Washington Mutual - WaMu on its Last Leg as JPMorgan Chase Takes Over... Good Riddance! | Glassdoor
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"WaMu on its Last Leg as JPMorgan Chase Takes Over... Good Riddance!"

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

Pros

Fair Compensation and Benefits, Reasonable Work/Life Balance, Challenging Business Problems to Solve and Lots of Opportunities for Improvement in Business Models and Processes

Cons

Even before the JPM takeover, senior management communication was poor, and the overall level of leadership from the VP-level up vs. other financial companies has been mediocre at best (particularly from former Providian managers). Lack of understanding and appreciation for work support groups provide by Marketing and other senior leaders.

Advice to Management

Learn from your mistakes... You poorly managed the company, its employees, and its reputation, and look what happened. Improve the quality and frequency of leadership communication to keep employees informed.

Other Employee Reviews for Washington Mutual

  1. "Review of WaMu"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Lead Analyst in San Francisco, CA
    Current Employee - Lead Analyst in San Francisco, CA
    Disapproves of CEO

    Pros

    The place I work in has a great work/life balance. The atmosphere and people are great in terms of friendliness.

    Cons

    The two downsides I see regularly is that not all the people have the talent or drive to make this an excellent place to work and that a lot of times, data that is presented to senior management may be "adjusted" to fit the needs of the presenter.

    Advice to Management

    Definately improve your risk management team in Card Services.

    Also, we need significant improvement in management and communication - which I am seeing so far in terms of WaMu / Chase integration...

    Cut back on the redudant levels of management... Especially the areas that are not vital.


  2. "Great employees, great brand, lucky JP Morgan Chase"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Compliance Manager, Vice President in Seattle, WA
    Current Employee - Compliance Manager, Vice President in Seattle, WA
    Recommends
    No opinion of CEO

    Pros

    Definitely the people. There are so many good, talented, and knowledgeable employees found throughout the company, that it's easy to find a mentor or someone you can learn from.
    The size and breadth of the organization also allows for employees to transfer from one area to another in order to experience another side of the business. I've had three such moves in my years here, which has allowed me to broaden my background.
    The compensation is reasonable for the work and geographic location. In my experience WaMu certainly isn't a company that believes in paying its employees as little as it can get away with. They generally pay what your skills and experience are worth.
    Generally speaking management is very supportive of a work/life balance and flexible schedules are possible if work isn't negatively affected. This can vary from department to department and manager to manager though so shouldn't be taken as a given.

    Cons

    Besides senior management's over exposure into the world of sub prime mortgages, which led to WaMu's downfall?
    Inconsistent answers as far as benefits go is a large downside. WaMu has outsourced many benefits and you can call and get three different answers on three different occasions and when you finally are in the middle of the scenario, a fourth answer is the one they go with.
    Getting IT help is a terrible ordeal. Again, this is outsourced to India currently, so there's a language barrier first off. As a remote VPN user, I have to call frequently for help, and the call center employees are ususally eventually able to help after, on average an hour. Before outsourcing the exact same issues could be solved in under 10 minutes. The remoteness doesn't allow for familiarity with how the networks are set up locally and any variances that are built in for specific businesses. It's one of the most frustrating things about WaMu.
    Come review time, management is told what the bell curve needs to look like, so there can only be x number of high performers within a group. If you are lucky enough to have more star performers on your team, you have to adjust (fudge) your scores accordingly to fit the curve. This isn't unusual in corporate america, but it's a downside. Internal transfers/promotions are limited to a 15% salary increase, even if that means your pay is then below the salary range for the new position. To get a meaningful salary increase you really have to leave and return to the company.

    Advice to Management

    Senior management compensation needs to include on a long and short term approach rather than just performance in the short term. Stop compensating people for making a buck today if it costs the bank two dollars five years later. Reward employees for doing the RIGHT thing.

There are newer employer reviews for Washington Mutual
There are newer employer reviews for Washington Mutual

See Most Recent

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