CIBC Reviews in Toronto, ON | Glassdoor

CIBC Toronto Reviews

Updated January 23, 2017
44 reviews

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Toronto, ON, Canada Area (Canada)

1.0
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CIBC President & CEO Victor Dodig
Victor Dodig
8 Ratings

44 Employee Reviews

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Pros
Cons
  • The hours so work life balance is horrible (in 49 reviews)

  • High sales targets might put you under pressure (in 47 reviews)

More Pros and Cons

  1. "No equitable pay across gender or business units"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Project Manager in Toronto, ON (Canada)
    Current Employee - Project Manager in Toronto, ON (Canada)
    Doesn't Recommend
    Disapproves of CEO

    I have been working at CIBC full-time (More than a year)

    Pros

    Some team members are friendly and good to work with

    Cons

    Pay is not equitable across gender lines, or between departments (by a multiple as much as 2.5x). If female, expect to be mansplained, and have your contributions minimized by less evolved coworkers.

    Advice to Management

    Improve pay conditions (instead of continually reaffirming that something will happen, but haven't seen any progress) and show executive support to staff.


  2. "All negatives because of the team and the managers"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Toronto, ON (Canada)
    Former Employee - Anonymous Employee in Toronto, ON (Canada)
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    - if you're looking for a 9-5 job with no work flexibility, this company is ideal for you
    - good benefits (comparable to other banks)

    Cons

    Depending on the team you end up on, the experience can be horrible. On this team, there was massive favoritism, no opportunities to advance, no opportunities to learn new skills, indirect bullying and micro management.

    Even when these issues were brought up in employee surveys, employee reviews, hr interviews, ultimately no changes were made causing the team to fall apart in less than a year.

    There are also no opportunities for work flexibility. This is true of a lot of departments at cibc not just this team. Other teams have better people managers but none of them provide work from home options, compressed work weeks or shortened work weeks. The company as a whole promotes work flexibility depending on the department but the manager mentality in the majority of departments is too old fashioned to allow it.

    Advice to people getting interviewed: ask questions about the team: is it team work oriented? Do team members share experiences and knowledge? Does management regularly acknowledge hard work? Does hard work get rewarded?

    Advice to Management

    Treat your team like people and very likely you'll earn their respect and loyalty.


  3. "Anti-Money Laundering Analyst"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - AML Analyst in Toronto, ON (Canada)
    Former Employee - AML Analyst in Toronto, ON (Canada)

    I worked at CIBC full-time

    Pros

    Okay benefits.
    Decent pay.
    If you don't have ambition, that's okay, not much seems to be expected.

    Cons

    Zero work-life balance.
    Micro-management.
    No uniformity.
    Culture of distrust and suspicion.
    No communication or crossed wires of communication.
    Very poor onboarding.
    Mediocre staff.
    For a job that requires no collaboration and is all computer based, they're still forbidding people from working from home. Unless you're a director. Or a favourite.

    If you don't drink the "company kool-aid", you will be the victim of a witch hunt.

    Advice to Management

    Just because someone is a good analyst, doesn't mean they're a good people manager. There are completely different skills required for each role. Hire managers for management roles!

    The problem of disconnect in this department seems to come from management. I don't think it's a CIBC-wide problem but more of a departmental issue.


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  5. "Talent Attraction (Recruitment) team is being suffocated"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Talent Acquisition Consultant in Toronto, ON (Canada)
    Current Employee - Talent Acquisition Consultant in Toronto, ON (Canada)
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at CIBC full-time (More than 5 years)

    Pros

    Employees in HR and Recruiting are knowledgeable and hard working, willing to help, resourceful. There are many subject matter experts available, but they seem to be out of reach for the daily activities of the recruiter to help them do a better and faster job.

    Cons

    Too many processes and unnecessary projects that do not help Recruiters do their actual job, and slows them down more from doing their job. The culture has changed alot in the last year, and all for the negative. Good people have been cut, the office bully with no positive skills has been given the highest award possible, and people are afraid to look even look up from their desk, never mind speak to each other because they will get accused of gossiping and then punished. The volume recruits are being given is uncomparable to any other banks, and managers sweep under the rug how exhausted and overworked their employees are, and worse, they mentally and emotionally punish them. Which is interesting considering that many senior managers and director and fairly new to the organization, and their level of actual recruitment is minimal so they don’t know how to do their job, but they know exactly how to play politics with the VP so they themselves look look. Nobody has been promoted within the team or even gets to move internally to another team, which contributes even more to the zero motivation the department has reached.

    Advice to Management

    All your employees will be leaving very soon if you keep up the volume of work that are you throwing their way, without a care of their sanity or health. Victor, your deep cuts to the organization which are happening through off-shorting will hurt the organization a lot.


  6. Helpful (3)

    "The F in FSR does not stand for Fun."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Representative in North York, ON (Canada)
    Former Employee - Financial Services Representative in North York, ON (Canada)
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at CIBC (Less than a year)

    Pros

    - Good benefits

    In my opinion, that's it.

    Cons

    - Unprofessional management and HR team
    - Glorified telemarketing job
    - Unnecessarily long scripts that clients do NOT want to listen to

    Advice to Management

    During the Academy Bay training period, more support should be offered. Also, the training period should be longer and more thorough. 3 weeks is not enough to cover all the material. My friend who was hired as a CSR recieved 6 months of training. I was dialing by the third week! I was hired with no banking experience, yet expected to memorize the values and benefits of each banking product as fast as my coworkers who were hired with me with banking experience. However, we all collectively felt we were thrown out onto the salesfloor without receiving adequate training.

    In addition, the classroom style environment is reminiscent of a third grade class. I've heard of team building activities but Heads Up Seven Up? Really? Moreover, the team leaders were condescending. A women on my team was told she asked "stupid questions." In addition, during one of the "team huddles", the support leaders each took a turn to say something great about each member of our team. The team leader who had selected me (out of random) was so blatantly caught of guard and actually said he wasn't sure what to say. It became so awkward that another support leader had to jump in and say that I had and great attitude and smile. This was not only extremely discouraging but simply just embarrassing. Both these occurances are highly unacceptable and moreover does not align with any of Cibcs core values. Where's the trust, teamwork or accountability at 5650 Younge Street East?

    In short, if you do not have any prior banking experience or self knowledge of banking related products, this job is not right for you. You will not recieve proper training or support. I mean, take my team for example. A group of 11 new hires quickly became 5, all before Academy Bay was complete.


  7. Helpful (1)

    "Good position to grow.."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Customer Service Representative in Toronto, ON (Canada)
    Current Employee - Customer Service Representative in Toronto, ON (Canada)
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    Pros

    Good Pay
    Brand Name
    A lot of opportunity to grow within company

    Cons

    Lack of support
    Unhappy coworkers
    Corporate politics

    Advice to Management

    More support for your employees
    Encouraging open environment and positive environment.


  8. Helpful (1)

    "csr"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Csr1 in Toronto, ON (Canada)
    Current Employee - Csr1 in Toronto, ON (Canada)
    Recommends
    Positive Outlook

    I have been working at CIBC full-time (More than 3 years)

    Pros

    easy job, pays your bills, nice for the people who are starting there career, lots of things you can learn, not that much to chase sales target

    Cons

    customers complaining, they are going digital so csr(teller) will loose there jobs in the future, no opportunities, not many options, management is hard to deal with

    Advice to Management

    look into the future of the employees


  9. Helpful (2)

    "Outsourcing is here to stay"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Project Manager in Toronto, ON (Canada)
    Current Employee - Project Manager in Toronto, ON (Canada)
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at CIBC full-time (More than 5 years)

    Pros

    My colleagues are really knowledgeable, and we really learn and help each other. Management is collaborative, but when you go higher up to Director, Senior Director and especially Vice President, they are too removed from the day to day job and responsibilities, so they don't know the details of our jobs and projects. Defined benefit pension, but maybe not for long.

    Cons

    EVERYTHING is being outsourced currently and in the next 2-3 years. 2,000 jobs lost so far this year, with hundreds more for the rest of this year, and to be repeated for the next few years. The CEO promised to save $600 million, and no surprise the quality and morale have already been hugely compromised. If you are looking for a job in Finance, Technology, HR, and soon Marketing, Admin, you may be able to find a job here, but within a couple of years it will be outsourced to an external vendor, who will then offshore it to India. Apply at your own risk.

    Advice to Management

    Project Clarity is run by people that have no clue about products, services or how the job is actually run. Mistakes that other banks have made are being repeated here.


  10. Helpful (4)

    "Financial Advisor"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Toronto, ON (Canada)
    Former Employee - Financial Advisor in Toronto, ON (Canada)
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    Pros

    - the only real pro will be the knowledge, experience and workhorse mentality that you will gain from working here
    - if you're able to succeed in this environment you will be a rockstar anywhere else and will actually be given the proper recognition and pay to go along with it
    -great support from financial planning consultants and trust department

    Cons

    -unealistic targets with no material backing as to how they are determined. Huge variation in the targets of similar portfolios in your area for no apparent reason
    -many branch managers have little to no finance or investment experience and are suppose to be coaching financial advisors to be more successful in these areas
    -frontline staff is severely cut and the remaining sales staff is suppose to step in and take over deposit transactions etc which takes up a lot of valuable time. This is not taken into account with regards to breakaway expectations/targets that were rolled out when branches had ample csr coverage.
    -in addition to above the goal of CIBC is to push clients to online platform and out of branch... Yet fsrs/advisors are being measured and told to bring more and more clients into branch (to show meetings/sales) for things that can be completed over phone or online.
    -they roll out new software "compass" and new system updates but all it does is slow things down, bog up the sales process and make everyone seem incompetent because of all the bugs and issues that haven't been fixed. Anyone who has real sales experience and who has been properly trained does not require a program to recommend sales opportunities.
    -leading into next point... TRAIN your employees. So many fsrs/advisors are giving FINANCIAL advice to clients yet don't even comprehend what they are talking about. This WILL catch up with CIBC and its reputation as a reputable bank.

    Advice to Management

    - quick focusing on the breakaway numbers (half of which people are gaming) and focus on the employees attitude and training. An informed, happy, motivated and properly incentivized employee will do well and you will see the numbers as a result.
    - if your going to put branch managers in charge of financial advisors then make sure they are equipped with the proper knowledge. They should at a minimum be required to have their CSC. Many have zero qualifications except for "branch manager course" which is unacceptable at this day in age if you really want to be #1
    -teamwork has improved under Victor Dodigs vision but it still needs to be taken to the next level. Everyone is out for themselves at the expense of others (Literally every position) and it creates a hostile and inefficient work environment


  11. Helpful (1)

    "Senior Service Desk Specialist"

    Star Star Star Star Star
    Former Contractor - Anonymous Contractor in Toronto, ON (Canada)
    Former Contractor - Anonymous Contractor in Toronto, ON (Canada)
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at CIBC as a contractor (Less than a year)

    Pros

    Not really much to say, they really don't value you as employees.
    They are a really big bank which looks good on resume I guess?

    Cons

    Terrible pay, constant layoffs within team, management promotes based on who sucks up as opposed to merit/performance etc

    Advice to Management

    Maybe treat your employees properly, we are your biggest asset and you are the smallest big bank.



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