid level management is over woked, sometimes have up to 30 people to manage. No one is sure of their jobs from 1 week to the next. So much is bad, don't know where to begin.

    Advice to Management

    More mid level management with knowledge of how to manage is needed. Communication and input of issues by those doing jobs is needed. Senor management needs to be confident and innovative to give people confidience.


  9. A sinking shi with out a rudder.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President in Philadelphia, PA
    Current Employee - Vice President in Philadelphia, PA
    Doesn't Recommend

    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 Management

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


  10. Honest Feedback from 15 year industry veteran

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Licensed Financial Specialist in Greensboro, NC
    Current Employee - Licensed Financial Specialist in Greensboro, NC
    Doesn't Recommend

    Pros

    Commission structure for licensed financial specialists is excellent. They reward you for bringing in the big accounts.

    Cons

    Tons of micro-management. Management also likes to hold WAY to many conference calls and reporting calls. We spend more time talking about what we are going to do, what we should do, and what we did versus DOING. High-stress position, and management does not compensate with time off and/or short-term disability pay when you need it. Also, you are in competition with your fellow LFS's, sometimes even in your own branch. This can make things hard.

    Advice to Management

    Stop the micro-mangement, constant reporting and conference calls, and the fake motivational cheers on the calls. We also need some information about the merger with Wells Fargo. Since it was announced, we have heard nothing.


  11. Helpful (1)

    Don't do it, don't waste the next 3 years of your life.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Licensed Financial Specialist in Macon, GA
    Current Employee - Licensed Financial Specialist in Macon, GA
    Doesn't Recommend

    Pros

    The good reasons to work for Wachovia are slim if you are a looking for advancement in your career, however, if you strive to be an average employee and never want to move up the corporate ladder, then Wachovia is the place for you. The base salary is good and you could live off of that. The health benefits are good if you live in a large city, but deminish as you move to the rural areas as the options are based on your zip code. The 401(k) has a good selection of funds to choose from. The best benefit if you are a slacker and don't want to go anywhere is the amount of paid time off that you are given, not to mention the family care time. Starting off, you could get anywhere from 3-4 weeks of paid time off, including family care time. Its a great place if you are content at never moving forward in life.

    Cons

    The lack of growth within the company is terrible. It does not matter the numbers you achieve in sales, but it all depends on who you know as to who gets the best jobs. The turnover in upper management is another problem, once you get used to one persons lack of leadership, another waste of space has taken over to run the ship into the ground. Its laughable at the dismal display of talent (lack of) that has risen to top of Wachovia. Wachovia can't keep its own talent, the average career as a licensed FS at Wachovia is 3 years, and the first 10 months are in training...so you can tell it doesn't take long for someone to figure out that it is a poorly run company with little room for growth. The branches run on a shoestring budget and it is very embarrassing shaking the daylights out of a toner for a printer so you can get the last bit out before you have to exchange it because we can't afford to buy 2 at a time. We have no promotional items to give to customers unlike other banks, (hats, shirts, pencils, pens). Its not uncommon for branches to "loan" each other paper, toner or other items b/c they can't order enough to operate efficiently. You have no lending authority at all. It doesn't matter how many years you've been with the bank or as a lender. The lending decision is made by people that have never been in sales or never worked in a branch. All the decision makers live in another state and do not care if your client is a multi-millionaire with ten million dollars in cash in Wachovia....rest assured it will be declined....In other words, there are not too many good reasons to work at Wachovia.

    Advice to Management

    Quit....let a monkey do your job, they couldn't do worse.



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