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"

Star Star Star Star Star
  • 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. "It was too competitive."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Teller in Arlington, TX
    Former Employee - Teller in Arlington, TX
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at Bank of America part-time (Less than a year)

    Pros

    Their easy to get along

    Cons

    All they care about is getting their goals they dont care about the customers.

    Advice to Management

    Treat all employees equal


  2. Helpful (1)

    "Look for employement elsewhere"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Norfolk, VA
    Current Employee - Anonymous Employee in Norfolk, VA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Bank of America full-time (More than 3 years)

    Pros

    Assitance with day care, overall benefits are good.

    Cons

    This company is unethical in its promotional practices, uses deceit and favortism to promote their friends. Experience counts for nothing. Very difficult to work in environment that is extreamly stressful due to poor leadership skills. No committment to employees to treat them fairly. Even with good benefits the stress and mismanagement will make your job unbearable. Company culture has gone down the drain since 2009. After acquiring very Merrill & Countrywide, the friendly "let's help each other learn and grow to reach higher standards together" bank culture has been replaced with a "throw people under the bus" and "get ahead by any means, including making snap business decisions without considering consequences" culture. The company doesn't care as much for it's associates as they used to. The atmosphere is highly political, much more so than it was in the past. - The company is VERY disorganized and lacks in an integrated communication strategy even within individual business units. The right hand never knows what the left hand is doing, even within peer teams. We spend a lot of time fixing problems that we create internally (many due to poor decisions, or lack of communication).
    - Company is too big, too complex, and extremely hard to navigate. There are many convoluted processes in place (like internal recruiting, compensation, & promotions) that the average associate does not understand. Like wise, the company is so big that it's very hard to know what's what organizationally & who's who, even within the smaller business units.
    - Company does not require formal training for managers. Likewise, most associates are only required to take annual compliance training, but no formal on the job training. This often leads to entire teams not knowing/understanding and underperforming in their function within the process. A lot of associates and managers are set up for failure if they are not savvy enough to just "figure it out".
    - Compensation/Promotions: The "lucky" associates that have the opportunity to work for great leaders may be fortunate enough to be paid in the appropriate range and recieve promotions based on capabilities and value add/leadership potential to the company. THIS VERY RARELY HAPPENS. More often then not, associates do not get timely promotions or raises. The associates who "play the game", but may do less or lower quality work will be be paid more than the guy who's really performing. Furthermore, all performance evaluations & rate increases, etc. are subjective based on the immediate manager. There is no consistency in how associates are rated, which leaves a lot of room for favoritism.
    - The company overall has certain values and advocates specific things like (inclusive meritocrazy, and flexible work schedules) but all that depends on the immediate manager. If an associates immediate manager does not advocate the companies values, than the associate is out of luck. Likewise, there is no associate support to protect from bad/poor management. If an associate is dealing with an unfair manager, he/she has no true recourse of action (other than to call the internal HR Advice & Counsel hotline, which means nothing because all they will do is document for a case against the associate if the problem continues to compound).

    Advice to Management

    stop favortism and hire people who can manage and treat people fairly. Care more about associates in terms of providing training and growth opportunities; also put controls in place so that management cannot abuse their roles and that associates can "sound the alarm" as needed for poor leadership without fear of reprecussion
    - More transparency and communication within the company
    - Offer more formal training at ALL levels of the company especially for those in management and leading teams; have formal onboarding plans for ALL roles
    - More consistency in terms of promotions and performance evaluations; more transparency for the internal recruiting process
    - Develop channels to formally develop pipeline leadership within the company
    - Get back to planning and developing process (in the legacy Bank of America - "Higher Standards" manor); empower leaders to make wise, well-thoughtout business decisions

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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