Bank of America Reviews | Glassdoor

Bank of America Reviews

Updated July 26, 2017
15,848 reviews

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  1. "Ken Lewis has contempt for his employees"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Research Analyst in New York, NY
    Current Employee - Research Analyst in New York, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Employee discounts have been good

    Cons

    Ken Lewis has utter contempt for investment banking. BofA investment banking while smaller was more profitable than Merrill Lynch's, yet he turned the entire business over to ML to screw up.

    Advice to Management

    Show some loyalty to existing employees and learn about the investment banking business if you're going to continue to have one


  2. "Loyalty does not pay off"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President in West Palm Beach, FL
    Current Employee - Vice President in West Palm Beach, FL
    Doesn't Recommend
    No opinion of CEO

    Pros

    Nicce Benefits package
    Product capability

    Cons

    High expectation with low industry pay.
    No support when you really need it.
    Everyone is for themselves
    Consistent incentive plan changes - at least 3 a year.
    Loyal, long term employees are of no value

    Advice to Management

    Do it what it takes to retain your best long term, loyal associates. They should not have to leave to get more money and help.

  3. "Company led by snakes to take advantage of consumers"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Assistant Vice President in Dallas, TX
    Former Employee - Assistant Vice President in Dallas, TX
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Good place to work if you are a recent college graduate or if you are a foreign national.

    Cons

    Layoffs target highly-compensated and mid to senior career level employees.

    Advice to Management

    Move people into your posted job openings before laying off people - there should be no layoffs while there are job openings posted. Moving people into open positions allows then a chance to do something different and rewards years of service. Be loyal to employees - layoff contractors first then employees. Recognize and promote the people actually doing the work instead of the giving the credit and promotions to their managers.


  4. Helpful (1)

    "Good company - bad leadership in the Premier Banking + Investment division"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Vice President in Princeton, NJ
    Current Employee - Senior Vice President in Princeton, NJ
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Pay and benefits, career opportunities - for the "in" crowd of Athanasia and Krupa -(Called "the krew")

    Cons

    Management in the Premier segment - very poor. Making decisions in vacuums. Athanasia and Krupa - screwing things up.

    Advice to Management

    Get people in place who are "bankers", not investment people with little banking experience. Again - these folks at the helm in this LOB are really screwing things up. Ken Lewis - you are going to loose talented associates, and your clients will then follow.


  5. Helpful (1)

    "Bank of America lacks executive talent to get through the tough times they currently face."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Operations Executive
    Current Employee - Mortgage Operations Executive
    Doesn't Recommend
    Disapproves of CEO

    Pros

    The potential to use the brand and market power of B of A to grow businesses aggressively and innovatively. The opportunity to work with extremely talented co-workers and teams -- the talent has seemed to gravitate to B of A until recently.

    Cons

    The business isn't banking -- it's integrating acquired companies in full-time fire drill mode. Ken Lewis is a deal guy and as long as he's in role there will never be a serious move to make the necessary investment in systems and structures to allow organic growth. Morale is bad and getting worse. Ken Lewis and some others on his hand-picked team come across as arrogant and mean-spirited.

    Advice to Management

    Open your eyes and accept the current situation you are in. Executives are leaving in droves and you can't count on the Merrill or Countrywide new blood to be better or even as good. Show more respect and be more transparent as you work the process of downsizing executives.


  6. Helpful (2)

    "Bank of America is not a bank of opportunity....."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President in Charlotte, NC
    Former Employee - Vice President in Charlotte, NC
    Doesn't Recommend
    Disapproves of CEO

    Pros

    The company has a great benefits package and compensation base structure. The size of the company allows for company perks such as the discount program which is awesome. If you get in the right cliche you can advance rapidly with little effort.

    Cons

    The company is suffering from corporate inbreeding and poor management. The opportunities internally are offered to the "in" crowd which often results in associates filling roles they are unprepared to fill. Their incompetence filters down into a massive tangle of red tape as you try to secure approvals and obtain decisions. The leadership feels unprepared to make major decisions that may topple their "in" crowd advantage which often leaves a subordinate to go it alone. If the decision is bad (due to lack of information or an inappropriate level forced to make a decision) you can bet the associate will be downsized next round. Bank of America is very political and back-stabbers run deep through every level of the organization.

    Advice to Management

    If you are going to pitch diversity you must honor the opinions and experiences of your associates. You cannot continue to reward only those who can nod and say "yes". Sometimes the best direction for the company comes from the guy who stands up and says "No. There is a better way" Even if it isn't the "Bank of America" way.


  7. Helpful (1)

    "Thoughtful Advice to Bank of America IT Leaders"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in New York, NY
    Current Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    I can't think of any.

    Cons

    Bank of America has extremely poor IT leadership, both on the application development side as well as on infrastructure management side. Bank of America is an ocean; but still the leadership on the IT Infrastructure (now called ET&D, previously called Network Computing Group) side is terrible. They are rudderless as well as clueless in terms of who their customers are, what their strategic objectives are, and what kind of talent they want 2 years from now, 5 years from now. The IT leadership has herd mentality and they are never involved in any business decisions with the senior business leaders. Lastly, the team undergoes constant changes, every 3-months, and use to be every year and now very frequent. Managers change constantly. Nobody knows what the strategic direction of the IT organization is or will be in 6 months/1 year /3 years from now. The IT leaders are only order-takers and obviously poor executioners. Less said about the IT leadership, better it is.

    Advice to Management

    Get your focus straight. Ask yourself the question: What do you want your organization to be in one year, 2 year and 5-years down-the road? You are very re-actiononary. Be pro-active. Shipping jobs to India and Mexico is not going to solve your problems. You need top to bottom overhaul of personnel, ideas, strategies, and goals. Work on getting the confidence of the business leaders and be involved in (part of) their decision making process.

  8. Helpful (1)

    "Bank of America has lost its way!"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - AVP, Change Management Consultant in Providence, RI
    Former Employee - AVP, Change Management Consultant in Providence, RI
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Benefits are a la carte, you can tailor your benefits package to suit your needs. There is room to grow professionally if you are willing to make a lateral move to other departments within Bank of America. Ethnic and racial diversity are considered a strength at Bank of America. Interdepartmental teams and temporary assignments outside of your department are available and give employees exposure to different roles, responsibilites and jobs within Bank of America. Normally there is work schedule flexibility, employees can work staggered hours with associates starting between 6:30 and 9:30 am .Positions that have no direct customer contact can take advantage of working at home on a temporary basis.

    Cons

    Management tactics can be draconian, there is little to no management support, employee intimidation is rampant. Managers often encourage anonymous tattling as a means of controlling employees and an excuse to give negative feedback. Fourth quarter work reviews are not written and are often used to set up an employee for demotion or firing. Bank of America portrays a corporate culture that doesn't exist and a work ethic that is not practiced by their management. BoA sinply doesn 't live up to their credo. Racism can and does occur and can be overt at times.
    One of the worst practices is encouraging employees to 'fudge' figures to make a department look good. Career development consists of being told what position is available to you. There is no consideration of the employees skills and talents. Management 'force fits' you into a position or role that you may have no training, skills or desire to perform. This is done regardless of your stated career goals and objectives. Bank of America has no desire to truly develop employee talent.

    Advice to Management

    Get involved, give employees someone to go to when they are having problems within the department.

    Employees are routinely intimidated by management into giving good rscores to supervisors and managers on 360 feedback. Hire an outside consultant to conduct and tabulate the 360 survey, this will give a higher degree of confidence that an employee's anonimity is protected and will promote greater honesty.

    Exit interview employees when they leave, you might learn something!


  9. Helpful (6)

    "Don't believe what you hear!"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Risk Analyst in Rancho Cordova, CA
    Current Employee - Risk Analyst in Rancho Cordova, CA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    The people I work with are great, but moral is really dropping to an all time low.

    Cons

    Management like to spit out positive phrases and comments, with no intentions of honoring it. Example: there are plenty of opportunities within the BANK. When there's a job opening within the BANK, they deny you from applying.

    Advice to Management

    Just be honest and tell the truth. Associate will respect you more, even if it's bad news. Lying to your associates only makes them respect you less. It also give the impression that management thinks their associates are idiots. I admit there are a lot of idiot associates: unfortunately that includes management.


  10. "Bank of America"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Specialist in Providence, RI
    Current Employee - Investment Specialist in Providence, RI
    Doesn't Recommend
    Disapproves of CEO

    Pros

    None that I can think of at this time. Job security used to be the top reason but that has evaporated. Bank stock has been been battered.

    Cons

    Layoffs everywhere you look because of Merril Lynch merger. 30 thousand jobs lost out of 300 thousand jobs nationwide. Promotions are lacking. Meritocracy is missing. Lots of backdoor deals for promotions. Pay raises are minimal. Bonuses are smaller every quarter. Senior management is out of touch with employees. Pay is out of line with other similar companies. Shift diferrential is scaled according to geotiers. Bank stock price has been battered due to recent economic downturn.

    Advice to Management

    Dont buy Merril Lynch , Countrywide or MBNA.


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