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Earlier this month, Bank of America announced 30,000 jobs would be cut, in addition to the 6,000 jobs already cut in 2011. Since the mass layoffs news broke, employees at Bank of America have continued to turn to Glassdoor to share their perspective on what it’s like to walk the halls of the bank branches as well as in the corporate offices.
Bank of America today announced that they would be rebranding Countrywide to Bank of America Home Loans, in light of the tarnished reputation that surrounds the lending brand. This news comes on the heels of the January announcement that the company had completed its purchase of Countrywide for $4 billion in stock. Reports are also stating that Bank of America will be adding 1,000 new jobs to staff the new Home Loan division, along with moving 500 current jobs to this new endeavor.
The question is, what does this mean for both past Countrywide and current Bank of America employees? Looking through the reviews and salaries on Glassdoor, we found a few interesting tid-bits we thought we’d share:
Salaries: At Countrywide, a home loan officer earns about $63k/year. But Bank of America home loan officers reportedly earn an average $67K/year. Does this mean that Countrywide loan officers will see adjustments to address equity gaps?
John Thain, former Merrill Lynch CEO, signed his resignation papers this morning after a significant 4th quarter loss.
BusinessWeek reports “the latest problem for Thain, a former head of the New York Stock Exchange (NYX), was news reports that some former top Merrill executives had gotten their bonuses on the eve of the brokerage’s merger with BofA, which raised eyebrows in light of the hefty $15.4 billion fourth-quarter loss. Thain also drew headlines in December 2008 when he sought a $10 million bonus from Merrill’s board, but he quickly backed away from that fight.”
Check out how some of the company salaries for BofA employees compare to those of Merrill Lynch employees.
Bank of America Salaries
Merrill Lynch Salaries
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