Bank of America Reviews in New York, NY | Glassdoor

Bank of America New York Reviews

Updated December 2, 2017
61 reviews

Filter

Filter

New York, NY

1.0
StarStarStarStarStar
Rating TrendsRating Trends
Recommend to a friend
Approve of CEO
Bank of America President & CEO Brian T. Moynihan
Brian T. Moynihan
31 Ratings

61 Employee Reviews

Sort: PopularRatingDate

Pros
Cons
More Pros and Cons

  1. Helpful (1)

    "Relationship Manager"

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

    I worked at Bank of America full-time

    Pros

    Easy hours of work : 8.30 to 4.00 most days / 8.30 to 6.00 Fridays / 8.30 to 1.00 Saturdays.

    Cons

    Management plays the favorites game.
    If they like you, all your mistakes are overlooked, if they do not like you - you are picked upon for everything, everyday. You are humiliated and threatened with termination. If you remind them that there are others who have made the same mistake, you are told to worry about yourself and not focus on others.

    Advice to Management

    Grow up ! Learn to treat your employees with respect.


  2. ""Quantity, not Quality"!"

    StarStarStarStarStar
    • 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
    Neutral Outlook
    No opinion of CEO

    I worked at Bank of America full-time (More than 10 years)

    Pros

    Great Vacation Time. The one thing we all looked forward to. You can even buy 1 week extra on top of what you have accumulated already for that year :).

    Cons

    Too large and not taken into consideration individually. If deciding on leaving, no matter how good you were, no negotiations on trying to hold on to their best.

    Advice to Management

    What can one say or, no matter what you say, these Firms are too large to really give your opinion, so, no need wasting time speaking up.

  3. Helpful (2)

    "too many layoffs"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Director in New York, NY
    Current Employee - Director in New York, NY
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    I have been working at Bank of America full-time (More than 8 years)

    Pros

    Large company, very good variety of benefits

    Cons

    very political place for no reason. No employee sharing everyone is very guarded which is a result of too many layoffs. People are on edge.

    Advice to Management

    Try to stop laying off good people. There has to be a better way. Stop allowing your managers to get rid of their competition because that is exactly what they are doing. There should be some way to validate the suggested layoffs with metrics! You are losing valuable human capital and keeping less qualified or just purely political people


  4. Helpful (1)

    "High Turnover"

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

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

    Pros

    Lots of things to learn, trial by fire

    Cons

    Verbally abused on a regular basis. Group spends a lot of time recruiting, but little time keeping employees. Every analyst and associate is interviewing for something else.


  5. "Sr Financial Analyst"

    StarStarStarStarStar
    • 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
    No opinion of CEO

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

    Pros

    no pros, worst team ever, avoid at all. CFO, GVG VCG team are the worst team.

    Cons

    full of politics, harassment, and discrimination.

    Advice to Management

    no advise, need built team culture from scratch


  6. "Unethical"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President Business Banker in New York, NY
    Former Employee - Vice President Business Banker 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

    I worked with Bank of America and I did not enjoy the expireince. I ahve been in banking for 10 years and coming from Chase I can see the lack of training and teamwork at BOA. The benefits are good, pay is good but the company has terrible management and lack of focus. Lines of business don't communicate propertly and they change process too frequent.

    Cons

    Management
    Training
    Upward mobility
    Pricing in products
    Favoritism

    Advice to Management

    Value employees
    Stop favoring
    Be in the direction you want employees to focus


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

    StarStarStarStarStar
    • 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

  8. Helpful (1)

    "Technology Associate Program - RUN AWAY"

    StarStarStarStarStar
    • 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.


  9. "teller"

    StarStarStarStarStar
    • 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


  10. "Director"

    StarStarStarStarStar
    • 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.


Showing 61 of 17,765 reviews
Reset Filters