Bank of America Reviews in New York, NY | Glassdoor

Bank of America New York Reviews

Updated May 2, 2017
54 reviews

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New York, NY

1.0
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Bank of America President & CEO Brian T. Moynihan
Brian T. Moynihan
27 Ratings

54 Employee Reviews

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Pros
Cons
  • Work/life balance can trend exceedingly work-heavy (in 415 reviews)

  • Communication from upper management to floor not consistent" (in 370 reviews)

More Pros and Cons

  1. "High Performing (for 3 consecutive years)Ex-Employee"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President in New York, NY
    Former Employee - Vice President in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    - Flexible, laid back culture

    Cons

    - Bank of America is far behind in all aspects of technology and is not time catching up to the street as a result of all the politics.
    -Pay practices severely suffer compare to the street
    - Prefer to higher consultants at a higher salary than pay it's performing employees
    - Too much middle management
    - Advertise increase in budgets at the bank, yet management tells employees that they need to cut and only a number of people do the actual work
    - Too many people doing nothing, just occupying space and trying to take credit for your work
    -Promotions do not mean anything when it comes to pay raises or bonus (they are just titles and a pat on the back)
    - Manager do not care about your career aspirations/goals

    Advice to Management

    - Reward your performing employees
    - Keep employees for the right reasons, not because they are stuck on a H1
    - You need better ways to improve culture/morale


  2. Helpful (1)

    "Technology Associate Program - RUN AWAY"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Technology Associate in New York, NY
    Former Employee - Technology Associate in New York, NY
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    I was in the Technology Associate Program (TAP) at Bank of America for a little over a year and a half. I'm writing this review because I wasn't able to find one when I joined.

    Some pros:
    1.) If you're interested in finance, it's not a bad place to be. BofA is a recognizable name and the program is supposedly well regarded.

    2.) Most of the people I worked with were friendly and enjoyable to be around.

    3.) The hours are reasonable - everyone I worked with left work by 6 pm everyday. If you aren't based in NYC, it's probably earlier than that.

    4.) 15 days of vacation is pretty good for finance, especially when you've just graduated from college.

    Cons

    Oh, the cons. There are many.

    1.) They continue to pay the class of TAPs the following year more money without offering the same realignment to the current class. For instance, the 2014 and 2015 TAPs in NYC were paid 71k. In 2016, they were paid 85k. I left before hearing about the 2017s, but because BofA is trying to be competitive with Goldman and JP, it's likely more.

    2.) When you're promoted to AVP in two years, you (probably) won't get a significant raise. You will only get a raise if you have another offer from another company.

    3.) They try to claim that they "teach" you finance, but the reality is that most trading desks are more complex beyond what they teach you in training. It will take 6 months to a year to feel like you're actually doing any work.

    4.) You have absolutely no say as to what team you will end up on. If you end up on a Front Office facing team that uses Quartz, great! You'll get more visibility and probably more money if you stay there for years, and valuable experience since Python and Quartz are in-demand skills. But, if you end up on a Back Office team or doing ASD (support) work, you won't get much exposure or transferable skills and will be stuck at BofA forever. Trust me, the recruiting teams will try to convince you otherwise, but the reality is that a significant number of TAPs end up in a back office role on a team that has nothing to do with trading.

    5.) If you're female or white or both, you will be in the very, very vast minority unless they're now able to attract a higher caliber of candidate with the increased salary. Most people in the program are Asian males.

    Really glad I was able to get out of this place. The TAP program allowed me to get my foot in the door in NYC, but once I realized that I wouldn't advance at all, I got the skills I wanted and got out. If you're desperate enough to take their offer, I encourage you to do the same.

    Advice to Management

    You talk about lowering the average age of the bank constantly and glorify the TAP program to an extreme. However, there isn't much connection between the supposed regard of this program and the way that TAPs are treated. It's great that you're finally getting your stuff together and paying them market rate for software engineering, but you will NEVER retain the TAPs with legitimate skills since working at BofA isn't as great as working at a tech company, AND salary reviews aren't done unless it's year end and you have a counter offer. You really need to offer something beyond the standard corporate environment if you want to stay competitive with the tech industry.


  3. "teller"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Teller in New York, NY
    Former Employee - Teller in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    ok pay. ok schedule and that's it

    Cons

    employees are stuck up, personal bankers are snobs, watch your money at all times. Be prepared to have daily counseling on everything you done wrong the day before. You have to be perfect with any and everything you do. I really wanted this job to work out but unfortunately it was a epic fail. good luck to anyone that applies


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  5. "Director"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Director in New York, NY
    Former Employee - Director in New York, NY
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    Established franchise with global footprint and great potential

    Cons

    Various conflicting culture, generalized mediocrity, unbearable bureaucracy and lack of integrity.

    Advice to Management

    Split bank up or truly adopt new technology to increase transparency and make better business decisions.


  6. "Humans, what are those?"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Colleagues were very supportive and encouraging.

    Cons

    Management's lack of employee engagement, lead-through-fear culture and HR is ABSENT from the enterprise! No wonder the economic collapse happened and will absolutely reoccur at Bank of America!!! If you vocalize concerns, possible opportunities or shift to other markets within the organization, you'll be permanently black-balled. Retribution against employees is FULLY endorsed from the top down. Executives are connected to questionable financial transactions and parties. Training? Click to "confirm" that you've been trained and schedule the mortgage closing - no course work/training happening. Do you have a question, "what does PRO say?"

    Advice to Management

    Undercover boss your leadership team. You'll be disappointed at the environment and climate they create and their ignorance to their role in creating it.


  7. "Terrible Culture"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Negative Outlook

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

    Pros

    They seem to pay more than other banks on the street and easier interview questions - more of a 'who you know...'

    Cons

    Terrible shame that BoAML did not merge as successfully as other firms like J.P. Morgan / Chase. If you are looking for a collaborative work environment in a bank that is innovative and forward thinking, apply elsewhere. Boiler room environment.

    Advice to Management

    Promote integrity and good culture carriers


  8. "Not a good place to work"

    Star Star Star Star Star
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Positive Outlook

    I worked at Bank of America full-time

    Pros

    a large company that is financial strong

    Cons

    Not a place to build a career.. a lot of lay offs, work environment filled with passive aggressiveness, inordinate amount of inefficiencies in internal processes

    Advice to Management

    figure out what you want to be as a company


  9. Helpful (1)

    "Stay away from suckers"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Good only if you want to do anything by entertaining managers to make money

    Cons

    I knew about their ugly culture but they promised me that they are bringing cultural changes and needs someone for long time. So I joined as s contractor to design very important multi-million dolor reconciliation system. They bought team from Dublin (all server side developers with clueless manager) to New York to run their first web based project. I've completed most important initial design with in first 3 months.

    One Wednesday evening they informed my agency that I'm no longer working their. Not even 1 day notice. I realized that they wanted to cut corners and replaced me with a Jr. level person who can continue on my design.

    I feel relaxed after leaving this depressing work environment. It's not a good place if you are looking for work life balance, a good culture, an organized environment to grow.

    Advice to Management

    God bless you :)


  10. "Risk areas are dominant and don't discuss their decisions"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY

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

    Pros

    Huge amount of resources and typical top tier services for a bank of this size. Some groups have management focus and do well, especially in the US.

    Cons

    Very weak risk culture outside the US. I was part of the non-core team and it felt like there was no commitment to the region other than for very plain vanilla business.

    Advice to Management

    hire proper risk department


  11. "Global Markets"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Manager in New York, NY
    Current Employee - Senior Manager in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Bank of America full-time (More than 10 years)

    Pros

    I wish that I had good things to say...

    Cons

    You are a number, period. You will be cut in a second if it will help to make numbers. Your bonus is a carrot that will likely be yanked out at the last minute. Too many lousy things to say here.

    Advice to Management

    Grow a pair


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