CIBC - Satisfactory but no support from senior management | Glassdoor
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There are newer employer reviews for CIBC

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Helpful (3)

"Satisfactory but no support from senior management"

StarStarStarStarStar
  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Senior Audit Manager in Toronto, ON (Canada)
Current Employee - Senior Audit Manager in Toronto, ON (Canada)
Disapproves of CEO

Pros

Flexible hours afforded to me in case of emergency

Cons

No support from superior on career advancement

Advice to Management

More emphasis needs to be placed on people management skills and leadership qualities in particular in the making of tough decisions

Other Employee Reviews for CIBC

  1. Helpful (3)

    "Treated like a widget and not a human being"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Residential Mortgage Underwriter in Toronto, ON (Canada)
    Current Employee - Residential Mortgage Underwriter in Toronto, ON (Canada)
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Established company, decent benefits, decent pension plan, great senior management.

    Cons

    The problems begin at the Executive level. They've established unrealistic targets with absolutely useless technology. The workload is unbearable and most of the underwriters are on burn out. Morale amongst employees is at the absolute lowest I've ever seen it. The Mortgage underwriter position is one of the worst jobs at CIBC. Underwriters were laid off in Calgary yet the sales force has increased and they constantly complain about service levels being to slow to remain competitive. Basically underwriters have a bigger pool of deals to underwrite but less employees to do so. New technology was introduced with little or no benefit, saturday shifts were introduced with no real increase in revenue, only to copy TD bank. The bank is totally reactive and doesn't know how to retain talent. Recently many employees have left for greener pastures. The pay is poor in comparison to the job demands and most underwriters work an excessive amount of hours in order to meet their unmanageable daily targets. The sales force has absolutely no training program to train new sales staff and most of the underwriters have to essentially train new sales staff on top of all their other job demands. The technology the underwriters are given is slow and inefficient yet the tasks they are required to do only increase each year. A work life balance is totally frowned upon. It would be nice to have the option to work from home every once and awhile but due to the poor technology that is impossible. Underwriters are totally kept in the dark and are only made aware of significant changes at the last possible second. Management isn't helpful because they also seemed overworked and constantly stressed. Feedback is non existent, unless a mistake is made at which point coaching is offered.

    Advice to Management

    The company needs to invest in technology that will make CIBC competitive. The workload needs to be re-examined so that underwriters are able to make better lending decisions and not so overwhelmed that they make poor credit decisions. More staff needs to be hired to allow the volume of work to become manageable. CIBC needs to invest in their employees to retain high performers and review compensation to remain competitive with other institutions. I know they say that they perform market research that verifies they are competitive but they do not promote a work life balance and their technology in order to perform the same tasks is a lot slower and inefficient. Finally, CIBC needs to stop pinching pennies and give something back to their employees. At one time, they used to buy lunches for us underwriters when volumes were high, they used to buy cakes for employees celebrating special occasions, they used to have after hour activities as a way to have employees bond, but those things seem to have come to a halt. All this, yet Gerry McCaughey walked away with $10 million in salary just so CIBC could come in 4th place in mortgages?! Ridiculous.


  2. Helpful (1)

    "Good pay, your job satisfaction will be heavily dependent your reporting manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Personal Banking Representative At PCF in Toronto, ON (Canada)
    Former Employee - Personal Banking Representative At PCF in Toronto, ON (Canada)
    Approves of CEO

    Pros

    The PBR role pays well for the amount of work you do or the complexity involved, and variable compensation(bonus) is quite generous in comparison to what the FSRs get at CIBC branches.

    Cons

    lack of compliance exists at PCF.

    Advice to Management

    They need to hire managers that can actually perform and are capable of keep employee morale at a sustainable level. If many employees resign after a managerial change, its a sign that the manager is not doing a good job and this should be addressed by higher management.

There are newer employer reviews for CIBC
There are newer employer reviews for CIBC

See Most Recent

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