Washington Mutual - Good times gone, target rich environment for new blood | Glassdoor
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There are newer employer reviews for Washington Mutual

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Helpful (1)

"Good times gone, target rich environment for new blood"

StarStarStarStarStar
  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Program Manager in Seattle, WA
Current Employee - Program Manager in Seattle, WA
Doesn't Recommend
Disapproves of CEO

Pros

Base compensation is above the local market, although benefits lag behind other local companies. The influx of East Cost management over the past few years means that new hires with connections to the new bosses will often get a fast track ahead of long time WaMulians - it's a great time to jump over from GE or JP Morgan and get on the fast track up the corporate ladder with your college alumni buddies or former colleagues. Of course, like many companies, much depends on who the department manager is and how they like to run their group. There are still areas within WaMu that are a great place to work, although the number of these is shrinking over time.

Cons

The company is in downsizing mode at present, so there is a greater and greater workload on fewer and fewer people. The overall morale is low, discontent is high.
There has been a strong drive by management to have greater control over decisions, expenditure, etc. As a result, the empowerment to get things down at the grass roots level has been eroded to nothing.

Advice to Management

Stop listening to what your directs are telling you. Get out there among the rank and file for a change. Get out there on the teller line, on the floor in the back office. Make your own conclusions about what's working and what's not. The Senior VPs are great at telling you what you want to hear - how about finding out the real story for yourself?

Other Employee Reviews for Washington Mutual

  1. Helpful (1)

    "Big mistakes at the top lead to layoffs below."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Project Manager in Pleasanton, CA
    Former Employee - Project Manager in Pleasanton, CA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Structured environment, decent IT support.

    Cons

    Poor Leadership at the top, their mistakes led to layoffs below. Senior management played the doubtful mortgage game and took a highly regarded company to the bottom of the performance (and stock price) ladder, yet were rewarded with bonuses?!! WTF? Then layoffs were based on a formula, not on job performance. WaMu pay is somewhat lower than typical for the area, job title, and experience.

    Benefits are just average or slightly below average. Verbal recognition is given for superior performance, but there's little reward otherwise; promotions go to the politicians.

    Advice to Management

    Get a clue. Take a long-term focus instead of the next quarter's stock price. The Board of Directors should stop being a rubber stamp for senior management.


  2. Helpful (1)

    "The "Longevity Penalty" is in full effect at WaMu!"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Assistant Vice President in Seattle, WA
    Current Employee - Assistant Vice President in Seattle, WA
    Doesn't Recommend
    No opinion of CEO

    Pros

    The benefits aren't too bad and are in line with what I'm looking for.

    Cons

    The pay isn't great once you've been with the company for more than six months. The only way to be compensated fairly is to leave the company and then come back at what they would pay people coming from the outside. It's called the "longevity penalty"...

    Advice to Management

    Do a better job at mitigating risks! Realized the type of talent you have here within the company and work with HR to find ways to reward that talent and loyalty instead of always looking to bring people in from the outside and pay them better. Make it more equitable accross the board.

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

See Most Recent

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