Bank of America Reviews in Chicago, IL | Glassdoor

Bank of America Chicago Reviews

Updated July 18, 2018
384 reviews

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Chicago, IL Area

3.5
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Bank of America President & CEO Brian T. Moynihan
Brian T. Moynihan
149 Ratings

384 Employee Reviews

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Pros
Cons
  • "Bonuses Training Work life balance" (in 491 reviews)

  • "Communication with upper management can be difficult" (in 435 reviews)

More Pros and Cons

  1. "Middle Office Experience"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Product Control Analyst in Chicago, IL
    Current Employee - Product Control Analyst in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Bank of America full-time (More than a year)

    Pros

    Salary is decent, great benefits, great atmosphere, committed to diversity, work flexibility, and plenty of pto.

    Cons

    Too many systems at use and salary could be better

    Advice to Management

    Share the wealth with the middle office and back office


  2. "Good to work for though heavily regulated"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Release Engineer in Chicago, IL
    Current Employee - Release Engineer in Chicago, IL
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Bank of America full-time (More than 5 years)

    Pros

    Generous PTO for Band 5 and lower employees
    Great parental leave benefits for new parents regardless of gender
    Very inclusive towards the LGBT community
    Matching 401k. 5% match per paycheck and a yearly 2% contribution around bonus time, not performance based
    BoA is now stepping up to provide employees with continued job training that's actually relevant to their jobs

    Cons

    In 2015 we laid off a large chunk of our workforce. For years every department on the tech side was dealing with a skeleton staff and too much to do as a result. Getting anyone's attention for mission critical issues was challenging to say the least. It's starting to get better as of 2018.
    There are many employees that simply don't know what their job is and were never provided with appropriate training to do it. An effort needs to be made on a department by department basis to resolve this.
    Still a lot of training that has no bearing to what we actually do. My job is on the tech end and I have absolutely nothing to do with reviewing customers' accounts. I don't need training on money laundering etc . This mandatory training is a waste of time for many employees

  3. Helpful (1)

    "Go to work, go home and relax."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Relationship Manager in Chicago, IL
    Current Employee - Relationship Manager in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Bank of America full-time (More than a year)

    Pros

    Professional growth. Many areas to move to

    Cons

    Can be very tedious. Too many requirements to track interactions.

    Advice to Management

    Get rid of all the unnecessary tracking. We are doing our job. If not, the numbers would show.


  4. Helpful (1)

    "Good Company, Bad Market"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Relationship Manager in Chicago, IL
    Former Employee - Relationship Manager in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Bank of America full-time (More than 3 years)

    Pros

    The benefits, overall company culture, and resources and products the bank offers are all good.

    Cons

    Management in the Chicago area is a joke. Turnover is crazy, most branches are understaffed, and your market leader cares nothing about your development, effort, etc. You're a number, and nothing more. Do everything asked of you and have issues or poor performance beyond your control, and your manager will come around lecturing you about the minimum #'s to hit. Start hitting your #'s, and they will come around with high fives and smiles and act like "We knew you had it in you all along!" The bonuses are very low, and only decent if you manage to make it over several hurdles, including: audit errors, bad customer surveys that your teammates get, and large deposits being made to the branch. If you're in a very busy center that's staffed properly AND get very lucky with surveys and large deposits, you will maybe come away with a few grand for the entire quarter. Incredibly low when you consider how it's taxed, and what your base is for this role.

    Advice to Management

    Turnover is very costly. Clients want familiar faces when they come to a bank, and that's not including the lost production from someone valuable leaving, the cost to hire and train someone new, etc. Pay or promote your best, or they will go to another bank.


  5. Helpful (1)

    "Did my year and RAN."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Solutions Advisor in Chicago, IL
    Former Employee - Financial Solutions Advisor in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Bank of America full-time (More than a year)

    Pros

    Benefits
    Pay for your licenses
    Good way to get your foot into the industry

    Cons

    Micromanaged - Every single minute of your day is scheduled and planned out. Every action you do on the computer is recorded and monitored. Not on a call for 15 minutes because you are doing call work? Expect to get an email from your manager asking what is wrong. On call and you go 20 minutes over when you are supposed to take lunch? You better cut that out! Try to imagine doing that 9 hours a day. Every, single, day!

    Glorified banker - You are a "financial advisor" but the only advising you can do is either open a none-advised self-direct account, or into a "robo advised" product where the financial advisor aspect is taken out. Thats right, you can NOT recommend a product where you are involved. Try convincing clients to move their accounts over when you tell them that.

    Regulations to the max - To verify a client you have to verify FIVE PIECES OF INFORMATION. Try doing that at the start of a conversation and going anywhere with it. Any time investments are brought up you have to read a paragraph disclosure. Im not joking, its a paragraph! Any time you do a "review" with the client you have to touch on multiple financial terms and make sure the client fully understands. You can already picture the reaction when you try explaining multiple financial terms to a discount brokerage client, who you will be lucky if they even have heard of a mutual fund.

    Archaic Systems- They are too cheap to update their software. You will be using systems from 1999 to document every single one of your calls. They are too cheap to invest into salesforce. Maybe they just like the software because it seems to "forget" to credit you for half of your paid out metrics, forcing you to document, monitor, and keep track of every single potential payout. Seems easy enough, but when you are doing 25-35 calls with clients every day it can get hard to keep track of. Especially with the 100 other items you are being micro managed on.

    I could go on and on about this job and how terrible it was. You will find the only people who are staying at Merrill Edge are single parents, people over 50 who can not get a job anywhere else in the finance industry, people without college degrees, or candidates straight out of college. They prey upon the weak knowing this is your only option. I was a very positive and happy person before this job, but during it I was beyond depressed. Thankfully I had my degree, did my year, and GOT OUT!

    Advice to Management

    Stop micro managing your employees to the point of them leaving.
    Get rid of the role.
    Treat your employees like humans.


  6. "Great place to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Information Security Specialist in Chicago, IL
    Former Employee - Information Security Specialist in Chicago, IL
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at Bank of America full-time (More than 3 years)

    Pros

    Great benefits
    Great work / life balance

    Cons

    Pays under market rate compared to other companies


  7. Helpful (1)

    "BofA IAM"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Chicago, IL
    Current Employee - Anonymous Employee in Chicago, IL

    I have been working at Bank of America full-time (More than 3 years)

    Pros

    There are a ton of benefits at the bank like 401k matching that are great. The work is ever changing so I never get bored.

    Cons

    It can be frustrating to see how competitive the company is for new hires, but that they do very little to retain talent.

  8. "Documentation Specialist"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Loan Closer in Chicago, IL
    Former Employee - Loan Closer in Chicago, IL
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at Bank of America full-time (More than a year)

    Pros

    Excellent child care benefits and community service projects. The 401K benefit plan is a definite incentive when most companies aren't offering this now.

    Cons

    Job roles and titles consistently change. The turnover rate at the Bank is high and unfortunately layoffs are plentiful. Job security at this Bank is an uncertainty.

    Advice to Management

    Listen to your employees; most of the time their concerns are valid and many of their ideas and suggestions can be beneficial to the growth of the corporation.


  9. "Analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Northbrook, IL
    Current Employee - Anonymous Employee in Northbrook, IL
    Recommends
    Positive Outlook

    I have been working at Bank of America full-time (More than 5 years)

    Pros

    Location, nice people, pleasant office

    Cons

    Career Guidance is unfortunately limited

    Advice to Management

    More career guidance


  10. "Understanding the Power of their People"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Operations Manager in Chicago, IL
    Former Employee - Operations Manager in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Bank of America full-time (More than 5 years)

    Pros

    Bank of America's senior leadership really seems to have a good feel for not only what their employees value, but how to do their best to provide opportunities to express those values. With that said, I found a lot could be done within the Bank as long as you (unfortunately) played typical office politics and learned to stay in your lane. There were plenty of opportunities to network where I was (GT&O - Treasury Management), but once again - it was a struggle to even get there.

    Cons

    Ultimately, the cons I saw within the bank's culture were more about specific people and groupings rather than fundamental, core value issues. In the end, I did not receive the support I had assumed I should have been afforded, and had no say in which projects I wanted to be a part of, or how I could even be considered for things in the future.
    As can be seen through a lot of different large organizations - you get what you put in, but in some cases the timing of what you will get out of it just didn't seem to be sufficient for me (over 7 years commitment).

    Advice to Management

    Continue to place trust and power in the people doing the jobs on a daily basis. Continue to act on the Voice of the Employee suggestions, as well as making it a fundamental part of your own self-analysis around whether you not only have the right people in the jobs currently, but are those people on the path of where they want to be, and how can you best help them.


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