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Live Oak Bank

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Live Oak Bank

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Live Oak Bank Reviews

Updated Sep 6, 2022

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Found 56 of over 70 reviews

4.7
85%
Recommend to a Friend
90%
Approve of CEO
Live Oak Bank Founder, CEO and Chairman of the Board Chip Mahan III (no image)
Chip Mahan III
31 Ratings

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Top Review Highlights by Sentiment

Pros
Cons
Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.
  1. 5.0
    Current Employee

    Great Company

    Sep 6, 2022 - Anonymous Employee 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Rich benefits and very innovative company.

    Cons

    Nothing I can think of.

    Be the first to find this review helpful
  2. 3.0
    Former Employee, more than 5 years

    Big Decline in Company Quality

    May 11, 2022 - Underwriting in Wilmington, NC
    Recommend
    CEO Approval
    Business Outlook

    Pros

    - Good benefits - Pretty campus - Opportunity for travel - Opportunity for growth

    Cons

    Company culture and employee satisfaction have declined a lot in the last 3 years. Senior management continues to recruit middle managers externally who have no understanding of what Live Oak does. This erodes the backbone of the business and is crushing morale. Management claims to have your back, but when the going gets tough, they are nowhere to be found. When I started at the company the CEO always discussed the three legged stool - Employees, Customers, Investors. He said the focus was always on the employees first which helped to support the other two legs. Notably, when the new president took over we stopped having that discussion, but we did talk a lot about the stock price and the investors. Can be expected from a Goldman guy. Management is averse to merit based pay raises for high performers. The consistent turnover in middle management means you're likely to not have the same manager for a full year - so performance evaluations are not consistent or helpful. At the same time, the company seems very willing to pay a high price for outside hires that have minimal track record, and mediocre performance. They'll spend 30-40% more on a new hire and a year to train them rather than compensate existing employees with proven success. To a certain extent, rapid growth is likely to do this to a lot of companies. Live Oak will continue to lose good employees until fix their management issues.

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    7 people found this review helpful
  3. 5.0
    Former Employee, more than 3 years

    Business Analyst

    Sep 4, 2022 - Business Analyst in Wilmington, NC
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Great team to work with. Great benefits package

    Cons

    Salary increases are only around 3% annually

    Be the first to find this review helpful
  4. 5.0
    Current Employee

    Amazing company

    Aug 22, 2022 - Business Analyst in Wilmington, NC
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Work environment is awesome and people are very nice

    Cons

    Pay can be on the low side

    Be the first to find this review helpful
  5. 5.0
    Current Employee

    Great place to work

    Aug 9, 2022 - Anonymous Employee 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Positive work environment. Opportunity to learn and grow.

    Cons

    There could be more diverse leadership.

    Be the first to find this review helpful
  6. 4.0
    Current Employee

    Great company when it was small, but with growth they have forgotten about their employees.

    Jan 10, 2022 - Underwriter in Wilmington, NC
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Prior to Covid, LOB was a great place to work and the culture was amazing. The people made it enjoyable to go to work every day. If you are young, it is a great place to get experience with responsibility in your early career.

    Cons

    Overworked and underpaid. You will get promised compensation or salary increase for different aspects of work, or increased workload but then they will never follow through. Claim to have work life balance, but they do not. They put inexperienced young professionals in management roles that are not good fit for the positions/have zero management experience & in turn it hinders the growth of teams or individual employees. They take advantage of young employees by paying them less and forcing them that it is not right to value your work at a higher salary. They over pay higherups when their workload and volume does not match. Company is growing, so it is harder for them to treat their employees as people and not numbers. The company embodied their values in their early years, but as they have grown it seems they have lost sight in their people.

    Continue reading
    3 people found this review helpful
  7. 5.0
    Former Employee

    Great place to work, limited oppurtunity for growth depending on the vertical you end up in

    Jun 20, 2022 - Underwriter 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Great atmosphere, great benefits, friendly co-workers, attentive managers.

    Cons

    None that I can think of besides diversity which they are actively working to fix.

    Be the first to find this review helpful
  8. 5.0
    Current Employee

    Great Place to work

    Jun 8, 2022 - Underwriter in Wilmington, NC
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Great Place to work especially good benefits

    Cons

    Nothing I can really think of

    Be the first to find this review helpful
  9. 5.0
    Current Employee

    Underwriter

    May 31, 2022 - Underwriter 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    The culture and benefits make live oak bank great.

    Cons

    There are no cons for working here

    Be the first to find this review helpful
  10. 5.0
    Current Employee, more than 5 years

    Ultimate Employer

    Feb 22, 2022 - Loan Analyst in Wilmington, NC
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Company that truly grows with your desired career. Rewards hard work with advancement that outpaces competition.

    Cons

    Be expected to work either 35 hours a week or 65 hours a week. 35hr folks are over paid at times, 65 is under.

    Continue reading
    1 person found this review helpful
Viewing 1 - 10 of 56 Reviews

Live Oak Bank Reviews FAQs

Live Oak Bank has an overall rating of 4.7 out of 5, based on over 70 reviews left anonymously by employees. 85% of employees would recommend working at Live Oak Bank to a friend and 88% have a positive outlook for the business. This rating has improved by 1% over the last 12 months.

According to anonymously submitted Glassdoor reviews, Live Oak Bank employees rate their compensation and benefits as 4.2 out of 5. Find out more about salaries and benefits at Live Oak Bank. This rating has decreased by -8% over the last 12 months.

85% of Live Oak Bank employees would recommend working there to a friend based on Glassdoor reviews. Employees also rated Live Oak Bank 4.4 out of 5 for work life balance, 4.6 for culture and values and 4.8 for career opportunities.

According to reviews on Glassdoor, employees commonly mention the pros of working at Live Oak Bank to be management, career development, benefits and the cons to be senior leadership, diversity and inclusion, compensation.

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