Bank of America Reviews | Glassdoor

Bank of America Reviews

Updated August 21, 2017
16,024 reviews

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  1. Helpful (2)

    "Great Benefits-Terrible Place to Work"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Personal Banker
    Former Employee - Personal Banker
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Banking offers the obvious potential of a great location. There are many Bank of America locations in our area. Having a commute of 10-15 minutes is a plus. The benefits at Bank of America are great! They offer Child Care Reimbursement, $1 for $1- 401k match up to 5%, and a company sponsored Health Care Reimbursement account. Let's not forget the Federally observed paid holidays.

    Cons

    Bank of America tries to micromanage everything. There is definitely a lack of support for those directly working with the customer. Little recognition for actually providing exceptional service. It all becomes a game of making the numbers. This in turn rewards associates for getting customers into products they do not need and are rewarded by the company. Although the Bank likes to view itself as a "store of products" and their bankers as "sellers, " the bank dismisses in my opinion a greater responsibility to provide an honest, upfront service for its customers. The market management never gets involved in helping customers. They come in the branch, cross their legs, and make their almighty genius observations. There might be a line out the door and they do not do anything but sit and play around on their Blackberry. What message does this send about the company's commitment to customer service? It is no surprise they are repeat winners of the 2007 and 2008 "Hall of Shame," for customer service ranked by MSN Money. Despite the fact they are Bank, open the same hours - day in and day out, and the expected staffing levels are predictable, countless time is spent on a scheduling application trying to figure how to staff. The scheduling program reminds me of HAL in the film 2001. Let's just say HAL malfunctions on a regular basis and in the end a 15 page schedule comes out where every 1/2 hour of every associate's day assigned a 3 letter code as to what they are supposed to be doing. The Bank entrust HAL to staff everything correctly and gives no empowerment for a center to adjust staffing levels as needed. I have never seen any company struggle so hard as to get something as simple as staffing down. Is it any surprise that all this complication results in understaffing, missed opportunity, and poor service. Emails and suggestions for improvement are mostly not even responded to and generally not welcome. To sum it up I would not recommend anyone I know to pursue a career with Bank of America.

    Advice to Management

    I do not feel the Senior Management deserves any more of my free advice. I will say you have your work cut out for you. You might try Re-Inventing your entire approach.


  2. Helpful (1)

    "Find a better place to work if you can...."

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

    Pros

    BoA is a big company within which there are a lot of opportunities you may be able to seek for. However, there are certain limits that restrict you from moving around, such as 1 year service requirement in one position before going to the next. Also, the compensation increase is very limited if you move within the bank.

    Cons

    Almost no recognition for good work.
    Management couldn't keep their promises and often ate own words back.
    Even though the core value is "doing the right thing", this is not really implemented in the work life. On one hand, BoA was paying $3.6 BN trying to keep Merril execuitives who ultimately took the money and left; on the other hand, BoA laid off hundreds their own employees who have contributed to the company's growth in the past....

    Advice to Management

    Please be honest, please.

  3. Helpful (3)

    "The Good, the bad and the descpicable of working for Bank of America."

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

    Pros

    They have a great package for new parents, both men and women- lots of time off with the new baby...although I never utilized it. Depending on what department you work in the office space can be pretty and can make you feel good about being there. The money was great and each year the company met its goal, employees got a bonus sometimes in time for Christmas. If you're single and you want to travel, this is definitely the company for you- you'll go to really nice towns...lots considered tourist spots. They always, always put their employees in the best hotels...no motels here! They have lots of choices in healthcare plans but you have to pay a portion.

    Cons

    One of the biggest downsides for me was being embarassed about predatory lending practice news stories that came out one after the other. I found it difficult to look at people struggling to stay afloat knowing how much money the company wastes; i.e. staying at the best hotels in great cities, they'd even pay for extra night or two if it was your first time to that particular city (of course that depended a lot on who approved your travel). One of the thing that I didn't like was the backstabbing- I walked out with an entire cutlery set in back when all was said and done. A lot of the backstabbing wasn't even to get an immediate reward- it was just learned behavior with the thought that stepping on your back might help them later or might make them look better to a bigger boss...and I really emphasize might. People were taking credit for other's work whenever they could get away with it. That seems petty looking back on it but in the moment it can be unnerving. My workload was way too much for one person and if you ask for help- well, just don't ask. All the good things you learned about being a good, respectful and courteous employee...throw them out of the window. People are only respectful and courteous if they need you or if they're going to look bad in front of their and your peers, otherwise, it is completely ingenuine. The proof will be when they act like they don't know when they move to another team and they will because that's what they do...people are always, always moving from team to team. Work is often duplicated, sometimes triplicated because the one employee that knows where something is is not around. There's a lot of that- one person hogging the knowledge for job security then pushing the blame off on you because you're not learning quick enough. Well, I think that is a fairly good primer. Oh one more thing, the employees just have a general nasty, mean tone and attitude. It made me very unhappy to have to deal with that.

    Advice to Management

    Please see everything that I've written above and before you get offended, think about ways you can promote change and to show the change that you promote. People will only follow if you are leading by example. Somehow you have to find a way to weed out backstabbers- they are bad for moral and they will turn on whoever is convenient at the time...that may be you one day. Please keep a better track of spending on travel- everybody hits the most expensive restaraunt, lots of people max out their daily food allowance on food then get sloshed in addition to that with their own money...on a work night no less. It may be a good idea to call the business partner and find out how the group performed.


  4. "Run away...Bank of America only worries about its shareholders, not its clients, and definitely not its employees."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Work for BofA if you absolutely need a benefits package, love internal meetings, and live for mediocrity and red tape.

    Cons

    Bureaucracy, acronyms, inability to do anything, transient management, and spirit points

    Advice to Management

    Sell divisions and focus on the core business. You cannot be all things to all people.


  5. Helpful (1)

    "Bank of America's Corporate Treasury review"

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

    Pros

    Vacation starts at 4w/year for Band levels 5 and up. The Bank provides many perks to its employees, but as of recently it has begun shutting off its perk programs.
    Computer-based training is available to all employees. In addition, the Bank covers up to $5000 per year in business-related educational expenses.

    Cons

    The Bank has many line of businesses, this review is only for the Corporate Treasury.
    Managers in Corporate Treasury tend to treat the pay-for-performance associate development program as a bureaucratic hussle - lots of activity is being faked around year-end on these plans, but it's all for show. There are tons of guidelines how to do this process properly, but managers simply can't be bothered.

    On the benefits side: the health insurance packages worsened signifficantly lately as the Bank has cut its health insurance costs signifficantly.

    Corporate perks programs are being eliminated one by one. This includes the associate home ownership program and the spirit awards program.

    Advice to Management

    Some of the leadership in Corporate Treasury has been around for too long. People come and go, management remains constant and noone seems to pay attention to the high attrition rate. It's not just compensation.


  6. Helpful (1)

    "BOA - All Smoke and Mirrors"

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

    Pros

    Great Benefits and Great Programs for Working Parents and how to cope with the stresses of every day life.

    Cons

    Good Old Boy Network. Too many cliques, that are impossible to enter.

    Advice to Management

    Take a good look at the happy managers and the overworked staff.


  7. Helpful (6)

    "Ruthless, Political Nonsense from Management, but Great Rank & File Workers"

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

    Pros

    Very talented people in the rank and file
    Long tenure in the rank and file
    Good benefits
    Great facilities at the corporate office

    Cons

    Pay high salary to get you in the door, then no raise, I worked for 5 years without a raise
    Pay for Performance is a joke, they tell you what the potential percentage is at the beginning of the year and then at the end the tell you there is not enough money to pay out
    Constant reorganizations
    Incompetent leadership in the Learning and Leadership Development organization
    Acquisition of Countrywide and Merril Lynch resulted in massive layoffs. People laid off included many associates with over 20 years of dedicated service. People were laid off according to highest salaries, not who was competent and capable.

    Advice to Management

    Senior leadership has allowed itself to be forced into managing the business to please the shareholders, NOT to delight the customer and keep satisfied and motivated associates.

  8. "avoid if you have a choice"

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

    Pros

    Good title to have on your resume. Large project experience. I've met and worked with some really wonderful people.

    Cons

    Communications within groups is terrible. Promotions and bonuses are highly politicized. Nothing ever seems to work right and dodging blame is what everyone spends the majority of their day engaged in. Everyone is miserable.

    Advice to Management

    Just level with everyone regarding what is going on. Quit being so paranoid and maybe we can help.


  9. "Run, Don't Walk Away From This Company"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Seattle, WA
    Former Employee - Financial Advisor in Seattle, WA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Your co-workers/peers are usually great people

    Cons

    Benefits are expensive - Corporate management has no idea what it is doing - the company allows inadequate, unskilled individuals to stay in management positions way too long - the compensation for their FA's is very low compared to other firms (Smith Barney, Edward Jones, etc.) - their IT systems are slow, cumbersome and outdated - they do not respect, appreciate or reward their branch personnel - I could go on and on but simply put, this company is horrible from top to bottom. If you are looking for a job in financial services or banking, there are a 100 different firms and banks I would recommend over B of A.

    Advice to Management

    Quit, retire, give up. Seriously, start appreciating your employees and stop trying to nickle and dime your employees and making them suffer for all of your corporate missteps (Countrywide, Merrill Lynch, etc.)


  10. "Management and market execs only care about themselves"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Sales and Service Specialist in Hayward, CA
    Current Employee - Sales and Service Specialist in Hayward, CA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    because its a well known company...looks good on your resume

    Cons

    Most managers arent leaders
    Often threathened with your job
    Goals are unrealistic
    Hard to get time off when needed..(even during a death in the family)
    No motivation given
    Morale is low for tellers and pbs due to management

    Advice to Management

    hire or promote people for managers who had leadership qualities or who know how to keep A TEAM together. not just someone who can produce numbers.
    SOMEONE WHO CAN MOTIVATE rather then break up the dynamics of a banking center

    and 360 coaching doesnt work when "the manager is always right"


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