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More Than Half Of Finance Companies Doing OK Or Better According To Employees

Glassdoor Team — Tue, 26 Jul 2011 21:00:30 +0000

The financial services industry took quite a hit during the recession, with extensive layoffs and scandals marring many a company’s reputation. Employees at many of these institutions have had a difficult time trying to ride the recession’s tide and are continuing to struggle to regain the prestige many held before the fall of 2008.

As the industry fights against a badly damaged public perception, Glassdoor’s Financial Services Report card charts how companies and their CEOs in this category have fared over the past two years according to employees.

Our data analysts dug into employee sentiment to look at how top name accounting firms, asset management companies, banks, brokerages, credit card companies, mutual fund managers, as well as transaction, credit and collections companies compared. To be included in the evaluation, companies had to have at least 20 reviews submitted by employees between July 6, 2010 and July 5, 2011 on Glassdoor.¹

Financial Services Industry Report Card Highlights

Top rated companies in the financial sector: Fisher Investments (4.0), Susquehanna International Group (4.0), Goldman Sachs (3.9), American Express (3.5), GE (3.5), Merrill Lynch (3.5) and T. Rowe Price (3.5).

Most improved companies: Citizens Financial Group saw its rating climb .9 to a 2.9, Fisher Investments increased .7 to a 4.0, TIAA CREF improved .6 to a 3.0, Royal Bank of Scotland and AXA Advisors also increased .6 to a 3.1 and 2.8 rating respectively. Based on the companies evaluated in the report, 57% showed company ratings improved or remained the same as last year.

Top rated CEOs in the financial sector: Susquehanna International Group’s Jeff Yass (97% approval), Scotiabank’s Rick Waugh (97% approval), Goldman Sachs’ Lloyd Blankfein (96% approval), Deutsche Bank’s Josef Ackermann (96% approval) and BB&T’s Kelly King (93% approval). (Based on CEOs with at least 20 approval ratings throughout past year).

Most improved CEOs: Four CEOs saw notable improvements in their approval rating over the past year. Fisher Investment’s Ken Fisher comes in at an 85% approval rating – 28 points higher than last year. TIAA CREF’s Roger Ferguson climbed 23 points to a 65% approval rating. CIBC’s Gerry McCaughey jumped 23 points to a 68% approval rating, and Citigroup’s Vikram Pandit holds a 68% approval rating this past year – a 21 percentage point improvement from the prior year.

Below we offer a deeper look into the companies with the financial services sector:

Large Investment Banks

Goldman Sachs holds the highest company rating among employees (3.9), followed by Merrill Lynch (3.5) and Morgan Stanley (3.3). When asked about the pros of working at Goldman Sachs, a Senior Technology Analyst reported, “smart and helpful colleagues, management tries to do a good job at keeping people happy and working on projects they are a good fit for. Pay is very good, and work hours are not bad.”

The ‘Big Four’

Deloitte holds a very slight edge against its competitors with a 3.4 rating. It’s interesting to note that all ‘Big Four’ CEOs have approval ratings above 80% and Ernst & Young CEO Jim Turley has the highest approval rating with an 86% – up two points from the prior year. An Ernst & Young Senior III Advisory employee sheds some light on why Turley receives such a high rating: “Open door policy with executive leadership, partners, and senior managers.”

Credit Cards

American Express has the highest company rating of the past two years running, and holds a 3.5 rating this year. An American Express Finance Manager recently wrote, “Respect for employees, great culture, work life balance, possibility of moving to different roles every 18 months, excellent brand.”

Banks

Using the National Information Center Report to uncover the largest banks, we found that Bank of America tops the Glassdoor list with a 3.1 company rating over the past two years. When we asked one Bank of America employee what they like about working at the company, they said, “Proactive with change; family oriented; market leader; worldwide brand; career advancement is there if you take advantage of people and knowledge.”

A copy of the full financial services industry report card is below.

Do you have any recent experiences to share?

Are you already employed in the financial sector? Don’t see your employer on this list and want to find out how they stack up? Submit a review for your company, and we’ll have more details to share in future reports as our community builds.

More Than Half Of Finance Companies Doing OK Or Better According To Employees is a post from: Glassdoor Blog

Financial Services Industry Report Card; Susquehanna International Group and Goldman Sachs Among Highest Rated

Glassdoor Team — Fri, 30 Jul 2010 22:33:51 +0000

In an industry closely affected by the markets ups and downs, it looks like good news may be on the horizon as many financial service companies have the green light to start adding to their employee rosters. According to 109 investment banking, private equity, venture capital, asset management and other financial firms that took part in the 2010 Summer Finance Employee Outlook Survey conducted by the AnEx Advantage Training and Associate Program, 74% asserted that hiring in the finance sector would improve within the next 12 months.

In the latest Glassdoor industry report card*, our data analysts dug into employee sentiment at more than 100 companies in the financial services industry, including top name accounting firms, asset management companies, banks, brokerages, credit card companies, mutual fund managers, as well as transaction, credit and collections companies. To be included in the evaluation, companies had to have at least 20 reviews submitted by employees on Glassdoor.com.

The Highlights:

The highest rated financial sector companies (on a 5-point scale) include: Susquehanna International Group LLP (4.0), Goldman Sachs (3.8), Scottrade (3.7), Brown Brothers Harriman (3.6), Capital Group (3.6) and RBC Financial Group (3.6).

The highest rated CEOs within the financial services industry include Goldman Sachs’ Lloyd C. Blankfein (97%), Susquehanna International Group’s Jeff Yass (96%), BB&T’s Kelly S. King (96%), RBC Financial Group’s Gordon M. Nixon (96%) and T. Rowe Price’s James A. C. Kennedy (95%). (Based on CEOs who have received 20 approval ratings or more).

Below breaks down companies within the industry by going a bit deeper than overall rating. As part of the Glassdoor survey, employees are asked to rate eight workplace and cultural attributes, making it easy to compare differences among companies.

Large Investment Banks: Following Goldman Sachs in terms of overall company rating is Morgan Stanley (3.3), followed by both Merrill Lynch and JP Morgan Chase (3.2), and CitiGroup closes out this group with a 2.5. When we look at workplace factors for these large investment banks, Goldman Sachs has the lead in seven of the eight categories — it’s Bank of America’s Merrill Lynch that receives the highest work/life balance rating (3.6) compared to competitors.

The “Big Four” Accounting Firms: Ernst & Young edges out the other three with a 3.5 company rating, followed by PricewaterhouseCoopers (3.4), KPMG (3.4) and Deloitte (3.3). Within the breakout for company ratings, Ernst & Young receives the highest ratings across five of the eight unique workplace factors: employee morale (3.7), communication (3.6), work/life balance (3.5), recognition & feedback (3.4) and, fairness & respect (3.3). However, while ratings are competitive when it comes to satisfaction with compensation & benefits, Ernst & Young receives a slightly lower rating (3.2) than competitors who all receive a 3.3.

Credit card companies: American Express and Capital One come out on top with a 3.5 company rating, followed by Discover and Mastercard, each with a 3.2 rating, then VISA with a 2.5 rating. When we look at the workplace factors for credit card companies, Mastercard receives the highest satisfaction rating when it comes to compensation & benefits (3.8). Discovers rates the best in terms of work/life balance (4.2). And in terms career opportunities, American Express and Capitol One tie (3.3).

Banks: According to the National Information Center, a repository of financial data and institution characteristics collected by the Federal Reserve System, the four largest banks in terms of assets as of March 2010 are Bank of America, JP Morgan Chase, CitiGroup and Wells Fargo. But how do they compare as employers? JP Morgan Chase and Wells Fargo are the highest rated of the largest US banks with a 3.2 company rating. Bank of America comes in third with a 3.1, followed by CitiGroup with a 2.7. When it comes to the banks, JP Morgan Chase and Wells Fargo tie for the greatest satisfaction when it comes to compensation & benefits (3.5) but when we look at satisfaction with career opportunities, Bank of America and Wells Fargo tie (3.2).

Below is the complete break out of financial services companies with at least 20 reviews on Glassdoor. If you are in the industry, see how your company rates compared to others. If you don’t see your company on this financial services report card, it likely does not meet the minimum number of reviews. Help change that by sharing a company review of your own and tell us what’s working and what needs improvement.

* The financial services industry report is based on companies who have received at least 20 employee ratings on Glassdoor. Report based on ratings as of July 28, 2010. ¹ Represents CEOs with less than 20 reviews.

Financial Services Industry Report Card; Susquehanna International Group and Goldman Sachs Among Highest Rated is a post from: Glassdoor Blog

Goldman Sachs: An Insider Perspective

Glassdoor Team — Tue, 27 Oct 2009 18:56:25 +0000

Goldman Sachs has been in the spotlight as of late, namely due to excessive financial compensation for some of the company’s top brass. Case in point, protesters recently gathered outside the Chicago office to ask the company to donate its entire projected $23 billion bonus pool to prevent every foreclosure in America.

We dug into the company reviews to see how employees are faring, and how they perceive the company. We thought that if anyone was to be offended by the large sums of money given to top executives at the company it would be the employees. We assumed wrong.

In a breakdown of Goldman Sachs’ company rating*, employees report highly of compensation and benefits at the company giving it a 3.9 (satisfied) rating, and also report high marks for the senior leadership. In fact, Goldman Sachs CEO Lloyd C. Blankfein has one of the highest approval ratings among CEOs listed on Glassdoor with an 86% approval rating and 3% disapproval, while the company achieves a 3.8 (satisfied) overall rating.

Goldman Sachs Reviews – Glassdoor Review

Blankfein’s approval rating remains steady as you look at employee ratings in branches of the company in different countries. However, employee sentiment varies within different cities in the US, and Blankfein’s approval rating shifts significantly:

New York, NY (Headquarters): 87% approval, 1% disapproval
Jersey City, NJ: 96% approval, 0% disapproval
Salt Lake City, UT : 67% approval, 17% disapproval

With all the hoopla surrounding the company, we felt it appropriate to feature a Goldman Sachs’ employee as September’s review of the month. The winning review comes from a finance analyst within Goldman Sachs, and we’ve included some highlights with the employee’s thoughts on what’s working within the company today and what needs improvement. Consistent with the overall sentiment at the company, this employee who gives high marks to senior leadership (5.0 – very satisfied) and compensation & benefits and communication, and gives a low rating regarding fairness & respect (1.5 – dissatisfied).

Pros: Emphasis on business principles, work ethics, diversity, etc.

Cons: Long hours. For certain people, salary may not compensate you enough for time lost with friends, family. [And] Lost many talented people during the year due to the lack of compensation (which is understandable), understaffing (much more work for those who remained).

Despite the challenges the company has faced publically, this employee notes that the company has a great management team. For anyone considering a career at Goldman Sachs, take the reviewer’s advice into consideration, “Good place to work, depending on your lifestyle needs.”

* Company ratings takes into account eight distinct workplace factors that include: career opportunities, communication, compensation & benefits, employee morale, recognition & feedback, senior leadership, work/life balance, fairness & respect.

Goldman Sachs: An Insider Perspective is a post from: Glassdoor Blog