Bank of America - Great company but going through culture changes | Glassdoor
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There are newer employer reviews for Bank of America

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"Great company but going through culture changes"

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Senior Analyst in New York, NY
Former Employee - Senior Analyst in New York, NY
Recommends
Positive Outlook
Approves of CEO

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

Pros

Great platform and opportunity for career advancement. Strong brand name and good reputation. Good compensation and smart people. Diverse finance opportunities at the company.

Cons

Culture is changing at the firm with the merger of Merrill and Bank of America. There is some uncertainty around the future of the company with respects to which areas the company will focus on and which areas they will downsize

Advice to Management

Continue to recruit and retain top talent and Universities.

Other Employee Reviews for Bank of America

  1. "Unrealistic Expectations"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - ECOE Associate
    Current Employee - ECOE Associate
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    The pay is decent for the area, and vacation benefits are great.

    Cons

    Expectations are completely unrealistic, and anytime someone speaks up, they are constantly worried about repurcussions. When we have an opportunity to speak to the executives in a round table, we have to have our questions preapproved by our managers. No one really knows how bad it has gotten, and how horrible employees are being treated. There have been so many seasoned employees, with a wealth of knowledge that have left because of the poor working environment. It's sad how a place that use to be employee focused, has become a place where the majority of employees are on anti-depressants or stress medicine as a direct result of the environment we are now in. Our performance is now based mostly off of a survey the customer fills out, however it does not accurately depict the associate's actual performance. Being in an escalation area where we are taking the supervisor calls, where the customer wants fee refunds and hold releases, if we tell them no, because it is the right thing, they are going to score you low on the survey. Those low scores not only effect our incentive, but our performance. It is unfair to judge this department based off the customer's perception when you are dealing with irate customers. These are not the average customer calling, these are customer's who are not happy with the front-line associate and wants to escalate their issue to the next level.

    Advice to Management

    I would promote coming on surprise visits, without anyone's knowledge (management or associates), so they can get a real fee of everyday life in the company. I know there's security issues, but something similar to Undercover Boss would be great. When the executives come to do site visits, they are not getting the feel of what is going on, and when the round tables are held, no one is allowed to speak freely and the executives are not aware that all of the questions we do ask, had to be approved by our management team ahead of team. Also, sitting with an associate for a day or longer, or actually taking the calls we are receiving in the call center would give them a better idea of the abuse we have to take from customers.


  2. "Merrill Lynch is a well managed, successful company with a bright future even in difficult financial times."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Intern - Financial Advisor in New York, NY
    Former Intern - Financial Advisor in New York, NY
    Recommends
    Approves of CEO

    I worked at Bank of America as an intern (Less than a year)

    Pros

    Great research of investment tools
    Excellent financial advising training program
    Management to ensure employee success
    Independent practice of financial advisors

    Cons

    Strict compliance rules
    Difficulties in acquiring new clients
    Financial advising requires much failure before success
    Strict dress code

There are newer employer reviews for Bank of America
There are newer employer reviews for Bank of America

See Most Recent

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